Acquisition

MITIE Group PLC 21 August 2001 21 August 2001 ANNOUNCEMENT MITIE GROUP PLC ('MITIE') MITIE announces that it has agreed to acquire the outstanding minority shareholdings of four subsidiary companies: MITIE Engineering Services (London) Ltd - ('MES London') 39% of the issued share capital for a consideration of £3,577,860. MITIE Engineering Services (Eastern) Ltd - ('MES Eastern') 46.5% of the issued share capital for a consideration of £2,478,450. MITIE Cleaning (Midlands) Ltd - ('Cleaning Midlands') 37.14 % of the issued share capital for a consideration of £1,599,000. MITIE Air Conditioning (South West) Ltd - ('Air Conditioning') 49% of the issued share capital for a consideration of £342,412. MES London and MES Eastern operate as mechanical and electrical engineering contractors in the London area and the East of England respectively. Cleaning Midlands provides cleaning and support services to industrial and commercial clients in Central England. Air Conditioning installs and maintains air conditioning systems in commercial, industrial and domestic premises across Southern England. All four acquisitions are made in accordance with the terms of the agreement between MITIE and the employee shareholders of MES London, MES Eastern, Cleaning Midlands and Air Conditioning entered into on 27 March 1996, 31 October 1996, 22 February 1994 and 4 September 1996 respectively. The total consideration of £7,997,722 will be satisfied by the issue of 5,508,515 new ordinary shares of 21/2p each in MITIE (valued at £1.40 per share being the mid market price per MITIE share on 3 July 2001) and £285,801 in cash. After the acquisition MITIE will own 100% of all four companies. Application has today been made for the 5,508,515 New Ordinary shares of 21/2p each in MITIE to be admitted to the Official List, maintained by the UK Listing Authority, and to trading by the London Stock Exchange. Upon admission the new ordinary shares will rank pari passu with the existing ordinary shares (except that there is no entitlement to dividends payable in respect of the year ended 31 March 2001).

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Mitie Group (MTO)
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