Interim Results: 31 March 2015 · Royal Assent given on 26 March 2015 Implementation expected by June 2016 Near term implications for Enterprise Administration and compliance costs

Interim Results: 31 March 2015

www.enterpriseinns.com

Introduction

Robert Walker

Overview

Simon Townsend

Overview

Investor presentation 2015 03

Performance highlights

Financial and trading review

Strategic review

Performance highlights


Leased and tenanted tied business model remains robust

Like-for-like net income

0.6%

Adjusted EPS

4.7%

Growth investment

42%

Business failures

21%

Capex

£33m Disposals

£34m

Maintaining like-for-like net income growth

Stabilisation of earnings achieved

Enhancing returns through reinvestment

of disposal proceeds

Investment increasingly focused on

growth driving initiatives

Further reduction in business

failures

Definitions disclosed in appendix 9

Financial & Trading Review

Neil Smith


Financial Highlights


Earnings in growth and debts reducing

1 Excludes exceptional items.

Definitions disclosed in appendix 9

6 months ended 31 March 2015 2014 Y-on-Y

change

Like-for-like net income growth 0.6% 1.1% -

EBITDA1 £144m £147m (2.0)%

Profit before tax1 £57m £55m 3.6%

Adjusted earnings per share1 9.0p 8.6p 4.7%

Free cash flow pre-investment and debt

repayment £43m £42m 2.4%

Group net debt £2,387m £2,477m (3.6)%

Income statement


6 months to 31 March 2015

6 months to 31 March 2014

Year to 30 Sept 2014

£m Pre

excep Excep Total Pre

excep Excep Total Total

EBITDA 144 - 144 147 (2) 145 289

Depreciation (8) - (8) (8) - (8) (16)

Operating profit 136 - 136 139 (2) 137 273

Property related - (21) (21) - (6) (6) (70)

Finance costs (79) (26) (105) (84) - (84) (167)

Profit before tax 57 (47) 10 55 (8) 47 36

Taxation (12) 6 (6) (12) 2 (10) (6)

Profit after tax 45 (41) 4 43 (6) 37 30

Adjusted EPS (p) 9.0 8.6

Weighted average no. of shares (m)

501.1 499.8

Reconciliation of EBITDA and like-for-like net income


Total estate

like-for-like net

income growth

of 0.6%

Translates to EBITDA

reduction of 2.0%

due to asset

disposals, with

pub numbers down

263 (4.8%)

Administrative costs

expected to rise in

H2 due to investment

in strategic evolution

of business

6 months ended 31 March

£m 2015 Movement 2014 Change %

Like-for-like net income1 178 1 177 0.6

FY15 disposals 1 (1) 2

FY14 disposals - (2) 2

Unallocated costs (3) - (3)

Net income 176 (2) 178

Property costs (15) (1) (14)

Administrative expenses (17) - (17)

EBITDA 144 (3) 147 (2.0)

1 Relates to 5,196 trading estate at 31 March 2015

Improved like-for-like net income – up 0.6%


Sales-led improvement

with growing income

from beer, aided

by discounts, driving

volume

Encouraged to report

rental income growth

Discretionary support

maintained at £3m in

the period

H1 F

Y14

ne

t in

co

me

Be

er

inc

om

e

Dis

co

un

ts

Re

nta

l in

co

me

H1 F

Y15

ne

t in

co

me

6 months ended 31 March 2015 (£m)

Full detailed analysis included as appendix 2

177

3.0 (2.3)

178

0.3

Reducing level of publican change


Business failures

reduced by 21%

72 closed houses

to re-open

4% of closing estate

failed in H1

Average occupation

6 years

Important contributor to like-for-like net income improvement

390 539

390 374 291 257

157 110 43

340

433

485 388

443

322

329

157 167

730

972

875

762 734

579

486

267 210

2008 2009 2010 2011 2012 2013 2014 H1 14 H1 15

Agreement failures

(unplanned)

Agreement surrenders

(planned)

Number of business failures

13.1% 12.8% 9.4% 12.1% 12.4% 10.5%

% of closing estate

9.1% 4.9% 4.0%

Like-for-like net income growth from total estate


Sustained growth

performance

Growth in Q3 will be

challenging as 2014

included benefits of

FIFA World Cup

football tournament

Targeting full year

net income growth

0.8% 0.8%

1.6%

2.7%

0.5%

0.7%

0.4%

Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15

Performance aided by strong South


Strong performance in South of country, aided by London up 2.9%

43% of income derived from South sector

Stability of income in Midlands

North remains most challenged sector

Highest earning 90% (4,675) pubs reported growth of 2.7%


Year to 30 Sept

2014

Location

Net income Year- on-year change

%

Year- on-year change

%* No. of pubs

FY15 £m %

FY14 £m

North 1,527 48 27 49 (2.0) -

Midlands 1,669 53 30 53 - 0.9

South 2,000 77 43 75 2.7 3.3

Total 5,196 178 100 177 0.6 1.7

*The FY14 income change comparative has been restated to reflect

like-for-like performance for the 5,196 pubs trading as at 31 March 2015

Exceptional items primarily relate to refinancing and property costs


Net charge

to income from

property related

items primarily

in respect of

asset disposals

Exceptional finance

costs relate to

charges arising from

partial refinancing of

2018 Bonds in

October 2014

6 months ended 31 March (£m) 2015 2014

Property related:

Profit on sale of pubs 3 7

Valuation change on sold pubs (8) (3)

Valuation change on future sales (12) (6)

Goodwill (4) (4)

Total property exceptionals (21) (6)

Finance costs (26) -

Other - (2)

Exceptional items pre taxation (47) (8)

Taxation 6 2

Total exceptional items (41) (6)

Strong operational cash generation


Working capital

outflow relates to

cyclical timing -

expected to improve

in second half

Debt reduction

leads to lower

interest cash outflow

Tax outflow increased

due to settlement

agreement reached

with HMRC in April

2014 in respect of

historic liability


Year to

30 Sept

£m 2015 2014 2014

Operating profit 136 137 273

Depreciation & amortisation 8 8 16

Deferred pension settlement - - 10

Movement in working capital (10) (8) -

Operating cash inflow 134 137 299

Interest (77) (84) (167)

Tax (14) (11) (21)

Free cash flow pre-investment

and debt repayment 43 42 111

Movement in net debt


Free cash flow

of £43m

Enhancing returns by

reinvesting disposal

proceeds of £34m

133 pubs disposed of

in the period with

average net

proceeds of £256k

£28m of cash

outflow in respect

of 2018 Bonds partial

refinancing in

October 2014

2,404

43

34 (33)

(28)

1

2,387

Ne

t d

eb

t

Se

pt

2014

Fre

e c

ash

flo

w

pre

-in

ve

stm

en

t

Dis

po

sals

Ca

pita

l

inve

stm

en

t

Re

fin

an

cin

g c

ost

s

No

n-c

ash

ite

ms

Ne

t d

eb

t

Ma

rch

2015

£m

Enhancing our estate quality


Securing long term future of quality pubs by recycling funds from disposal of unviable operations

Increased proportion of capital investment focused on growth from 32% to 42%

Return on investment (ROI) hurdle rate of 15%, with actual returns of 19%

Full year disposal expectations increased from £60m to £75m

Reinvesting disposal proceeds to enhance returns

£33m

£70m

£(34)m

£(75)m

Investment

Divestment

Investment

Divestment

Growth (%) Letting & maintenance (%)

Disposals

Disposals

H1 FY15

Full year expectation

Loan-to-value stable at 60%


£35m securitised

bonds repaid in

period through

amortisation

New £138m bank

facility commenced

on 7 October 2014,

available until 2018

Bank debt net of

cash at 31 March

2015 was £69m

(63% excluding lotting premium)

0.1 0.1

1.1 1.1

2.4

0.4

1.6 1.8

3.8

1.8

4.0

Net debt Assets Lotting premium

Corporate

bonds

Bank

debt

Securitised

bonds

Total Convertible

bonds

See appendix 5 for full analysis of Group net debt

£bn

Regulatory update Small Business, Enterprise and Employment Act 2015


Statutory Code of Practice overseen by independent Adjudicator

● Largely reflecting current self-regulatory regime - behaviours, remedies, sanctions

● Statutory Code applies to 6 companies (>500 tied pubs) comprising ~13,000 pubs

Market Rent Only (MRO) clause inserted in November 2014

● Specified trigger events allow tied tenants to opt for MRO

● Trigger events include renewal, rent review, “significant” price increases, material change of circumstances

Royal Assent given on 26 March 2015

● Implementation expected by June 2016

Near term implications for Enterprise

● Administration and compliance costs estimated at £2m pa from implementation

● c.200 pubs with potential MRO trigger events in FY16

● c.600 pubs with potential MRO trigger events in FY17

2015 Technical guidance


Targeting full year like-for-like net income growth

More challenging trading comparatives in

quarter 3 due to 2014 FIFA World Cup

Total administrative charges of c. £36m

Full year interest costs (excluding exceptional

charges) of £158 - 160m

Full year effective tax rate c. 20.5%

Disposals of c. £75m

Capital investment of c. £70m

Strategic Review

Simon Townsend

Market context

Macro-economic indicators are improving

On-trade beer volume stable for the first time in many years

Property values stable with signs of rental growth

Increasing traction for the economic importance of the sector


Future prospects for the sector are more encouraging

Pub beer/cider volumes (%) UK Pub Investment Yield Tracker

Source: ONS, Datastream, Numis Securities Research Source: CBRE

UK eating out share vs GDP growth (%)

Source: ONS, Datastream, Numis Securities Research

Eating out vs drinking out

Source: ONS, Datastream, Numis Securities Research

Market dynamics

Clear understanding and application of consumer

insights

Format and location of relevant retail propositions

Flexible models ● To meet evolving

consumer demands

● To respond to

competitor activity

Operational control where appropriate

● To influence performance

and protect asset value

Investment to maintain and refresh the offer


Key drivers of success

Operating models – before


Limited optionality, and publican-dependent

Premium

Food Led Wet Led

Value

Commercial

free-of-tie (185)

Tied leases

and tenancies (5,011)

Total trading estate

@ 31 March 2015

5,196

Our approach has evolved


Use consumer insight to establish optimal asset use

#1 ANALYSE

#2 MATCH

#3 EVALUATE

#4 EXECUTE

Analyse and segment the estate by consumer preferences

Match to preferred retail propositions

Establish methodology to evaluate optimum model for each available asset (including disposal)

Utilise operational flexibility to execute optimum outcome • Tied leases &

tenancies

• Managed house

• Commercial property (free-of-tie)

• Disposal

Supply

Supply and demand segmentation


Catchment area analysis for each Enterprise pub

Local

customer-base

by segment

Frequency of

occasions by

customer

segment

Potential

demand for

occasions

Supply of

occasions

covered by

format

Occasions

delivered by

formats

Current

Enterprise estate

by format

Competing

pubs and

restaurants

by format

Comparison

Key outputs:

Assessment of Enterprise pub performance on a normalised basis

Identification of optimal pub format given external environment

Demand

PUB

#1 ANALYSE

Consumer insights informing retail offers

Location ● Destination, urban, rural / community

Demographics ● Clientele, catchment area, drive time

Competition ● Direct and indirect

Amenity ● Physical attributes, facilities, car park,

kitchen

Format ● Food, drink, offer, pricing


#2 MATCH

Destination Mainstream

Destination Premium

Food

Destination Value Mixed

Premium

Value

Wet led

Food led

Operating models


Evaluation metrics

Measurement Evaluation

Portfolio of assets

#3 EVALUATE

Tied tenancies

• Like-for-like net income

• EBITDA

• Capital invested

• ROI/ROCE

• Business failure rate

• % growth capex

• Tenant satisfaction Managed

• Like-for-like sales

• EBITDA

• Capital invested

• ROI/ROCE

• Footfall

• Customer satisfaction

Commercial property

• Rental income

• Implied yield

• Segment net asset value

Group

• Central costs as % of EBITDA

• Free cash flow

• Net Debt / EBITDA

• ROCE

EBITDA

Execution risk

Capital requirement

Free cash flow

Valuation

ROI

ROCE

Optimal valuation & returns

Like-for-like income growth

Earnings growth and shareholder returns

Business transition


Evolving the business through effective management of transition “events”

EVENT

CURRENT ESTATE

EVALUATION &

NEGOTIATION

Tied

Managed

Commercial

property/

free-of-tie

Disposal

OUTCOME

FUTURE ESTATE

#4 EXECUTE

Other

Assignment

Agreement

expiry

Rent review

Event management

29

Routine business activity - more options, better outcomes

437 461 460

264

494

160 115 120

66

89 129 140

635 578

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Other events

Lease assignments

Lease expiries

Lease rent review

176

Pre statutory code Post statutory code

35

(FY13-FY14: Actual events. FY15-FY17: Estimated events)

Investor presentation 2015

Operating models


More options providing flexibility

Premium

Food Led Wet Led

Value

Managed Community (Craft Union)

Commercial Property

(free-of-tie)

Managed Expert

Managed Mainstream

(Bermondsey)

Tied leases and tenancies



Future capex directed at shorter term

tenancies

Currently 60% leases, 40% tenancies

0.6% LFL net income YTD (whole estate)

Statutory Code protection

Enterprise investment

Flexible terms – discounts driving sales

Extensive product range

Enhanced SCORFA benefits

Local support

Consumer insights informing offers

Knowledge transfer from managed

operations

Reinvigorated model

Managed expert


Premium offer

High quality food

Complex operation

Prominent sites

First venture with Rupert Clevely

(ex Geronimo)

£20k + sales per week

c.£400k capex

Tailored deals

Conversion capability15-25 per year

Significant opportunity to leverage expertise

Partnering with exceptional retailers

Managed mainstream


£12k – 18k sales per week

c.£200k capex

10 sites to date

Conversion capability 35-50 per year

Meeting Place ● ABC1 demographic

● Premium drinks (real ale, craft beers and spirits)

● 70% wet; 30% food

● High quality, fresh but simple food, sharing

● Full of character

● A place to meet business colleagues and friends

● Urban / suburban locations

Friends and Family ● C2DE demographic

● Mid-range offer

● 55% wet; 45% food

● Quality, value, traditional pub food

● Suburban / neighbourhood locations

The Bermondsey Pub Company – two preferred retail offers

Managed community


£7-£12k sales per week

£75k capex

6 sites to date

Conversion capability100-125 per year

Community hub, wet-led offer

80-90% wet; 10-20% simple food

Value drinks range

Sports TV/entertainment

Support for local teams/clubs

The Craft Union Pub Company

Managed house operations

30% of the Enterprise estate already has a full

time manager - employed by agreement

holder

Trials developed over last 12 months –

accumulated learning

Recruitment of skills and capabilities

Development of financial controls and

back office infrastructure

Outsourcing capability where appropriate

Careful management of overhead and

potential complexity


Well suited to the Enterprise estate

Annual roll-out potential

Model Range p.a.

Expert 15-25

Bermondsey 35-50

Craft Union 100-125

Total Managed 150-200

Commercial property

Recent appraisal by Colliers International

154 sites virtually all freehold

£53,000 average rent

Strong presence in London and SE

High proportion of prime or secondary locations

Diversity of occupation, including corporates

98% long-term substantive agreements

Alternative use potential


Attractive, high quality asset class

300 sites by September 2016

150 - 200 sites added per year thereafter

Free-of-tie pubs (MRO) where value is optimised

Fully repairing and insuring standard leases

Seek out development opportunities

Potential to list as a Real Estate Investment Trust (REIT)

Operating models- indicative profile 2020


More options providing flexibility

Premium

Food Led Wet Led

Value

Managed Community

(Craft Union) (c.500)

Commercial Property

(Free-of-tie) (c.1,000)

Managed Expert (c.100)

Managed Mainstream

(Bermondsey) (c.200)


(c.2,400)

Total estate

c. 4,200

Disposals

c.1,000

Capital recycling 2016 - 2020

Disposals Capital investment


Disposals proceeds fuelling majority of investment

c.£300m (£60mp.a )

c.£350m (£70mp.a )

£70m

Tenanted

Managed

Maintaining our current target hurdle rate of > 15% ROI

Our team

Recruiting quality and experience

where required

Outsource where appropriate

Active areas of recruitment

● Retail concept

● Managed operations

● Real estate

● Business development

● Code compliance

● Change programme

Clear segregation of responsibilities

to protect business performance


Enhancing our capabilities

Strategy outcomes

Evolution of our operating model enables us to adapt to changing consumer behaviour and competitor landscape

Operational flexibility which unlocks embedded value in each asset

Introduction of MRO increases speed and depth of strategic change

Organisation clearly focused on continuing performance improvement whilst building operational flexibility

Large tied leased and tenanted business for many years


Value creation for all stakeholders

Levers of value creation


Put every asset to its optimal use

• Flexible agreements

• Focused on short term tenancies

• Freedom for operator

• Backed by capital investment

• Local support

• Like-for-like net income growth

• Robust commercial management

• Free-of-tie pubs with turnover-related rent

• Non-licensed premises

• Property development partnerships

• Potential future conversion to REIT

• Premium retail offers through partnerships

• Mainstream mixed offer

• Tailored local community value offer

• Disciplined growth

• Put every asset to its optimal use

• Returns focused assessment

• Disposals where returns optimised

Reinvigorated

tenancy

business

Commercial

property

Expanded

managed

operation

Asset

optimisation

Using consumer insight to inform & great people to deliver

Questions & Answers

Appendices

1. Operational metrics

2. Like-for-like net income analysis

3. Supporting publican profitability

4. Balance sheet

5. Net debt analysis

6. ETI bank facility

7. ETI corporate bonds

8. Unique securitisation

9. Definitions

10. Forward-looking statements


Appendix 1

256 rent reviews completed at an average annual increase of 0.7%

(H1 2014 - 202 reduction of 0.1%)

70% of substantive agreements linked to RPI (H1 2014 - 69%)

90% of publicans receiving contractual BCF discount (H1 2014 - 88%)

Overdue balances reduced by 6% to £3.1m (H1 2014 - £3.3m)

Rate of business failures reduced by 21% (H1 2014 – down 16%)

Total discretionary support unchanged at £3m (H1 2014 - £3m)

Average length of occupation 6 years


Operational metrics

Appendix 2


Like-for-like net income analysis

£m

Beer, cider & fabs

Contractual discounts

Net beer, cider & fabs

Rental income

Discretionary Concessions

Wines, spirits & minerals

Machines & other Total

H1 2015

Turnover 241 (39) 202 81 (3) 14 5 299

Cost of sales (111) - (111) - - (10) - (121)

Net income 130 (39) 91 81 (3) 4 5 178

H1 2014

Turnover 239 (37) 202 81 (3) 14 5 299

Cost of sales (112) - (112) - - (10) - (122)

Net income 127 (37) 90 81 (3) 4 5 177

Appendix 3


Supporting publican profitability

• Over 1,900 pubs in attendance

• Over £7k of value per pub

• Over 1,000 delegates

• e-Learning over 500 delegates

• 100 days programme

• 490 brewers

• Over 1,400 cask ales

• £3m in H1 FY15

• Roll out in FY14 H2

• Over 1,100 users to date

• Over 900 benefitting from SKY/BT deal

• Saving up to £3k pa

• Over 2,200 installed

• Worth £500 pa

Road shows Training Range Discretionary support

Digital (on-line ordering) Sports TV Free WiFi

PUBLICAN

Appendix 4


Assets –

predominantly

pub estate which

is subject to annual

valuation

Liabilities –

primarily net debt

Net asset value

of £2.80

Balance sheet

As at 31 March

As at

30 Sept

£m 2015 2014 2014

Goodwill & investments 334 341 338

Pubs & other assets 3,843 3,973 3,874

Net debt (2,387) (2,477) (2,404)

Net other liabilities (149) (142) (168)

Deferred tax (236) (255) (237)

Net assets 1,405 1,440 1,403

Appendix 5


Net debt analysis

As at 31 March

As at 30 Sept

£m 2015 2014 2014

ETI bank debt (95) (107) (81)

ETI cash 26 28 35

ETI net bank debt (69) (79) (46)

Captive insurance cash 7 3 5

Convertible bonds (97) (97) (97)

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

Total ETI debt (1,284) (1,298) (1,263)

Unique securitised bonds (1,186) (1,260) (1,221)

Unique cash 83 82 83

Total Unique debt (1,103) (1,178) (1,138)

Underlying Group net debt (2,387) (2,476) (2,401)

Fair value and other adjustments - (1) (3)

Group net debt (2,387) (2,477) (2,404)

Appendix 6


ETI bank facility

Amount Cost over LIBOR Term Status

£138m 3.00% 4 years Fully revolving, no amortisation

Covenant As at 31 Mar

2015

As at 30 Sept

2014

Interest cover greater than 1.50x 1.97x 1.89x

First charge asset cover greater than 1.33x 5.12x 8.29x

Total property asset cover greater than 1.50x 12.15x 19.48x

New facility commenced on 7 October 2014 at £138m as follows:

Appendix 7


ETI corporate bonds

Value Rate Redemption

Covenants Market price 31 March

Asset cover

Income cover 2015 2014

£350m 6.500% 2018 1.67x 2.0x 107 n/a

£125m 6.875% 2021 1.50x 1.5x 103 102

£250m 6.000% 2023 1.67x 2.0x 100 n/a

£125m 6.875% 2025 1.50x 1.5x 102 106

£275m 6.375% 2031 1.67x 1.5x 99 97

£1,125m

Appendix 8

Amortisation in the period - £24m of A3 notes and

£11m of A4 notes

£77m ahead of amortisation schedule


Unique securitisation

Value Rate Note

Final

redemption

Market price 31 March

2015 2014

£362m 6.542% A3 2021 103 105

£409m 5.659% A4 2027 103 99

£225m 7.395% M 2024 103 97

£190m 6.464% N 2032 90 85

£1,186m

Appendix 9

Like-for-like net income – represents the like-

for-like pubs level gross profits stated before

property costs and unallocated central costs

EBITDA before exceptional items – represents

the earnings before interest, taxation,

depreciation and amortisation and

excludes exceptional items

Adjusted earnings per share – which the

directors believe reflects the underlying

performance of the Group, is based on profits

after tax excluding exceptional items

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

Maintenance & letting 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 (ROI) – is measured as the

incremental income delivered as a result of the

investment divided by the value of the capital

investment

Business failures, agreement surrenders –

are those lease or tenancy agreements that

do not reach their full term but are terminated

by mutual agreement of ourselves and the

departing publican

Business failures, agreement failures – are all

other lease and tenancy agreements that do

not reach their full term, that are not achieved

through mutual agreement of ourselves and

the departing publican


Definitions

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

Enterprise Inns. 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 2014 Annual Report and

Accounts of Enterprise Inns and “Principal risks and uncertainties” in the 2015 Interim Results of Enterprise Inns.

Neither Enterprise Inns 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 Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority),

Enterprise Inns is not under any obligation and Enterprise Inns 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 Enterprise Inns 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 Enterprise Inns share for the current or future financial years would necessarily match or exceed the historical published

earnings per Enterprise Inns 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.

Appendix 10


Forward-looking statements

Documents

Interim Results: 31 March 2015 · Royal Assent given on 26 March 2015 Implementation expected by June 2016 Near term implications for Enterprise Administration and compliance costs