Publication of Document

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

FOR IMMEDIATE RELEASE

17 June 2022

RECOMMENDED CASH ACQUISITION

of

THE GO-AHEAD GROUP PLC ("GO-AHEAD")by

GERRARD INVESTMENT BIDCO LIMITED ("BIDCO")

to be effected by means of a scheme of arrangementunder Part 26 of the UK Companies Act 2006

PUBLICATION OF DOCUMENT

On 14 June 2022, the boards of directors of Bidco and Go-Ahead announced (the "2.7 Announcement") that they had reached agreement on the terms and conditions of a recommended cash acquisition to be made by Bidco for the entire issued and to be issued share capital of Go-Ahead (the "Acquisition"). Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the 2.7 Announcement.

In accordance with Rule 26 of the Code, Go-Ahead announces that a copy of a joint defence agreement dated 16 June 2022 entered into between Go-Ahead and Bidco in relation to the Acquisition has been published today, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Go-Ahead's website at https://www.go-ahead.com/investors/offer and on Bidco's website at https://www.gerrardbid.com.

Enquiries:

Important Notices

Electronic communications

Please be aware that addresses, electronic addresses and certain information provided by Go-Ahead Shareholders, persons with information rights and other relevant persons for the receipt of communications from Go-Ahead may be provided to Bidco during the Offer Period as requested under Section 4 of Appendix 4 of the Code to comply with Rule 2.11(c) of the Code.

Publication on website and availability of hard copies

A copy of this announcement will be made available subject to certain restrictions relating to persons resident in Restricted Jurisdictions on Go-Ahead's website at https://www.go-ahead.com/investors/offer and on Bidco's website at https://www.gerrardbid.com. For the avoidance of doubt, the contents of Go-Ahead's website and Bidco's website are not incorporated into and do not form part of this announcement.

Requesting hard copy documents

Go-Ahead Shareholders, persons with information rights and participants in Go-Ahead Share Plans may request a hard copy of this announcement by contacting Carolyn Ferguson, Group Company Secretary, at [email protected]. A person so entitled may also request that all future documents, announcements and information in relation to the Acquisition be sent to them in hard copy form.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or from an independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended).