Share Buyback Programme

The Board announces that it has agreed a further £12m share buyback programme (the "Buyback Programme"). This reflects the Board's intention to increase capital allocation to buybacks.

Under the Buyback Programme the Company will, at appropriate times, seek to buy back its Ordinary Shares using the Company's existing cash resources for an amount up to £12 million (the "Maximum Amount"). The Board believes that this is an appropriate use of capital and will continue a programme of buybacks as a relevant element of returns to shareholders, alongside dividend payments.

The Company has entered into an agreement for its broker Shore Capital Stockbrokers Limited ("Shore") to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. As and when requested to do so by the Company, Shore will seek to purchase Ordinary Shares with total purchases over the programme up to the Maximum Amount.

The share repurchases will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with the Company's general authority to purchase its Ordinary Shares granted by its shareholders. The Company has remaining authority to purchase up to a maximum of 21,696,787 Ordinary Shares and the Company intends to seek a renewal of the general authority to purchase Ordinary Shares at the 2026 AGM for up to approximately 10% of the issued share capital. Share repurchases under the Buyback Programme may be undertaken until the earlier of the Maximum Amount being repurchased and 28 February 2027. All Ordinary Shares repurchased under the Buyback Programme will be cancelled.

The Company will make further announcements in due course following the completion of any share repurchases. There is no certainty that the Buyback Programme will be implemented in full.

The Buyback Programme, the purpose of which is to reduce the Ordinary Share capital of the Company, will, insofar as is possible, be effected within the safe harbour parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, each as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018. However, the Buyback Programme may on any given day represent a significant proportion of the daily trading volume in the Ordinary Shares and could therefore exceed 25% of the daily trading volume. In this case, the Group would not benefit from the exemption contained in Article 5(1) of the UK version of the Market Abuse Regulation.