No intention to make an offer for IWG plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Statement regarding IWG plc (the "Company")

Further to the announcement by the Company on 23 July 2018, TDR Capital LLP in its capacity as an investment fund manager ("TDR") confirms that it does not intend to make an offer for the Company. Accordingly, TDR and any person acting in concert with it, is bound by the restrictions under Rule 2.8 of the UK City Code on Takeovers and Mergers (the "Code").

For the purposes of Rule 2.8 of the Code, TDR, and any person acting in concert with TDR, reserves the right to announce an offer or possible offer for the Company or make or participate in an offer or possible offer for the Company and/or take any other action otherwise precluded under Rule 2.8 of the Takeover Code within six months of the date of this announcement in the following circumstances:

(a) with the agreement of the board of the Company;

(b) if a third party announces a firm intention to make an offer for the Company;

(c) if the Company announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and/or

(d) if there has been a material change of circumstances (as determined by the Takeover Panel).

Important notices

Citigroup Global Markets Limited, which is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority, is acting for TDR and no one else in connection with the matters described in this announcement and shall not be responsible to anyone other than TDR for providing the protections afforded to clients of Citigroup Global Markets Limited, or for giving advice in connection with the matters described in this announcement or any matter referred to therein.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

The information contained within this announcement is considered by TDR to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.