The Go-Ahead Group plc announced that pursuant to Condition 5(c) (Redemption or purchase at the option of the Issuer) of the terms and conditions of the Bonds (the "Conditions") constituted by a trust deed dated 6 July 2017 (the "Trust Deed") the Issuer will redeem all the outstanding Bonds at the Redemption Price on 4 August 2023 (the "Repurchase Date"), together with interest accrued to (but excluding) the Repurchase Date. Capitalised terms used in this notice but not defined herein shall bear the meanings given to them in the Conditions. Pursuant to Condition 5(c) (Redemption or purchase at the option of the Issuer), the "Redemption Price" shall be the higher of (a) the principal amount outstanding of the Bonds and (b) the principal amount outstanding of the Bonds multiplied by the price (as reported in writing to the Issuer and the Trustee by an independent financial adviser appointed by the Issuer and approved by the Trustee) at which the Gross Redemption Yield (if the Bonds were to remain outstanding to their original maturity) on the Bonds on the Calculation Date is equal to the Gross Redemption Yield at 11.00 a.m. (London time) on the Calculation Date of UKT 2.75% due September 2024 (or, where such financial adviser advises the Issuer and the Trustee that, for reasons of illiquidity or otherwise, such stock is not appropriate for such purpose, such other government stock as such financial adviser may recommend) plus 0.250 per cent.

For such purposes: "Calculation Date" means the date which is the second Business Day prior to the Repurchase Date (being 2 August 2023).