Rule 2.8 Announcement

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

THIS IS AN ANNOUNCEMENT TO WHICH RULE 2.8 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

12 April 2022

Slate Asset Management ("Slate")

Statement regarding McKay Securities PLC ("McKay")

Further to the announcement on 29 March 2022 by McKay that Slate was considering a possible offer for McKay, Slate today confirms that it does not intend to make an offer for McKay.

For the purposes of Rule 2.8 of the Code, Slate, and any person(s) acting in concert with it, reserve the right to set the restrictions in Rule 2.8 aside in the following circumstances:

(a) in the event that the offer by Workspace Group PLC is withdrawn or lapses, with the agreement of the board of McKay;

(b) following the announcement of a firm intention to make an offer for McKay by or on behalf of a third party;

(c) if McKay announces a Rule 9 waiver proposal (as referred to in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or for a reverse takeover (as defined in the Code); or

(d) where the Panel on Takeovers and Mergers has determined that there has been a material change of circumstances.