Associated British Foods plc

9 November 2022

Associated British Foods plc share repurchase programme

Further to its announcement on 8 November 2022, Associated British Foods plc (the "Company") announces that it is to commence the first tranche of its up to £500 million share buyback programme (the "Programme").

The first tranche of the Programme will be in the sum of up to £250 million and will commence today, 9 November 2022, and it is anticipated to end on or before 28 April 2023 (the "Engagement Period").

To execute the first tranche of this buyback, the Company has entered into an irrevocable and non-discretionary arrangement with Barclays Capital Securities Limited ("Barclays") to buy back up to £250 million of its ordinary shares (the "Engagement").

Under this arrangement, Barclays will act as principal and will make decisions independently from the Company under the Engagement. Barclays will carry out the arrangement through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company. Purchases may continue during any closed period to which the Company is subject during the Engagement Period.

The sole purpose of the share buyback is to reduce the capital of the Company. All ordinary shares repurchased as part of this arrangement will be cancelled.

Share purchases will take place in open market transactions and be carried out on the London Stock Exchange and/or other recognised investment exchange(s) and may be made from time to time depending on market conditions, share price, trading volume and other factors.

Any purchases of ordinary shares by the Company in relation to this announcement will be effected within certain pre-set parameters and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase ordinary shares granted by its shareholders (at the AGM in 2021, shareholders gave the Company authority to purchase a maximum of 79,167,418 ordinary shares), the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

The Company intends to enter into arrangements to commence a second tranche of the Programme in the sum of £250 million in due course.

Further enquiries:

+44 (0)20 7399 6545

John Bason, Finance Director

Chris Barrie, Corporate Affairs Director