Having consulted with the Benchmark Holdings plc (AIM:BMK)'s major shareholders, the Board has unanimously decided to undertake a formal review of the Company's strategic options (the "Strategic Review") including, but not limited to,a sale of the Company as a whole or alternatively the potential sale of one or more individual business units, to establish whether there is a bidder or bidders prepared to offer a value for the Company or its individual business units that the Board considers attractive relative to the Board's view of intrinsic value. In this context, the Company has agreed with the UK Takeover Panel (the "Panel") that any discussions in relation to an offer for the Company may take place within the context of a formal sale process (as set out in Note 2 on Rule 2.6 of the Code) to enable conversations with parties interested in making such a proposal to take place on a confidential basis. The Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a), for so long as they are participating in the formal sale process.

Parties interested in making a proposal should contact Benchmark's financial advisers, Evercore and Rabobank, using the contact details below. The Company intends to conduct a targeted process and the first phase will include the provision of an information pack, following which interested parties will be invited to submit non-binding indicative offers. As a condition to participation in the first phase, parties will be required to enter into a non-disclosure agreement and standstill arrangement with Benchmark on terms satisfactory to the Board of Benchmark and on the same terms, in all material respects, as other selected parties.

It is currently expected that a select number of parties will be invited to participate in a second phase. Further announcements regarding timing and procedures for the formal sale process will be made as appropriate. The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate.

The Board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. The Company is not currently in any discussions with any potential offeror relating to an acquisition of the issued and to be issued share capital of the Company. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements summarised below will apply.

Shareholders are advised that there can be no certainty that an offer for the Company will be made or a sale of individual business units undertaken, nor as to the terms on which any offer or sale will be made.