Interim Results: 31 March 2018

www.eigroupplc.com

Introduction

Robert Walker

Chairman

Overview

Simon Townsend

Chief Executive Officer

HighlightsTrading performance

Pubs

276

223Craft Union

53 Bermondsey

Return oninvestment

21%

Maturing returns from conversions

Averageannualised

site EBITDA of £99,000 per

pub

Pubs

43

Expanding pub numbers

Average annualised

site EBITDA of £198,000 per

pub

Partners

10

Broad mix of

operating styles

Pubs

3,856

Averageannualisednet income

per pub

+4.3%

Building a quality

portfolio

351

Expanding and

enhancing quality

Average annualisednet incomeper property

3

Net asset value per share up 8% to £3.26 (H1 2017: £3.01)

Like-for-likenet incomeup by 0.6%

Averageannualised

net income of £80,900 per

pub

Averageannualised

net income of £68,600 per

property

+8.2%

Financial & Trading Review

Neil Smith

Chief Financial Officer4

Income statementMaintaining growth momentum in underlying EPS

Non-underlying items detailed on slide 10

5

6 months to 31 March

2018

6 months to 31 March

2017

Year to30 Sept

2017

£m Underlying Underlying Underlying

EBITDA 139 140 287

Depreciation (9) (8) (17)

Operating profit 130 132 270

Finance costs (73) (75) (149)

Profit before tax 57 57 121

Taxation (10) (11) (22)

Profit after tax 47 46 99

Underlying EPS (p) 9.8 9.6 20.5

Weighted average no. of shares (m)

476.1 483.5 481.9

Segmental analysisLike-for-like growth maintained in EiPP and increasing contribution from managed and commercial properties

6

Total Publican Partnerships

like-for-like net income growth of

0.6%

Beginning to see growing

contribution from commercial

and managed businesses

Translates to EBITDA reduction of

0.7% due to asset disposals, with

trading pub numbers down 194

(4.1%) vs H1 2017

6 months ending 31 March

£m 2018 Movement 2017Change

%

EiPP like-for-like net income 150 1 149 0.6%

Disposals 1 (4) 5

Non like-for-like net income/(costs) - (8) 8

EiPP total net income 151 (11) 162

Commercial properties 13 4 9

Managed 11 6 5

Group net income 175 (1) 176

Property costs (15) - (15)

Administrative expenses (21) - (21)

Underlying EBITDA 139 (1) 140 (0.7)%

EiPP like-for-like net income up 0.6%Stable rental income and continued growth in beer income

7

Sales-led improvement with

growing income from beer,

aided by discounts

Stable rental income

No increase in discretionary

support: stable at £2m

Full detailed analysis included as appendix 2

149

3(2)

150

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Y17

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Dis

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H1 F

Y18

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me

Unplanned business failuresKeeping on top of unplanned business failures

8

Number of unplanned business failures

257

157

87 7561

33 30

2013 2014 2015 2016 2017 H1 17 H1 18

Only 30 unplanned

business failures in the

first half, or 1.3% of the

estate

Regional teams

remain vigilant in

identification of early

warning signs

Tied publicans can be

offered extended

credit terms to ease

pressures

EiPP regional performanceGrowth in the South, broadly flat elsewhere

9

6 months ended 31 March

Location

Net incomeYear-

on-yearchange

%No. ofpubs

H1 2018£m %

H1 2017£m

North 1,059 38.5 26 38.7 (0.5)

Midlands 773 27.0 18 27.1 (0.4)

South 2,024 85.0 56 83.8 1.4

Total 3,856 150.5 100 149.6 0.6

10

Non-underlying itemsMaterially reduced from last year due to absence of refinancing charges

Property charges in line with last year and relate to impact of asset disposals

Finance charges last year relate to early redemption costs associated with £250m bond refinancing

Other charges primarily relate to surrender premiums

6 months ended 31 March

£m 2018 2017

Property charges:

Valuation change on sold pubs/future sales 6 8

Disposals (2) (6)

Goodwill allocated to disposals 4 7

Property charges 8 9

Finance charges 1 30

Other charges 3 5

Taxation (2) (8)

Total non-underlying charges 10 36

Strong operational cash generationEnabling investment, debt reduction and share buyback

11

Operating cash inflow remains strong at £125m

Interest outflow reducing in line with debt reduction

Repayments received in respect of prior year tax offset current year cash payments

Forecast full year excess cash flow of £20m has been utilised to fund share buyback

£m

6 months

ending

31 March

2018

6 months

ending

31 March

2017

Year

ending

30 Sept

2017

Operating profit 127 127 261

Depreciation and amortisation 9 8 17

Movement in working capital (11) (9) (1)

Operating cash inflow 125 126 277

Interest (72) (78) (149)

Tax - (9) (16)

Free cash flow pre-investment 53 39 112

Disposals 34 65 100

Free cash flow to allocate 87 104 212

Capital investment (42) (35) (80)

Debt amortisation (40) (38) (77)

Financing charges/bond purchases (5) - (33)

Other - (1) 1

Excess cash flow - 30 23

Improving estate qualityReinvesting disposal proceeds to enhance returns

12

Disposal proceeds of £34m includes;

● 83 largely under-performing pubs

● 8 high value disposals,

52% of capital investment focused on growth driving initiatives

228 pubs in the estate enjoyed significant growth investment

17% ROI on growth driving investment schemes

£42m

£34m

Investment

Growth Letting & maintenance

Disposals

H1 FY18

Growth investment: £22m

£9m

£13m

Publican

Partnerships

Managed

No. of

schemes

Average

investment

(£k)

145 60

83 152

13

Loan to value at 54%(58% excluding lotting premium)

£40m securitised bonds

repaid in period through

amortisation

Bank debt drawn £75m, net

of cash at 31 March 2018

was £48m

Total available bank

facilities of £190m providing

sufficient headroom to

repay £100m corporate

bond due December 20180.1 0.1

1.10.8

2.1

0.3

1.61.7

3.6

1.8

3.8

Net debt Assets Lotting premium

TotalCorporate bonds

Bankdebt

Securitised bonds

Convertible bonds

Group ratios H1 2018 2017 2016 2015 2014

Leverage 7.3x 7.4x 7.5x 7.8x 8.0x

Interest cover 1.9x 1.9x 1.9x 1.9x 1.8x

14

Capital allocation frameworkAs at 15 May 2018

Framework

Forecast excess cash for FY2018 of £20m has been

used to purchase and cancel 15 million shares at an

average share price of £1.32

Status at May 2018

1. Define priority calls on cash flowTo determine excess cash available

2. Use of excess cashLeverage reduction/managementversus investment or returns

3. Use the rate of return modelTo evaluate additional investmentor returns to shareholders

2018 Financial guidanceUnchanged from November preliminary results

15

Targeting full year like-for-like net income growth in EiPP and EiCP

Total underlying administrative charges of c. £43m - £44m

Full year underlying interest costs of c. £144m - £146m

Full year underlying effective tax rate c. 18.0% - 18.5%

Disposals of c. £60m - £70m

Capital investment of c. £80m

Operational & Strategic Review

Simon Townsend

16

Ei Group plc The core tenets of our strategy for value creation remain unchanged

17

Cash generative, largely freehold asset-backed business

Consistent financial performance delivering stable returns

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ore

Ev

olv

ing

bu

sin

ess

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atin

g v

alu

e

for

sta

ke

ho

lde

rs

Transition of assets to optimum use is “business as usual”

Proactive portfolio management to create and release value

Highly disciplined and returns-driven management

Operational and financial strategy will continue to unlock value from our asset base

Cash generation and monetisation will optimise returns for all stakeholders

18

Publican Partnerships

Managed Pubs

Commercial Properties

Capital Allocation

Framework

2015 2016 2017 2018 2019 2020 2021

BUILD EXECUTE MONETISE

• Stabilise and grow core

estate

• MRO infrastructure

• Optimise estate under

tenancy & lease

• Flexible MRO options

• Drive growth in income, cash

and NAV

• Build in-house capabilities

• Develop business models

• Identify investment partners

• Improving trading

performance

• Enhance in-house

capabilities

• Monetise value from

investment structures

• Evolve legacy portfolio

• Selective disposals to

enhance quality

• MRO transition

• Drive returns and NAV

• Focus on quality not quantity

• Monetise value

• Strengthen balance sheet

through deleverage

• Opportunistic shareholder

returns

• Optimise capital structure

• Utilisation of surplus cash

• Sustainable capital structure

• Regular returns to

shareholders

Our business objective is to drive returns to shareholders

Evolution of our businessStrategic development is now normal operational execution

19

Market

conditions

Quality not

quantity

Simplification

and efficiency

• Inflationary environment

• Casual dining over supply

• Early exit from “friends and family” managed concept

• Focus on core strength of wet-led pubs

• Lower MRO take up as vast majority of tied publicans remain tied

• Reduced failure rate and slow down of assignment market limits availability

• Adjust Commercial Property rate of growth

• Adjust Managed Operations rate of growth

• Focus on core pub operations

• Consolidate where possible to simplify back office support

• Establish normalised pipeline approach to conversions to drive efficiency

• Combine Managed Operations of Bermondsey and Craft Union

• Efficient conversion pipeline established to deliver c.125 managed sites per annum

Refining our approachOur flexible business model allows us to respond to changing environment

Influencing factors Ei response

Strategic execution at 31 March 2018Transition of assets to optimum use

20

(351)

(43)

Premium

Food ledWet led

Value

(223)

(53)

(3,856)

Trading estate (nos.)

March 2018

Sept2017

EiPP 3,856 4,051

EiMO & EiMI 319 256

EiCP 351 331

Total trading 4,526 4,638

Value creation through new operating modelsIndicative business unit composition 2020

21

Note: Site EBITDA figures represent average annualised net income which exclude property and central overhead costs

* Based on sites trading for greater than 6 months

As at30 Sept

2017

As at31 March

2018

Updated indicative

profile30 Sept 2020

SitesSite

EBITDASites

SiteEBITDA

SitesSite

EBITDA

Publican Partnerships 4,051 £80k 3,856 £81k 3,050 £82 - 85k

Commercial Properties 331 £67k 351 £69k 500 £72 - 75k

Managed Operations 226 £96k 276 £99k* 500 £100 - 110k

Managed Investments 30 £230k 43 £198k* 100 £175 - 225k

◦ Quality asset selection

◦ Efficient conversions

◦ Simplification of execution

Updated expectations for 2020Clear distinction between pub operations and asset management

22

Premium

Food ledWet led

Value

(c.500)

(c.100)

(c.3,050)

Total estate

c. 4,150

(c.500)

Asset ManagementCreation of value

through monetisation

Pub OperationsGrowing value

through investment and

asset optimisation

Ei Publican PartnershipsTied leases and tenancies to protect and grow value

23

Reinvigorated model

Investment

● Invest where returns are more certain – tenancies

● Utilise MRO investment waiver to make significant

investment in selected new leases

Support and efficiency

● Targeted support for tied tenancies and leases

● 28 Pub Principle Guides issued

● 40% of publicans ordering via new online

platform

Implications

● Utilise lease expiries to grow managed estate

● Share best practice and experience from

managed operations

2018 expectations

Sustain like-for-like net income growth

Provide pipeline to managed and commercial properties

24

MRO - estate profileMost common MRO trigger events are rent review and renewal

43% of estate let on tied leases at 31 March 2018

At next rent event:● 6% have more than 10 years

remaining

● 9% have between 5 and 10 years remaining

● 9% have up to 5 years remaining

● 19% where the next event is expiry of the lease

Note: Percentages shown in brackets on the chart state the position at 30 September 2017

15%

42%

19%

9%

9%

6%

Commercial & managed Tenancy

Lease end Leases less than 5 yrs

Leases 5 - 10 yrs Leases over 10 years

(13%)

(41%)

(18%)

(11%)

(10%)

(7%)

Management of MRO eventsProactively addressing opportunities and risks

25

Number of events

Since November 2014, we have

reduced long-term tied leases (> 5

years) from 3,035 to 1,942 (36%) at

31 March 2018

We expect to reduce exposure to

tied leases by c.10% per annum

990 lease rent review or

agreement renewal events from

21July 2016 to 31 March 2018

605494

381

110

6282

94

5960

536

391350

FY 2016 FY 2017 FY 2018

Lease rent review Lease renewals Lease assignments Other events

Actual Estimated

3,035

2,069 1,942

Nov-14 Sep-17 Mar-18

Number of tied leases

256

141

1516

84

49

35

MRO offersissued

New tieddeal

New FOTterms agreed

Other* Active MRO offers With Adjudicator orIndependent Assessor

In progress

MRO offers990 potential trigger events from 21 July 2016 to 31 March 2018

26

* Primarily represents pubs sold to Publicans or lease buybacks

MRO offers concluded

Ei Managed OperationsFully managed pub operations to grow value

27

276 Managed pubs at 31 March 2018

(223 Craft Union and 53 Bermondsey)

For 165 sites trading more than 6 months at

31 March 2018

• Average capex of £157,000

• Average weekly takings of £10,400

• Average site EBITDA of £99,000

• Average ROI of 21%

• Total ROCE of 11%

Craft Union operation consists of well-

invested wet-led community pubs

Bermondsey operations consist of mix of

styles, largely wet-led, often retaining existing

retail offer

2018 expectations

c. 300-310 pubs operational

National geographic presence

Ei Managed InvestmentsPartnering with exceptional retailers to create and monetise value

28

43 pubs operating at 31 March 2018

For 21 sites trading more than 6 months at 31

March

● Average capex of £431,000

● Average weekly takings of £21,000

● Average site EBITDA of £198,000

● Average ROI of 16%

● Total ROCE of 13%

Ten managed expert ventures provide broad

range of offers

Focus now is to grow scale of each venture

with high quality additional pubs

Quality of offering recognised by five winners

of “Most Loved Local” in Time Out 2018 Awards

2018 expectations

c. 10 -11 partners

c. 55 pubs

Ei Commercial PropertiesAttractive, high quality asset class capable of monetisation

29

Profile of 351 estate as at 31 March 2018

● Average annualised net income of £68,600 per site

● Average rent of estate is £70,000

● Annualised rental income of £25 million

● Asset value of £289 million (8.5% yield)

● Yield of 7.7% on 305 freehold assets

● Average lease length 19 years

Building a quality portfolio but retain flexibility to realise value

2018 full year expectations

c.375 sites

c. £70,000 - £72,000 average rent

Ei Group plcEvolved from strategy to business execution

30

Our operating businesses are well placed to maintain our progress despite

a more challenging industry-wide back drop

We have embedded our strategic plan into our day-to-day business and

have evolved our execution as an efficient portfolio manager

We are executing the appropriate strategy to yield significant returns for

shareholders

Our financial guidance for FY18 remains unchanged

Questions and Answers

31

Appendices

1. EiPP operational metrics

2. EiPP like-for-like net income analysis

3. Supporting our publicans

4. Income statement

5. Balance sheet

6. Net debt analysis

7. EIG bank facility and term loan

8. EIG corporate bonds

9. Unique securitisation

10. Alternative performance measures

11. Forward-looking statements

32

Appendix 1EiPP operational metrics

33

156 rent reviews completed at an average annual increase of 1.8%

(H1 2017 - 293 increase of 1.0%)

75% of substantive agreements linked to RPI (H1 2017 - 74%)

94% of publicans receiving contractual BCF discount (H1 2017 - 93%)

Overdue balances increased to 0.9% of turnover, as we extend credit

where appropriate (H1 2017 - 0.5%)

Total discretionary support £2m (H1 2017 - £2m)

Average length of occupation 7 years (H1 2017 - 7 years)

Appendix 2EiPP like-for-like net income analysis

34

£mBeer,cider& fabs

Contractualdiscounts

Net beer, cider

and fabs

Rentalincome

Discretionaryconcessions

Wines,spirits andminerals

Machinesand other

Total

H1 2018

Turnover 204 (36) 168 63 (2) 13 4 246

Cost of sales (87) - (87) - - (9) - (96)

Net income 117 (36) 81 63 (2) 4 4 150

H1 2017

Turnover 201 (34) 167 63 (2) 12 4 244

Cost of sales (87) - (87) - - (8) - (95)

Net income 114 (34) 80 63 (2) 4 4 149

Appendix 3Supporting our publicans

35

Publican

Technology &Media

• Web presence

• Publican channel

• Online ordering

• Satellite offer

• Pub WIFI

• Yext

Marketing & Community

• Retail marketing support

– Key events– 28 Pub principles

• Ei Live

– c3,500 visitors across five venues

• Awards for excellence

• Royal British Legion

Suppliers &Range

• All major suppliers

• c. 500 brewers

• c. 1,700 product lines

• SIBA/Craft/Festivals

• Barrel Top/Beerista

• Booker

• E-market

Operations & Property

• Dedicated fieldbased Ops team

• Comprehensive Property support

• Targeted discretionary support H1: £2m

• Knowledge/bestpractice

Recruitment & Training

• Digital journey

– Applicant channel– Social media

• Tailored events

• Applicantprofiling/retention

• Bespoke training

• E-learning

Appendix 4Income statement

36

6 months to31 March 2018

6 months to31 March 2017

Year to30 Sept 2017

£mUnder-lying

Nonunder-lying

TotalUnder-lying

NonUnder-lying

TotalUnder-lying

NonUnder-lying

Total

EBITDA 139 (3) 136 140 (5) 135 287 (9) 278

Depreciation (9) - (9) (8) - (8) (17) - (17)

Operating profit 130 (3) 127 132 (5) 127 270 (9) 261

Property related - (8) (8) - (9) (9) - (24) (24)

Finance costs (73) (1) (74) (75) (30) (105) (149) (30) (179)

Profit/(loss) before tax 57 (12) 45 57 (44) 13 121 (63) 58

Taxation (10) 2 (8) (11) 8 (3) (22) 18 (4)

Profit/(loss) after tax 47 (10) 37 46 (36) 10 99 (45) 54

Underlying EPS (p) 9.8 9.6 20.5

Weighted average no. of shares (m)

476.1 483.5 481.9

Appendix 5Balance sheet

37

£m

As at

31 March

2018

As at

31 March

2017

As at

30 Sept

2017

Goodwill 308 314 312

Pubs and other assets 3,615 3,621 3,626

Net debt (2,088) (2,170) (2,110)

Net other liabilities (141) (133) (149)

Deferred tax (173) (182) (176)

Net asset value 1,521 1,450 1,503

NAV per share £3.26 £3.01 £3.13

Appendix 6Net debt analysis

38

£mAs at

31 March

2018

As at

31 March

2017

As at

30 Sept

2017

EIG bank debt (75) (80) (55)

EIG cash 27 34 26

EIG net bank debt (48) (46) (29)

Captive insurance cash 10 12 10

Convertible bonds (97) (97) (97)

Corporate bonds (1,125) (1,125) (1,125)

Total EIG net debt (1,260) (1,256) (1,241)

Unique securitised bonds (945) (1,028) (989)

Unique cash 113 108 115

Total Unique net debt (832) (920) (874)

Underlying Group net debt (2,092) (2,176) (2,115)

Fair value and other

adjustments4 6 5

Group net debt (2,088) (2,170) (2,110)

39

Appendix 7EIG bank facility and term loan

AmountCost over

LIBORExpiry Status

£140m 3.00%August

2020Fully revolving, no amortisation

Covenant

As at 31

March

2018

As at 31

March

2017

Interest cover greater than 1.50x 1.89x 1.91x

First charge asset cover

greater than1.33x 4.81x 5.18x

Total property asset cover

greater than1.50x 14.89x 14.55x

Revolving credit bank facility

Facility commenced October 2016

Term loan

Facility commenced September 2017

Undrawn commitment fee fixed at 1.00%

AmountDrawn cost over LIBOR

Expiry Status

£50m3.10% -4.60%

July 2020

Currently undrawn, no amortisation

Appendix 8EIG corporate bonds

40

Value Rate Redemption

Covenants Market price 31 March

Asset cover

Incomecover 2018 2017

£100m 6.500% 2018 1.67x 2.0x 102 108

£125m 6.875% 2021 1.50x 1.5x 110 111

£250m 6.375% 2022 1.67x 2.0x 105 108

£250m 6.000% 2023 1.67x 2.0x 109 108

£125m 6.875% 2025 1.50x 1.5x 111 109

£275m 6.375% 2031 1.67x 1.5x 112 108

£1,125m

Appendix 9Unique securitisation

41

Amortisation in the period - £30m of A3 notes and £10m of A4 notes

Purchased and cancelled £4m of A4 notes

£78m ahead of amortisation schedule

Value Rate NoteFinal

redemption

Market price

31 March

2018 2017

£198m 6.542% A3 2021 106 109

£332m 5.659% A4 2027 111 112

£225m 7.395% M 2024 111 113

£190m 6.464% N 2032 98 98

£945m

Appendix 10Alternative performance measures

42

Like-for-like Publican Partnerships net income - represents the like-for-like pub level profits from our Publican Partnerships estate, for

all pubs that traded as Publican Partnerships pubs for the six

months to the 31 March 2018 and also in the six months to 31

March 2017, stated before property costs and central costs

Like-for-like Commercial Properties net income - represents the like-for-like asset level rental income from our Commercial

Properties estate, for all assets that traded as commercial

properties for the six months to the 31 March 2018 and also in the

six months to 31 March 2017, stated before property costs and

central costs.

Annualised average net income per pub – represents the annualised net income (turnover less discounts less cost of sales)

for EiPP assets trading at 31 March 2018 divided by the total EiPP

assets trading at 31 March 2018

Annualised average net income per property – represents the annualised net income (turnover less cost of sales) for EiCP assets

trading at 31 March 2018 divided by the total EiCP assets trading

at 31 March 2018

Managed like-for-like sales – represents the like-for-like sales performance from our Managed estate for those pubs that

traded post investment in a managed format for the for the six

months to the 31 March 2018 and also in the six months to 31

March 2017

Excess cash flow - represents operating cash flow less interest paid, taxation paid, plus net cash flow from investing activities less

scheduled debt amortisation, debt restructuring and open market

debt purchases

EBITDA - represents the earnings before finance costs, taxation, depreciation and amortisation

Underlying EBITDA - represents earnings before finance costs, taxation, depreciation and amortisation excluding non-underlying

items. Non-underlying items that are excluded from underlying

EBITDA include reorganisation costs and assignment premiums

paid to a publican in order to take the assignment of a lease or to

break a lease at any point other than at renewal during the

period of our strategic review

Underlying profit before tax - excludes non-underlying items. Non-underlying items excluded from profit before tax include

reorganisation costs, assignment premiums paid to a publican in

order to take the assignment of a lease or to break a lease at any

point other than at renewal during the period of our strategic

review, the profit/loss on sale of property, plant and equipment,

the movement in valuation of the estate and related assets, costs

incurred in respect of refinancing and the gain/loss on purchase

of own debt

Underlying earnings per share - is based on profits after tax

excluding non-underlying items as explained above

Growth driving capital investment - is discretionary capital cash spend on the Group’s assets which is intended to generate

incremental income at returns ahead of our target return on

investment

Letting & maintenance capital investment - is all capital cash spend that is not growth driving capital investment, typically

focused on maintaining the quality of our assets and supporting

the letting programme

Return on investment - is measured as the incremental income delivered as a result of the investment divided by the value of the

capital investment

Unplanned business failures - are all lease and tenancy agreements that do not reach their full-term, where failure is not

through the mutual agreement of ourselves and the departing

publican. For example, through publican abandonment or via

legal proceedings

Appendix 11Forward-looking statements

43

This document contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. These

forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof such as “plans”, “expects” or

“does not expect”, “is expected”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”,

“intends”, “positioned”, “predicts”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words or comparable terminology

and phrases or statements that certain actions, events or results “may”, “could”, “should”, “shall”, “would”, “might” or “will” be taken, occur or be

achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking

statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions

and projections about future events, results of operations, prospects, financial condition and discussions of strategy.

By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Ei Group

plc. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important

factors that could cause these uncertainties include, but are not limited to, those discussed in the 2017 Annual Report and Accounts of Ei Group

plc and “Principal risks and uncertainties” in the 2018 Interim Results of Ei Group plc.

Neither Ei Group plc nor any of its subsidiaries or directors, officers or advisers, provides any representation, assurance or guarantee that the

occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to

place undue reliance on these forward-looking statements which only speak as of the date of this document. Other than in accordance with its

legal or regulatory obligations (including under the Market Abuse Regulation, the Listing Rules and the Disclosure Guidance and Transparency

Rules of the Financial Conduct Authority), Ei Group plc is not under any obligation and Ei Group plc and its subsidiaries expressly disclaim any

intention, obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or

otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Ei

Group plc since the date of this document or that the information contained herein is correct as at any time subsequent to its date.

No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to

mean that earnings per Ei Group share for the current or future financial years would necessarily match or exceed the historical published earnings

per Ei Group plc share.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for

any securities. The making of this presentation does not constitute a recommendation regarding any securities.