FTSE COMPANY REPORT Share price analysis relative to sector and index performance Data as at: 30 January 2020 Berkeley Group Holdings BKG Household Goods & Home Construction — GBP 52.26 at close 30 January 2020 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 30-Jan-2020 30-Jan-2020 30-Jan-2020 55 120 130 1D WTD MTD YTD Absolute -0.3 -3.3 7.6 7.6 115 Rel.Sector -0.6 -3.7 1.6 1.6 50 120 Rel.Market 1.0 -0.8 9.9 9.9 110 45 110 VALUATION 105 Trailing RelativePrice 40 RelativePrice 100 100 PE 9.8 Absolute(localPrice currency) EV/EBITDA 6.7 35 90 95 PB 2.1 PCF 10.0 30 90 80 Div Yield 0.6 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Price/Sales 2.1 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 0.1 100 90 100 Div Payout 0.0 90 80 90 ROE 22.5 80 70 80 Share Index) Share Share Sector) Share - 70 - 70 60 DESCRIPTION 60 60 50 50 50 The Company principal activity is that of a holding 40 RSI RSI (Absolute) 40 40 company of a Group engaged in residential-led 30 property development focusing on urban regeneration 30 30 and mixed-use developments. 20 20 20 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 10 10 10 Jan-2019 Mar-2019 May-2019 Jul-2019 Sep-2019 Nov-2019 Jan-2019 Mar-2019 May-2019 Jul-2019 Sep-2019 Nov-2019 Jan-2019 Mar-2019 May-2019 Jul-2019 Sep-2019 Nov-2019 See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details. Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Berkeley Group Holdings 30 January 2020 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-Dec-2019 31-Dec-2019 31-Dec-2019 13 10 3.5 12 9 11 3 +1SD 8 10 +1SD +1SD 9 7 2.5 Avg Avg 8 6 Avg 7 -1SD -1SD 2 5 -1SD 6 5 4 1.5 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Reckitt Benckiser Group 20.1 Reckitt Benckiser Group 14.8 Reckitt Benckiser Group 2.9 McBride 20.0 Mccarthy & Stone 13.8 Persimmon 2.7 Mccarthy & Stone 17.3 Barratt Developments 12.6 M J Gleeson 2.6 M J Gleeson 15.7 M J Gleeson 11.7 McBride 2.5 Vistry Group Countryside Properties 14.7 Vistry Group 10.8 2.3 Household Goods & Home Construction 13.1 Household Goods & Home Construction 2.3 Household Goods & Home Construction 10.7 Berkeley Group Holdings 9.8 Berkeley Group Holdings 2.1 Berkeley Group Holdings Persimmon 9.7 6.7 Redrow 1.7 Taylor Wimpey 9.7 Taylor Wimpey 6.6 Bellway 1.6 Bellway 8.7 Redrow 6.0 Barratt Developments 1.6 Redrow 8.0 McBride 6.0 Crest Nicholson Holdings 1.3 Crest Nicholson Holdings 7.8 Crest Nicholson Holdings 5.7 Mccarthy & Stone 1.1 0 5 10 15 20 25 0 2 4 6 8 10 12 14 16 0 0.5 1 1.5 2 2.5 3 3.5 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-Dec-2019 31-Dec-2019 31-Dec-2019 30 9 2.4 8 2.3 25 7 +1SD 2.2 20 6 2.1 +1SD 5 2 Avg 15 +1SD 4 1.9 Avg 10 Avg 3 1.8 -1SD 2 1.7 -1SD 5 -1SD 1 1.6 0 ‖ ‖ 0 1.5 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 M J Gleeson 60.2 Persimmon 8.7 Reckitt Benckiser Group 3.4 Mccarthy & Stone 54.1 Crest Nicholson Holdings 7.6 Persimmon 2.3 McBride 22.2 Headlam Group 4.6 M J Gleeson 2.1 Countryside Properties 20.8 Redrow 4.1 Berkeley Group Holdings 2.1 Barratt Developments 17.7 Bellway 4.0 Household Goods & Home Construction 2.1 Household Goods & Home Construction 15.4 Household Goods & Home Construction 3.7 Vistry Group 1.9 Persimmon 13.1 Countryside Properties 3.6 Redrow 1.2 Headlam Group 11.1 Taylor Wimpey 3.2 Mccarthy & Stone 1.2 Berkeley Group Holdings 10.0 Reckitt Benckiser Group 2.8 Crest Nicholson Holdings 1.0 Taylor Wimpey 9.6 Berkeley Group Holdings 0.6 Headlam Group 0.6 Redrow 9.0 McBride 0.0 McBride 0.2 0 10 20 30 40 50 60 70 0 1 2 3 4 5 6 7 8 9 10 0 0.5 1 1.5 2 2.5 3 3.5 4 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: Berkeley Group Holdings 30 January 2020 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-Dec-2019 31-Dec-2019 31-Dec-2019 0.15 90 34 80 +1SD 32 +1SD 70 +1SD 30 0.1 60 50 28 Avg Avg Avg 40 26 0.05 30 24 20 -1SD -1SD 10 22 0 ‖‖ -1SD 0 20 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 McBride 2.1 Vistry Group 100.0 Persimmon 27.7 Reckitt Benckiser Group 0.8 Persimmon 88.7 Berkeley Group Holdings 22.5 Household Goods & Home Construction 0.3 Taylor Wimpey 84.5 Redrow 21.4 Crest Nicholson Holdings 0.2 Barratt Developments 63.4 Taylor Wimpey 20.6 Berkeley Group Holdings 0.1 Mccarthy & Stone 63.0 Countryside Properties 19.9 Mccarthy & Stone 0.1 Household Goods & Home Construction 58.0 Household Goods & Home Construction 17.8 Headlam Group 0.0 Redrow 54.4 Reckitt Benckiser Group 15.3 Bellway 0.0 Bellway 34.4 Headlam Group 14.8 Countryside Properties 0.0 Countryside Properties 33.4 Vistry Group 12.9 Persimmon 0.0 McBride 0.0 McBride 12.3 M J Gleeson 0.0 Berkeley Group Holdings 0.0 Mccarthy & Stone 6.1 0 0.5 1 1.5 2 2.5 0 20 40 60 80 100 120 0 5 10 15 20 25 30 ROE vs. PB — sector Du Pont Analysis 3.0 2.5 35 RB. 2.8 Regression 30 PSN 2 2.6 GLE MCB 25 2.4 Household GoodsCSP 1.5 2.2 20 PB BKG 2.0 TW. 15 VTY HEAD 1 1.8 10 RDW 1.6 BWY BDEV 0.5 1.4 5 CRST 1.2 0 0 MCS 2015 2016 2017 2018 2019 1.0 6 8 10 12 14 16 18 20 22 24 26 28 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: Berkeley Group Holdings 30 January 2020 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.