Share buyback programme update

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces the following updates to its share buyback programme ("Share Buyback Programme").

Share Buyback Programme

The Company intends to continue with the rolling programme of share buybacks as previously announced on 10 May 2024. The programme will continue on an ongoing basis, in accordance with the terms of the Company's general authority to purchase a maximum of 8,931,245 ordinary shares ("Ordinary Shares") gained at the Company's General Meeting held on 2 May 2024 ("General Meeting"). Any Ordinary Shares purchased under the Share Buyback Programme will be cancelled and the number of Ordinary Shares in issue reduced accordingly.

As previously announced, the Company is completing the Share Buyback Programme in tranches. Tranche 1 was completed on 31 July 2024 whilst Tranche 2 was completed on 31 October 2024. Tranche 3 commences from 1 November 2024 and is intended to consist of a maximum consideration of up to £1 million to purchase Ordinary Shares until 31 January 2024 ("Tranche 3"). Any purchases made prior to the Company's Annual General Meeting at 1.00 p.m. on Friday,13 December 2024 (the "AGM") will be made pursuant to the terms of the authorities previously granted in the General Meeting held on 2 May 2024. Any purchases made after the AGM will only be made subject to the passing of the buyback resolutions to be proposed at the AGM. If the resolutions to be proposed at the AGM are not approved by shareholders Tranche 3 of the buyback will cease at the commencement of the AGM.

The Company has given irrevocable and non-discretionary instructions to Cavendish in relation to Tranche 3. Cavendish will act as principal during Tranche 3 and will make trading decisions concerning the timing of the purchases of Ordinary Shares independently of the Company. The Company will announce subsequent tranches of the Share Buyback Programme prior to the initiation of each new tranche. These tranches are expected to alternate between the Company's joint brokers, in each case acting as principal.

Any market repurchase of Ordinary Shares will be announced no later than 7:30am on the business day following the calendar day on which the repurchase occurred.

Details of the authority granted at the General Meeting can be found on the Company's website under: https://upplc.com/investor-relations/annual-meeting/