Statement regarding Possible Offer

The Board of ATG (the "Board") notes the announcement made by FitzWalter on 16 January 2026 (the "Announcement") in which FitzWalter stated it was considering making a cash offer of 400 pence per ATG share (the "Indicative Offer").

At the time of this announcement, no customary letter setting out the full terms and conditions of the Indicative Offer has been received by the Board. Macquarie Capital, FitzWalter's financial adviser, confirmed such a letter would not be provided and that the Board should make its own assumptions as to the other terms and conditions of the Indicative Offer.

The Board, together with its advisers, met on 18 January 2026 to consider the Indicative Offer. The Board unanimously concluded that the Indicative Offer fundamentally undervalued the Company and its future prospects. ATG shareholders are strongly advised to take no action at this time.

ATG will provide an update on its progress as part of the AGM Trading Update on 22 January 2026.

Commenting, Scott Forbes, Chair of ATG said:

"The Board will continue to act in the best interests of all stakeholders and remains confident in ATG's standalone prospects. We have valued the constructive engagement with our shareholders over the last few weeks. The Board, mindful of its fiduciary duties, stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented to it. The Board firmly believes that FitzWalter's latest proposal fundamentally undervalues ATG and its future prospects."

There can be no certainty that any firm or further proposal will be made by FitzWalter or any other party.

In accordance with Rule 2.6(a) of the Code, FitzWalter is required, by not later than 5.00pm on 2 February 2026, being 28 days after 5 January 2026, the date the Company first announced FitzWalter's possible offer, to announce either a firm intention to make an offer for ATG in accordance with Rule 2.7 of the Code, or that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.

This announcement is made without the consent of FitzWalter.

Latham & Watkins (London) LLP is acting as legal adviser to ATG.

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