CWD.L Regulatory News (CWD)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE "CITY CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE.

22 January 2021

Alchemy Partners ("Alchemy")

Statement regarding Countrywide plc

Further to previous announcements made in relation to a possible offer by Alchemy for Countrywide plc ("Countrywide"), Alchemy today confirms that it does not intend to make an offer for the entire issued and to be issued share capital of Countrywide pursuant to Rule 2.7 of the City Code. Consequently, Alchemy and any person acting in concert with it is, except with the consent of the Panel on Takeovers and Mergers (the "Panel"), bound by the restrictions contained in Rule 2.8 of the City Code.

Under Note 2 on Rule 2.8 of the City Code, Alchemy and any person acting in concert with it reserves the right to set aside the restrictions in Rule 2.8 within six months following the date of this announcement in the following circumstances: (i) in the event that the offer by Connells Limited is withdrawn or lapses, with the agreement of the board of directors of Countrywide; (ii) following an announcement of a firm intention to make an offer by a third party; (iii) if Countrywide announces a "whitewash" proposal (see Note 1 on the Notes on Dispensations from Rule 9 of the City Code) or a reverse takeover (as defined in the City Code); or (iv) if the Panel determines there has been a material change of circumstances.

For further information, please contact:

Alchemy

Ian Cash

Ian Neill Tel: + 44 (0)20 7240 9596

Peel Hunt LLP (Financial Adviser)

James Britton

Miles Cox Tel: +44 (0) 20 7418 8890

Important Notice

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Alchemy and for no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Alchemy for providing the protections afforded to clients of Peel Hunt or for providing advice in relation to the contents of, or matters referred to in, this announcement.

Additional information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction. This announcement has been prepared in accordance with English law and the City Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom. The release, distribution or publication of this announcement in jurisdictions outside of the United Kingdom may be restricted by laws of the relevant jurisdictions, and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.