Proposed Tender Offer

 24 November 2020

THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014

Urban Exposure Plc ("the Company")

Proposed Tender Offer

Further to the announcement on 1 October 2020, the Company is pleased to announce that it proposes shortly to proceed with a tender offer to eligible shareholders for up to £65 million in value of the Company's ordinary shares ("Shares") (the "Tender Offer") at a price equal to 75 pence per Share (the "Tender Price"). Completion of the Tender Offer will be subject to shareholder approval.

As announced on 22 September 2020, the Company's unaudited net tangible asset value per Share as at 30 June 2020 was 77 pence per share (the "TNAV"). The Company now has a cash balance of approximately £81 million. The Tender Price represents a 2.6 per cent. discount to the TNAV and a 7.9 per cent. premium to the mid-market price of 69.50p per Share as at close of business on 23 November 2020, being the last business day prior to this announcement.

Full details of the Tender Offer, including the expected timetable and the procedure for tendering shares will be set out in the Tender Offer circular which is expected to be published shortly. A further announcement will be made in due course.

Enquiries:

Urban Exposure plc Tel: +44(0)207 408 0022

Graham Warner, Chairman

Sam Dobbyn, Chief Executive Officer

Liberum (NOMAD and Corporate Broker) Tel: +44(0)203 100 2000

Neil Patel

Gillian Martin

Louis Davies

Nikhil Varghese

[email protected]