CWK

SEC source: 0000903423-18-000645 · ownership.xml · derivative · entry 1

McLean Jodie W. · CIK 0001711013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,203

Underlying: Common Stock · 5,203 shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted Stock Units (RSUs) granted under the Cushman & Wakefield plc 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan convert into an equal number of ordinary shares of common stock.

F2 · derivative.exercise_date: On December 18, 2018, the reporting person was granted 5,203 RSUs which will vest and settle on the earlier of (i) December 18, 2019 or (ii) the date of the first annual shareholders meeting to occur following the Grant Date, subject, with certain limited exceptions, to Ms. McLean remaining a director through such vesting date.

F2 · derivative.expiration_date: On December 18, 2018, the reporting person was granted 5,203 RSUs which will vest and settle on the earlier of (i) December 18, 2019 or (ii) the date of the first annual shareholders meeting to occur following the Grant Date, subject, with certain limited exceptions, to Ms. McLean remaining a director through such vesting date.

SEC source: 0000903423-18-000618 · ownership.xml · nonDerivative · entry 2

WHITE W BRETT · CIK 0001128144 · Director · Executive Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 808,902

SEC source: 0000903423-18-000618 · ownership.xml · nonDerivative · entry 1

WHITE W BRETT · CIK 0001128144 · Director · Executive Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,251,907

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: The reporting person received these shares as the result of the vesting of restricted stock units on November 19, 2018 pursuant to an amendment of the applicable award agreement on the same date. Each restricted stock unit represents the right to acquire one ordinary share of company stock.

F1 · price: The reporting person received these shares as the result of the vesting of restricted stock units on November 19, 2018 pursuant to an amendment of the applicable award agreement on the same date. Each restricted stock unit represents the right to acquire one ordinary share of company stock.

SEC source: 0000903423-18-000589 · ownership.xml · nonDerivative · entry 2

WHITE W BRETT · CIK 0001128144 · Director · Executive Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 358,390

SEC source: 0000903423-18-000589 · ownership.xml · nonDerivative · entry 1

WHITE W BRETT · CIK 0001128144 · Director · Executive Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 386,651

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: The reporting person received these shares as the result of the scheduled vesting of restricted stock units. Each restricted stock unit represents the right to acquire one ordinary share of company stock.

F1 · price: The reporting person received these shares as the result of the scheduled vesting of restricted stock units. Each restricted stock unit represents the right to acquire one ordinary share of company stock.

SEC source: 0000903423-18-000554 · ownership.xml · derivative · entry 1

Palmer Duncan · CIK 0001411587 · EVP, Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 55,463

Underlying: Common Stock · 55,463 shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted Stock Units (RSUs) granted under the Cushman & Wakefield plc 2018 Omnibus Management Share and Cash Incentive Plan convert into an equal number of ordinary shares of common stock.

F2 · derivative.exercise_date: On October 11, 2018, the reporting person was granted 55,463 RSUs which will vest and settle in four (4) substantially equal installments on each of the first four (4) anniversaries of September 6, 2018, subject, with certain limited exceptions, to the reporting person's continuing employment through each such vesting date.

F2 · derivative.expiration_date: On October 11, 2018, the reporting person was granted 55,463 RSUs which will vest and settle in four (4) substantially equal installments on each of the first four (4) anniversaries of September 6, 2018, subject, with certain limited exceptions, to the reporting person's continuing employment through each such vesting date.

SEC source: 0000903423-18-000555 · ownership.xml · derivative · entry 1

Williamson Billie Ida · CIK 0001533990 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,372

Underlying: Common Stock · 7,372 shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted Stock Units (RSUs) granted under the Cushman & Wakefield plc 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan convert into an equal number of ordinary shares of common stock.

F2 · derivative.exercise_date: On October 11, 2018, the reporting person was granted 7,372 RSUs which will vest and settle on the earlier of (i) October 11, 2019 or (ii) the date of the first annual shareholders' meeting to occur following the Grant Date, subject, with certain limited exceptions, to Ms. Williamson remaining a director through such vesting date.

F2 · derivative.expiration_date: On October 11, 2018, the reporting person was granted 7,372 RSUs which will vest and settle on the earlier of (i) October 11, 2019 or (ii) the date of the first annual shareholders' meeting to occur following the Grant Date, subject, with certain limited exceptions, to Ms. Williamson remaining a director through such vesting date.

SEC source: 0000903423-18-000535 · ownership.xml · nonDerivative · entry 1

DTZ Investment Holdings, L.P. · CIK 0001748538 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 2,758,022

F1 · kind: On October 4, 2018, DTZ Investment Holdings, L.P. ("Holdings LP") made a pro rata distribution of depositary receipts ("Depositary Receipts") representing 135,143,085 ordinary shares of Cushman & Wakefield plc (the "Issuer") to its limited partners. The distributed Depositary Receipts had been held directly by a nominee of Holdings LP for the benefit of the limited partners of Holdings LP. The remaining Depositary Receipts are held by DTZ Investment Holdings GenPar LLP (acting in its capacity as general partner of Holdings LP) for the benefit of the limited partners of Holdings LP.

F1 · price: On October 4, 2018, DTZ Investment Holdings, L.P. ("Holdings LP") made a pro rata distribution of depositary receipts ("Depositary Receipts") representing 135,143,085 ordinary shares of Cushman & Wakefield plc (the "Issuer") to its limited partners. The distributed Depositary Receipts had been held directly by a nominee of Holdings LP for the benefit of the limited partners of Holdings LP. The remaining Depositary Receipts are held by DTZ Investment Holdings GenPar LLP (acting in its capacity as general partner of Holdings LP) for the benefit of the limited partners of Holdings LP.

F1 · ownership.nature: On October 4, 2018, DTZ Investment Holdings, L.P. ("Holdings LP") made a pro rata distribution of depositary receipts ("Depositary Receipts") representing 135,143,085 ordinary shares of Cushman & Wakefield plc (the "Issuer") to its limited partners. The distributed Depositary Receipts had been held directly by a nominee of Holdings LP for the benefit of the limited partners of Holdings LP. The remaining Depositary Receipts are held by DTZ Investment Holdings GenPar LLP (acting in its capacity as general partner of Holdings LP) for the benefit of the limited partners of Holdings LP.

F2 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under Exchange Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities in excess of its pecuniary interests.

SEC source: 0000903423-18-000536 · cush.xml · nonDerivative · entry 1

2339532 Ontario Ltd · CIK 0001748810 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 359,647

F1 · kind: On October 4, 2018, 2339532 Ontario Ltd ("2339532"), a wholly-owned subsidiary of Ontario Teachers Pension Plan Board ("OTPPB"), made a pro rata distribution of depositary receipts representing 17,622,658 ordinary shares of Cushman & Wakefield plc (the "Issuer") to OTPPB.

F1 · price: On October 4, 2018, 2339532 Ontario Ltd ("2339532"), a wholly-owned subsidiary of Ontario Teachers Pension Plan Board ("OTPPB"), made a pro rata distribution of depositary receipts representing 17,622,658 ordinary shares of Cushman & Wakefield plc (the "Issuer") to OTPPB.

F1 · ownership.nature: On October 4, 2018, 2339532 Ontario Ltd ("2339532"), a wholly-owned subsidiary of Ontario Teachers Pension Plan Board ("OTPPB"), made a pro rata distribution of depositary receipts representing 17,622,658 ordinary shares of Cushman & Wakefield plc (the "Issuer") to OTPPB.

F2 · ownership.nature: 2339532 holds 13.04% partnership interests in (i) DTZ Investment Holdings LP ("Holdings LP") and (ii) DTZ Investment Holdings GenPar LLP ("DTZ GenPar"), the general partner of Holdings LP. DTZ GenPar (acting in its capacity as general partner of Holdings LP) holds depositary receipts representing 2,758,022 ordinary shares for the benefit of the limited partners of Holdings LP.

F3 · ownership.nature: Because of the relationship between 2339532, Holdings LP and DTZ GenPar, 2339532 may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to beneficially own the depositary receipts representing ordinary shares of the Issuer beneficially owned in the aggregate by Holdings LP and DTZ GenPar. 2339532 disclaims beneficial ownership of the depositary receipts representing ordinary shares of the Issuer beneficially owned in the aggregate by Holdings LP, DTZ GenPar or any future distributees, except to the extent of 2339532's pecuniary interest therein, if any.

F4 · ownership.nature: The President and Chief Executive Officer of OTPPB has delegated to each of Mr. Andrew Taylor and Mr. Rajeev Ruparelia the authority to implement disposition decisions with respect to shares held by 2339532 Ontario Limited; however, approval of such decisions is made by senior personnel within the private capital group of OTPPB in accordance with internal portfolio guidelines. Voting decisions are made by personnel within the public equities group of OTPPB in accordance with internal proxy voting guidelines. Each of Messrs. Taylor and Ruparelia expressly disclaims beneficial ownership of such shares.

F5 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under Exchange Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of its pecuniary interests.

SEC source: 0000899243-18-022077 · doc4.xml · nonDerivative · entry 1

TPG Asia Advisors VI, Inc. · CIK 0001601127 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 0

F1 · kind: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GDB 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · price: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GDB 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · ownership.nature: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GDB 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Asia Advisors VI, Inc. (together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the general partner of each of (i) TPG Drone Investment, L.P. and (ii) TPG Drone Co-Invest, L.P. (collectively, the "TPG Funds"). The TPG Funds in the aggregate hold 49.63% of the partnership interests in each of (i) Holdings LP and (ii) DTZ GenPar.

F3 · ownership.nature: Because of the relationship between the Reporting Persons and the TPG Funds, the Reporting Persons may have been deemed to have beneficially owned the securities reported herein to the extent of the greater of their respective direct or indirect pecuniary interests in the profits or capital accounts of the TPG Funds. Each TPG Fund and each Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such TPG Fund's or such Reporting Person's pecuniary interest therein, if any.

F4 · ownership.nature: Because of the relationship between the Reporting Persons and DTZ GenPar, the Reporting Persons may have been deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to have beneficially owned the Preference Shares beneficially owned in the aggregate by DTZ GenPar. Each TPG Fund and each Reporting Person disclaims beneficial ownership of the Preference Shares beneficially owned in the aggregate by DTZ GenPar, except to the extent of such TPG Fund's or Reporting Person's pecuniary interest therein, if any.

F5 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under Exchange Act, this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of their respective pecuniary interests.

SEC source: 0000899243-18-022081 · doc4.xml · nonDerivative · entry 1

ONTARIO TEACHERS PENSION PLAN BOARD · CIK 0000937567 · 10% owner

2339532 Ontario Ltd · CIK 0001748810 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 0

F1 · kind: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · price: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · ownership.nature: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F2 · ownership.nature: 2339532 Ontario Limited ("2339532") holds 13.04% partnership interests in (i) DTZ Investment Holdings LP ("Holdings LP") and (ii) DTZ Investment Holdings GenPar LLP ("DTZ GenPar"), the general partner of Holdings LP. 2339532 is a wholly-owned subsidiary of Ontario Teachers Pension Plan Board (together, the "OTPP Entities").

F3 · ownership.nature: Because of the relationship between the OTPP Entities, Holdings LP and DTZ GenPar, the OTPP Entities may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to beneficially own the Preference Shares beneficially owned in the aggregate by Holdings LP and DTZ GenPar. Each OTPP Entity disclaims beneficial ownership of the Preference Shares beneficially owned in the aggregate by Holdings LP, DTZ GenPar or any future distributees, except to the extent of such OTPP Entity's pecuniary interest therein, if any.

F4 · ownership.nature: The President and Chief Executive Officer of OTPP has delegated to each of Mr. Andrew Taylor and Mr. Rajeev Ruparelia the authority to implement disposition decisions with respect to shares held by 2339532 Ontario Limited; however, approval of such decisions is made by senior personnel within the private capital group of OTPP in accordance with internal portfolio guidelines. Voting decisions are made by personnel within the public equities group of OTPP in accordance with internal proxy voting guidelines. Each of Messrs. Taylor and Ruparelia expressly disclaims beneficial ownership of such shares

F5 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under Exchange Act, this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of their respective pecuniary interests.

SEC source: 0000899243-18-022076 · doc4.xml · nonDerivative · entry 1

DTZ Investment Holdings, L.P. · CIK 0001748538 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 0

F1 · kind: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · price: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · ownership.nature: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F2 · ownership.nature: Affiliates of TPG Global, LLC, PAG Capital Limited and Ontario Teachers' Pension Plan Board own interests in DTZ GenPar and Holdings LP and are making separate Form 4 filings.

F3 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under Exchange Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities in excess of its respective pecuniary interests.

SEC source: 0000899243-18-022080 · doc4.xml · nonDerivative · entry 1

PAGAC Drone Holding GP I Ltd · CIK 0001748609 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 0

F1 · kind: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · price: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F1 · ownership.nature: On August 8, 2018, Cushman & Wakefield plc (the "Issuer") redeemed the 50,000 redeemable preference shares, GBP 1.00 nominal value per share (the "Preference Shares"), held by DTZ Investment Holdings GenPar LLP ("DTZ GenPar") (acting in its capacity as general partner of DTZ Investment Holdings LP ("Holdings LP")). DTZ GenPar held the Preference Shares for the benefit of the limited partners of Holdings LP. The sole consideration paid by DTZ GenPar for the Preference Shares was execution of an undertaking to pay GBP 50,000 to the Issuer. The sole consideration for the redemption of the Preference Shares was cancellation of that undertaking to pay.

F2 · ownership.nature: PAGAC Drone Holding GP I Limited is the general partner of PAGAC Drone Holding I LP (together, the "PAG Entities"). PAGAC Drone Holding I LP holds 37.33% of the partnership interests in each of (i) DTZ Investment Holdings LP ("Holdings LP") and (ii) DTZ Investment Holdings GenPar LLP ("DTZ GenPar"), the general partner of Holdings LP.

F3 · ownership.nature: Because of the relationship between the PAG Entities, Holdings LP and DTZ GenPar, the PAG Entities may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to beneficially own the Preference Shares beneficially owned in the aggregate by Holdings LP and DTZ GenPar. Each PAG Entity disclaims beneficial ownership of the Preference Shares beneficially owned in the aggregate by Holdings LP, DTZ GenPar or any future distributees, except to the extent of such PAG Entity's pecuniary interest therein, if any.

F4 · ownership.nature: Messrs. Jon Robert Lewis, David Jaemin Kim and Noel Walsh and Ms. Tamara Williams have been delegated, in accordance with certain proxy voting guidelines, the authority to implement voting decisions and the authority to implement disposition decisions with respect to shares indirectly held by PAGAC Drone Holding GP I Limited, including the the 18,665.00 Preference Shares. Each of Messrs. Lewis, Kim and Walsh and Ms. Williams expressly disclaims beneficial ownership of such shares.

F5 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under Exchange Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities in excess of its respective pecuniary interests.