Augean plc

4 Rudgate Court Walton

Near Wetherby LS23 7BF United Kingdom

16 August 2021

Dear Sirs,

Recommended offer for Augean plc by Antwerp Management (a newly-formed company indirectly owned by funds managed or advised by Morgan Stanley Infrastructure Inc., an indirect subsidiary of Morgan Stanley) (the "Offer")

We refer to the document that is to be sent to shareholders of Augean plc on or around the date hereof containing, amongst other things, details of the proposed scheme of arrangement under Part 26 of the Companies Act 2006 in relation to the Offer (the "Scheme Document").

In accordance with Rule 23.2 of the City Code on Takeovers and Mergers, we have given and not withdrawn our consent to the inclusion of references to our name in the Scheme Document, in each case in the form and context in which it appears.

We hereby also consent to this letter being made available for inspection.

Yours very truly

For and on behalf of

N.M. Rothschild & Sons Limited

N.M. Rothschild & Sons Limited

Tel: +44 (0)20 7280 5000

Registered in England & Wales

New Court, St Swithin's Lane

Fax: +44 (0)20 7280

Registered office as shown.

London EC4N 8AL, United Kingdom

5671

Company number 00925279

rothschildandco.com

Authorised and regulated by the

Financial Conduct Authority

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Augean plc published this content on 16 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2021 07:42:03 UTC.