Proposed Capital Reduction

10 November 2023

Future plc

("Future" or the "Company")

Proposed Capital Reduction

Following approval by shareholders at the Annual General Meeting held on 8 February 2023 of the proposed capital reduction to create additional distributable reserves to provide flexibility for future dividend payments and/or share buybacks, and a pause in order to seek the necessary consents under the Company's loan arrangements, which have now been obtained, the Directors wish to communicate an update to the expected timetable:

The process comprises: (i) the cancellation of the entire amount standing to the credit of the Company's share premium account (the "Share Premium Reduction") and (ii) the capitalisation of the entire amount standing to the credit of the Company's merger reserve by issuing B ordinary shares in the capital of the Company and the subsequent cancellation of such B ordinary shares (the "Merger Reserve Reduction"). The Share Premium Reduction and the Merger Reserve Reduction together comprise the "Capital Reduction".

The Capital Reduction is conditional upon approval being obtained in the Companies Court, London (the "Court").

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Notes:

(1)   Each of the times and dates set out above is based on current expectations and is subject to change. If any of the above times and/or dates is changed, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service.

(2)   All above references to times are to London (GMT) times.

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