Bellway p.l.c.

Share Buyback Programme - Second Tranche

19 June 2023

Further to the announcement of the successful completion of the first tranche of its Buyback Programme on 16 June 2023, Bellway p.l.c. ("Bellway" or the "Group") today announces the commencement of the second tranche of its £100 million share buyback programme that was announced on 28 March 2023 (the "Buyback Programme").

Bellway completed the first tranche of its Buyback Programme (the "First Tranche") on 16 June 2023.  In aggregate, between 28 March 2023 and 16 June 2023, Bellway repurchased 2,147,455 ordinary shares for an aggregate consideration of c.£50 million, excluding stamp duty and expenses.

It is intended that, subject to market conditions, the second tranche of the Buyback Programme (the "Second Tranche"), which will also be in an amount of c. £50 million, will be completed no later than 16 November 2023.  As announced on 28 March 2023, the purpose of the Buyback Programme is to return surplus capital to shareholders and reduce the Group's share capital.  As such, all ordinary shares repurchased by Bellway pursuant to the Second Tranche will be cancelled.

Bellway has entered into a non-discretionary arrangement with Citigroup Global Markets Limited ("Citi") to conduct the Second Tranche of the Buyback Programme on Bellway's behalf. Under this arrangement, Citi will act as riskless principal and make trading decisions independently from Bellway in accordance with certain pre-set parameters.

The maximum aggregate consideration under the Second Tranche is £50 million (excluding stamp duty and expenses). The Second Tranche will be undertaken in the period commencing 19 June 2023 and end no later than 16 November 2023.

Any share purchases will be made in accordance with certain pre-set parameters set out in the terms of Citi's engagement, the general authority of Bellway to repurchase shares granted by shareholders at Bellway's 2022 Annual General Meeting held on 16 December 2022 (which permits Bellway to purchase no more than 12,348,737 of its ordinary shares (including those shares already repurchased pursuant to the First Tranche of the Buyback Programme)), the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK, from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019), as well as applicable laws and the regulations of the UK Financial Conduct Authority (including Chapter 12 of the Listing Rules).

Bellway will make further announcements to shareholders in respect of purchases of shares under the Second Tranche in due course. Note there is no guarantee that the Buyback Programme will be implemented in full.

For further information, please contact:

Bellway p.l.c.

Keith Adey, Group Finance Director

0191 217 0717

Gavin Jago, Group Investor Relations Director

0191 217 0717