Close Bros Regulatory News (CBG)

Press Release

Close Brothers Group plc ("Close Brothers" or "the Group") announces that following a period of medical leave, Adrian Sainsbury and the Board have agreed that he will step down from his position as Group Chief Executive and Executive Director of the Group with effect from 6 January 2025 to focus on his health. He is recuperating well and expected to make a full recovery.

Following Adrian's departure, the Board is pleased to announce the appointment of Mike Morgan as Group Chief Executive on a permanent basis, subject to regulatory approval.

Mike Biggs, Chairman, said:

"The Board would like to sincerely thank Adrian for his material contribution during his 11 years with the Group, the last four of which were as Chief Executive. During this time he has overseen a period of significant growth and development for the Group, successfully leading the organisation through a challenging period which includes Covid and heightened geopolitical uncertainty. On behalf of the Board I would like to wish Adrian all the very best for the future."

"I am also pleased to confirm the appointment of Mike Morgan as permanent Group Chief Executive, subject to regulatory approval. Mike has made a strong contribution as Group Finance Director for the past five years and has been successfully performing the Chief Executive role on an interim basis over the last several months. He brings deep knowledge of the organisation and his appointment will ensure continuity in the leadership of the Group and delivery of our strategy."

Adrian Sainsbury, outgoing Group Chief Executive, said:

"It has been a privilege to lead the Group as Chief Executive for the last four years. During my time at Close Brothers I have been deeply impressed by the enduring strength of our business model, and the dedication and expertise of our people. I would like to thank the team at Close Brothers for their commitment and support, and wish them every success for the years to come."

Details of Adrian Sainsbury's remuneration arrangements on stepping down from the Board, which are consistent with the Group's remuneration policy, will shortly be made available on the Group's website (www.closebrothers.com), as required by section 430(2B) of the Companies Act 2006.

Enquiries

Sophie Gillingham Close Brothers Group plc 020 3857 6574

Camila Sugimura Close Brothers Group plc 020 3857 6577

Sam Cartwright H/Advisors Maitland 07827 254561

About Close Brothers

Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. We employ approximately 4,000 people, principally in the United Kingdom and Ireland. Close Brothers Group plc is listed on the London Stock Exchange.

Cautionary Statement

Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the group's operations, performance, prospects and/or financial condition. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. There are also a number of factors that could cause actual future operations, performance, financial conditions, results or developments to differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements and forecasts. These factors include, but are not limited to, those contained in the group's annual report (available at: https://www.closebrothers.com/investor-relations). Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

Except as may be required by law or regulation, no responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser.

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any shares or other securities in the company or any of its group members, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the company or any of its group members. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.