Preliminary Results: 30 September 2017

www.eigroupplc.com

Introduction

Robert Walker

Chairman

Overview

Simon Townsend

Chief Executive Officer

HighlightsTrading performance

Pubs

226

178Craft Union

48Bermondsey

Return oninvestment

25%

Maintaining strong returns

from investment

Building a quality

portfolio

331

Expanding portfolio

Package disposal of 18 sites @ 6.57%

yield

Averagenet

income perproperty

Growing average net income and enhancing

quality

+9.2%

Pubs

30

Growing scale and

transferable knowledge

Partners

9

Hippo Inns Mash Inns

Frontier PubsHunky DoryMarmaladeDirty LiquorBestplaceSix Cheers

Hush Heath

3

Net asset value per share up 5% to £3.13

Pubs

4,051

Strong performance

with 2.3% growth in like-

for-like net income

Averagenet income

per pub

+5.0%

Growth to £79,600 per

pub

4

HighlightsStrategic implementation progressing at pace

Operation Measure and status On track

Publican PartnershipsLike-for-like net income growthManaging the effects of legislation – MRO events managed R

Commercial Properties

Building a quality portfolioc. 400 by September 2018Pace of growth amended to reflect the evolution of MRO legislation and selected disposals

R

Managed pubsManaged capability in placec. 400 by September 2018Healthy pipeline established R

Investment and disposalsRecycling disposal proceeds to fund investment and enhance returnsROI on growth driving investment - 20% R

Capital allocationReducing Group net debt. Proactively managing debt maturities. Delivering returns to shareholders via share buyback R

Enhance management teamPortfolio managers blending experience with new capabilityInternal reorganisation completed in year to align teams with strategic evolution R

Financial & Trading Review

Neil Smith

Chief Financial Officer5

Income statementGrowth in underlying EPS

Year to30 Sept

2017

Year to30 Sept

2016

£m Underlying Underlying

EBITDA 287 292

Depreciation (17) (16)

Operating profit 270 276

Finance costs (149) (154)

Profit before tax 121 122

Taxation (22) (25)

Profit after tax 99 97

Underlying EPS (p) 20.5 19.6

Weighted average no. of shares (m)

481.9 496.8

Non-underlying items detailed on slide 10

6

Segmental reporting and like-for-like net incomeStrong performance from EiPP business

7

Year ended 30 September

£m 2017 Movement 2016Change

%

EiPP like-for-like net income 322 7 315 2.3%

Disposals 2 (11) 13

Non like-for-like net income/(costs) 1 (14) 15

EiPP total net income 325 (18) 343

Commercial properties 21 6 15

Managed 13 9 4

Group net income 359 (3) 362

Property costs (30) - (30)

Administrative expenses (42) (2) (40)

Underlying EBITDA 287 (5) 292 (1.7)%

Total Publican Partnerships

like-for-like net income growth of

2.3%

Beginning to see incremental

value from assets transitioned to

commercial properties and

managed

Translates to EBITDA reduction of

1.7% due to asset disposals, with

pub numbers down 224 (4.6%)

and administrative expenses

growing to support strategic

evolution

EiPP like-for-like net income up 2.3%Stable rental income and growth in beer income

8

315

10

(4) 1

322

FY1

6 L

fL

ne

t in

co

me

Be

er

inc

om

e

Dis

co

un

ts

Dis

cre

tio

na

ry

co

nc

ess

ion

s

FY1

7 L

fL

ne

t in

co

me

Sales-led improvement with

growing income from beer,

aided by discounts

Stable rental income

Discretionary support

continues to fall

Full detailed analysis included as appendix 2

Reducing level of unplanned business failuresProactive intervention improving performance

9

Number of unplanned business failures

257

157

8775

61

2013 2014 2015 2016 2017

Only 61 unplanned

business failures in the

year, or c.1.3% of the

estate

This is our normalised

annual run-rate going

forward

Regional managers

remain focused on

early identification of

indications of distress

10

Non-underlying itemsLargely property and finance related charges

Annual estate valuation

remains stable

Disposals achieved at

relatively small discount to

book

Financing charges relate to

£250m bond refinancing in

Nov 2016

Year ended 30 September

£m 2017 2016

Property charges:

Estate annual valuation 4 18

Disposals 10 10

Goodwill allocated to disposals 10 9

Total property charges 24 37

Finance charges:

Refinancing costs 30 7

Other charges 9 3

Taxation (18) (21)

Total non-underlying charges 45 26

11

Growing net asset valueUnderpinned by like-for-like income growth, asset appreciation and debt reduction

Estate valuation increased by

£7m, or 0.2% (2016: £3m or

0.1%)

Independent external

valuation of 95% of asset

value

Note: Total valuation adjustment of £7m (+0.2%) reflected via £4m non-underlying charge to income statement and £11m credit to revaluation reserve

As at 30 September

£m 2017 2016

Pub assets 3,265 3,379

Investment properties 270 196

Properties subject to valuation 3,535 3,575

Other assets 78 71

Net debt (2,110) (2,198)

Net asset value 1,503 1,448

NAV per share £3.13 £2.96

Strong operational cash generation

12

Operating cash flow remains strong

Interest outflow lower due to debt reduction

Taxation cash outflow at normalised levels – prior year aided by repayments

Excess cash flow funded share buyback of £25m which commenced March 2016 and

completed January 2017 having acquired and cancelled 24.1m shares at an average price of 104p

Year ended 30 September

£m 2017 2016

Operating profit 261 273

Depreciation and amortisation 17 16

Movement in working capital (1) (3)

Operating cash inflow 277 286

Interest (149) (154)

Tax (16) (11)

Free cash flow pre-investment 112 121

Disposals 100 98

Free cash flow to allocate 212 219

Capital investment (80) (74)

Debt amortisation (77) (74)

Financing charges/bond purchases (33) (23)

Other 1 -

Excess cash flow 23 48

Improving estate qualityReinvesting disposal proceeds to enhance returns

13

Disposal proceeds of £100m includes:

● 190 largely under-performing pubs

● £20m from commercial property portfolio of 18 sites sold at a multiple of 15x income, net yield of 6.57%

● 16 high value disposals

60% of capital investment focused on growth driving initiatives

516 pubs in the estate enjoyed significant growth investment

20% ROI on growth driving investment schemes

£80m

£100m

Investment

Growth Letting & maintenance

Disposals

FY17

Growth investment: £48m

£20m

£26m

£2m

Publican

Partnerships

Managed

Commercial

Properties

No. of

schemes

Average

investment

(£k)

351 58

162 158

3 600

14

Loan to value at 55%(58% excluding lotting premium)

0.0 0.1

1.10.9

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

£77m securitised bonds

repaid in period through

amortisation

Bank debt drawn £55m, net

of cash at 30 September

2017 was £29m

New £50m Term Loan

● c.£135m of available facilities to fund Dec 2018 £100m bond repayment at par

Group ratios 2017 2016 2015 2014

Leverage 7.4x 7.5x 7.8x 8.0x

Interest cover 1.9x 1.9x 1.9x 1.8x

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

15

Capital allocation framework delivering shareholder returnsNew share buyback of £20m to commence immediately

Framework

Forecast in the region of £20m excess cash

to be generated in FY18

Status at November 2017

FY18 debt amortisation of £81m scheduled.

£135m of available facilities to fund

December 2018 bond repayment

Share buyback more accretive than

incremental capital investment at the

current share price

2018 Financial guidance

16

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

17

Ei Group plc Our strategy is creating shareholder value

18

Cash generative, largely freehold asset-backed business

Robust financial performance delivering stable returns from our strong asset base

Ro

bu

st c

ore

Pro

gre

ss u

nd

erw

ay

Cre

atin

g v

alu

e

for

sha

reh

old

ers

Ongoing progress towards our evolving 2020 vision

Asset evaluation and optimisation strategy on track

Proactive portfolio management creating and releasing value

Highly disciplined and returns-driven management

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

Cash generation will optimise returns for all shareholders

Evolution of our operational and strategic developmentMoving from build to acceleration

19

Publican

Partnerships

Managed

Pubs

Commercial

Properties

Capital

Allocation

Framework

2015 2016 2017 2018 2019 2020 2021

BUILD ACCELERATE 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

• Accelerate deployment

• 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

The objective of our strategy is to drive returns to shareholders

Strategic execution at 30 September 2017New models providing operational flexibility and enhanced returns

20

(331)

(30)

Premium

Food ledWet led

Value

(178)

(48)

(4,051)

Total trading estate

@ 30 September

2017 - 4,638

Operating models – indicative profile 2020Two years since we set out our expectations – some evolution

21

Premium

Food ledWet led

Value

(c.500)

(c.700)

(c.100)

(c.200)

(c.2,700)

Total estate

c. 4,200

Mix of 300 managed sites may shift toward

investments with partners

Focus on quality

Value creation through new operating modelsIndicative business unit composition 2020

22

Note: Site EBITDA figures exclude property and central overhead costs

* Based on sites trading for greater than 6 months post investment

As at30 September

2016

As at30 September

2017

Indicative profile30 September

2020

SitesSite

EBITDASites

SiteEBITDA

SitesSite

EBITDA

Publican Partnerships 4,470 £76k* 4,051 £80k 2,700 £75-100k

Commercial Properties 273 £62k* 331 £67k 700 £60-80k

Craft Union 71 £92k* 178 £90k* 500 £80-100k

Bermondsey 28 £116k* 48 £118k* 200 £125-175k

Managed Investments 8 N/A 30 £230k* 100 £150-250k

5 yrs to 2020

Total capital investment £350m

Total disposals – c.1,000 £300m

Ei Publican PartnershipsTied tenancies - reinvigorated model

23

Evolving the model in our new strategy

Investment

● Only invest where returns are more certain –

tenancies and selected leases

● Utilise MRO investment waiver to make significant

investment in selected new leases

Refresh suite of agreements

● Match needs of publicans

● Incentivise partnership behaviours

Support

● Targeted support for tied tenancies and leases

Implications

● Utilise lease expiries to grow managed estate

● Utilise segmentation model to direct retail offer

● Share best practice and experience from

managed operations2018 expectations

Sustain like-for-like net income growth

Provide pipeline to managed and commercial properties

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

24

46% of estate let on tied leases at 30 September

2017

At next rent event:● 7% have more than 10 years

remaining

● 10% have between 5 and 10 years remaining

● 11% have up to 5 years remaining

● 18% where the next event is expiry of the lease

463 lease rent review and renewal events due in year to 30 September 2018

13%

41%

18%

11%

10%

7%

Commercial & managed Tenancy

Lease end Leases less than 5 yrs

Leases 5 - 10 yrs Leases over 10 years

(8%)

(41%)

(13%)

(18%)

(10%)

(10%)

Note: Percentages shown in brackets on the chart state the position at 30th September 2016

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 2,069 (32%) at

30 September 2017

We expect to reduce exposure to

tied leases by c.10% per annum

790 lease rent review or

agreement renewal events from

21July 2016 to 30 September 2017

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

2,401 2,069

Nov-14 Sep-16 Sep-17

Number of tied leases

MRO offers790 potential trigger events from 21 July 2016 to 30 September 2017

26

209

102

109

88

60

28

MRO offersissued

New tieddeal

New FOTterms agreed

Other* Active MRO offers With Adjudicator orIndependent Assessor

In progress

* Sold to publican and lease buyback

MRO offers concluded

Ei Commercial PropertiesAttractive, high quality, expanding asset class

27

Over the last two years we have let 168 free-of-tie agreements at an average rent of £77,000 and average term of 19 years

Profile of 331 estate as at 30 September 2017

● Average rent of estate is £69,000

● Annualised rental income of £23 million

● Asset value of £271 million (8.4% yield)

● Average lease length 19 years

Building a quality portfolio but retain flexibility to realise value

Completed disposal of 18 sites for £20m at yield of 6.57% on 16 March 2017

2018 expectations

c. 400 sites

In excess of £70,000 average rent

Ei Managed OperationsCraft Union Pub Company

28

178 Craft Union sites at 30 September 2017

For 84 sites trading more than 6 months post

investment at 30 Sept 2017

• Average capex of £137,000

• Average weekly takings of £10,000

• Average site EBITDA of £90,000

• Average ROI of 26%

• Total ROCE of 12%

Well invested wet-led community / urban

hubs

Strong overlap with EiPP estate, particularly

Beacon

2018 expectations

c. 270-280 pubs operational

Simple food offering developed

Ei Managed OperationsBermondsey Pub Company

29

48 Bermondsey pubs at 30 September 2017

For 25 sites trading more than 6 months post

investment at 30 Sept 2017

• Average capex of £211,000

• Average weekly takings of £13,000

• Average site EBITDA of £118,000

• Average ROI of 21%

• Total ROCE of 10%

All sites trading as “Meeting House” concept

with flexible consumer occasions

2018 expectations

c. 60-65 fully managed pubs

Ei Managed InvestmentsPartnering with exceptional retailers

30

30 pubs operating at 30 September 2017

For 13 sites trading more than 6 months post

investment at 30 Sept 2017

● Average capex of £530,000

● Average weekly takings of £23,000

● Average site EBITDA of £230,000

● Average ROI of 17%

● Total ROCE of 17%

Nine managed expert ventures announced;

● Hippo Inns – Rupert Clevely

● Mash Inns – Laine Pub Co

● Frontier Pubs – Food & Fuel

● Hunky Dory Pubs – Oakman Inns

● Marmalade Pub Company – Marylebone Leisure

● Dirty Liquor – Sourdough Saloon

● Bestplace – PubLove

● Six Cheers – Three Cheers

● Hush Heath Inns - Richard Balfour-Lynn

Strong pipeline of interest from further partners

2018 expectations

c. 10 -12 partners

c. 60 - 65 pubs

31

Strategic evolution of the GroupOur businesses are well placed to deal with market conditions

Publican Partnerships

Managed Operations

Managed Investments

Group wide benefits

Inflation/costs Labour costs/availability Consumer/competition

• Flexible discounts

• Discretionary financial support

• Versatile, owner operators • Investment

• Wet-led retail offer in CUPC

• Simple food offers in BPC

• Relatively simple execution

• CUPC operating model

incentivises sales whilst

controlling labour costs

• Activity-led, value offer in

CUPC

• Upper mid-market retail

segments in BPC

• Premium retail segments less

sensitive to price

• Attractive employers • Premium offers operated by

successful expert partners

• Index-linked rents

• Secure, long-term supply

contracts

• Productivity planning during

managed estate expansion

• Diverse retail offers for different

consumer segments

• Managed house best practices

Ei Group plc2017: A year of real progress

32

Strong operational and financial performance across our businesses

New financial year has started in line with our expectations

Our operating businesses are well placed to make further progress despite

the industry-wide challenges

Strategic objectives for 2020 on track

We have the right strategy that we believe will yield significant returns for

shareholders – as demonstrated by the share buyback announced today

Questions and Answers

33

Appendices

1. EiPP operational metrics

2. EiPP like-for-like net income analysis

3. Supporting our publicans

4. Annual estate revaluation

5. Income statement

6. Balance sheet

7. Net debt analysis

8. EIG bank facility

9. EIG corporate bonds

10. Unique securitisation

11. Alternative performance measures

12. Forward-looking statements

34

Appendix 1EiPP operational metrics

35

494 rent reviews completed at an average annual increase of 1.3%

(2016 - 605 increase of 1.3%)

74% of substantive agreements linked to RPI (2016 - 73%)

93% of publicans receiving contractual BCF discount (2016 - 92%)

Overdue balances slightly increased to 0.5% of turnover (2016 - 0.4%)

Total discretionary support down £1m to £4m (2016 - £5m)

Average length of occupation 7 years (2016 – 6 years)

Appendix 2EiPP like-for-like net income analysis

36

£mBeer,cider& fabs

Contractualdiscounts

Net beer, cider

and fabs

Rentalincome

Discretionaryconcessions

Wines,spirits andminerals

Machinesand other

Total

2017

Turnover 441 (75) 366 131 (3) 28 8 530

Cost of sales (189) - (189) - - (19) - (208)

Net income 252 (75) 177 131 (3) 9 8 322

2016

Turnover 436 (71) 365 131 (4) 27 8 527

Cost of sales (194) - (194) - - (18) - (212)

Net income 242 (71) 171 131 (4) 9 8 315

Appendix 3Supporting our publicans

37

Publican

Technology &Media

• Online presence (website development, social media support)

• Publican channel

• Online ordering

• Satellite sports offer

• Pub WIFI

Marketing & Community

• Retail/digital marketing expertise

– Key events– New launches– Pub principles

• Ei Live

– 6 venues– Strong publican &

supplier presence

• Pubs in Bloom

• Royal British Legion

Suppliers &Range

• All major suppliers

• C. 500 brewers

• > 1,700 product lines

• SIBA/Craft/Festivals

• E-market

• Booker

Operations & Property

• Dedicated fieldbased Ops team

• Comprehensive property support

• Targeted discretionary support FY17: £4m

• Knowledge/bestpractice

Recruitment & Training

• Digital journey

– Applicant channel– Social media

• Tailored events

• Applicantprofiling/retention

• Bespoke training

• E-learning

38

2%17%

33%24%

24%

< £250k

£250k to £500k

£500k to £750k

£750k to £1m

£1m+

Geography% of

pubs

% of net

income

% of

value

% valn

movt

North 30 28 27 (1)

Midlands 20 19 18 (1)

South 50 53 55 1

By value banding

Appendix 4Annual estate revaluation

Appendix 5Income statement

39

Year to30 Sept 2017

Year to30 Sept 2016

£mUnder-lying

NonUnder-lying

TotalUnder-lying

NonUnder-lying

Total

EBITDA 287 (9) 278 292 (3) 289

Depreciation (17) - (17) (16) - (16)

Operating profit 270 (9) 261 276 (3) 273

Property related - (24) (24) - (37) (37)

Finance costs (149) (30) (179) (154) (7) (161)

Profit/(loss) before tax 121 (63) 58 122 (47) 75

Taxation (22) 18 (4) (25) 21 (4)

Profit/(loss) after tax 99 (45) 54 97 (26) 71

Underlying EPS (p) 20.5 19.6

Weighted average no. of shares (m)

481.9 496.8

Appendix 6Balance sheet

40

£m

As at

30 Sept

2017

As at

30 Sept

2016

Goodwill 312 321

Pubs and other assets 3,626 3,660

Net debt (2,110) (2,198)

Net other liabilities (149) (150)

Deferred tax (176) (185)

Net asset value 1,503 1,448

NAV per share £3.13 £2.96

Appendix 7Net debt analysis

41

As at 30 Sept

£m 2017 2016

EIG bank debt (55) (55)

EIG cash 26 23

EIG net bank debt (29) (32)

Captive insurance cash 10 10

Convertible bonds (97) (97)

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

Total EIG net debt (1,241) (1,244)

Unique securitised bonds (989) (1,066)

Unique cash 115 112

Total Unique net debt (874) (954)

Underlying Group net debt (2,115) (2,198)

Fair value and other adjustments 5 -

Group net debt (2,110) (2,198)

Appendix 8EIG bank facility and term loan

42

AmountCost over

LIBORTerm Status

£140m 3.00% 4 yearsFully revolving, no amortisation

Covenant

As at 30

Sept

2017

As at 30

Sept

2016

Interest cover greater than 1.50x 1.92x 1.91x

First charge asset cover

greater than1.33x 8.04x 7.36x

Total property asset cover

greater than1.50x 24.82x 21.09x

Revolving credit bank facility

New facility commenced on 24 October 2016 at £120m

Increased in size on 14 March 2017 to £140m

Term loan

New facility commenced on 19 September 2017 at £50m

Undrawn commitment fee fixed at 1.00%

AmountDrawn cost over LIBOR

Term Status

£50m3.10% -4.60%

2 years 10 months

Currently undrawn, no amortisation

Appendix 9EIG corporate bonds

43

Value Rate Redemption

Covenants Market price 30 Sept

Asset cover

Incomecover 2017 2016

£100m 6.500% 2018 1.67x 2.0x 106 108

£125m 6.875% 2021 1.50x 1.5x 111 108

£250m 6.375% 2022 1.67x 2.0x 109 -

£250m 6.000% 2023 1.67x 2.0x 109 102

£125m 6.875% 2025 1.50x 1.5x 111 102

£275m 6.375% 2031 1.67x 1.5x 112 101

£1,125m

Appendix 10Unique securitisation

44

Amortisation in the period - £56m of A3 notes and £21m of A4 notes

£76m ahead of amortisation schedule

Value Rate NoteFinal

redemption

Market price

30 Sept

2017 2016

£227m 6.542% A3 2021 109 106

£347m 5.659% A4 2027 114 105

£225m 7.395% M 2024 115 100

£190m 6.464% N 2032 99 86

£989m

Appendix 11Alternative performance measures

45

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 two years to the 30 September 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 two years to the 30 September 2017, stated

before property costs and central costs.

Average net income per pub – represents the annual net

income (turnover less discounts less cost of sales) for EiPP assets

trading at 30 September 2017 divided by the total EiPP assets

trading at 30 September 2017

Average net income per property – represents the annual net

income (turnover less cost of sales) for EiCP assets trading at 30

September 2017 divided by the total EiCP assets trading at 30

September 2017

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 two years

to the 30 September 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 and costs incurred in respect of refinancing

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 12Forward-looking statements

46

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 2017 Preliminary 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.