Update on Proposed Transaction

Further to the announcement on 2 October 2023 regarding the Company entering into heads of terms with Redwood Financial Partners Limited ("RFPL") in relation to the proposed acquisition by the Company of the entire issued share capital of RFPL (the "Transaction"), the Company would like to provide an update on the likely timeframe for completion. The parties have agreed to target completion of the Transaction on or around 1 July 2024. The extended timeframe is largely due to the timelines for certain financial and reporting workstreams to be completed, including an IFRS conversion exercise of Redwood Bank Limited, a specialist business bank and RFPL's wholly owned subsidiary. There can be no certainty that the Transaction will complete and it remains subject to, amongst other things, formal terms being agreed and the completion of legal and financial due diligence and regulatory approvals.

A further announcement will be made in due course.