Letter of Intent Signed

J O Hambro Capital Management Limited

Disclosure under Rule 2.10(c) of The City Code on Takeovers and Mergers

J O Hambro Capital Management Limited ("JOHCM") provided a non-binding letter of intent to FV Beteiligungs_GmbH regarding the proposed acquisition of Low & Bonar Plc as referred to in the announcement of the recommended cash offer on 20 September 2019.

The non-binding letter of intent was for 37,416,556 ordinary shares of 5p in Low & Bonar Plc.

In accordance with Rule 2.10(c) of The City Code on Takeovers and Mergers JOHCM now announces that following a disposal it no longer intends to comply with the letter of intent in respect of 11,000,000 ordinary shares of 5p in Low & Bonar Plc. The non-binding letter of intent still applies to 18,727,679 ordinary shares of 5p in Low & Bonar Plc.

This disposal does not change the number of shares which are the subject of the separate irrevocable undertaking which remain at 37,416,557 ordinary shares of 5p in Low & Bonar Plc