Statement of intention not to make an offer

The Company notes the announcements made on 28 May 2026 and 8 June 2026 (the "Announcements") regarding a non-binding proposal by the Company to acquire the entire issued and to be issued ordinary share capital of PPHE Hotel Group Ltd ("PPHE") not already owned by it.

Following the Announcements the Company and PPHE have engaged in discussions regarding the potential terms of an offer for PPHE. However, it has not been possible to reach agreement and therefore the Company confirms that it does not intend to make an offer for PPHE.

This is a statement to which Rule 2.8 of the Code applies. Accordingly, the Company and any person(s) acting in concert with it will, except with the consent of the Panel on Takeovers and Mergers (the "Panel"), be bound by the restrictions set out in Rule 2.8 of the Code.

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

• with the agreement of the board of directors of PPHE;
• following the announcement by or on behalf of a third party of a firm intention to make an offer for PPHE;
• following the announcement by PPHE of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or
• if there has been a material change of circumstances (as determined by the Panel).