FTSE COMPANY REPORT Share price analysis relative to sector and index performance

LSL Property Services LSL Real Estate Investment and Services Development — GBP 4.36 at close 30 September 2021

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 30-Sep-2021 30-Sep-2021 30-Sep-2021

5 200 180 1D WTD MTD YTD 170 Absolute -2.0 -2.0 -7.6 49.8 4.5 180 Rel.Sector -2.2 0.9 -5.4 29.2 160 Rel.Market -1.7 -1.9 -6.5 35.6

150 4 160 140 VALUATION

3.5 140 130

Trailing Relative Price Relative Relative Price Relative 120 3 120 PE 27.1 110 Absolute Price (local currency) (local Price Absolute EV/EBITDA 9.1 100 2.5 100 PB 2.8 90 PCF 8.3 2 80 80 Div Yield - Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Price/Sales 1.7 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.3

90 90 90 Div Payout 0.0 80 80 80 ROE 10.9

70 70 70

Share Index) Share

Share Sector) Share - 60 - 60 60 DESCRIPTION 50 50 50 The Company is the holding company for a number of 40 40 40 RSI RSI (Absolute) residential property services related businesses. The 30 30 30 Group's activities are estate agency, asset management, property management, surveying, and 20 20 20 financial services.

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 10 10 10 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: LSL Property Services 30 September 2021

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Jul-2021 30-Jul-2021 30-Jul-2021 30 10 3.5

25 9 3

20 8 +1SD +1SD 2.5

15 7 Avg +1SD Avg 2 10 6 Avg -1SD 1.5 -1SD 5 -1SD 5

0 4 1 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020

Rightmove 55.4 Tritax EuroBox GBP 68.5 25.0 Real Estate Investment and Services Development 41.3 Raven Property Group 56.4 2.8 Helical 30.9 Rightmove 43.0 LSL Property Services 2.8 Boot (Henry) 30.6 Aberdeen Standard European Logistics Income 38.3 Real Estate Investment and Services Development 2.2 LSL Property Services 27.1 Grainger 34.5 Tritax EuroBox GBP 1.6 Savills 24.3 Real Estate Investment and Services Development 31.8 Sirius Real Estate 1.6 Aberdeen Standard European Logistics Income 10.0 Group 14.1 Phoenix Spree Deutschland 1.0 Sirius Real Estate 9.6 Savills 12.4 Helical 0.9 u and i group -1.3 LSL Property Services 9.1 CLS Holdings 0.8 Raven Property Group -11.7 Harworth Group 0.0 Raven Property Group 0.7 Foxtons Group -55.7 Phoenix Spree Deutschland 0.0 u and i group 0.6 -80 -60 -40 -20 0 20 40 60 80 0 10 20 30 40 50 60 70 80 0 5 10 15 20 25 30

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Jul-2021 30-Jul-2021 30-Jul-2021 14 7 2 13 1.8 6 12 +1SD 1.6 11 +1SD 5 1.4 10 4 Avg 1.2 9 Avg +1SD 1 8 3 -1SD Avg 7 -1SD 0.8 2 6 0.6 -1SD 5 1 0.4 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020

Rightmove 63.0 CLS Holdings 3.0 Rightmove 15.0 Helical 38.7 Sirius Real Estate 2.8 Tritax EuroBox GBP 15.0 Tritax EuroBox GBP 34.0 Tritax EuroBox GBP 2.3 Phoenix Spree Deutschland 15.0 CLS Holdings 29.4 Boot (Henry) 2.0 Aberdeen Standard European Logistics Income 15.0 Aberdeen Standard European Logistics Income 26.3 Grainger 9.2 Real Estate Investment and Services Development 1.4 Real Estate Investment and Services Development 19.9 Real Estate Investment and Services Development 4.5 Rightmove 0.6 LSL Property Services 8.3 Foxtons Group 1.9 Savills 6.3 u and i group 0.0 LSL Property Services 1.7 Raven Property Group 4.5 Raven Property Group 0.0 Boot (Henry) 1.6 u and i group 2.6 Foxtons Group 0.0 Raven Property Group 1.1 Phoenix Spree Deutschland -100.0 LSL Property Services 0.0 Savills 0.9 -120 -100 -80 -60 -40 -20 0 20 40 60 80 0 0.5 1 1.5 2 2.5 3 3.5 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: LSL Property Services 30 September 2021

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Jul-2021 30-Jul-2021 30-Jul-2021 0.7 90 45 80 40 0.6 70 35 +1SD 0.5 60 +1SD +1SD 30 50 0.4 25 40 Avg Avg Avg 20 0.3 30 15 20 -1SD 0.2 -1SD 10 10 -1SD 0.1 0 5 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020

Raven Property Group 3.8 Boot (Henry) 61.5 Rightmove 50.0 Grainger 1.0 Helical 58.9 Sirius Real Estate 17.5 Savills 0.8 Tritax EuroBox GBP 41.5 Aberdeen Standard European Logistics Income 13.0 u and i group 0.8 CLS Holdings 39.8 Savills 12.5 CLS Holdings 0.8 Grainger 39.7 LSL Property Services 10.9 Real Estate Investment and Services Development 0.7 Real Estate Investment and Services Development 37.6 Real Estate Investment and Services Development 5.4 Foxtons Group 0.4 u and i group 0.0 Boot (Henry) 3.8 LSL Property Services 0.3 Rightmove 0.0 Helical 3.0 Harworth Group 0.2 LSL Property Services 0.0 Foxtons Group -2.6 Rightmove 0.1 Foxtons Group 0.0 Raven Property Group -4.8 Boot (Henry) 0.0 Aberdeen Standard European Logistics Income 0.0 u and i group -35.5 0 0.5 1 1.5 2 2.5 3 3.5 4 0 10 20 30 40 50 60 70 -40 -30 -20 -10 0 10 20 30 40 50 60

ROE vs. PB — sector Du Pont Analysis

25 scatter 2.5 45

40 RMV 2 20 35

30 1.5

15 25 PB 20 1 10 15

10 0.5

5 5

LSLSVS Real Estate Inve 0 0 EBOX SRE FOXT BOOTHWGGRIPSDL ASLI 2017 2018 2019 2020 2021 RAVUAI HLCL CLI 0 0 10 20 30 40 50 60 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: LSL Property Services 30 September 2021

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales.

LSL Pr operty Servic es 30 Sept ember 2021 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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