FOXTONS GROUP PLC (the "Company" or "Foxtons")

UP TO £3 MILLION SHARE BUYBACK PROGRAMME

Wednesday 2 November 2022

Foxtons Group plc (LSE: FOXT) announces the commencement of up to £3m share buyback in line with the Company's policy of returning excess cash to shareholders. The proposed share buyback will be funded from accumulated cash resources. After considering the strength of the Group's balance sheet, forecast liquidity, timing of further lettings portfolio acquisitions and the prevailing share price, the Board has decided to accelerate the return of excess capital to shareholders through the buyback announced today. Year to date, £3m of shares have been bought back and £8.7m of cash invested in lettings portfolio acquisitions.

The Company has appointed its broker Numis Securities Limited ("Numis") to manage the share buyback programme to repurchase Ordinary Shares on its behalf, up to a maximum aggregate consideration of £3m and subject to certain other set parameters.

The buyback programme is in accordance with Foxtons' general authority to purchase Ordinary Shares granted by its shareholders at the Annual General Meeting held on 15 June 2022. The share buyback programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as in force in the UK from time to time, including where relevant pursuant to the Market Abuse (Amendment)(EU Exit) Regulations 2019).

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The maximum price paid per Ordinary Share will be no more than the higher of (i) 105 per cent of the average middle market closing prices of the Ordinary Shares for the five business days preceding any Ordinary Shares being purchased and (ii) the higher of the price of the last independent trade and the highest independent bid for Ordinary Shares on the trading venue where the purchase is carried out. Under the buyback, the purchased shares will be held in treasury.

Due to the limited liquidity in the issued Ordinary Shares, a buyback of Ordinary Shares pursuant to the buyback programme on any given trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on the London Stock Exchange and may exceed 25 per cent of the average daily trading volume and, accordingly, the Company may not benefit from the exemption contained in Article 5(1) of Regulation (EU) No. 596/2014.

The Company will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Company as they occur.

The Company confirms that it currently has no other unpublished price sensitive information other than the information that has been communicated within this announcement.

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