NOTICE OF REDEMPTION OF STOCK

Peel South East Limited

10 April 2025

NOT FOR DISTRIBUTION (A) IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED BELOW) OR (B) IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

PEEL SOUTH EAST LIMITED

(incorporated with limited liability in England and Wales with company number 216214)

(the Company)

NOTICE OF REDEMPTION OF STOCK AT THE OPTION OF THE COMPANY

£110,000,000 10 PER CENT. FIRST MORTGAGE DEBENTURE STOCK 2026

ISIN: GB0005320196

of the Company presently outstanding

(being, as at the date of this announcement, £97,995,454 in principal amount)

(the Stock)

NOTICE IS HEREBY GIVEN to the holders of the Stock that the Company has today exercised its right to redeem the Stock (in whole but not in part) on 17 April 2025 (the Redemption Date) in accordance with Condition 1 of the Stock (as set out in the First Schedule of the Trust Deed dated 27 May 1986 constituting the Stock, as supplemented and amended from time to time including, without limitation, pursuant to the Supplemental Trust Deed dated 31 March 2025, the Trust Deed).

All words and expressions defined in the Trust Deed shall have the same meaning herein.

The redemption price payable in respect of the redemption of the Stock (together with interest accrued up to and including the Redemption Date) is 106.104 per cent. (the Redemption Price).

The Redemption Price has been calculated on 8 April 2025 (the Determination Date) in accordance with Condition 1 of the Stock, being the price which is the higher of:

(a) its nominal amount; and

(b) the nominal amount of the Stock multiplied by the price (as determined in writing by NatWest Markets Plc as Financial Adviser) at which the Gross Redemption Yield on the Stock (if the Stock were to remain outstanding until its stated maturity) on the Determination Date is equal to the Gross Redemption Yield at 11.00 a.m. (London time) on the Determination Date of the 1½% Treasury Gilt 2026 plus 0.15 per cent.

This Notice is given by:

Peel South East Limited

Venus Building

1 Old Park Lane

Trafford city

Manchester M41 7HA

Dated 10 April 2025