Directorate Change

Friday, 31 August 2018

McCarthy & Stone plc

Board Changes

As contemplated by the announcements on 19 June 2018 and 28 June 2018, Clive Fenton has today retired as the Chief Executive Officer ("CEO"), and stepped down from the board, of McCarthy & Stone plc (the "Group") and John Tonkiss, Chief Operating Officer of the Group, has assumed the role of Interim CEO while the formal search process to appoint a replacement CEO is concluded.

Section 430 (2B) Companies Act 2006 Statement

The following payments have or will be made to Clive Fenton in connection with his retirement:

i) Clive will be paid £416,666.70 in respect of salary accrued up to 31 August 2018 but payable after that date in the normal pay round cycle.

ii) Clive will receive payments in lieu of 10 months' outstanding notice period and employer pension contributions in monthly instalments of £83,333.34 (total notice period of 12 months starting on 1 July 2018 and finishing on 30 June 2019).

iii) Clive will receive a bonus for the current financial year, to be paid in November 2018 and calculated by the Remuneration Committee according to the achievement of the relevant bonus performance measures. The bonus will be paid two-thirds in cash and one-third in deferred shares and will vest after 3 years.

iv) Clive will be treated as a 'good leaver' for the purpose of awards or allocations made to him under the Company's Annual and Deferred Bonus Plan, Long Term Incentive Plan, SAYE Plan and Share Incentive Plan. The awards will be treated accordingly under the rules of the relevant Plan.

v) Clive will also receive a capped contribution of up to £1,250 (plus VAT) towards legal fees incurred in connection with his cessation of office.

vi) Clive will receive outplacement support for 12 months after 31 August 2018.

All payments will be made in accordance with the Company's Directors' Remuneration Policy, as approved by shareholders at the Annual General Meeting of the Company held on 25 January 2017 less any deductions and withholdings for income tax and national insurance contributions required to be made.

The Company confirms that Clive Fenton has not and will not receive any other remuneration payments for loss of office of the type specified in section 430(2B) of the Companies Act 2006.

The relevant remuneration details relating to Clive Fenton will be included in the Company's Directors' Remuneration Report for the year ending 31 August 2018.

There is no additional information which is required to be disclosed pursuant to paragraph LR9.6.13R of the Listing Rules of the Financial Conduct Authority.

For more information, please contact:

McCarthy & Stone, 01202 292 480

Patrick Hole, Group General Counsel & Company Secretary