Recommended Cash and Share Offer for A&J Mucklow

Companies

LondonMetric Property (LMP)

UK 100

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Enquiries
LondonMetric Property Plc	+44 (0) 20 7484 9000
Andrew Jones, Chief Executive
Martin McGann, Finance Director
Gareth Price, Investor Relations

Peel Hunt (Sponsor, Joint Financial Adviser and Joint Broker
to LondonMetric)	+44 (0) 20 7418 8900
Carl Gough
Capel Irwin
Michael Nicholson
Harry Nicholas

J.P. Morgan Cazenove (Joint Financial Adviser and Joint Broker
to LondonMetric)	+44 (0) 20 7742 4000
Bronson Albery
Paul Hewlett
Tara Morrison

A&J Mucklow Group Plc	+44 (0) 121 550 1841
Rupert Mucklow, Chairman and Chief Executive
David Wooldridge, Finance Director

Numis (Financial Adviser to Mucklow)	+44 (0) 20 7260 1000
Heraclis Economides
George Fry
Alasdair Abram

Stifel Nicolaus Europe Limited (Joint Broker to Mucklow)	+44 (0) 207 710 7600
Mark Young
Tom Yeadon

Arden Partners plc (Joint Broker to Mucklow)	+44 (0) 207 614 5900
Steven Douglas
James Reed-Daunter

FTI Consulting (PR Advisers)	+44 (0) 20 3727 1000
Dido Laurimore
Richard Gotla

Enquiries
LondonMetric Property Plc	+44 (0) 20 7484 9000
Andrew Jones, Chief Executive
Martin McGann, Finance Director
Gareth Price, Investor Relations

Peel Hunt (Sponsor, Joint Financial Adviser and Joint Broker
to LondonMetric)	+44 (0) 20 7418 8900
Carl Gough
Capel Irwin
Michael Nicholson
Harry Nicholas

J.P. Morgan Cazenove (Joint Financial Adviser and Joint Broker
to LondonMetric)	+44 (0) 20 7742 4000
Bronson Albery
Paul Hewlett
Tara Morrison

A&J Mucklow Group Plc	+44 (0) 121 550 1841
Rupert Mucklow, Chairman and Chief Executive
David Wooldridge, Finance Director

Numis (Financial Adviser to Mucklow)	+44 (0) 20 7260 1000
Heraclis Economides
George Fry
Alasdair Abram

Stifel Nicolaus Europe Limited (Joint Broker to Mucklow)	+44 (0) 207 710 7600
Mark Young
Tom Yeadon

Arden Partners plc (Joint Broker to Mucklow)	+44 (0) 207 614 5900
Steven Douglas
James Reed-Daunter

FTI Consulting (PR Advisers)	+44 (0) 20 3727 1000
Dido Laurimore
Richard Gotla

	Number of	Percentage of
	Mucklow	issued share
	Ordinary	capital of
Name	Shares	Mucklow
Rupert Mucklow	363,685	0.57%
David Wooldridge	82,547	0.13%
Ian Cornock	3,938	0.01%
James Retallack	5,000	0.01%

	Number of	Percentage of
	LondonMetric	issued share
	Ordinary	capital of
Name	Shares	LondonMetric
Patrick Vaughan	12,250,000	1.75%
Andrew Jones	3,791,072	0.54%
Martin McGann	2,564,560	0.37%
Mark Stirling	2,485,522	0.35%
Valentine Beresford	2,991,860	0.43%
Rosalyn Wilton	100,000	0.01%
Robert Fowlds	104,000	0.01%
James Dean	20,000	0.00%
Andrew Livingston	68,898	0.01%
Suzanne Avery	22,750	0.00%

	Number of	Percentage of
	Mucklow	issued share
	Ordinary	capital of
Name	Shares	Mucklow
Mr A J Mucklow^†	103,450	0.16%
Mrs M A Hickman^†	1,630,574	2.58%
Mrs V Hickman^†	511,589	0.81%
Mrs G Mucklow^†	207,603	0.33%
Mrs D Mucklow^†	270,805	0.43%
Mrs R Brown^†	144,014	0.23%
The Trustees of the MA Hickman 1988 Settlement^†	1,000,000	1.58%
The Trustees of the MA Hickman 1997 Settlement 'A' Account^†	500,000	0.79%
The Trustees of the Jothan Mucklow Settlement 'A'^†	906,994	1.43%
The Trustees of the Jothan Mucklow Settlement 'B'^†	1,806,993	2.85%
Raelwell Limited^†	589,982	0.93%
Sea Moss Enterprises Limited^†	758,799	1.20%
Whittington Securities Limited^†	100,000	0.16%
Elche Investments Limited^†	1,821,083	2.88%
Oviedo Investments Limited^†	703,766	1.11%
Navarra Investments Limited^†	1,196,082	1.89%
Unicorn Asset Management Limited	3,735,000	5.90%
Wesleyan Assurance Society	3,020,000	4.77%
TR Property Investment Trust Plc	3,158,713	4.99%

Report Date		23 May 2019

Addressee		The Directors
		LondonMetric Property plc
		(referred to as "the Company")

		The Directors
		Peel Hunt LLP
		Moor House
		120 London Wall
		London, EC2Y 5ET
		in their capacity as sole sponsor and joint financial adviser to the Company

		The Directors
		J.P. Morgan Securities Plc
		25 Bank Street
		Canary Wharf
		London, E14 5JP
		in their capacity as joint financial adviser to the Company

		The Directors
		A&J Mucklow Group Plc

		Numis Securities Limited
		The London Stock Exchange Building
		10 Paternoster Square
		London, EC4M 7LT

		(collectively referred to as "the Addressees")

The Properties		The property assets of LondonMetric Property plc, as set out in the schedule of assets below.

Instruction		To value the unencumbered freehold and leasehold interest in the Properties on the basis of Market Value as at the Valuation Date in accordance with the terms of engagement entered into between CBRE and the Addressees dated 21 May 2019.

Valuation Date		31 March 2019

Capacity of Valuer		External Valuer, as defined in the RICS Valuation - Global Standards 2017.

Purpose		The Valuation has been prepared for a Regulated Purpose as defined in the RICS Valuation - Professional Standards (January 2014) ("Red Book"). We understand that our valuation report and the Appendices to it (together the "Valuation Report") are required for the purposes of the recommended offer for A&J Mucklow Group Plc by LondonMetric Property plc to be effected by a scheme of arrangement (the "Combination").

		We understand that the Valuation Report will be included in the Offer Documents, which comprises of:

		(a) a scheme document to be published by A&J Mucklow Group Plc (the "Scheme Document");

		(b) an announcement pursuant to rule 2.7 of the City Code on Takeovers and Mergers (the "Code") (the "Announcement"); and

		(c) a combined class 1 circular and prospectus to be published by LondonMetric Property plc (the "Prospectus") as a result of which new ordinary shares to be issued by LondonMetric Property plc in connection with the Combination will be admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market ("Admission"), (the Scheme Document, the Announcement and the Prospectus, together the "Offer Documents").

		We have been appointed to undertake a valuation in accordance with the current version of the RICS Valuation - Global Standards and the RICS Valuation - Professional Standards (the 'Red Book'), incorporating the International Valuation Standards.

		This Valuation Report is compliant with the relevant provisions of the Code and International Valuations Standards and in accordance with paragraphs 128 to 130 of the ESMA update (ESMA/2013/319) of the Committee of European Securities Regulators' (CESR) recommendations for the consistent implementation of the European Commission regulation (EC) n. 809/2004 implementing the Prospectus Directive, Rule 5.6.5 G of the Financial Conduct Authority's Prospectus Rules and the Listing Rules.

Market Value of the Properties as at 31 March 2019 (100%)	£2,021,585,000 (Two Billion, Twenty One Million, Five Hundred and Eighty Five Thousand Pounds) exclusive of VAT, as shown in the Schedule of Capital Values set out below.

	We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.

	For the avoidance of doubt, we have valued the Properties as real estate and the values reported above represent 100% of the market values of the assets. There are no negative values to report.

	The Properties are split by tenure as follows.

	Portfolio split by Tenure 31 March 2019
	Valuation Date		Property Type	Freehold	Long Leasehold	Total
				£	£	£
	31 March 2019		Value of Investment Properties	£1,758,030,000 (119 properties)	£203,765,000 (15 properties)	£1,961,795,000 (134 properties)
	31 March 2019		Value of Development Properties	£59,790,000 (4 properties)	-	£59,790,000 (4 properties)
	Portfolio Total			£1,817,820,000 (123 properties)	£203,765,000 (15 properties)	£2,021,585,000 (138 properties)

Report Format	Appendix A of this Valuation Report contains the Schedule of Properties including the most recent inspection dates. Appendix B provides relevant details of those properties which have an individual Market Value in excess of 5% of the total aggregate Market Value of the Portfolio. Appendix C provides a split of the value of the Properties by use type. Appendix D provides a split of the value of the Properties by location. Appendix E provides additional information on the properties under development.

	The Company has expressly instructed us not to disclose certain information which is considered commercially sensitive, namely the individual values of the properties, with the exception of assets which, individually, have a value of more than 5% of the aggregate of the individual market values, valued as at 31 March 2019. There is one property which falls in this category, set out in Appendix B.

Market Value of the Properties as at 31 March 2019 (at share)	The Company has advised us that they have a joint venture share in some of the properties and the total arithmetical apportionment of the value taking into account the relevant ownership on a pro-rata basis is as follows:

	£1,846,241,000 (One Billion, Eight Hundred and Forty Six Million, Two Hundred and Forty One Thousand Pounds) exclusive of VAT.

	Where a property is owned by way of a joint tenancy in a trust for sale, or through an indirect investment structure, our Valuation represents the relevant apportioned percentage of ownership of the value of the whole property, assuming full management control. Our Valuation does not necessarily represent the 'Fair Value', in accordance with International Financial Reporting Standard (IFRS) 13, of the interests in the indirect investment structure through which the Property is held.

	Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm's length terms.

No Material Change Since 31 March 2019	We note that between the Valuation Date and date of this Valuation Report, the property at Europort DC1 in Wakefield has been sold at the valuation figure for that property.

	We hereby confirm that as at the date of our Valuation Report, we have not become aware (after having made due and careful enquiry of the Company) of any material changes to the remaining properties which would materially affect our Valuation between the effective date of the Valuation and the date of this Valuation Report.

	We have not undertaken a formal revaluation of the assets. However, in relation to market conditions and movements in the property markets in which the properties covered by our Valuation Report are located, based on observed transactions involving comparable properties which have occurred and independent data published, since 31 March 2019, we do not consider that the movement in respect of the subject properties constitutes material change, in aggregate.

Property changes since 31 March 2019	The Properties exclude any acquisitions that have completed since 31 March 2019 or any capital expenditure incurred since 31 March 2019.

Compliance with Valuation Standards	The valuation has been prepared in accordance with the RICS Valuation - Global Standards 2017 (incorporating the International Valuation Standards) and the UK national supplement 2018.

	We confirm that we have sufficient current local and national knowledge of the particular property market involved, and have the skills and understanding to undertake the Valuation competently.

	Where the knowledge and skill requirements of the Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of the Red Book.

	This Valuation is a professional opinion and is expressly not intended to serve as a warranty, assurance or guarantee of any particular value of the subject property. Other valuers may reach different conclusions as to the value of the subject property. This Valuation is for the sole purpose of providing the intended user with the valuer's independent professional opinion of the value of the subject property as at the Valuation Date.

Assumptions	The Property details on which each Valuation are based are as set out in this report. We have made various assumptions as to tenure, letting, taxation, town planning, and the condition and repair of buildings and sites - including ground and groundwater contamination - as set out below.

	If any of the information or assumptions on which the Valuation is based are subsequently found to be incorrect, the Valuation figures may also be incorrect and should be reconsidered.

Variation from Standard Assumptions	None

Development Properties	Properties held for Development or in the Course of Development have been valued on the Residual (Development Appraisal) Method. This is the commonly practised method of valuing development property, whereby the estimated total costs of realising the proposed development (including construction costs, fees and other on-costs, contingencies, costs of finance and developer's profit) are deducted from the gross development value of the completed project to determine the residual land value.

	It should be noted that land values derived from a Residual Development Appraisal calculation are extremely sensitive to minor changes in any of the inputs. Whilst we have checked the information provided to us against available sources of information and provided for a level of profit which in our opinion reflects the level of risk inherent in the project, unforeseen events such as delays in timing, minor market movements etc. can have a disproportionate effect on the resulting value. Land values have been benchmarked against comparable transactions where available and reflect our opinion as at the date of valuation. Should information which we were not made aware of at the time of the valuation subsequently come to light which changes our view on any of the input variables adopted, then the value reported is subject to change and we reserve the right to amend our valuation figures accordingly.

Valuer	The Properties have been valued and inspected by a valuer who is qualified for the purpose of the Valuation in accordance with the Red Book. A list of valuers who have been allocated the properties is available on request.

Independence	The total fees, including the fee for this assignment, earned by CBRE Ltd from the Addressees or other companies forming part of the same group of companies is less than 5.0% of the total UK revenues.

Previous Involvement and Conflicts of Interest	We confirm that we value the majority of the Properties on behalf of the Company on a six monthly basis for financial reporting purposes, the most recent valuation being 31 March 2019. We have not valued Moore House, London or Highbury Court, London previously.

	From time to time, CBRE provides agency or professional services to the Company.

	We do not consider that this previous involvement represents a conflict of interest and the Company have confirmed to us that it also considers this to be the case.

	We confirm that we do not have any personal interest in the outcome of the valuation - nor are we aware of any conflicts of interest that would prevent us from exercising the required levels of independency and objectivity.

	Copies of our conflict of interest checks have been retained within the working papers.

Disclosure	The principal signatory of this report has continuously been the signatory of valuations for the Company for financial reporting purposes since March 2018. CBRE Ltd has continuously been carrying out valuation instructions for the Company since 2010.

	CBRE Ltd has carried out Valuation, Agency and Professional services on behalf of the Company for less than 10 years.

Responsibility and Reliance	For the Purposes of Prospectus Rule 5.5.3R(2)(f), we are responsible for this Valuation Report and accept responsibility for the information contained in this Valuation Report and confirm that to the best of our knowledge (having taken all reasonable care to ensure that such is the case), the information contained in this Valuation Report is in accordance with the facts and contains no omissions likely to affect its import. This Valuation Report complies with Rule 5.6.5G of the Prospectus Rules and Paragraphs 128 to 130 of the ESMA update of CESR'S recommendations for the consistent implementation the European Commission Regulation (EC) No. 809/2004 implementing the Prospectus Directive.

	This report has been produced for inclusion in the Offer Documents and may not be reproduced or used in connection with any other purposes without our prior consent.

	Save for any responsibility arising under Prospectus Rule 5.5.3R(2)(f) to any person as and to the extent there provided, to the fullest extent permitted by law we do not assume any responsibility and will not accept any liability to any other person for any loss suffered by any such other person as a result of, arising out of, or in accordance with this Valuation Report or our statement, required by and given solely for the purposes of complying with Annex I item 23.1 of the Prospectus Directive Regulation.

Publication	Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.

	Yours faithfully			Yours faithfully

	Glyn Harper MRICS			Nick Butler MRICS
	Senior Director			Senior Director
	RICS Registered Valuer			RICS Registered Valuer

	For and on behalf of			For and on behalf of
	CBRE Ltd			CBRE Ltd

	T: 020 7182 2455			T: 020 7182 2526
	E: glyn.harper@cbre.com			E: nick.butler@cbre.com

	CBRE UK (London - National)
	Henrietta House
	Henrietta Place
	London
	W1G 0NB

	T: 020 7182 2000
	F: 020 7182 2273

SOURCES OF INFORMATION AND SCOPE OF WORKS

Sources of Information	We have carried out our work based upon information supplied to us by the Company and their managing agents, as set out within this report, which we have assumed to be correct and comprehensive.

	We have been provided with copies of the following documents:

	• Tenancy Schedule dated 22 February 2019;

	•Asset management update meeting held on 4 March 2019

The Properties	The Company has expressly instructed us not to disclose certain information which is considered commercially sensitive, namely the individual values of the properties.

Inspection	The Properties are subject to internal inspections on a three year rolling basis. As instructed, we have not re-inspected all the Properties for the purpose of this valuation. With regard to those Properties which have not been subject to re-inspection, the Company has confirmed that they are not aware of any material changes to the physical attributes of the properties, or the nature of their location, since the last inspection. We have assumed this advice to be correct.

	Moore House and Highbury Ground Rents have been inspected in April 2019.

Areas	We have not measured the properties but have relied upon the floor areas provided to us by LondonMetric Property plc, which we have assumed to be correct and comprehensive, and which the Company have advised us have been calculated using the Gross Internal Area (GIA) or Net Internal Area (NIA) measurement methodology as set out in the RICS Code of Measuring Practice (6th edition).

Environmental Matters	We have not undertaken, nor are we aware of the content of, any environmental audit or other environmental investigation or soil survey which may have been carried out on the Properties" and which may draw attention to any contamination or the possibility of any such contamination.

	We have not carried out any investigations into the past or present uses of the Properties, nor of any neighbouring land, in order to establish whether there is any potential for contamination and have therefore assumed that none exists.

Services and Amenities	We understand that all main services including water, drainage, electricity and telephone are available to the properties. None of the services have been tested by us.

Repair and Condition	We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Properties. We are unable, therefore, to give any assurance that the Properties are free from defect.

Town Planning	We have not undertaken planning enquiries.

Titles, Tenures and Lettings	Details of title/tenure under which the Properties are held and of lettings to which it is subject are as supplied to us. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. We should emphasise, however, that the interpretation of the documents of title including relevant deeds, leases and planning consents is the responsibility of your legal adviser.

	We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers' likely perceptions of the financial status of tenants.

Capital Values	The valuation has been prepared on the basis of "Market Value", which is defined in the Red Book as:

	"The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion."

	The valuation represents the figure that would appear in a hypothetical contract of sale at the valuation date. No adjustment has been made to this figure for any expenses of acquisition or realisation - nor for taxation which might arise in the event of a disposal.

	No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charge.

	No account has been taken of the availability or otherwise of capital based Government or European Community grants.

	As stated above, no allowances have been made for any expenses of realisation nor for taxation which might arise in the event of a disposal.

VAT	We have not been advised whether the Properties are elected for VAT.

	All rents and capital values stated in this report are exclusive of VAT.

Rental Values	Unless stated otherwise rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes, nor do they necessarily accord with the definition of Market Rent in the Red Book, which is as follows:

	"The estimated amount for which an interest in real property should be leased on the Valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm's-length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion."

The Properties	Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the building.

	Landlord's fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the building and are included within our Valuations.

	Process plant and machinery, tenants' fixtures and specialist trade fittings have been excluded from our Valuations.

	All measurements, areas and ages quoted in our report are approximate.

Environmental Matters	In the absence of any information to the contrary, we have assumed that:

	a) the properties are not contaminated and are not adversely affected by any existing or proposed environmental law;

	b) any processes which are carried out on the properties which are regulated by environmental legislation are properly licensed by the appropriate authorities.

	c) in England and Wales, the properties possess current Energy Performance Certificates (EPCs) as required under the Government's Energy Performance of Buildings Directive - and that they have an energy efficient standard of 'E', or better. We would draw your attention to the fact that under the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 it will be unlawful for landlords to rent out a business premise from 1st April 2018 - unless the site has reached a minimum EPC rating of an 'E', or secured a relevant exemption. In Scotland, we have assumed that the Properties possess current EPCs as required under the Scottish Government's Energy Performance of Buildings (Scotland) Regulations - and that they meet energy standards equivalent to those introduced by the 2002 building regulations. We would draw your attention to the fact the Assessment of Energy Performance of Non-domestic Buildings (Scotland) Regulations 2016 came into force on 1st September 2016. From this date, building owners are required to commission an EPC and Action Plan for sale or new rental of non-domestic buildings bigger than 1,000 sq m that do not meet 2002 building regulations energy standards. Action Plans contain building improvement measures that must be implemented within 3.5 years, subject to certain exemptions.

	d) the properties are either not subject to flooding risk or, if they are, that sufficient flood defences are in place and that appropriate building insurance could be obtained at a cost that would not materially affect the capital value.

	e) invasive species such as Japanese Knotweed are not present on the Properties.

	High voltage electrical supply equipment may exist within, or in close proximity of, the properties. The National Radiological Protection Board (NRPB) has advised that there may be a risk, in specified circumstances, to the health of certain categories of people. Public perception may, therefore, affect marketability and future value of the property. Our Valuation reflects our current understanding of the market and we have not made a discount to reflect the presence of this equipment.

Repair and Condition	In the absence of any information to the contrary, we have assumed that:

	(a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the properties;

	(b) the properties are free from rot, infestation, structural or latent defect;

	(c) no currently known deleterious or hazardous materials or suspect techniques have been used in the construction of, or subsequent alterations or additions to, the properties; and

	(d) the services, and any associated controls or software, are in working order and free from defect.

	We have otherwise had regard to the age and apparent general condition of the properties. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.

	Unless stated otherwise within this report, and in the absence of any information to the contrary, we have assumed that:

	(a) the properties possess a good and marketable title free from any onerous or hampering restrictions or conditions;

	(b) the buildings have been erected either prior to planning control, or in accordance with planning permissions, and have the benefit of permanent planning consents or existing use rights for their current use;

	(c) the properties are not adversely affected by town planning or road proposals;

	(d) the buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations, and that a fire risk assessment and emergency plan are in place;

	(e) only minor or inconsequential costs will be incurred if any modifications or alterations are necessary in order for occupiers of the properties to comply with the provisions of the Disability Discrimination Act 1995 (in Northern Ireland) or the Equality Act 2010 (in the rest of the UK);

	(f) all rent reviews are upward only and are to be assessed by reference to full current market rents;

	(g) there are no tenant's improvements that will materially affect our opinion of the rent that would be obtained on review or renewal;

	(h) tenants will meet their obligations under their leases, and are responsible for insurance, payment of business rates, and all repairs, whether directly or by means of a service charge;

	(i) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;

	(j) where more than 50% of the floorspace of the properties are in residential use, the Landlord and Tenant Act 1987 (the "Act") gives certain rights to defined residential tenants to acquire the freehold/head leasehold interest in the properties. Where this is applicable, we have assumed that necessary notices have been given to the residential tenants under the provisions of the Act, and that such tenants have elected not to acquire the freehold/head leasehold interest. Disposal on the open market is therefore unrestricted;

	(k) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required;

	(l) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy; and

	(m) Stamp Duty Land Tax (SDLT) - or, in Scotland, Land and Buildings Transaction Tax (LABTT) - will apply at the rate currently applicable.

Property Address	Tenure	Inspection Date
Properties held for investment
AVONMOUTH, DSV, Unit 3 Poplar Way	Freehold	30/10/2018
AVONMOUTH, CHEP, Unit 1 Goldcrest Way	Freehold	02/10/2018
BANGOR, 277/279 High Street	Freehold	18/02/2019
BASILDON, Burnt Mills Industrial Estate	Freehold	24/08/2018
BASILDON, Unit 3, Juniper West	Freehold	06/08/2018
BASILDON, Unit 2, Juniper West	Freehold	06/08/2018
BEDFORD, Argos, Marsh Leys	Freehold	16/10/2018
BICESTER, Unit B, Bicester Park	Freehold	02/05/2019
BICESTER, DPD, Unit 1 Bicester Dist Prk	Freehold	02/05/2019
BICESTER, Starbucks Roadside A34	Freehold	15/02/2019
BICESTER, Burger King Roadside A34	Freehold	15/02/2019
BIRMINGHAM, 1 Small Heath Bus Pk	Leasehold	31/08/2018
CARDIFF, Seager Retail Park	Freehold	29/01/2019
CASTLE DONINGTON, Unit 8 Cockcharme Gapp	Freehold	01/03/2019
CASTLE DONINGTON, Ceva Logistics, Ponds End	Freehold	31/08/2018
CHELMSFORD, Odeon Multiplex	Part Freehold/	24/10/2017
	Part Leasehold
CHELTENHAM, Cleeve Business Park	Freehold	23/01/2019
COVENTRY, Airport Retail Park	Freehold	02/05/2018
COVENTRY, 6020 Siskin Parkway	Freehold	03/07/2018
COVENTRY, DHL Supply Chain Rowley Road	Leasehold	03/07/2018
CRAWLEY, TNT Newton Road	Freehold	15/02/2019
CRAWLEY, Units 1, 21 Crompton Way	Freehold	15/02/2019
CRAWLEY, Space Gatwick, Faraday Rd	Freehold	15/02/2019
CRAWLEY, Barker & Stonehouse, 3 Rutherford Way	Freehold	19/10/2018
CRICK, XPO, Eldon Way	Freehold	03/10/2018
CROYDON, 33 Factory Lane	Freehold	02/11/2018
DAGENHAM, Goresbrook Park	Freehold	18/01/2019
DARTFORD, Unit C3 Charles Park	Freehold	15/10/2018
DERBY, Wickes, 806 London Road	Freehold	31/08/2018
DONCASTER, Plot D Omega Boulevard	Freehold	28/02/2019
DONCASTER, Unit B Omega Boulevard	Freehold	28/02/2019
DOUGLAS, 12/22 Strand Street	Freehold	12/03/2019
EDINBURGH, The Print Works, East Telferton	Freehold	18/03/2016
ELY, Cambridge Commodities Ltd, Lancaster Bus Park	Freehold	16/05/2019
FAREHAM, Specialist Computer Centres, Brunel Wy	Freehold	30/08/2018
FERNDOWN, M&S Simply Food	Freehold	29/07/2018
FRIMLEY, Plot A Trade City, Lyon Way	Freehold	15/01/2019
GREENFORD, Deluxe 142 Ltd, Wadsworht Road	Freehold	12/04/2019
HASLEMERE, M&S, Lion Green	Freehold	17/10/2018

Property Address	Tenure	Inspection Date
HAVANT, 4 Marples Way, Kingscroft	Leasehold	08/08/2018
HAVERHILL, Plot 4, Haverhill Business Park	Freehold	13/02/20199
HEMEL HEMPSTEAD, ITAB House, Swallowdale Lane	Freehold	21/09/2018
HEMEL HEMPSTEAD, Boundary Point, Mark Road	Freehold	10/04/2019
HEMEL HEMPSTEAD, Fenton Packaging	Freehold	25/02/2019
HULL, Aldi Sutton Road	Freehold	02/10/2018
HULL, Odeon, Kingston Park	Leasehold	01/03/2019
HUYTON, Antolin Interiors, Stretton Way	Freehold	02/11/2018
IPSWICH, Spenhill Site (Wickes)	Freehold	05/11/2018
KENDAL, M&S, Library Place	Freehold	24/03/2019
LEEDS, Kirkstall Bridge Shopping Park	Freehold	04/03/2019
LEEDS, Siemens Plc, Lockside Road	Freehold	23/11/2018
LEEDS, Vision Alert, 1 Coal Road	Freehold	23/11/2018
LEICESTER, B&Q St Margaret's Way	Freehold	14/02/2019
LEICESTER, Aldi foodstore Abbey Lane	Freehold	14/02/2019
LEYTON, Fedex, Orient Way	Freehold	07/01/2019
LITTLEHAMPTON, Jewson Trade Counter, Arndale Road	Freehold	04/09/2018
LIVERPOOL, M&S/Aldi	Freehold	01/03/2019
LONDON N9, Odeon Multiplex, Lee Valley Complex	Leasehold	19/02/2019
LONDON, Bow Road Service Station	Freehold	21/02/2019
LONDON, Caledonian Road Station	Freehold	21/02/2019
LONDON, Highbury Court, Avenell Road, Highbury	Leasehold	24/04/2019
LUTON, Dunstable Road Retail Park	Freehold	25/02/2019
MATLOCK, M&S Foodhall Crown Sq	Leasehold	26/04/2019
MILTON KEYNES, Mechline Brudenell Drive	Freehold	25/09/2018
MILTON KEYNES, Royal Mail Brudenell Drive	Freehold	25/09/2018
MILTON KEYNES, Royal Mail, Michigan Drive	Freehold	25/02/2019
NEW MALDEN, Burlington Retail Park	Freehold	20/02/2019
NEWARK, DSG Distribution Warehouse, Newlink Rrive	Freehold	25/01/2019
NEWPORT, M&S Plc, Litten Park	Freehold	27/09/2018
OLLERTON, Clipper Logistics, Brough Industrial Estate	Freehold	20/10/2018
ORPINGTON, Selco Cray Avenue	Freehold	20/02/2019
PARK ROYAL, Double 4, 37/43 Gorst Rd	Leasehold	20/08/2018
PETERBOROUGH, Pinnacle Distribution Cenre	Freehold	27/07/2018
READING, DHL Unit Gillette Way	Leasehold	25/10/2018
RHYL, Starbucks Roadside Westbound	Freehold	23/02/2019
RHYL, Starbucks Roadside Eastbound	Freehold	23/02/2019
ROTHERHAM, Royal Mail, Magna 34	Freehold	25/01/2019
ROYSTON, Unit 2 Royston Business Prk	Freehold	08/05/2019
RUGBY, Unit B Swift Park	Freehold	05/04/2019
SALFORD, Unit 7, Agecroft Commerce Park	Freehold	04/04/2019
SHEFFIELD, SIRFT Europa Way	Freehold	14/01/2019

Property Address	Tenure	Inspection Date
SOLIHULL, Stirling 150, Stirling Road	Freehold	17/01/2019
SOUTH ELMSALL, Next Dist. Centre	Freehold	22/03/2019
SPEKE, Gefco Estuary Business Park	Leasehold	01/03/2019
ST HELENS, 2/72 Telford Drive	Freehold	01/03/2019
STEVENAGE, DSG, Bessemer Drive	Freehold	07/02/2019
STOKE ON TRENT, Campbell Road	Freehold	07/09/2018
SWINDON, Oak Furnitureland DC2	Freehold	09/08/2018
TAMWORTH, Odeon Multiplex,	Leasehold	19/03/2019
TELFORD, Odeon Multiplex, Forgegate	Freehold	26/02/2019
THEALE, Units A & B, Arrowhead Road	Freehold	05/08/2018
THIRSK, Starbucks Roadside A168	Freehold	19/03/2019
THRAPSTON, T2, Primark NDC, Kettering Road	Freehold	27/02/2019
THRAPSTON, Primark NDC, Huntingdon Road	Freehold	27/02/2019
TONBRIDGE, Cannon Lane	Freehold	27/11/2018
WAKEFIELD, Europort DC1, Express Way	Freehold	15/03/2017
WARRINGTON, Amazon, Omega South	Freehold	04/03/2019
WARRINGTON, Hovis, Yew Tree Way	Freehold	04/03/2019
WARRINGTON, Unit 1, 12/14 Calver Quay	Freehold	04/03/2019
WARRINGTON, Unit 2, 12/14 Calver Quay	Freehold	04/03/2019
WEYBRIDGE, Tesla Motors, Southey Hse	Freehold	15/04/2019
WISBECH, Starbucks/Subway Roadside	Freehold	12/04/2019

Property Address	Tenure	Inspection Date
Properties held for development
BEDFORD, Bedford Link, Bell Farm	Freehold	25/02/2019
DURHAM, The Range/ Lidl, Dragon Lane	Freehold	19/02/2019
WEYMOUTH, Aldi foodstore & site, Mercery Road	Freehold	16/04/2019

	Description and		Market Value
Address	Tenure	Tenancies	£

T2 Primark NDC, A14 Junction 12, THRAPSTON	Modern logistics building completed in 2015 totalling approximately 1 million sq ft. Freehold	Let to Primark Stores Limited until 10/09/2040 with annual fixed renal increases. The details of the rent are confidential between the landlord and the tenant.	£133,125,000

Portfolio split by Property Type 31 March 2019
Property Type	£
Distribution	£1,304,410,000
Convenience & Leisure	£152,125,000
Long Income	£376,915,000
Retail Parks	£86,975,000
Residential	£41,370,000
Development	£59,790,000
Portfolio Total	£2,021,585,000

Portfolio split by Property Location 31 March 2019
Property Location	£
London & South East	£884,245,000
Midlands	£591,290,000
North East including Yorkshire	£220,360,000
North West	£142,395,000
South West	£98,385,000
Other	£84,910,000
Portfolio Total	£2,021,585,000

Property	Description, Development Status and Tenure	Key Valuation Assumptions	Market Value £ (100%)

Bedford, Bedford Link Phase 1	The property comprises Phase 1 of the Bedford Link Logistics Park which is being developed in line with the approved planning consent granted on 20 April 2018 in conjunction with a development partner. On completion, Phase 1 of the Park will provide three logistics warehouse units with a total gross internal area of approximately 187,200 sq ft. The property is in final stages of development with assumed completion due in May 2019. At date of valuation, two of the three units (approximately 138,000 sq ft) were under offer. Freehold. We have reflected the planning conditions in arriving at our opinion of value.	Market Value on the assumption that the development has been completed and let : c.£27,500,000 Estimated Outstanding costs to completion (excluding finance): c.£3,300,000 Assumed completion date - May 2019 Assumed lease start date on prelet units - May 2019 Assumed lease start date on vacant unit - December 2019	£23,850,000

Bedford, Bedford Link Phase 2	The property comprises a 22.3 acre cleared site to form Phase 2 of the Bedford Link Logistics Park. The site is situated adjacent to the recently developed Bedford Link Phase 1. Planning permission was granted on 26 July 2018 for the development of two logistics warehouse units with a total gross internal area of approximately 516,600 sq ft. Freehold. We have reflected the planning conditions in arriving at our opinion of value.	Market Value on the assumption that the development has been completed and let : c.£62,200,000 Estimated Outstanding costs to completion (excluding finance): c.£30,000,000 Assumed start date - June 2019 Assumed completion date - May 2020 Assumed lease start date - November 2020	£22,600,000

Property	Description, Development Status and Tenure	Key Valuation Assumptions	Market Value £ (100%)

Durham, The Range/Lidl, Dragon Lane	The property comprises a pre-let retail warehouse/ foodstore development with the benefit of planning consent granted on 01 June 2018 in the course of construction with completion due in Summer 2019. The property is situated to the east of Durham City Centre adjacent to a Tesco Extra foodstore. On completion, the property will comprise a two unit scheme: Unit 1 will provide a gross internal area of 22,875 sq ft and is pre let to Lidl. Unit 2 will provide a gross internal area of 35,000 sq ft and is pre let to CDS (Superstores International) Ltd trading as The Range. Freehold. We have reflected the planning conditions in arriving at our opinion of value.	Market Value on the assumption that the development has been completed and let : c.£14,000,000 Estimated Outstanding costs to completion (excluding finance): c.£6,000,000 Assumed completion date - June 2019 Assumed lease start date - June 2019	£7,950,000

Weymouth, Aldo Foodstore & Site, Mercery Road	The property comprises a site of approximately 14 acres within an established retail location to the north of Weymouth town centre. The property is to be developed out in phases. Phase one will comprise a foodstore of approximately 19,000 sq ft which has been pre let to Aldi. Planning permission was granted on 18 March 2019 and construction is due to commence shortly with practical completion anticipated by March 2020. The remainder of the site, totalling approximately 11 acres, has proposals for development of further retail units subject to planning permission and we have assessed this on a rate per acre basis. Freehold. We have reflected the planning conditions on the consented site in arriving at our opinion of value.	Market Value of the Aldi unit has been completed and let : c.£6,000,000 Estimated Outstanding costs to completion of the Aldi unit (excluding finance): c.£2,800,000 Assumed completion date of Aldi Unit - March 2020 Assumed lease start date of Aldi Unit - March 2020	£5,390,000 This includes both the Aldi unit under construction and the remaining 11 acres of land

To:	The Directors of A&J Mucklow Group plc (the Company)

	The Directors of LondonMetric Property plc (LMP)
	Numis Securities Limited
	10 Paternoster Square
	London EC4M 7LT

	(in its capacity as financial adviser to the Company)

	Peel Hunt LLP
	Moor House
	120 London Wall
	London EC2Y 5ET

	(in its capacity as sole sponsor and joint financial adviser to LMP)

	J P Morgan Securities plc
	25 Bank Street
	29th Floor
	London E14 5JP.

	(in its capacity as joint financial adviser to LMP),

	(collectively referred to as "you" or the "Addressees")

Property:	A portfolio of investment properties as listed in Appendix A

Report date:	23 May 2019

Sector	Capital Value	Net rent per annum*
Offices	£67,450,000	£4,462,508
Industrial	£302,970,000	£17,521,416
Retail	£65,055,000	£3,391,906
Land	£17,135,892	-
Total	£452,610,892	£25,375,830

Property Address	Tenure	Inspection Date
Properties held for investment
The Range,1 Ivy Road, ALDERSHOT, GU12 4TX	Freehold	18/06/2018
Hitchcock & King,Stanwell Road, ASHFORD,Surrey	Freehold	27/09/2018
Wickes,Old Mill Lane, BARNSLEY, S71 1LS	Freehold	25/01/2019
Wickes,Swinmoor Lane, BEVERLEY, HU17 0JU	Freehold	02/10/2018
Dartford Heath Retail Park, DARTFORD	Freehold	15/10/2018
Wickes,50 ,Overy Street, DARTFORD, DA1 1UP	Freehold	15/10/2018
Lottbridge Drove Retail Park, Lottbridge Drove,	Freehold	08/06/2018
EASTBOURNE, BN22 7SG
Wickes & Dunelm, HEMEL HEMPSTEAD	Freehold	25/02/2019
Madford Retail Park, HERTFORD, SG13 7EZ	Freehold	23/01/2019
DFS/Carpetright, Milburn Road, INVERNESS	Freehold	09/03/2018
Bubble Retail Park, LISKEARD, Cornwall	Freehold	16/04/2019
Troste South Retail Park, LLANELLI	Freehold	17/04/2019

Property Address	Tenure	Inspection Date
Wickes,Willie Snaith Road, NEWMARKET, CB8 7AH	Freehold	13/02/2019
North Shields Retail Park, NORTH SHIELDS	Freehold	19/02/2019
Wickes, Larch Street, OLDHAM, OL8 1TA	Freehold	01/06/2016
Carpetright store, 168, Sevenoaks Way, ORPINGTON,
BR3 3AG	Freehold	27/11/2018
Premier Inn, Forest Gate Business Park, Wellworthy Way,	Freehold	15/02/2019
RINGWOOD, Hants, BH24 3AS
Totton Retail Park, Commercial Road, SOUTHAMPTON	Freehold	20/02/2019
Dunelm, Speke Road, SPEKE, L19 5NY	Freehold	31/05/2018
Fleming Way Retail Park, SWINDON, SN1 2NN	Freehold	26/02/2019
Forge Island Retail Park, Rampart Way, TELFORD, TF3 4NA	Freehold	20/07/2018

Property Address	Tenure	Inspection Date
Properties held for investment
DFS Store, John Kempe Way, Middleway,	Freehold	18/05/2018
BIRMINGHAM, B12 0HH
DFS Store, Highwood Lane, Patchway, Cribbs Causeway,	Leasehold	02/10/2018
BRISTOL, BS34 5TQ
DFS Store, 33, Dukes Road, CARLISLE, CA1 1JD	Freehold	03/11/2018
Wickes Store, 34, Dukes Road, CARLISLE, CA1 1JD	Freehold	03/11/2018
Unit 1, Rockingham Way (Redhouse), Adwick-le-Street,	Leasehold	16/04/2019
DONCASTER, DN6 7NA
DFS Store & Pets at Home, Metro Park West, Gateshead,	Freehold	02/04/2019
GATESHEAD, NE11 9XS
DFS Store, 2029, London Road, Tollcross, GLASGOW, G32 8NS	Freehold	13/08/2018
Berkeley Magna, Forbes Close, Fields Farm Road,	Freehold	04/01/2019
LONG EATON, NG10 1PR
DFS & Mothercare Stores, Mariners Way, Ashton-on-Ribble,	Freehold	27/03/2019
PRESTON, PR2 2YN
DFS Store, 3 Hylton Grange, Off Wessingham Way,	Freehold	19/02/2019
SUNDERLAND, SR5 3HR

No	PROPERTY	INTEREST	PROPERTY TYPE
1	Dukes Gate, Chiswick Park, Acton Lane, Chiswick London	Freehold	Office - Investment
2	Oak Tree Court, Binley, Coventry	Leasehold	Office - Investment
3	Mucklow Office Park, Halesowen	Freehold	Office - Investment
4	60 Whitehall Road, Halesowen	Freehold	Office - Investment
5	Concorde House, Trinity Park, Solihull	Leasehold	Office - Investment
6	Apex House, Worcester	Freehold	Office - Investment
7	Apex Park, Worcester	Freehold	Office - Investment
8	Quinton Business Park	Leasehold	Office - Investment
9	Aztec West, Bristol	Freehold	Office - Investment
10	Compton Court, Binley, Coventry	Leasehold	Office - Investment
11	Plot 4C, Barton Close, Grove Park, Leicester	Freehold	Office - Investment
12	Forward Park, Bagot Street, Birmingham	Freehold	Industrial - Investment
13	Unit 1, Golden Cross, Rocky Lane, Aston, Birmingham	Freehold	Industrial - Investment
14	Unit 2, Golden Cross, Rocky Lane, Aston, Birmingham	Freehold	Industrial - Investment
15	Long Acre Trading Estate, Long Acre, Aston, Birmingham	Freehold	Industrial - Investment
16	St Andrews Trading Estate, Great Barr Street, Birmingham	Freehold	Industrial - Investment
17	Coleshill Trade Park, Coleshill, Birmingham	Freehold	Industrial - Investment
18	Coleshill Trading Estate, Coleshill, Birmingham	Freehold	Industrial - Investment
19	Roman Way, Coleshill, Birmingham	Freehold	Industrial - Investment
20	Bewdley Road, Stirchley, Birmingham	Freehold	Industrial - Investment
21	Hazelwell Mills Trading Estate, Stirchley, Birmingham	Freehold	Industrial - Investment
22	G Redfern Industrial Park, Tyseley, Birmingham	Freehold	Industrial - Investment
23	J Redfern Industrial Park, Tyseley, Birmingham	Freehold	Industrial - Investment
24	Crompton Fields, Crawley, West Sussex	Freehold	Industrial - Investment
25	Enterprise Trading Estate, Dudley	Freehold	Industrial - Investment
26	Forge Trading Estate, Halesowen	Freehold	Industrial - Investment
27	Mucklow Hill Trading Estate, Phases 1 and 2, Halesowen	Freehold	Industrial - Investment
28	Shenstone Trading Estate, Halesowen	Freehold	Industrial - Investment

No	PROPERTY	INTEREST	PROPERTY TYPE
29	Tachbrook Link, Leamington	Freehold	Industrial - Investment
30	Birchley Island, Oldbury	Freehold	Industrial - Investment
31	Triton Park, Brownsover Road, Rugby	Freehold	Industrial - Investment
32	Kings Hill, Darlaston Road, Wednesbury	Freehold	Industrial - Investment
33	Wednesbury One, Black Country Road, Wednesbury	Freehold	Industrial - Investment
34	Knightsbridge Park, Worcester	Freehold	Industrial - Investment
35	Star Gate, Cuckoo Road, Nechells, Birmingham	Freehold	Industrial - Investment
36	Siskin Parkway East, Middlemarch Business Park, Coventry	Leasehold	Industrial - Investment
37	Access Point, Leamington	Freehold	Industrial - Investment

"Admission"	admission of the New LondonMetric Shares to the premium listing segment of the Official List and to trading on the Main Market;

"Authorisations"	authorisations, orders, grants, recognitions, determinations, certificates, confirmations, consents, licences, clearances, provisions, permissions and approvals;

"Board" or "LondonMetric Board"	the board of directors of LondonMetric as at the date of this announcement;

"Business Day"	a day on which banks are generally open for business in London (excluding Saturdays, Sundays and public holidays);

"CBRE"	CBRE Limited (a private limited company incorporated in England and Wales with registered number 03536032) whose registered office is St Martin's Court, 10 Paternoster Row, London, EC4M 7HP;

"Closing Price"	the closing middle market price of a Mucklow Ordinary Share or LondonMetric Ordinary Share, as the context so requires, on a particular trading day as derived from the London Stock Exchange Daily Official List;

"CMA"	the UK Competition and Markets Authority (or any successor body or bodies carrying out the same functions in the United Kingdom from time to time);

"CMA Phase 2 Reference"	a reference pursuant to sections 22, 33, 45 or 62 of the Enterprise Act 2002 (as amended) of the Combination to the chair of the CMA for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 (as amended);

"Co-operation Agreement"	the co-operation agreement dated 23 May 2019 between (1) LondonMetric and (2) Mucklow;

"Combination"	the acquisition of the entire issued and to be issued ordinary share capital of Mucklow by LondonMetric to be implemented by way of the Scheme or (should LondonMetric so elect, subject to the consent of the Panel (where necessary) and the terms of the Co-operation Agreement) by way of a Takeover Offer;

"Combined Circular and Prospectus"	the combined circular and prospectus to be published by LondonMetric and to be sent to LondonMetric Shareholders outlining, amongst other things, the Combination and containing the notice convening the LondonMetric General Meeting and information on LondonMetric, the Combined Group and the New LondonMetric Shares;

"Combined Group"	the LondonMetric Group as enlarged by the Mucklow Group following completion of the Combination;

"Companies Act"	Companies Act 2006;

"Company" or "LondonMetric"	LondonMetric Property Plc;

"Conditions"	the conditions to the Combination as set out in Appendix 1 to this announcement and to be set out in the Scheme Document;

"Court"	the High Court of Justice in England and Wales;

"Court Hearing"	the hearing by the Court of the application to sanction the Scheme;

"Court Order"	the order of the Court sanctioning the Scheme under section 899 of the Companies Act;

"CREST"	the system for the paperless settlement of trades in securities and the holding of uncertificated securities in accordance with the CREST Regulations;

"Cushman & Wakefield"	Cushman and Wakefield Debenham Tie Leung Limited (a private limited company incorporated in England and Wales with registered number 02757768) whose registered office is 125 Old Broad Street, London, EC2N 1AR;

"Daily Official List"	the daily official list of the London Stock Exchange;

"Dealing Disclosure"	has the same meaning as in Rule 8 of the Takeover Code;

"Disclosed"	the information fairly disclosed by or on behalf of Mucklow: (i) in the annual report and accounts of Mucklow for the financial year ended 30 June 2018 and/or the interim results of Mucklow for the financial half year ended 31 December 2018; (ii) in any public announcement to a Regulatory Information Service before the date of this announcement; (iii) in this announcement; (iv) in a data room established by Mucklow for the purpose of the Combination; or (v) in writing by or on behalf of Mucklow to LondonMetric (or its officers, employees, agents or advisers) before the date of this announcement;

"Disclosure Guidance and Transparency Rules"	the disclosure rules and transparency rules made by the FCA pursuant to section 73A of FSMA;

"Effective"	means:

	(a) if the Combination is implemented by way of the Scheme, the Scheme having become effective pursuant to its terms; or

	(b) if the Combination is implemented by way of a Takeover Offer, the Takeover Offer having been declared or become unconditional in all respects in accordance with the requirements of the Takeover Code;

"Effective Date"	the date on which the Combination becomes Effective;

"EPRA"	European Public Real Estate Association;

"EPRA NAV"	an NAV calculated in accordance with the guidelines issued by EPRA from time to time;

"ERV"	estimated rental value;

"Excluded Shares"	any Mucklow Ordinary Shares which:

	(i) are registered in the name of or beneficially owned by LondonMetric or its nominee(s) or any subsidiary undertaking of LondonMetric or its nominee(s); or

	(ii) are held in treasury (unless such Mucklow Ordinary Shares cease to be so held);

"FCA"	the Financial Conduct Authority;

"Form of Election"	the form of election for use by an eligible Scheme Shareholder who holds Scheme Shares in certificated form in relation to the Mix and Match Facility;

"Forms of Proxy"	the forms of proxy accompanying the Scheme Document;

"FSMA"	the Financial Services and Markets Act 200 (as amended from time to time);

"J.P. Morgan Cazenove"	J.P. Morgan Securities plc which conducts its UK investment banking activities as J.P. Morgan Cazenove;

"Latest Practicable Date"	22 May 2019, being the latest practicable date before the date of this announcement;

"Listing Rules"	the listing rules, made by the FCA under Part 6 of FSMA, as amended from time to time;

"LondonMetric General Meeting"	the general meeting of LondonMetric convened by the Board and expected to be held on or around 20 June 2019;

"LondonMetric Group"	LondonMetric and its subsidiary undertakings and, where the context permits, each of them;

"LondonMetric Ordinary Shares"	the ordinary shares of 10 pence each in the capital of LondonMetric;

"LondonMetric Resolution"	the shareholder resolution to be proposed at the LondonMetric General Meeting to approve the Combination;

"LondonMetric Shareholders"	the holders of LondonMetric Ordinary Shares;

"London Stock Exchange"	London Stock Exchange plc;

"Long-stop Date"	30 September 2019, or such later date (if any) as LondonMetric and Mucklow may agree, with the consent of the Panel, and (if required) the Court may allow;

"Main Market"	the London Stock Exchange's main market for listed securities;

"Market Abuse Regulation"	the Market Abuse Regulation (EU) (No 596/2014);

"Mix and Match Facility"	the facility under which Scheme Shareholders (other than those who are Restricted Overseas Persons) are entitled to elect to vary the proportions in which they receive New LondonMetric Shares and in which they receive cash in respect of their holdings of Mucklow Ordinary Shares to the extent that other such Scheme Shareholders make off-setting elections;

"Mucklow"	A&J Mucklow Group plc;

"Mucklow Board"	the board of directors of Mucklow as at the date of this announcement;

"Mucklow Court Meeting"	the meeting of the Scheme Shareholders to be convened by order of the Court pursuant to section 896 of the Companies Act, for the purpose of approving the Scheme, including any adjournment thereof;

"Mucklow Directors"	the directors of the Mucklow as at the date of this announcement;

"Mucklow General Meeting"	the general meeting of Mucklow to be convened by the Mucklow Directors and expected to be held immediately following the Mucklow Court Meeting;

"Mucklow Group"	Mucklow and its subsidiary undertakings and, where the context permits, each of them;

"Mucklow Ordinary Shares"	ordinary shares of 25 pence each in the capital of Mucklow;

"Mucklow Preference Shares"	the preference shares of £1.00 each in the capital of Mucklow;

"Mucklow PSP"	the Mucklow 2015 Performance Share Plan;

"Mucklow Resolution"	the special resolution to be proposed at the Mucklow General Meeting in connection with (i) authorising the Mucklow Directors to take all required action in relation to the Scheme and (ii) amending Mucklow's articles of association and such other matters as may be necessary to implement the Scheme;

"Mucklow Share Plans"	(i) the Mucklow PSP; and

	(ii) the Mucklow Share Incentive Plan

"Mucklow Shareholders"	registered holders of Mucklow Ordinary Shares from time to time;

"Mucklow Shareholder Meetings"	the Mucklow Court Meeting and the Mucklow General Meeting, and "Mucklow Shareholder Meeting" shall be construed accordingly;

"NAV" or "Net Asset Value"	the value of the assets of the Mucklow Group, LondonMetric Group or the Combined Group, as applicable, less its liabilities, determined in accordance with the accounting principles adopted by the Mucklow Group, the LondonMetric Group or the Combined Group, as applicable, from time to time or, as the context requires, the net asset value per ordinary share calculated in accordance with Mucklow's or LondonMetric's accounting policies, as applicable;

"New LondonMetric Share"	the LondonMetric Ordinary Shares proposed to be allotted and issued to Scheme Shareholders in connection with the Scheme;

"NIY"	net initial yield;

"Offer Period"	the offer period (as defined by the Takeover Code) relating to Mucklow, which commenced on 23 May 2019;

"Official List"	the Official List of the FCA;

"Opening Position Disclosure"	has the same meaning as in Rule 8 of the Takeover Code;

"Panel"	the Panel on Takeovers and Mergers;

"Peel Hunt"	Peel Hunt LLP (a limited liability partnership incorporated in England and Wales with registered number OC357088) whose registered office is Moor House, 120 London Wall, London, EC2Y 5ET;

"Proposals"	the Combination and the issue and allotment of the New LondonMetric Shares in connection with the Combination and the Admission;

"Registrar of Companies"	the Registrar of Companies in England and Wales;

"Regulatory Information Service"	a regulatory information service as defined in the FCA's Handbook of rules and guidance as amended from time to time;

"Restricted Jurisdiction"	any jurisdiction where the relevant action would constitute a violation of the relevant laws and regulations of such jurisdiction or would result in a requirement to comply with any governmental or other consent or any registration, filing or other formality which LondonMetric or Mucklow regards as unduly onerous;

"Restricted Overseas Person"	a person (including an individual, partnership, unincorporated syndicate, limited liability company, unincorporated organisation, trust, trustee, executor, administrator or other legal representative) in, or resident in, or any person whom LondonMetric believes to be in, or resident in, a Restricted Jurisdiction (or any custodian, nominee or trustee for such persons) and person in any other jurisdiction (other than persons in the UK) whom LondonMetric is advised to treat as a restricted overseas person in order to observe the laws of such jurisdiction or to avoid the requirement to comply with any governmental or other consent or any registration, filing or other formality which LondonMetric regards as unduly onerous;

"Rolled-Forward Mucklow NAV"	Mucklow's Rolled-Forward NAV based on EPRA NAV as at 31 December 2018 of £363.3m (572 pps) plus valuation uplift of £10m (16pps) between 31 December 2018 and 30 April 2019. Cushman & Wakefield's valuation report for Mucklow is in Appendix 5. The Mucklow Directors have confirmed that other adjustments are not material;

"Scheme"	the proposed scheme of arrangement under Part 26 of the Companies Act between Mucklow and the Scheme Shareholders to be set out in the Scheme Document;

"Scheme Document"	the scheme document to be sent to Mucklow Shareholders;

"Scheme Record Time"	the record date and time by reference to which entitlement to receive consideration under the Scheme will be determined, as specified in the Scheme Document;

"Scheme Shareholder"	a holder of Scheme Shares;

"Scheme Shares"	Mucklow Ordinary Shares:

	(i) in issue at the date of the Scheme Document;

	(ii) (if any) issued after the date of the Scheme Document but before the Voting Record Time;

	(iii) (if any) issued at or after the Voting Record Time and before the Scheme Record Time either on terms that the original or any subsequent holders shall be, or shall have agreed in writing by such time to be, bound by the Scheme, in each case excluding any Excluded Shares;

"SEC"	the US Securities and Exchange Commission;

"Syndicated Revolving Facility"	a revolving credit facility documented pursuant to the terms of an amended facility agreement originally entered into on 1 April 2015 between LondonMetric Property Plc and The Royal Bank of Scotland plc (in various capacities), Barclays Bank Plc, Wells Fargo Bank International, Abbey National Treasury Services plc and Lloyds Bank plc;

"Takeover Code"	the City Code on Takeovers and Mergers as issued from time to time by or on behalf of the Panel;

"Takeover Offer"	has the meaning given to it in Part 28 of the Companies Act;

"Third Party"	any government, government department or governmental, quasi-governmental, supranational, statutory, regulatory, environmental or investigative body or association, institution or agency (including, without limitation, any trade agency) or authority (including, without limitation, any anti-trust or acquisition control authority), any court or professional or environmental body or any other person or body whatsoever in any relevant jurisdiction;

"UK" or "United Kingdom"	the United Kingdom of Great Britain and Northern Ireland;

"UK-REIT"	a UK Real Estate Investment Trust under Part 12 of the Corporation Tax Act 2010;

"United States of America", "United States" or "US"	the United States of America, its territories and possessions, any state of the United States and the District of Columbia;

"US Exchange Act"	the US Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder;

"US Securities Act"	the US Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder;

"Voting Record Time"	6.00 p.m. on the day prior to the day immediately before the Mucklow Court Meeting or, if the Mucklow Court Meeting is adjourned, 48 hours before the time set for such adjourned meeting;

"WAULT"	weighted average unexpired lease term;

"Wider LondonMetric Group"	LondonMetric and its subsidiaries, subsidiary undertakings and associated undertakings and any other body corporate, partnership, joint venture or person in which LondonMetric and such undertakings (aggregating their interests) have a direct or indirect interest of 20 per cent. or more of the voting or equity capital or the equivalent;

"Wider Mucklow Group"	Mucklow and its subsidiaries, subsidiary undertakings and associated undertakings and any other body corporate, partnership, joint venture or person in which Mucklow and such undertakings (aggregating their interests) have a direct or indirect interest of 20 per cent. or more of the voting or equity capital or the equivalent.