2.8 Announcement

FitzWalter has today announced that it has requisitioned a General Meeting to remove Scott Forbes as a director and appoint Richard Campbell-Breeden in his place. If the resolutions are passed, FitzWalter will ask the Board to appoint him as Chair. FitzWalter believes the new Chair should oversee a comprehensive strategic review, including consideration of a full competitive sale process. FitzWalter has announced that it is not seeking to participate in such competitive sale process as a potential bidder and, as a result, announces that it does not intend to make an offer for ATG pursuant to Rule 2.7 of the Code.

This is a statement to which Rule 2.8 of the Code applies. Accordingly, FitzWalter and any person(s) acting in concert with it will, except with the consent of the Panel on Takeovers and Mergers (the "Takeover Panel"), be bound by the restrictions set out in Rule 2.8 of the Code, including that it will not be able to make an offer for ATG, subject to the exceptions in Rule 2.8, for six months from the date of this announcement. Under Note 2 on Rule 2.8 of the Code, FitzWalter, and any person(s) acting in concert with it, reserves the right to set the restrictions in Rule 2.8 aside only in the following circumstances:

• following the announcement by ATG of a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
• if there has been a material change of circumstances (as determined by the Takeover Panel).