Barratt Developments : Prospectus

THIS PROSPECTUS AND OTHER ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take, you are recommended to seek immediately your own financial advice from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser, who is authorised under the Financial Services and Markets Act 2000, as amended (the "FSMA") if you are in the United Kingdom (the "UK") or, if not, from another appropriately authorised independent financial adviser.

This document comprises a prospectus (the "Prospectus") relating to Barratt Developments plc ("Barratt" or the "Company", and together with its subsidiaries from time to time, the "Barratt Group") prepared in accordance with the Prospectus Regulation Rules of the Financial Conduct Authority (the "FCA") made under section 73A of the FSMA. This Prospectus has been approved by the FCA, as competent authority, under Regulation (EU) 2017/1129 as it forms part of assimilated law as defined in the European Union (Withdrawal) Act 2018 as amended (the "EUWA") (the "UK Prospectus Regulation") in accordance with section 85 of the FSMA. This Prospectus has been filed with the FCA in accordance with the Prospectus Regulation Rules and together with the documents incorporated into it by reference (as set out in Part XV - "Documentation Incorporated by Reference" of this Prospectus) will be made available to the public in accordance with Prospectus Regulation Rule 3.2 by the same being made available, free of charge, at www.barrattdevelopments.co.uk and at the Company's registered office at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF, United Kingdom.

The FCA only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the UK Prospectus Regulation, and such approval should not be considered as an endorsement of the Company or of the quality of the New Barratt Shares that are the subject of this Prospectus. Investors should make their own assessment as to the suitability of investing in the New Barratt Shares. This Prospectus has been drawn up as part of a simplified prospectus in accordance with Article 14 of the UK Prospectus Regulation.

The Company and its directors, whose names appear in Part III - "Barratt Directors, Proposed Directors, Barratt Company Secretary, Senior Managers, Combined Group Additional Senior Manager, Registered Office & Advisers" of this Prospectus (the "Barratt Directors"), and the proposed directors who will join the Barratt Directors on the board of the Company on Completion whose names appear in Part III - "Barratt Directors, Proposed Directors, Barratt Company Secretary, Senior Managers, Combined Group Additional Senior Manager, Registered Office & Advisers" of this Prospectus (the "Proposed Directors"), accept responsibility for the information contained in this Prospectus. To the best of the knowledge of the Barratt Directors, the Company and the Proposed Directors, the information contained in this Prospectus is in accordance with the facts and this Prospectus makes no omission likely to affect its import.

You should read the whole of this Prospectus (including all the information incorporated by reference herein) carefully and in its entirety. In particular, your attention is drawn to Part I - "Risk Factors" for a discussion of certain risks and other factors that should be considered in connection with an investment in the New Barratt Shares. You should not rely solely on the information summarised in the section titled "Summary Information".

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Barratt Developments plc

(incorporated and registered under the laws of England and Wales with registered number 00604574)

Proposed issue of 476,309,153 ordinary shares in the share capital of Barratt

Developments plc in connection with the recommended all-share offer for the combination of Barratt Developments plc and Redrow plc, pursuant to which Barratt Developments plc will acquire the entire issued and to be issued ordinary share capital of Redrow plc (the "Combination")

Admission to listing on the premium listing segment of the Official List and to trading on

the Main Market of the London Stock Exchange

The ordinary shares in the capital of the Company with a nominal value of 10 pence each (the "Existing Shares") are listed on the premium listing segment of the Official List maintained by the FCA and traded on the main market for listed securities of London Stock Exchange plc (the "London Stock Exchange"). Application will be made to the FCA and to the London Stock Exchange for 476,309,153 ordinary shares in the share capital of the Company with a nominal value of 10 pence (the "New Barratt Shares" and together with the Existing Shares, the "Shares") to be admitted to listing on the premium listing segment of the Official List of the FCA (or, if there is no premium listing segment, the same listing segment as the Shares are trading on) and to trading on the main market for listed securities of the London Stock Exchange, respectively (the "Admission"). It is expected that Admission will become effective and that dealings on the London Stock Exchange in the New Barratt Shares will commence at 8.00 a.m. (London time) on or around the day which is three Business Days after the Court Hearing, which is expected to be during the second half of 2024 and, in any event, prior to the Longstop Date, subject to satisfaction (or, if applicable, waiver) of the Conditions. No

application is currently intended to be made for the New Barratt Shares to be admitted to listing or

dealing on any other exchange. The Company will comply with its obligation to publish a further supplementary prospectus containing further updated information required by law or any regulatory authority, but assumes no further obligation to publish additional information.

This Prospectus is not intended to, and shall not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the offer or otherwise. The Combination will be made solely through the Scheme Document, which will contain the full terms and conditions of the Combination, including the terms of how the Combination may be accepted by Redrow Shareholders. Any acceptance or other response to the Combination should be made only on the basis of the information in the Scheme Document.

UBS AG London Branch (''UBS'') is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority (the "PRA") and subject to regulation by the FCA and limited regulation by the PRA in the United Kingdom. UBS is acting exclusively for the Company and no one else in connection with the Combination and the matters set out in this Prospectus. UBS will not regard any other person (whether or not a recipient of this Prospectus) as a client in relation to the Combination, and will not be responsible to anyone other than the Company for providing the protections

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afforded to its clients or for the giving of advice in relation to the Combination, Admission or any transaction, matter or arrangement referred to in this Prospectus.

Morgan Stanley & Co. International plc (''Morgan Stanley''), which is authorised by the PRA and regulated in the United Kingdom by the FCA and the PRA, is acting exclusively as financial adviser to the Company and no one else in connection with the Combination. In connection with such matters Morgan Stanley, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than the Company for providing the protections afforded to their clients or for providing advice in relation to the Combination, the contents of this Prospectus or any matter referred to in this Prospectus.

Apart from the responsibilities and liabilities, if any, which may be imposed on UBS and Morgan Stanley by the FSMA or the regulatory regime established thereunder or under the regulatory regime of any jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, neither UBS nor Morgan Stanley (together, the "Banks") nor any of their respective subsidiaries, holding companies, branches and affiliates nor any of their respective directors, officers, employees, agents or advisers, owes or accepts or shall assume any duty, responsibility or liability whatsoever (whether direct or indirect and whether arising in contract, in tort, under statute or otherwise) to any person in relation to the contents of this Prospectus or the Combination, Admission or any other matter or arrangement referred to in this Prospectus or for any acts or omissions of the Company and no representation or warranty, express or implied, is made by any of them as to the contents of this Prospectus, including its accuracy, completeness, verification or sufficiency, or for any other statement made or purported to be made by the Company, or on its behalf, or by any of the Banks, or on their behalf, in connection with the Company, the Barratt Group, the Combined Group, the Combination, the Admission or the New Barratt Shares, and nothing in this Prospectus is, or shall be relied upon as, a promise or representation in this respect, whether or not to the past or future. To the fullest extent permitted by law, the Banks and their respective subsidiaries, holding companies, branches and affiliates and their respective directors, officers, employees, agents or advisers accordingly disclaim all and any duty, responsibility or liability whatsoever (whether direct or indirect and whether arising in tort, contract, under statute or otherwise (save as referred to above)) which they might otherwise be found to have in respect of this Prospectus or any such statement or otherwise.

UBS, Morgan Stanley and their respective affiliates may have engaged in transactions with, and provided various investment banking, financial advisory and other services to the Company and its affiliates, for which they received customary fees. UBS, Morgan Stanley and their respective affiliates may provide such services to Barratt and its affiliates in the future.

Barratt Shareholders and prospective investors in the Shares (including the New Barratt Shares) will be deemed to have acknowledged that they have not relied on UBS, Morgan Stanley or any person affiliated with them in connection with any investigation of the accuracy of any information contained in this Prospectus for their investment decision.

Persons who come into possession of this Prospectus should inform themselves about and observe any applicable restrictions and legal, exchange control or regulatory requirements, and pay any issue, transfer or other taxes due, in relation to the distribution of this Prospectus and the Combination. Any failure to comply with such restrictions or requirements, and pay any issue, transfer or other taxes due, may constitute a violation of the securities laws of any such jurisdiction.

NOTICE TO UNITED STATES INVESTORS

The New Barratt Shares have not been, and will not be, registered under the US Securities Act of 1933 (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States.

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Accordingly, the New Barratt Shares may not be offered, sold, resold, delivered, distributed or otherwise transferred, directly or indirectly, in or into the United States absent registration under the Securities Act or an exemption therefrom. The New Barratt Shares are expected to be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 3(a)(10) thereof. Redrow Shareholders who will be affiliates (within the meaning of the Securities Act) of Barratt or Redrow prior to, or of Barratt after, the Scheme Effective Date will be subject to certain US transfer restrictions relating to the New Barratt Shares received pursuant to the Scheme. For a description of these and certain further restrictions on offers, sales and transfers of the New Barratt Shares and the distribution of this Prospectus, see Part II - "Presentation of Financial and Other Information".

None of the securities referred to in this Prospectus have been approved or disapproved by the United States Securities and Exchange Commission (the "SEC"), any state securities commission in the United States or any other US regulatory authority, nor have such authorities passed upon or determined the fairness or merits of such securities or upon the adequacy or accuracy of the information contained in this Prospectus. Any representation to the contrary is a criminal offence in the United States.

NOTICE TO OTHER OVERSEAS INVESTORS

The release, publication or distribution of this Prospectus in certain jurisdictions other than the UK may be restricted by law. No action has been taken by the Company or by the Banks to distribute this Prospectus (or any other offering or publicity materials relating to the New Barratt Shares) in any other jurisdiction where action for that purpose may be required or doing so is restricted by law. Accordingly, neither this Prospectus nor any advertisement may be released, published or distributed in any other jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Prospectus comes are required by the Company and the Banks to inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No action has been taken by the Company or by the Banks that would permit an offer of the New Barratt Shares or rights thereto or possession or release, publication or distribution of this Prospectus or any other offering or publicity material in any jurisdiction where action for that purpose is required, other than in the UK.

Unless otherwise determined by the Company or required by and permitted by applicable law and regulation, the Combination will not be implemented and documentation relating to the Combination shall not be made available, directly or indirectly, in, into or from an excluded territory where to do so would violate the laws of that jurisdiction (an "Excluded Territory") and no person may vote in favour of the Combination by any use, means, instrumentality or form within an Excluded Territory or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this Prospectus are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from any Excluded Territory and persons with access to this Prospectus and any other documents relating to the Combination (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in, into or from any Excluded Territory.

The availability of New Barratt Shares under the Combination to Redrow Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. This Prospectus has been prepared for the purpose of complying with English law and applicable regulations and the information disclosed may not be the same as that which would have been disclosed if this Prospectus had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. This Prospectus is issued solely in connection with the Admission. This Prospectus does not constitute or form part of an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities by any

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person. No offer of Shares is being made in any jurisdiction. None of the securities referred to in this Prospectus shall be sold, issued or transferred in any jurisdiction in contravention of applicable law and/or regulation.

It is the responsibility of each person into whose possession this Prospectus comes to satisfy themselves as to the full observance of the laws and regulations of the relevant jurisdiction in connection with the distribution of this Prospectus, the receipt of the New Barratt Shares and the implementation of the Combination and to obtain any governmental, exchange control or other consents which may be required, to comply with other formalities which are required to be observed and to pay any issue, transfer or other taxes due in such jurisdiction. To the fullest extent permitted by applicable law, the Company, the Barratt Directors, the Proposed Directors, the Banks and all other persons involved in the Combination disclaim any responsibility or liability for the failure to satisfy any such laws, regulations or requirements by any person.

Further details relevant for Redrow Shareholders in restricted jurisdictions are contained in the document (the "Scheme Document") to be despatched to Redrow Shareholders and persons with information rights relating to Redrow Shares setting out, amongst other things, the details of the Combination, the full terms and conditions of the Scheme and containing the notices convening the Redrow Court Meeting and the general meeting of Redrow Shareholders to be convened for the purpose of considering, and if thought fit approving, the Special Resolution in relation to the Combination (notice of which will be set out in the Scheme Document), including any adjournment, postponement or reconvention thereof (the "Redrow General Meeting").

NOTICE TO ALL INVESTORS

Any reproduction or distribution of this Prospectus, in whole or in part, and any disclosure of its contents or use of any information contained in this Prospectus for any purpose other than considering an investment in the New Barratt Shares is prohibited.

No person has been authorised to give any information or make any representations other than those contained in this Prospectus and, if given or made, such information or representations must not be relied upon as having been authorised by the Company, the Banks or any other person. Neither the delivery of this Prospectus nor any subscription or sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Barratt Group or the Redrow Group since the date of this Prospectus or that the information in this Prospectus is correct as at any time subsequent to its date.

Without limitation, the contents of the website of the Barratt Group (or any other websites, including the content of any website accessible from hyperlinks on the websites of the Barratt Group and/or the Redrow Group) do not form part of this Prospectus.

Capitalised terms have the meanings ascribed to them, and certain technical terms are explained, in Part XVI

• "Definitions" of this Prospectus. This Prospectus is dated 19 April 2024.

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SUMMARY INFORMATION

1. INTRODUCTION AND WARNINGS

A.1.1 Name and international securities identification number (ISIN) of the securities

Ordinary shares of 10 pence each in the capital of Barratt Developments plc (the "Shares"). ISIN code GB0000811801.

A.1.2 Identity and contact details of the issuer, including its legal entity identifier (LEI)

Barratt Developments plc ("Barratt" or the "Company", and, together with its consolidated subsidiaries, the "Barratt Group") is a public limited company registered in England and Wales with company number 00604574. Its registered office is at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF, United Kingdom. The Company's telephone number is +44 (0) 1530 278278 and its legal entity identifier is 2138006R85VEOF5YNK29.

A.1.3 Identity and contact details of the competent authority approving the prospectus

This prospectus (the "Prospectus") has been approved by the Financial Conduct Authority (the "FCA"), as competent authority, with its head office at 12 Endeavour Square, London, E20 1JN, United Kingdom and telephone number: +44 (0) 20 7066 1000, in accordance with Regulation (EU) 2017/1129 as it forms part of assimilated law as defined in the European Union (Withdrawal) Act 2018 as amended (the "UK Prospectus Regulation").

A.1.4 Date of approval of the prospectus

This Prospectus was approved by the FCA on 19 April 2024.

A.1.5 Warning

This summary has been prepared in accordance with Article 7 of the UK Prospectus Regulation and should be read as an introduction to the Prospectus. Any decision to invest in the New Barratt Shares should be based on consideration of this Prospectus as a whole by the investor. Any investor could lose all or part of their invested capital. Civil liability attaches only to those persons who have tabled the summary, including any translation thereof, but only if the summary is misleading, inaccurate, or inconsistent when read together with the other parts of this Prospectus, or where it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in the New Barratt Shares.

1. KEY INFORMATION ON THE ISSUER

B.1 Who is the issuer of the securities?

B.1.1 Domicile, legal form, LEI, jurisdiction of incorporation and country of operation

The Company is incorporated under the laws of England and Wales with its registered office in England and its legal entity identifier is 2138006R85VEOF5YNK29. The Company was incorporated and registered as a company limited by shares in England and Wales on 14 May 1958 with registered number 00604574 under the Companies Act 1948, and on 25 November 1981, the Company re-registered as a public limited company. The principal law and legislation under which the Company operates is the Companies Act 2006 (the "Companies Act") and regulations made thereunder.

B.1.2 Principal activities

Barratt is a major UK homebuilder with a vision to lead the future of homebuilding by putting customers at the heart of everything it does and is an industry-leading player in terms of quality, service and sustainability. In 2024, Barratt became the only homebuilder to have received a Home Builders Federation ("HBF") 5-Star customer rating for 15 consecutive years.

The Barratt Group offers a multi-brand proposition with a diverse product range and regionally balanced portfolio. The Barratt Group has a national footprint, operating in 29 divisions across the UK. The Barratt Group's divisions are structured to deliver a capacity of approximately 750 units annually including joint ventures, other than London and North Scotland which are structured to deliver about 1,500 to 2,000 and 500 to 550 units annually, respectively. Combined, the divisions have an overall volume capacity for homebuilding of more than 21,500 units (2023: 17,206 units). The business continues to make progress towards its strategy of achieving volume growth while maintaining excellence in build quality and customer satisfaction. Barratt joined CDP's Climate Change A List for Leadership in 2022.

Barratt builds in the private, affordable and private rented sectors. It however maintains and develops strong relationships with a diverse range of organisations ─ from Homes England, local authorities and housing associations to private landowners, financial partners, land promoters and property agents. These relationships ensure that Barratt's homes can be made available for additional markets and provide an additional outlet to drive home reservations.

Across 50 years and over 120,000 homes, Redrow is a major UK homebuilder that has earned a reputation for delivering high- quality, award-winning homes that are built in well-chosen locations with excellent place-making. Redrow prides itself on being a responsible developer, delivering sustainable developments and sustainable returns. Redrow's Heritage Collection forms the centre of its homebuilding strategy, combining the character of older homes with the quality, energy efficiency and modern open plan interiors of new builds. The Redrow Group has been rated a 5-Star homebuilder by the HBF for six consecutive years.

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B.1.3 Major shareholders

Insofar as it is known to the Company, the following persons are, as at 17 April 2024, being the latest practicable date prior to the publication of this Prospectus (the "Latest Practicable Date"), directly or indirectly interested (within the meaning of the Companies Act) in 3 per cent. or more of the total voting rights of the Company (being the threshold for notification of voting rights that apply to the Company and the holders of Shares in the capital of the Company (the "Barratt Shareholders") pursuant to Chapter 5 of the Disclosure Guidance and Transparency Rules made by the FCA under Part VI of the Financial Services and Markets Act 2000, as amended):

Notes:

1. Assuming that (other than the issue of the New Barratt Shares (as defined below)) no further issues of Shares or of shares in the capital of Redrow plc ("Redrow Shares") or any changes in the holdings of such persons in Shares or Redrow Shares occur between the Latest Practicable Date and Admission (being admission of the New Barratt Shares (as defined below) to the premium listing segment of the official list of the FCA (the "Official List") (or, if there is no premium listing segment, the same listing segment as the Shares are trading on) in accordance with the listing rules made by the FCA under Part VI of the Financial Services and Markets Act 2000, and to trading on the London Stock Exchange plc's ("London Stock Exchange") main market for listed securities (the "Main Market") (together "Admission")).
2. "Combined Issued Share Capital" means the number of Shares in issue immediately following the date on which either: (i) the proposed scheme of arrangement under Part 26 of the Companies Act between Redrow and the holders of Redrow Shares to implement the Combination (as defined below) (the "Scheme") becomes effective in accordance with its terms; or (ii) if the Combination (as defined below) is implemented by way of a takeover offer (as defined in Chapter 3 of Part 28 of the Companies Act), the date on which such takeover offer becomes or is declared unconditional (in each case, "Completion").

B.1.4 Key managing directors of the Company

David Thomas is the Chief Executive Officer, Steven Boyes is the Chief Operating Officer and Deputy Chief Executive and Mike Scott is the Chief Financial Officer.

B.1.5 Identity of the statutory auditors

Deloitte LLP, whose registered address is at 1 New Street Square, London, EC4A 3HQ, United Kingdom. Deloitte LLP is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales.

B.2 What is the key financial information regarding the issuer?

Barratt Group

The tables below set out selected key financial information for the Barratt Group for the financial year ended 30 June 2023 and for the six-month period ended 31 December 2023, as reported in accordance with the International Financial Reporting Standards, as adopted by the UK and as amended from time to time.

The audited consolidated financial information for the Barratt Group as of and for the financial year ended 30 June 2023 has been extracted without material adjustment from the audited consolidated financial statements of the Barratt Group for the financial year ended 30 June 2023. The unaudited consolidated financial information for the Barratt Group as of and for the six months to 31 December 2023 has been extracted without material adjustment from the unaudited interim consolidated financial statements of the Barratt Group for the six months to 31 December 2023.

There are no qualifications in the audit report to the audited historical financial information of the Barratt Group incorporated by reference in this Prospectus.

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Redrow Group

The tables below set out selected key financial information for Redrow plc ("Redrow") and its subsidiaries and subsidiary undertakings (together with Redrow, the "Redrow Group") for the 52 weeks ended 2 July 2023 and for the 26 weeks ended 31 December 2023, as reported in accordance with the International Financial Reporting Standards, as adopted by the UK and as amended from time to time.

The audited consolidated financial information for the Redrow Group as of and for the 52 weeks ended 2 July 2023 has been extracted without material adjustment from the audited consolidated financial statements of the Redrow Group for the 52 weeks ended 2 July 2023. The unaudited consolidated financial information for the Redrow Group as of and for the 26 weeks ended 31 December 2023 has been extracted without material adjustment from the unaudited interim consolidated financial statements of the Redrow Group for the 26 weeks ended 31 December 2023.

There are no qualifications in the audit reports on the audited historical financial information of the Redrow Group included in this Prospectus.

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Pro forma financial information

The unaudited pro forma statement of net assets of the Combined Group has been prepared based on the unaudited consolidated balance sheet of the Barratt Group as at 31 December 2023 and the unaudited consolidated balance sheet of the Redrow Group as at 31 December 2023 to illustrate the effect on the net assets of the Barratt Group of the Combination as if it had taken place on 31 December 2023.

The unaudited pro forma income statement of the combined Barratt Group and Redrow Group (the "Combined Group") for the six months ended 31 December 2023 has been prepared based on the unaudited consolidated income statement of the Barratt Group for the six months ended 31 December 2023 and the unaudited consolidated income statement of the Redrow Group for the 26 weeks ended 31 December 2023 to illustrate the effect on the consolidated income statement of the Barratt Group of the Combination as if it had taken place on 1 July 2023.

The unaudited pro forma financial information has been prepared for illustrative purposes only in accordance with the UK version of Annex 20 of Commission Delegated Regulation (EU) 2019/980 (which forms part of assimilated law as defined in the European Union (Withdrawal) Act 2018 as amended (the "EUWA") by virtue of the EUWA). Because of its nature, the unaudited pro forma financial information addresses a hypothetical situation and, therefore, does not represent the Barratt Group's actual financial position or results. It may not, therefore, give a true picture of the Barratt Group's financial position or results nor is it indicative of the results that may, or may not, be expected to be achieved in the future.

The unaudited consolidated pro forma profit before tax of the Combined Group for the six months ended 31 December 2023 is £111.7 million. The unaudited consolidated pro forma net assets of the Combined Group as at 31 December 2023 is £7,572.3 million.

B.3 What are the key risks that are specific to the issuer?

• Changes in the UK macroeconomic environment, brought about by uncertainty, loss of consumer confidence, increasing inflation, higher interest rates and higher energy prices, could lead to lower mortgage availability, decreased affordability and reduced demand for housing and falling house prices, which could have a material adverse impact on the business, prospects, financial condition and/or results of operations of Barratt, Redrow and the Combined Group.
• Barratt and Redrow are subject to, and, following Completion, the Combined Group will be subject to, legal obligations and policies associated with remediation undertakings, including fire safety issues, on legacy properties which may result in additional costs.

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