Standard Life Aberdeen : Holding(s) in Company

In reference to Section 9, the shares detailed are managed by the named discretionary investment management entity within multiple portfolios on behalf of underlying clients, based on investment management agreements whereby the client has delegated the exercise of the voting power to the referenced investment manager.

This disclosure reflects the fact that the voting rights effectively held indirectly by the underlying intermediate holding company Standard Life Investments (Holdings) Limited ('SLIHL') decreased below the 18% notifiable threshold due to trading on 8 January 2020. SLIHL now effectively holds the delegated voting rights to 17.83% of the shares in Kier Group plc. Prior to this crossing, SLIHL effectively held 18.05% of the delegated voting rights.