Contract Wins

4 January 2024

SHEARWATER GROUP PLC

("Shearwater", or the "Group")

Contract wins secured with a Global Financial Organisation

and a Government Department

Shearwater Group plc, the cybersecurity, advisory and managed security services group, announces that its subsidiary, Brookcourt Solutions ('Brookcourt'), has secured two key contract wins.

A three year contract has been signed with a leading global bank for the provision of comprehensive security and cyber security services. The contract has a total value of US$3.15 million, which includes previously deferred contractual spend from the client. Brookcourt will provide renewed support for a critical segment of the bank's global security infrastructure ensuring that the bank can enhance the protection and audit capabilities of its core databases.

In addition, following its first Government department contract win in October 2023, Brookcourt has secured a three year contract with a second Government department following an intensive one-year trial. With a total value of approximately £0.84 million it involves the delivery of a comprehensive threat intelligence solution, covering threat, geopolitical and brand intelligence.

Both these strategic wins, which will be accounted for in full in the year to 31 March 2024, demonstrate Brookcourt's commitment to delivering cutting-edge solutions and fortifying the security landscape for its clients.

Phil Higgins, CEO of Shearwater, commented: "We are delighted to be awarded these two contracts, highlighting the value and expertise of Brookcourt Solutions' offering. It is especially pleasing to see further previously delayed client spend from last year flow into the current period. Additionally we are excited to see deeper expansion for the Group into central government."

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This announcement contains inside information.

About Shearwater Group plc

Shearwater Group plc is an award-winning group providing cyber security, managed security and professional advisory solutions to create a safer online environment for organisations and their end users.

The Group's differentiated full service offering spans identity and access management and data security, cybersecurity solutions and managed security services, and security governance, risk and compliance. Its growth strategy is focused on building a scalable group that caters to the entire spectrum of cyber security and managed security needs, through a focused buy and build approach.

The Group is headquartered in the UK, serving customers globally across a broad spectrum of industries.

Shearwater shares are listed on the London Stock Exchange's AIM under the ticker "SWG". For more information, please visit www.shearwatergroup.com.