Dividend Policy & Share Repurchase Programme

Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd's, announces that the Board of Directors has approved an increase in its dividend policy doubling the annual base dividend to 6p per share and will recommence a share buyback programme whilst the share price remains below stated NAV.

Dividend Policy

The Board has agreed an increase in the annual base dividend from 3p per share to 6p per share to be paid in 2024 and subsequent years. The Board believes that the anticipated future profit stream, subject any adverse conditions in 2023, will support the increased base dividend. This increased base dividend could be further supplemented by special dividends at the Board's discretion. Further announcements on the implementation of this policy will be made later in the year when our underwriting portfolio for the 2024 underwriting year will have been finalised.

Buy Back of Shares Programme

The Company has authorised a further share repurchase programme to return up to a maximum aggregate amount £1,500,000 to the Company's shareholders (the Programme"). It has already allocated £1 million recently for the buyback of its shares as the share price was below tangible book value. The Board believes that while the share price remains at these levels it is in shareholders' interests to continue to buy back shares in the market.

• A share purchase programme initially announced on 15th August 2023 acquired 790,313 ordinary shares for consideration of £1m at an average price of £1.265p.
• This Programme of £1.5m is in addition to the programme announced on 15th August 2023 and will be financed through existing cash resources.
• The aggregate number of ordinary shares of 10 pence each ("Ordinary Shares") acquired by the Company pursuant to all the share purchase programmes shall not exceed the maximum number of Ordinary Shares which the Company is authorised to purchase pursuant to the authority obtained at the Company's AGM to repurchase up to a maximum 7,731,820 Ordinary Shares ("General Authority").
• Share repurchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The maximum price paid per Ordinary Share will be no more than the net tangible asset value of the Company, currently 154p per share.
• The Company confirms that it currently has no unpublished inside information.
• However, there will be circumstances where the Company conducts share repurchases such that they exceed 25 per cent of the average daily volume in Ordinary Shares for the 20 trading days prior to the share repurchase.
• As at 9 October 2023, the Company's total issued share capital consisted of 77,945,833 Ordinary Shares, with one voting right per share. The Company holds 1,209,482 Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company was 76,736,351.