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6 October 2026 Brooks Macdonald Group PLC Berenberg UK Opportunities Conference
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UK focused wealth manager with an effective investment proposition at its core Accumulators RetireesPreparers …and trusted financial advice …through our diversified and relevant product offering… We serve clients across their entire financial lifecycle… >1,000 c.90 independent financial advisers across the UK independent financial planners and paraplanners Investment Management: Bespoke Portfolio Service Managed Portfolio Service AIM portfolio service Multi-asset fund solutions Brooks Macdonald Strategic Partnerships (BMSP) Financial planning: Mortgages Life insurance and insurance advice Employee benefit services Tax planning Charities Inter-generational wealth transfer Investment proposition 3
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4 Business transformed having completed a phase of major investment H1 2024 Today Investment Manager focused distribution model Integrated distribution model covering external IFAs, investment management services and direct clients with enhanced regional coverage Product offering that required modernisation Product range revamped including Retirement Strategies and new MPS offerings with comprehensive platform coverage Outdated and disparate technology and data platform Single data and administration platform enabling client digital choice accelerated service times and efficiency gains International business with limited growth potential Sale of international business AIM listed London Stock Exchange main market listing with share buyback completed, returning £35m to shareholders* Sub-scale financial planning offering Brooks Financial launched, providing Independent Financial Advice under a single operating model with integration synergies delivered Building a human-led, digitally enabled wealth manager distributing through independent advice *Total of Share Buyback and dividends FY25 & FY26
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Focused on three strategic priorities Flows and revenues Efficiency Supplemented by targeted M&A against strict criteria Delivering excellent client service Broadening and deepening client reach Driving scale and efficiencies 5
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6 Delivering excellent client service BM Invest App delivered for clients and IFAs AI enabled CRM driving new client and retention opportunities Platform MPS Building Blocks launched enabling faster execution of investment decisions Driving scale and efficiencies Gold Defaqto DFM service rating AI Automation of meeting notes and administration enabling Financial Planners to focus on face-to-face time with clients Accelerated onboarding of new clients, now less than four hours for new accounts over £1m Retirement Strategies now available on all major UK platforms AI automation of paraplanning and administration activities Brooks Financial synergies exceeded and scalable capability built Strong progress against our three strategic priorities Broadening and deepening client reach Brooks Macdonald Strategic Partnership launched, focused on deep relationships with high-quality IFA firms Broadening and deepening client reach Driving scale and efficiencies Integrated Distribution & Investment Management teams providing holistic IFA service & solutions Digital onboarding, self-servicing and move to paperless
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7 We operate in a sizeable market with a significant opportunity £1.6tr £1.2tr £500bn £900bn£214bn £22bn UK wealth management industry size Core wealth management market (excl. private banks & digital WM) Size of the UK bespoke market Size of the UK PMPS market Source: Platforum, Wealth Management Market Overview 2026. Data as at December 2025. • PMPS market projected to more than double to C.£450bn by 2030. We have 3.7% market share today and are 7th largest platform MPS provider. • BPS is expected to grow to a £700bn market where we have a credible track record and the right to win. We have 1.5% market share today. • Nationals and Networks account for around £600bn, across only 60 firms. We are specifically targeting 10 of these who manage £250bn.
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8 The UK Adviser Landscape Independent Financial Advisers (IFAs) make up a significant – and growing - part of the UK wealth management market Total size of UK Wealth Management Market1 £1.2 trillion Offer financial advice2 5,500 firms Of retail clients receive ongoing advice2 88% 87% 26% 23% 12% 24% 22% 1% 50% 55% 0% 20% 40% 60% 80% 100% # of firms AuA Clients Market Structure & Share2 Small (1-5) Medium (6-49) Large (>49) Sources: 1. Platforum, UK Wealth Management Investment Distribution Report 2026 (excludes Private Banks). 2. FCA Financial Advice Survey 2025 The IFA market is growing due to these 3 factors Pension freedoms (from DB to DC) Regulatory tailwinds (Consumer Duty, CGT) Demographic shifts (living longer)
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9 Strengthening Investment Management and Distribution Nationals and Networks Launched BMSP proposition Continued product innovation New model adviser firms Integrated Investment Management and Distribution Team £1.2tn* total UK adviser market assets under advice £550bn is held with nationals, networks & consolidators £300bn projected managed portfolio market by 2030 £1.2tn* IFA AUA Market Opportunity *Source: Platforum, Market Overview 2026 Nationals and Networks - Clear focus on the top 1% of IFA firms who hold 50% of the market (both by AUA and clients). Integrated management model provides clients with truly connected expertise, service delivery and pathways across financial planning & investment management. Brooks Macdonald Strategic Partnerships - growth partner to high-quality independent adviser firms combining investment expertise, advisory heritage & practical business support to help them professionalise, scale & plan for succession
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10 BPS and MPS growth has accelerated 1.4 2.1 3.5 4.4 6.0 8.0 FY21 FY22 FY23 FY24 FY25 FY26 • Continued fast growth in Platform MPS • Underpinned by investment performance and product breadth • Focused Distribution management • BPS FUM up +9% • Continued growth in portfolios >£1m • Improved client retention MPSBPS 54% 48% 51% 50% 45% 43% 38% 46% 52% 49% 50% 55% 57% 62% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 Growth in >£1m BPS Segment Sub £1m Above £1m Investment performance underpinned by our CIP
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11 MARKET PRESSURES Ageing client banks & rising retirement income complexity Adviser capacity constraints Margin pressure & rising regulatory expectations Need for stronger governance & consistent client outcomes Succession and consolidation pressure across the market Principals wanting to grow enterprise value, independently IFA FIRM NEEDS Capacity, structure, governance and a clear path to enterprise value — without losing independence BMSP RESPONSE A structured strategic partnership — investment, consultancy, technology and engagement support — built to meet these pressures directly. 200 Target firms in scope £39bn Total AUM of target firms £1bn Current BM AUM share BMSP helps IFA firms face structural challenges affecting growth, capacity and long-term enterprise value Moves BM from Investment provider to strategic partner creating repeatable, measurable AUM growth
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12 Our suite of Retirement Strategies has three distinct solutions that make up a comprehensive range to meet diverse client needs: Bespoke Strategy – maximum flexibility, four risk levels and minimum investment £500k. Tailored Strategy – balances control and efficiency, three risk levels and minimum investment £250k. Modelled Strategy – model on platform solution with fixed income options for simplicity and two risk levels and minimum investment of £50k. Innovative two-pot approach for managing investment strategies mitigates the key risks, sequencing, longevity and inflation: Innovating to meet the retirement income market opportunity Within the next 15 years the UK population aged 65 and over is projected to increase to nearly a quarter of the total population1. In 2024/5, the number of new drawdown plans were c.4xmore than the sale of new annuities2. Source: 1. ONS; 2. FCA’s Retirement income market data. CLARITY CHOICE CONFIDENCE Growth Portfolio 7+ Years Long-term component Cash 0-1 Year Fixed Maturity Investments 1-7 Years Short-term component (0-7 years)
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13 Synergies Delivered in FY26 Synergies Synergies FP revenue +10% Average Portfolio Size >£640k Advised & Managed Assets 58% Client Satisfaction 93% £1.3m Client Retention 98% Ready to Scale Proven integration track record Commitment to independent financial advice provides competitive advantage Trusted proposition and alignment with CIP Scalable model supported by centralised and optimised processes utilising market leading AI and technology Total Group Revenue 25% Integrated, growing and offering best in class capability Brooks Financial established and ready to scale
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Investment Management and Financial Planning revenue yields Notes: FUMA as at 30 June 2026. FUM balance of £19.3bn comprises external IFA FUM, direct wealth and advised and managed assets.Yields are approximate and illustrative. Further opportunities exist to broaden relationships with existing clients and add new clients through the value chain £2.4bn of ‘advised only assets’ have potential to transition to ‘advised and managed’ over time, depending on suitability £1.8bn of ‘direct wealth’ assets not currently receiving financial planning advice from Brooks Financial and may benefit fromadvice on their broader wealth arrangements Significant opportunity to broaden existing client relationships and add new clients Direct wealth £1.8bn c.60bpsExternal IFA FUM £14.2bn c.50bps Advised only assets £2.4bn c.50bps Advised and managed £3.3bn c.100bps Financial planning incomeFee income FY 2026 FUMA of £21.7bn (FUM of £19.3bn) Advised only Advised + MPS Advised + BPS FP Fee Additional IM revenue capture Illustrative fee capture (bps) c50bps c20bps c50bps c50bps c50bps 14
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Recent acquisition performance Strong performance of recent acquisitions, now with a fully integrated platform £m Acquired annualised FY25 PBT 3.0 Illustrative benefit to PBT of FY26 10% revenue growth on like-for-like basis 0.3 FY26 Cost synergies delivered 1.3 Increase in IM Fees for Advised & Managed AUA1 3.5 Tax impact (2.0) Post tax PBT added through acquisitions 6.1 FY26 Return on Investment c.11% Combined purchase consideration at FV of £55m Note 1: Increase in DFM fees on advised and managed assets between FY24 (pre-acquisitions & integration of Brooks Financial) and FY2615
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Integrated Distribution and Investment Management clear focus on target client relationships and segmentation focused on long term value. Brooks Financial commitment to Independent Financial Advice and proven integration approach provides an attractive home for IFAs for potential future M&A. Strong growth potential already providing 25% of the Group’s revenue Product Development MPS building blocks will enable us to provide broader investment opportunities and faster implementation of investment decisions. Continued innovation of products and services to changing client needs. Client Service Excellence Single data and technology platform created to deploy automation, AI and digital to enhance client service and retention management. Brooks Macdonald Strategic Partnerships act as a growth partner to high-quality independent adviser firms combining investment expertise, advisory heritage & practical business support to help them professionalise, scale & plan for succession. Leadership & Service Partners Experienced leadership team with a track record of delivery, complemented by our service partners providing outsourced services fully aligned to our strategic goals. Driving Scale & Efficiencies Less than 5% cost growth discipline applied rigorously and embedded across all areas of the business. We are well positioned for the future and now have the capabilities in place to take advantage of the market opportunity 16
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17 Our priorities for FY27 Delivering excellent client service Continued product innovation to meet evolving client needs Deploying AI, digital and automation to enhance customer service Broadening and deepening client reach Building reciprocal relationships with Nationals and Networks Build our BM Strategic Partnerships client base Expand and Enhance our reach with Retirement Strategies Brooks Financial – develop new and existing financial planning expertise Driving Scale and efficiencies Unlock value of AI CRM data for retention and new business purposes Driving productivity through AI in Brooks Financial Confident in delivery of medium-term targets Annualised net inflows +5% BAU costs growth < 5%
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19 Funds under management and advice Revenue Underlying costs Underlying profit Underlying Earnings per Share Dividends per Share 2026 financial results Record FUMA, revenue growth, efficiency benefits emerging £21.7bn £118.1m 137.9p£29.0m 83.0p 2025: £19.1bn 2025: £111.6m 2025: 130.4p2025: £28.9m 2025: 81.0p £90.3m 2025: £85.2m
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20 Net flows and FUMA Net flows improved by more than £600m, supporting record FUMA of £21.7bn Net flows £m H1 25 H2 25 FY 25 H1 26 H2 26 FY 26 (262) (134) (396) 2 224 226 +£622m FUMA (£bn) 5.3 16.5 19.3 2.6 2.4 FY25 FY26 FUM Advised only assets Assets under advice 21.7 5.7 +14% 19.1
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21 8,528 9,265 (363) 1,100 FY25 Net flows Market and investment performance FY26 65.4 65.3 60.4 (0.7) (1.3) 1.9 (4.9) FY25 Net flows Yield Market and investment performance FY26 (excl Transactional & fx) Transactional & fx income FY26 Bespoke Portfolio Service BPS FUM +9%, including a c50% improvement in net outflows FUM (£m) Revenue (£m) +9% 61.4Yield bps 59.68,6028,373Average FUM
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22 FUM (£m) Revenue (£m) 14.4 16.7 1.1 0.7 (0.5) 1.0 FY25 Acquisitions Net flows Yield Market and investment performance FY26 Managed Portfolio Service MPS FUM +30%, increasing revenue by +16% 5,983 8,047 906 763 1,293 898 6,889 FY25 Net flows Market and investment performance FY26 PMPS Custody 8,945 PMPS Yield bps 17.7 16.6 +30% +16% 7,8375,987Average FUM
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23 Advised assets (£m) 2,734 3,262 2,577 2,416 FY25 FY26 Advised and managed Advised only 5,678 5,311 Financial Planning Revenue +10% on a like for like basis, now c25% of total Group revenue Revenue (£m) 8.9 25.9 28.6 8.2 8.8 2.7 FY25 Acq'ns FY25 Inc Acq'ns Revenue Growth FY26 Underlying Revenue of Acquired Businesses +10% 25.9 28.6 17.1 Yield bps 45.4 52.8 51% 58%
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24 Underlying cost analysis Efficiency actions and financial planning synergies create capacity for investment £m Costs of acquired businesses 79.0 93.0 90.3 6.2 7.8 1.6 (8.3) 4.0 FY25 Acquisitions FY25 incl. acquisitions Inflation, VP & regulatory Efficiency actions & cost reductions Capability / capacity investment FY26 85.2 Includes: Synergies £1.3m Restructuring £3.3m Non-staff cost savings £1.0m Includes: Front office / senior hires £3.0m Client engagement, brand and marketing £0.9m (3)%
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25 Cash position Transformed the business to deliver growth and efficiency Notes: 1. Group liquid assets are inclusive of UK government gilts and money market funds. 2. Other includes insurance recoveries from litigation relating to legacy matters of £4.7 million, offset by purchase of shares by the Employee Benefit Trust (“EBT”) of £1.2 million, and timing differences of cash payments and other items. £m FY25 Underlying op. cash flow Change to Monthly Fees Dividends paid Share buyback Strategic transformation Restructuring Capex M&A Other FY26 53.8 25.0 26.7 9.3 (12.7) (3.0) • Completed technology enhancement • Office move • AI & digital • Products & proposition strategy (9.1) (5.1) (12.6) (2.9) • Deferred consideration • Completed integration (19.4) FY27 outlook • Organic investment: high single digit millions • Net deferred consideration receivable £10m - £15m
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Appendices
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Investment proposition Products Investment Management and Distribution Investment Performance Investment Performance Brooks Financial <5% >5% Annualised net flows Cost discipline Successful integration UK focused wealth manager with an effective investment proposition at its core Our Investment case 27
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28 1 year 5 years BPS investment performance Figures are rounded to 1 decimal place, totals may not add up due to rounding. All performance figures are net of underlying fund charges & Brooks Macdonald management fees but gross of professional adviser charges. Deduction of these fees will impact on the performance shown. Past performance is not a reliable indicator of future results. Source: Brooks Macdonald, ARC Research Limited www.suggestus.com. All data as at 30 June 2026. Strong long-term performance Our risk profiles are aligned to Asset Risk Consultants (“ARC”) indices & compare our average BPS performance against the relevant ARC index All risk profiles delivered returns exceeding their respective ARC peer group comparator over three- & 10- year horizons Medium Risk portfolios outperformed ARC over 1, 3, 5 & 10 years. Long-term performance remains strong, with all risk profiles ahead of ARC over 10 years. 10 years 3 years
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29 MPS Medium risk investment outperformance has been demonstrated over one-, five- and 10-year periods. MPS Medium-to-high risk investment outperformance has been demonstrated over one-, three-, five- and 10-year periods. BM MPS Medium risk BM MPS Medium-to-high risk MPS investment performance Strong long-term performance Notes: MPS data relative to relevant IA Sector average. The performance figures shown are net of underlying fund charges but gross of Brooks Macdonald’s management fees and adviser charges. Deduction of these fees and charges will impact on the performance shown. Source: Brooks Macdonald and Confluence. All data as at 30 June 2026. BM MPS Medium risk IA Mixed Investment 40-85% shares Cumulative Return (%) Cumulative Return (%) BM MPS Medium-to-high risk IA Flexible Investment 18.0 38.5 33.3 117.6 17.1 38.1 32.4 97.0 0 20 40 60 80 100 120 140 1 year 3 years 5 years 10 years 22.1 46.6 37.8 152.8 18.5 38.9 33.6 104.8 0 20 40 60 80 100 120 140 160 180 1 year 3 years 5 years 10 years
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30 Turning visibility into value Website as a key digital tool to turn leads into conversions Brooks Macdonald Social Media Exclusive wealth management partner of BAFTA with 11 000 members Supporting Wimbledon players reaches 52 million Exclusive wealth management partner of HRR with 8000 members & 330K regatta visitors # Earned Media PartnershipsDigital and Social Media
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31 Revenue FY26 revenue trends expected to continue into FY27 IM fees on cash balances ceased from 1 July Cost Expect moderate growth in costs, consistent with medium term target P&L outlook Cash and capital outlook 2027 guidance Dividend Progressive dividend policy Final 2026 dividend of c£8.1 million payable in November Organic Investment Organic investment to decrease materially from FY26 to high single digit millions in FY27 M&A Net deferred consideration receivable £10m - £15m
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32 FUMA and net flow performance Opening assets 1 Jul 2025 Organic net flows Market and investment performance Closing assets 30 Jun 2026 Net flow growth 2 FUM growth 1 Q1 26 Q2 26 Q3 26 Q4 26 Total BPS 8,528 (157) (54) (132) (20) (363) 1,100 9,265 (4.3)% 8.6% MPS Custody 906 (35) (38) (35) (44) (152) 144 898 (16.8)% (0.8)% MPS Platform 3 5, 983 175 187 281 272 915 1,149 8,047 15.3% 34.5% Total MPS 6,889 140 149 246 228 763 1,293 8,945 11.1% 29.9% Funds 4 1,084 (32) (45) (56) (41) (174) 133 1,043 (16.1)% (3.8)% Total FUM 4,5 16,501 (49) 50 58 167 226 2,526 19,253 1.4% 16.7% Advised only assets 6 2,577 2,416 Total FUMA 4,7 19,078 21,669 1. FUM growth is defined as the change in FUM over the period as a percentage of opening FUM. 2. The net flows growth is defined as net flows as a percentage of opening FUM. 3. MPS Platform includes BMSP, the Group’s business to business offering for financial advisers. 4. On 8 December 2025, two TM Brunsdon funds, managed by Brooks Macdonald Asset Management Limited (“BMAM”) on behalf of Brun sdon Financial, were merged with two IFSL Magnus funds, and BMAM ceased to act as their investment manager. The earlier periods have been amended accordingly to reflect the funds’ liquidation. 5. Total FUM includes £3.3 billion of assets (31 March 2026: £3.0 billion) that are both advised and managed by the Group and £1.8 billion of Direct Wealth assets (31 March 2026: £1.6 billion). 6. Advised only assets are invested and managed by third parties and, as such, are excluded from assets under advice which ar e also invested and managed in a Brooks Macdonald proposition. 7. Total FUMA includes £5.7 billion of AuA (31 March 2026: £5.3 billion). 8. The FCA published a consultation on client cash held in investment portfolios https://www.fca.org.uk/publications/consultation-papers/cp26-24-simplifying-consumer-investment-disclosures Note: Subject to rounding.
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33 Quarterly net flows Our fourth quarter net flows mark our strongest performance in three years 529 578 711 771 693 960 994 997 (640) (729) (840) (776) (742) (910) (936) (830) (111) (151) (129) (5) (49) 50 58 167 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Gross inflows Gross outflows Net flows Note: Subject to rounding. £m
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34 PMPS gross flow definition change from Q1 27 Revised approach to calculation of gross inflows and gross outflows for PMPS £m Reported Q1 26 Inflows Q2 26 Inflows Q3 26 Inflows Q4 26 Inflows Q1 26 Outflows Q2 26 Outflows Q3 26 Outflows Q4 26 Outflows Q1 26 Net flows Q2 26 Net flows Q3 26 Net flows Q4 26 Net flows BPS 145 345 200 251 (302) (399) (332) (271) (157) (54) (132) (20) MPS Custody 7 9 8 5 (42) (47) (43) (49) (35) (38) (35) (44) MPS Platform 511 575 745 706 (336) (388) (464) (434) 175 187 281 272 Total MPS 518 584 753 711 (378) (435) (507) (483) 140 149 246 228 Funds 30 31 41 35 (62) (76) (97) (76) (32) (45) (56) (41) Total 693 960 994 997 (742) (910) (936) (830) (49) 50 58 167 Restated Q1 26 Inflows Q2 26 Inflows Q3 26 Inflows Q4 26 Inflows Q1 26 Outflows Q2 26 Outflows Q3 26 Outflows Q4 26 Outflows Q1 26 Net flows Q2 26 Net flows Q3 26 Net flows Q4 26 Net flows BPS 145 345 200 251 (302) (399) (332) (271) (157) (54) (132) (20) MPS Custody 7 9 8 5 (42) (47) (43) (49) (35) (38) (35) (44) MPS Platform 322 367 426 385 (147) (180) (145) (113) 175 187 281 272 Total MPS 329 376 434 390 (189) (227) (188) (162) 140 149 246 228 Funds 30 31 41 35 (62) (76) (97) (76) (32) (45) (56) (41) Total 504 752 675 676 (553) (702) (617) (509) (49) 50 58 167 From Q1-27 reporting, we will adopt a revised approach to the calculation of gross inflows & outflows for our PMPS proposition to more accurately reflect the underlying movements. There is no change to the net flows reported previously or going forward as a result of this change. For future comparative purposes, the tables on the left-hand side show the reported and restated gross and net flows.
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35 Analysis of revenue and yield Revenue (£m) Average FUM (£m) Yield (bps) FY26 FY25 Change £m FY26 FY25 Change % FY26 FY25 Change bps BPS fees 51.3 51.4 (0.1) 8,602 8,373 2.7 59.6 61.4 (1.8) BPS non-fees (transactional) 9.1 14.0 (4.9) 10.6 16.7 (6.1) Total BPS 60.4 65.4 (5.0) 8,602 8,373 2.7 70.2 78.1 (7.9) MPS Custody 5.2 5.4 (0.2) 893 929 (3.8) 58.2 58.6 (0.4) MPS Platform 11.5 9.0 2.5 6,944 5,058 37.3 16.6 17.7 (1.1) Total MPS 16.7 14.4 2.3 7,837 5,987 30.9 21.3 24.0 (2.7) UK funds 6.0 6.5 (0.5) 1,356 1,445 (6.1) 44.2 44.9 (0.7) Total FUM-related (excl. interest) 83.1 86.3 (3.2) 17,795 15,805 12.6 46.7 54.6 (7.9) Interest income 6.0 7.6 (1.6) 6.3 8.2 (1.9) Total FUM-related 89.1 93.9 (4.8) 17,795 15,805 12.6 50.1 59.4 (9.1) Financial planning 28.6 17.1 11.5 5,410 3,767 43.6 52.8 45.4 7.4 Other 2 0.4 0.6 (0.2) Total non-FUM related revenue 29.0 17.7 11.3 Total revenue 118.1 111.6 6.5 Note 1: Subject to rounding. Note 2: The yield figures within the BPS and UK funds are net of IFA payaways and trail commission. Other income relates to gross up for these deductions. Note 3: c£0.3bn of BPS client FUM is invested in Cornelian Funds generating fund management fees –thus for yield purposes there is an adjustment moving this FUM from BPS to Funds
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36 Revenue performance £ millions FY26 FY25 Fee income 74.4 72.9 Financial Planning income 28.6 17.1 Transactional and FX income 9.1 14.0 Interest income 6.0 7.6 Total revenue 118.1 111.6 Fee income growth primarily driven by increased FUM Financial Planning income includes acquired businesses for full year. Revenue up 10% on a like for like basis vs FY25 Transactional income impacted by lower trading volumes vs FY25 Interest income reduced due to lower average interest rates Brooks Financial drives revenue growth
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37 Regulatory capital position Investment to drive growth and efficiency Note: 1. Other includes insurance recoveries from litigation relating to legacy matters of £4.7 million, amortisation of software of £3.9 and increase in share-based payment reserve of £3.6 million, partly offset by purchase of shares by the EBT of £1.2 million, and head office dual running costs of £1.3 million, and other items. 29.6 27.6 15.6 22.0 (12.7) (3.0) (17.1) (5.1) (4.0) 8.2 5.9 FY25 Underlying profit Dividends paid Share buyback Strategic transformation / capex Restructuring M&A Other FY26 Regulatory requirement and internal buffer Excess capital 33.5 45.2 1 £m
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38 Capital allocation framework aligned to strategic priorities Capital resilience Dividends Organic reinvestment Committed to progressive dividend policy Robust capital position including a 25% internal buffer in excess of regulatory requirements Aligned to strategic pillars and prioritised based on relative return on investment and payback periods Growth acceleration or capability enhancing with appropriate returns on investment Capital transactions (share buy-backs and M&A) Excess capital