Share buyback programme update

FOR IMMEDIATE RELEASE 

25 June 2020

Quilter plc

Share buyback programme update

In connection with the capital return of up to £375 million announced on 2 January 2020, Quilter plc (the Company) initiated a share buyback programme (the Programme) on 11 March 2020 to purchase Company shares with a value of up to £375 million in order to reduce the share capital of the Company, subject to remaining within certain pre-set parameters.  The period for the initial tranche of the Programme was announced as commencing on 11 March 2020 and ending no later than 29 May 2020.  As previously indicated, the Programme is subject to staged regulatory approval and the Board will continue to keep the Programme under review to make sure it remains the most efficient and effective means of returning capital to shareholders.

Repurchases to date total £50.2 million of which £27.6 million were conducted on the London Stock Exchange and £22.6 million were conducted on the Johannesburg Stock Exchange. 43.2 million Company shares were acquired, and cancelled, at an average price of 116.14 pence.

Following Financial Conduct Authority approval for a second tranche of repurchases of up to £125 million, the Company has entered into various agreements with Goldman Sachs International (GSI) under which it has issued an irrevocable instruction for GSI to manage the next tranche of the Programme of up to £75 million ("Tranche 2a"), and the Company's implementation of the remaining £50 million of Company share repurchases shall remain subject to further consideration of the Company at a later date ("Tranche 2b").

Company shares will be purchased on European trading venues, including the London Stock Exchange, and on the Johannesburg Stock Exchange. The purchases are expected to be equally split between the Company's UK and South African share registers.  GSI will carry out the instruction during the period starting on 25 June 2020 and ending no later than 25 November 2020 (the Purchase Period) for the acquisition of ordinary shares in the Company for subsequent repurchase by the Company.  The maximum consideration payable by the Company under Tranche 2a of the Programme is approximately up to £75 million in aggregate.

Any Company shares repurchased on such European trading venues under Tranche 2a of the Programme will be effected in accordance with Chapter 12 of the Listing Rules of the Financial Conduct Authority, the Market Abuse Regulation 596/2014 and the Company's authorities to repurchase Company shares. Any Company shares repurchased on the Johannesburg Stock Exchange under Tranche 2a of the Programme will be effected in accordance with the Company's authorities to repurchase shares. The repurchase of Company shares may be discontinued in the event the Company ceases to have the necessary authorities to repurchase ordinary shares.

The Company will cancel the repurchased Company shares.

GSI and/or its affiliates may undertake transactions in Company shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Purchase Period in order to manage its market exposure under the Programme. Disclosure of such transactions will not be made by GSI and/or its affiliates as a result of or as part of the Programme, but GSI and/or its affiliates will continue to make any disclosures it is otherwise legally required to make. GSI may effect purchases of Company shares on the Johannesburg Stock Exchange through one or more of its affiliates or any broker-dealer authorised to trade on the Johannesburg Stock Exchange.

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About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial planning business, Quilter Financial Planning, Quilter Private Client Advisers and Quilter Financial Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business. Wealth Platforms includes the Old Mutual Wealth UK Platform and Quilter International, including AAM Advisory in Singapore.

Since its IPO in June 2018, the Group's businesses have progressively re-branded to Quilter. The UK Platform will be the final business to rebrand; this will follow the safe delivery of the new platform technology. Descriptor for re-branded business units: