Barratt Developments : Shareholder Circular

The Combination will be made solely through the Scheme Document, which will contain the full terms and conditions of the Combination, including details 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.

Your attention is drawn to the letter from the Chair of Barratt in Part II-"Letterfrom the Chair" of this

Circular which contains the unanimous recommendation of the Barratt Board that you vote in favour of the Barratt Resolution to be proposed at the Barratt General Meeting referred to below. Please read the whole of this Circular and, in particular, the risks and other factors that should be taken into account when considering what action you should take in connection with the Barratt General Meeting, as set out in Part III-"Riskfactors" of this Circular. You should not rely solely on the information included or summarised in this Circular.

Notice of the Barratt General Meeting to be held at the Seligman Theatre, Royal College of Physicians, 11 Saint Andrew's Place, London, NW1 4LE, at 10.00 a.m. on 15 May 2024 (or any adjournment thereof) is set out at Part IX-"Noticeof Barratt General Meeting" of this Circular. Whether or not you intend to attend the Barratt General Meeting in person, you are asked to complete, sign and return the Form of Proxy that accompanies this Circular (or appoint a proxy electronically, as referred to in this Circular) in accordance with the instructions printed thereon as soon as possible, but in any event so as to be received by the Registrar not later than 10.00 a.m. on 13 May 2024 (or, if the Barratt General Meeting is adjourned, not later than 48 hours before the time appointed for the adjourned meeting, excluding any part of a day that is not a working day). If you hold Barratt Shares in CREST, you may appoint a proxy through the CREST electronic proxy appointment service. Details of the CREST electronic appointment method are found in Note 8 of the Notice of Barratt General Meeting set out at Part IX-"Noticeof

Barratt General Meeting" of this Circular. The return of a completed Form of Proxy or the appointment of a proxy electronically or through CREST will not preclude you from attending, speaking and voting at the Barratt General Meeting in person if you are entitled and wish to do so.

Certain terms used in this Circular are defined in Part VIII-"Definitionsand Glossary" of this Circular.

If you have any questions about this Circular or the Barratt General Meeting, or are in any doubt about how to complete the Form of Proxy, please call Equiniti between 8.30 a.m. and 5.30 p.m. (UK time) Monday to Friday (except public holidays in England and Wales) on +44 371 384 2657. If calling from outside the UK, please ensure the country code is used. Calls are charged at the standard geographic rate and will vary by provider. Different charges may apply to calls from mobile telephones. Please note that calls may be monitored or recorded and Equiniti cannot provide legal, tax or financial advice or advice on the merits of the Combination.

Application will be made by the Company to the FCA for the New Barratt Shares to be admitted to the premium listing segment of the Official List and to the London Stock Exchange for the New Barratt Shares to be admitted to trading on its Main Market. No application has been made or is currently intended to be made by the Company for the New Barratt Shares to be admitted to listing or trading on any other exchange. Following Completion, the New Barratt Shares will be issued as fully paid and will rank pari passu in all respects with the Barratt Shares in issue at the time the New Barratt Shares are issued pursuant to the Combination.

Barratt Shareholders should only rely on the information contained in this Circular and the Prospectus. No person has been authorised to give any information or make any representations other than those contained in, or incorporated into, this Circular or the Prospectus and, if given or made, such information or representations must not be relied upon as having been so authorised by the Company, Redrow, the Barratt Directors, the Redrow Directors, the Banks or any other person involved in the Combination. Without prejudice to any legal or regulatory obligation on the Company to publish a supplementary prospectus pursuant to section 87G of the FSMA and Prospectus Regulation Rule 3.4, or a supplementary circular pursuant to Listing Rule 10.5.4R, neither the delivery of this Circular nor the holding of the Barratt General Meeting, nor Admission shall, under any circumstances, create any implication that there has been no change in the business or affairs of the Barratt Group or the Redrow Group since the date of this Circular or that the information in, or incorporated into, this Circular is correct as at any time after its date.

GENERAL

The contents of this Circular are not to be construed as legal, business or tax advice. Recipients of this Circular should consult their own lawyer, financial adviser or tax adviser for legal, financial or tax advice, as appropriate. Furthermore, the Company, the Barratt Directors, UBS AG London Branch ("UBS") and Morgan Stanley & Co. International plc ("Morgan Stanley" and together with UBS, the "Banks") accept no

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responsibility for the accuracy or completeness of any information reported by the press or other media, or the fairness or appropriateness of any forecasts, views or opinions expressed by the press or other media, regarding the Combination, Admission, the Barratt Group or the Redrow Group. The Company, the Barratt Directors, UBS and Morgan Stanley make no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.

Recipients of this Circular may not reproduce or distribute this Circular, in whole or in part, and may not disclose any of the contents of this Circular or use any information herein for any purpose other than considering the Combination. Such recipients of this Circular agree to the foregoing by accepting delivery of this Circular.

UBS AG London Branch 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 Circular. UBS will not regard any other person (whether or not a recipient of this Circular) as a client in relation to the Combination and will not be responsible to anyone other than the Company for providing the protections 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 Circular.

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 Circular or any matter referred to in this Circular.

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 Barratt 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 Circular for their investment decision.

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 of UBS or 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 Circular or the Combination, Admission or any other matter or arrangement referred to in this Circular 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 Circular, 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, Redrow, the Barratt Group, the Redrow Group, the Combined Group, the Combination, the Admission or the New Barratt Shares, and nothing in this Circular 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 Circular or any such statement or otherwise.

This document has been published solely in connection with the Combination. Those considering Admission, including the risks relevant to Admission, the Barratt Shares and the Combined Group, should rely only on the information in the Prospectus.

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ADDITIONAL INFORMATION FOR US SHAREHOLDERS

The Barratt Shares (including the New Barratt Shares) have not been and will not be registered under the US Securities Act or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold within the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The New Barratt Shares to be issued to Redrow Shareholders pursuant to the Combination are expected to be issued in reliance upon an exemption from the registration requirements of the US Securities Act afforded by section 3(a)(10) thereof and exemptions from registration and qualification under applicable state securities laws. Redrow Shareholders who will be affiliates (within the meaning of the US 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 in connection with the Scheme.

The Barratt Shares (including the New Barratt Shares) have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any other US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the Barratt Shares or the accuracy or adequacy of this Circular. Any representation to the contrary is a criminal offence in the United States.

OVERSEAS SHAREHOLDERS

The New Barratt Shares have not been, and will not be, registered under the applicable securities laws of any jurisdiction outside the United Kingdom. Accordingly, the New Barratt Shares may not be offered, sold, delivered or otherwise transferred, directly or indirectly, in, into or from any such jurisdiction, or to, or for, the account or benefit of citizens or residents of any such jurisdiction, except pursuant to an applicable exemption from, or in a transaction not subject to, applicable securities laws of those jurisdictions or as otherwise permitted under the applicable securities laws of those jurisdictions. Barratt Shareholders outside the United Kingdom are required by the Company to inform themselves about and observe any restrictions on the offer, sale or transfer of the New Barratt Shares.

No action has been taken by the Company or the Banks to obtain any approval, authorisation or exemption to permit the allotment or issue of the New Barratt Shares or the possession or distribution of this Circular (or any other publicity material relating to the New Barratt Shares) in any jurisdiction other than the United Kingdom.

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 their Barratt Shares with respect to the Combination at the Barratt General Meeting, or execute and deliver Forms of Proxy appointing another to vote at the Barratt General Meeting on their behalf, 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 Circular 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 Circular 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. Persons who are not resident in the United Kingdom or who are subject to the laws and/or regulations of another jurisdiction should inform themselves of, and should observe, any applicable requirements.

It is the responsibility of each person into whose possession this Circular 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 Circular, the issuance 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, Redrow, the Barratt Board, the Redrow 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.

This document is dated 19 April 2024.

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EXPECTED TIMETABLE OF PRINCIPAL EVENTS

The dates and times given in the table below in connection with the Combination are indicative only and are based on the Company's current expectations and are subject to change. In particular, the dates and times associated with the Scheme are indicative only and are subject to change, and will depend on, among other things, the date on which the Conditions to the Scheme are satisfied or, if capable of waiver, waived, and the date on which the Court sanctions the Scheme and the Court Order is delivered to the Registrar of Companies. Barratt will give adequate notice to Barratt Shareholders of any changes to these dates and times, when known, by issuing an announcement through a Regulatory Information Service. All times shown are London, United Kingdom times unless otherwise stated.

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Longstop Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 February 2025(9)

Notes:

1. It is requested that BLUE Forms of Proxy for the Redrow Court Meeting be lodged not later than 48 hours prior to the time appointed for the Redrow Court Meeting or, if the Redrow Court Meeting is adjourned, 48 hours prior to the time fixed for any adjourned Redrow Court Meeting (excluding any part of such 48 hour period falling on a day that is not a working day). If the BLUE Form of Proxy for the Redrow Court Meeting is not lodged by 11.00 a.m. on 13 May 2024, it may be presented in person to the Computershare representative who will be present at the Redrow Court Meeting or to the Chair of the Redrow Court Meeting, at any time prior to the commencement of the Redrow Court Meeting (or any adjournment thereof)
2. In order to be valid, the WHITE Forms of Proxy for the Redrow General Meeting must be lodged not later than 11.15 a.m. on 13 May 2024 or, if the Redrow General Meeting is adjourned, 48 hours prior to the time fixed for the adjourned Redrow General Meeting (excluding any part of such 48 hour period falling on a day that is not a working day)
3. If the Redrow Court Meeting is adjourned, the Scheme Voting Record Time will be 6.00 p.m. on the day which is two Business Days prior to the date of the Redrow Court Meeting.
4. If the Redrow General Meeting is adjourned, the Voting Record Time for the Redrow General Meeting will be 6.00 p.m. on the day which is two Business Days prior to the date of the Redrow General Meeting
5. To be entitled to attend, speak, and vote at the Barratt General Meeting (and for the purpose of the determination by the Company of the votes they may cast), members must be registered on the register of members of the Company at 6.30 p.m. on 13 May 2024 (or, in the event of any adjournment, at 6.30 p.m. on the date which is two Business Days before the time of the adjourned meeting). Changes to the register of members of the Company after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the Barratt General Meeting
6. If the Barratt General Meeting is adjourned, the Voting Record Time for the Barratt General Meeting will be 6.30 p.m. on the day which is two Business Days prior to the date of the Barratt General Meeting.
7. To commence at the time fixed or as soon thereafter as the Redrow Court Meeting concludes or is adjourned
8. The Scheme shall become effective as soon as a copy of the Court Order has been delivered to the Registrar of Companies. This is expected to occur following the Scheme Record Time and prior to the suspension of trading in Redrow Shares. The events which are stated as occurring on subsequent dates are conditional on the Scheme Effective Date and operate by reference to that date
9. This is the latest date by which the Scheme may become effective, provided that a Phase 2 CMA Reference has not occurred. However, the Longstop Date will be extended to 7 August 2025 in the event of a Phase 2 CMA Reference and, in either case, may be extended to such later date as may be agreed in writing by Barratt and Redrow (with the Panel's consent and Court approval (if such approval(s) are required))

• All dates by reference to "D+1", "D+2" and "D+3" will be to the date falling the number of indicated Business Days immediately after date "D", as indicated above

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Notes:

1. Number of Barratt Shares in issue as at 17 April 2024, being the latest practicable date prior to the publication of this Circular (the "Latest Practicable Date"). As at the Latest Practicable Date, Barratt held no Barratt Shares in treasury.
2. Number of Barratt Shares to be issued to Redrow Shareholders in respect of their shareholding in Barratt in part consideration for the Combination ("New Barratt Shares").
3. An estimation based on the number of Barratt Shares in issue as at the Latest Practicable Date and the issue of 476,309,153 New Barratt Shares as consideration for the Combination.
4. An estimation based on the number of Barratt Shares in issue as at the Latest Practicable Date and the issue of 476,309,153 New Barratt Shares as consideration for the Combination.

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PART I

ACTION TO BE TAKEN

1 General summary

On 7 February 2024, the Barratt Board and the Redrow Board jointly announced that they had reached an agreement on the terms of a recommended all-share offer for the combination of Barratt and Redrow, pursuant to which Barratt will acquire the entire issued and to be issued ordinary share capital of Redrow to form the Combined Group. It is intended that the Combination will be effected by means of a court- approved scheme of arrangement between Redrow and the Redrow Shareholders, who are on the register of members of Redrow at the Scheme Record Time, under Part 26 of the Companies Act, although Barratt reserves the right to implement the Combination by means of a Takeover Offer (subject to the consent of the Panel and the terms of the Co-operation Agreement).

Barratt is seeking approval of the Combination and the Barratt Resolution at the Barratt General Meeting. Please read the notes to the Notice of Barratt General Meeting attached as Part IX-"Noticeof Barratt General Meeting" of this Circular for an explanation of how to attend and vote at the Barratt General Meeting, including how to appoint a proxy to attend and vote on your behalf.

The key steps for Barratt Shareholders are as follows:

2 Important action to be taken in relation to voting at the Barratt General Meeting

The Combination will require, amongst other conditions, the approval of Barratt Shareholders at the Barratt General Meeting to be held at the Seligman Theatre, Royal College of Physicians, 11 Saint Andrew's Place, London, NW1 4LE at 10.00 a.m. on 15 May 2024. Barratt Shareholders should read the Notice of Barratt General Meeting at Part IX-"Noticeof Barratt General Meeting" of this Circular for the full text of the Barratt Resolution and for further details about the Barratt General Meeting.

Barratt Shareholders may vote in person at the Barratt General Meeting or they may appoint another person as their proxy to attend, speak and vote in their place. A proxy need not be a member of Barratt. Barratt Shareholders may appoint more than one proxy in relation to the Barratt General Meeting provided that each proxy is appointed to exercise the rights attached to different Barratt Shares held by that Barratt Shareholder. The appointment of a proxy will not prevent a member from subsequently attending, voting and speaking at the Barratt General Meeting, in which case any votes of the proxy will not be counted.

You will find enclosed a Form of Proxy for the Barratt General Meeting. Whether or not you intend to attend the Barratt General Meeting, please complete and sign the Form of Proxy and return it to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA as soon as possible, but, in any event, so as to be received no later than 10.00 a.m. on 13 May 2024. This will enable your vote(s) to be counted at the Barratt General Meeting in the event of your absence. If the Form of Proxy is not returned by 10.00 a.m. on 13 May 2024, it will be invalid.

Alternatively, you may wish to register your proxy vote online; to do so, visit www.sharevote.co.uk where details of the procedure are shown. The Voting ID, Task ID and Shareholder Reference Number shown on the Form of Proxy will be required to complete the procedure. Details of the process for registering online are also set out in the Form of Proxy. The deadline for receipt of electronic proxies is 10.00 a.m. on 13 May 2024.

If you hold your Barratt Shares in CREST, you may appoint a proxy by completing and transmitting a CREST Proxy Instruction form so that it is received by Equiniti (under CREST participant ID RA19) by

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no later than 10.00 a.m. on 13 May 2024. The time of receipt will be taken to be the time from which Equiniti is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST.

Institutional investors may be able to appoint a proxy electronically via the Proxymity platform. Further information regarding Proxymity can be found on www.proxymity.io. Proxies must be lodged by 10.00 a.m. on 13 May 2024.

The completion and return of a Form of Proxy, registration of an online proxy appointment or completion and transmission of a CREST Proxy Instruction will not prevent you from attending the Barratt General Meeting and voting in person if you wish to do so.

It is important that as many votes as possible are cast. You are encouraged to appoint a proxy in accordance with the instructions set out in this Part I-"Actionto be taken" as soon as possible.

This Part I should be read in conjunction with the rest of the Circular and the accompanying Form of Proxy.

3 Helplines

If you have any questions about this Circular or the Barratt General Meeting or are in any doubt as to how to complete the Form of Proxy, please call Equiniti between 8.30 a.m. and 5.30 p.m. (UK time) Monday to Friday (except public holidays in England and Wales) on +44 371 384 2657. If calling from outside the UK, please ensure the country code is used. Calls are charged at the standard geographic rate and will vary by provider. Different charges may apply to calls from mobile telephones. Please note that calls may be monitored or recorded and Equiniti cannot provide legal, tax or financial advice or advice on the merits of the Combination.

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