Preliminary Results: 30 September 2015 · 06 Investor presentation 2015 Total leased & tenanted estate like-for-like net income growth of 0.8% Translates to EBITDA reduction of 2.0%

Preliminary Results: 30 September 2015

www.enterpriseinns.com

Introduction

Robert Walker

Overview

Simon Townsend

Highlights

Investor presentation 2015 03

Trading performance and strategic implementation on track

Definitions disclosed in appendix 11

Like-for-like net income

+0.8%

RE-INVIGORATED TIED TENANCY

BUSINESS

Maintaining like-for-like net income

growth

Business failures

18%

lower

Supporting publicans to reduce business failures

New managed

pubs

35

EXPANDED MANAGED BUSINESS

14 Bermondsey

21 Craft Union

First managed

expert opened

+1

The Signal Forest Hill London

Capital investment

£69m

CAPITAL INVESTMENT

AND DISPOSALS

44% invested in growth initiatives

Disposals

£75m

Funding investment programme

Growing portfolio

+15%

QUALITY COMMERCIAL

PROPERTY PORTFOLIO

Expanding the portfolio from

185 to 213 properties

Average rental

income

Growing average

rental income to £56,000

+6%

Financial & Trading Review

Neil Smith


Income statement


Year ending 30 September 2015

Year ending 30 September 2014

£m Pre

excep Excep Total Pre

excep Excep Total

EBITDA 296 (1) 295 302 (13) 289

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

Operating profit 280 (1) 279 286 (13) 273

Property related - (166) (166) - (70) (70)

Finance costs (158) (26) (184) (165) (2) (167)

Profit/(loss) before tax 122 (193) (71) 121 (85) 36

Taxation (25) 31 6 (26) 20 (6)

Profit/(loss) after tax 97 (162) (65) 95 (65) 30

Adjusted EPS (p) 19.4 19.0

Weighted average no. of shares (m)

501.0 500.5

Adjusted EPS growth of 2.1%

Reconciliation of EBITDA and like-for-like net income


Total leased &

tenanted estate

like-for-like net

income growth

of 0.8%

Translates to EBITDA

reduction of 2.0%

due to asset

disposals, with

pub numbers down

260 (4.8%)

Administrative costs

rising due to

investment in

strategic evolution

Year ended 30 September 2015

£m 2015 Movement 2014 Change %

Like-for-like net income1 362 3 359 0.8

FY15 disposals 4 (5) 9

FY14 disposals - (3) 3

Unallocated costs and other income

(4) - (4)

Net income 362 (5) 367

Property costs (29) - (29)

Administrative expenses (37) (1) (36)

EBITDA 296 (6) 302 (2.0)

1 Relates to 4,821 L&T and 213 commercial property trading estate at 30 September 2015

Improved like-for-like net income – up 0.8%


Sales-led improvement

with growing income

from beer, aided

by discounts, driving

volume

Encouraged to report

rental income growth

Discretionary support

reducing

359

5 (4)

1

1

362

FY14 n

et

inc

om

e

Be

er

inc

om

e

Dis

co

un

ts

Dis

cre

tio

na

ry

co

nc

ess

ion

s

Re

nta

l

inc

om

e

FY1

5 n

et

inc

om

e

Year ending 30 September 2015 (£m)

Full detailed analysis included as appendix 3

Stabilisation of beer income and rental income

Reducing number of publican changes


Business failures

reduced by

a further 18%

Only 56 closed

houses to re-open

Total business

failures expected

to normalise at 6-7%

of closing estate in

medium term 390

539 390 374

291 257 157

87

340

433

485 388

443

322

329

311

730

972

875

762 734

579

486

398

2008 2009 2010 2011 2012 2013 2014 2015

Unplanned failures Managed transitions

Unplanned failures down to less than 2% of estate

Number of business failures

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

% of closing estate

9.1% 7.9% Total

7.3% 5.7% 5.0% 5.9% 4.9% 4.7% 2.9% 1.8% Unplanned

Strong operational cash generation


98% of EBITDA

translated into

operating cash flow

Debt reduction

leads to lower

interest cash outflow

c. £70m of free

cash flow after letting

and maintenance

capex

12 months ending 30 September

£m 2015 2014

Operating profit 279 273

Depreciation & amortisation 16 16

Deferred pension settlement - 10

Movement in working capital (4) -

Operating cash inflow 291 299

Interest (157) (167)

Tax (26) (21)

Free cash flow pre-investment

and debt repayment 108 111

Letting & maintenance capex (39) (39)

Free cash flow 69 72

Movement in net debt


Free cash flow

pre-investment

of £108m

260 pubs disposed

of in the period

with average net

proceeds of £290k

£28m of cash

outflow in respect

of 2018 Bonds partial

refinancing in

October 2014

Net debt reduced

to £2.3bn

2,404

108

75 (69)

(28)

(2)

2,320

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

Se

pt

2015

£m

Reduction of £84m in the year

Enhancing our estate quality


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

Disciplined approach to capital allocation

Return on growth investment (ROI) schemes completed at 19%

Reinvesting disposal proceeds to enhance returns

£69m

£(75)m

Investment

Divestment

Growth Letting & maintenance

Disposals

FY15

Growth investment: £30m

£24m

£5m

£1m

Leased &

tenanted

Managed

Commercial

property

No. of

schemes

Average

Investment

(£k)

388 62

32 140

8 96

Exceptional charges

2015 2014

Property

exceptionals

Valuation 120 42

Other 46 28

166 70

Other exceptionals 27 15

Taxation (31) (20)

Total 162 65


2015 2014

Pub estate

pre valuation 3,739 3,884

Exceptional

P&L charge (120) (42)

Revaluation

reserve 19 (33)

Total valuation

adjustment (101) (75)

Pub estate

post valuation 3,638 3,809

% valuation

adjustment (2.7)% (1.9)%

Valuation

%

change

Unique bonds:

- Colliers 1,751 (3.9)%

ETI bonds:

- GVA Grimley 1,603 (0.7)%

ETI other:

- Internal 261 (6.7)%

Short life F&F &

other 23 -

Closing

valuation 3,638 (2.7)%

Other assets 25 -

Property, plant

& equipment 3,663

Primarily related to annual valuation – 92% of estate now valued externally

Exceptional charges (£m) Valuation effect (£m) Valuer analysis (£m)

Comprehensive, independent external valuation of assets

92% of asset value (2014: 47%) now subject to annual external valuation

Provides robust underpin to Net Asset Value

Annual revaluation

3%

20%

33%

23%

21%

< £250k

£250k to £500k

£500k to £750k

£750k to £1m

£1m+


Values in the Midlands and North decline but South now in growth

Geography % of

pubs

% of net

income

% of

value

% valn

movt

North 30 29 27 (10)

Midlands 21 19 19 (8)

South 49 52 54 3

By value banding

Loan-to-value at 59%


£71m 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 30 Sept 2015

was £50m

(63% excluding lotting premium)

0.0 0.1

1.1 1.1

2.3

0.3

1.6 1.8

3.7

1.8

3.9

Net debt Assets Lotting premium

Corporate

bonds

Bank

debt

Securitised

bonds

Total Convertible

bonds

See appendix 7 for full analysis of Group net debt

£bn

Group ratios 2015 2014 2013

Leverage 7.8x 8.0x 8.1x

Interest cover 1.9x 1.8x 1.8x

Capital structure


Amendment of certain terms of the Enterprise corporate bonds to

facilitate execution of strategic plans

Specifically:

● definition of ‘Net Annual Income’ to include managed house income

● definition of ‘Eligible Property’ includes managed pub businesses, leasehold

properties and non-pub properties (subject to limits by value)

Considering terms of Unique securitisation in the context of execution of

strategic plans

Proposal to amend Enterprise Corporate Bonds

2016 Technical guidance


Targeting full year like-for-like net income growth for 2016

Total administrative charges of c. £39-40m

Full year interest costs (excluding exceptional charges) of £152 - 154m

Full year effective tax rate c. 20.5%

Disposals of c. £65m

Capital investment of c. £70m

Capital markets day - March 2016

Operational & Strategic Review

Simon Townsend

Market dynamics

Macro-economic environment positive

● employment increasing

● low inflation and wage growth

● growing consumer confidence

● south and south-east biased

Consumers increasingly discerning

● investment fuelling growth

● competition driving innovation

● eating out supply increasing

Regulatory clarity emerging

● consultation completes 14 December 2015

● adjudicator expected to be appointed Spring 2016


Encouraging economic outlook

Enterprise strategic objective


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

• Put every asset to its optimal use

• Returns focused assessment

• Disposals where returns optimised

Reinvigorated

tenancy

business

• Robust commercial management

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

• Non-licensed premises

• Property development partnerships

• Potential future conversion to REIT

Commercial

property

• Premium retail offers through partnerships

• Mainstream mixed offer

• Tailored local community value offer

• Disciplined growth

Expanded

managed

operation

Asset

optimisation

USING CONSUMER INSIGHT TO INFORM & GREAT PEOPLE TO DELIVER

Strategic execution at 31 March 2015


New operating models create greater optionality

Premium

Food Led Wet Led

Value

Commercial Property

Free-of-tie (legacy)

(185)

Tied leases and tenancies

(5,010)

Total trading estate

@ 31 March 2015

5,211

Managed Mainstream

(Bermondsey) (10)

Managed Community (Craft Union)

(6)

Strategic execution at 30 September 2015


Delivering in line with expectations

Premium

Food Led Wet Led

Value


(21)

Commercial Property

(Free-of-tie) (213)

Tied leases

and tenancies (4,821)

Managed

Mainstream (Bermondsey)

(14)


@ 30 September

2015 - 5,069

Disposals

142

Strategic execution at 30 September 2016 (expected)


Accelerated roll-out of new operating models

Commercial Property

(Free-of-tie) (300-350)

Managed Expert

(8-12)

Premium

Food Led Wet Led

Value


(60-80)

Managed Mainstream

(Bermondsey)

(25-35)


(c. 4,415)


@ 30 September

2016 - c. 4,850

Disposals

c.215-220

Our approach is now in operation


Use consumer insight to determine 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 and demand segmentation


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

Catchment area analysis for each Enterprise pub

#1 ANALYSE

Position of pub on x axis determined by: • Food turnover % • Primary customer occasion • Food offer • No. of meals served • Separate restaurant • Kitchen type

Calculated pub segment Combination of attributes on the x and y axes determine pub position

Position of pub on y axis determined by: • Potential customer

affluence • Average price of pint • Average price of meal • Premium Lager %

PREMIUM

VALUE

DRINK FOOD



Understanding opportunities, risks and options

#1 ANALYSE



Preferred outcome for each Enterprise pub

#1 ANALYSE

#2 MATCH

PUB

Asset optimisation - process


Returns-based evaluation

#3 EVALUATE

Analysis of events

Business unit ‘bids’

Appraisal for optimum outcome

Execute event negotiations

Outcome measurement

• Profile

• Timing

• Prioritisation

• Potential failure

• Net income

• EBITDA

• Capital

requirement

• ROI

• Execution risk

• Cost

• MRO

implications

• Tactics

• Timescales • ROI

• Valuation

• 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



Evolving the model in our new strategy

Investment

● Desire to invest

● Focus investment towards growth

● Returns less certain post-MRO

Agreements

● Traditional tied tenancies

Support

● Prescriptive support

● Discretionary support expected to be reduced

● Targeted at right publican & right agreement

Implications

● Business failure may lead to more attractive

outcome

● May utilise our option to occupy at end of lease

Reinvigorated model

2016

Sustain like-for-like growth

Re-launch our tied offer

Closing estate of c4,415

Commercial property


Attractive, high quality asset class

Estate size grown from 185 to 213 sites

FY15 estate profile

● Average rent of estate is £56,000

● Average rent of 28 conversions £89,000

● Net income of £12 million

● Net asset value of £142 million (8.4% yield)

● Average lease length 18 years

High quality assets benefitting from strength of tenant covenant

Building a commercial property estate which could secure REIT status at an appropriate time

2016

300-350 sites operating

£60,000 average rent

Managed expert


First opening – The Signal

● Capex of £500,000

● Average weekly takings of £22,000

Pipeline of 4 further sites identified

Ready to offer managed expert

opportunities to open market

Variants of the model to appeal to individual

operator circumstances

2016

Target 3 new partners

Expect 8-12 new openings

Pipeline of 15-25 in 2017

Partnering with exceptional retailers

Managed mainstream


14 Bermondsey pubs to date

● Average capex of £159,000


8 trading as “Meeting House” concept

6 trading as “Friends & Family” concept

The Bermondsey Pub Company – two preferred retail offers

2016

25-35 fully managed pubs

Evolution of preferred retail offers – Retail

Concept Director appointed

Back office in place

Capability to convert c. 35-50 pa thereafter

Managed community


21 to date

● Average capex of £105,000


Well invested wet-led community / urban

hubs

● Sports-viewing and entertainment facilities

● Value drinks range

Strong overlap with L&T estate, particularly

Beacon

The Craft Union Pub Company

2016

60-80 Craft Union pubs

Back office in place

Capability to convert c. 100-125 pa thereafter

Our team

Recruiting the quality and experience to drive strategy

Re-deployment of capabilities from L&T

New appointments already made

● Change Programme Director (ex LEK)

● Business Development Director (internal)

● Retail Concepts Director (ex M&B)

● Procurement Director (ex JD Wetherspoon)

● Operations Director Bermondsey (ex M&B)

● Operations Director Craft Union (internal)

● Pub Systems Manager (ex Spirit)

Clear segmental responsibilities

Deploy benefits to L&T model


Enhancing our capabilities

Strategy implementation plan


Building a more valuable Enterprise

EXECUTION

Managing events

Segmentation

Asset optimisation

OFFER & MODEL

Reinvigorated tied leased & tenanted

Operating models

Retail offers

ENABLER

Commercial leverage

Capital allocation

Back office

CHANGE PROGRAMME

Enterprise strategic outcome


Put every asset to its optimal use

• 0.8% like-for-like net income growth

• 18% reduction in business failures

• 44% of capital investment focused on growth

• Re-launch tied offer in 2016

Reinvigorated

tenancy

business

• 213 sites at 30 Sept 2015

• Average annual rent of £56,000

• Expect 300-350 in 2016

• Develop plans for potential future conversion to REIT

Commercial

property

• 35 sites at 30 Sept 2015

• Established pipeline

• Expect 90-120 in 2016

Expanded

managed

operation

STRATEGIC EXECUTION ON TRACK, CONFIDENT OF FUTURE PROSPECTS CAPITAL MARKETS DAY – MARCH 2016

• Returns based evaluation

• Segmentation model complete

• £69m invested, £75m disposal proceeds

Asset

optimisation

Questions & Answers

Appendices

1. Operating models – indicative profile 2020

2. Operational metrics

3. Like-for-like net income analysis

4. Supporting publican profitability

5. Exceptional items

6. Balance sheet

7. Net debt analysis

8. ETI bank facility

9. ETI corporate bonds

10. Unique securitisation

11. Definitions

12. Forward-looking statements


Appendix 1


Operating models- indicative profile 2020

Premium

Food Led Wet Led

Value


(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

Appendix 2

485 rent reviews completed at an average annual increase of 1.0%

(2014 - 461 increase of 0.2%)

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

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

Overdue balances reduced by 19% to £2.1m (2014 - £2.6m)

Rate of business failures reduced by 18% (2014 - down 16%)

Total discretionary support down £1m to £6m (2014 - £7m)

Average length of occupation 6 years


Operational metrics

Appendix 3


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

2015

Turnover 494 (80) 414 161 (6) 29 10 608

Cost of sales (225) - (225) - - (21) - (246)

Net income 269 (80) 189 161 (6) 8 10 362

2014

Turnover 491 (76) 415 160 (7) 27 10 605

Cost of sales (227) - (227) - - (19) - (246)

Net income 264 (76) 188 160 (7) 8 10 359

Appendix 4


Supporting our publicans

Road shows

• Over 1,900 pubs in attendance

• Over £7k of value per pub

Training

• 2,100

delegates • e-Learning

1,200 delegates

• 100 days programme

Range

• Over 500

brewers • Over 1,700

product lines

Discretionary support

• £6m in FY15

Technology & Media

• Publican channel

• Online ordering

• Sky/BT • Pub WIFI

Supplier partnerships

• Booker • Brakes • P&H/Pipers • Kimbo • Zenith/Husky

Community • Community

Heroes • Pubs in

Bloom • CRUK • Royal British

Legion

Publican

Appendix 5


Significant P&L

impact of annual

valuation, partially

offset by revaluation

reserve

enhancements

Finance cost

exceptional charges

relates to partial

refinancing of

2018 Bonds in

October 2014

Year ending 30 September (£m) 2015 2014

Property related:

Profit on sale of pubs 5 12

Valuation change on sold pubs (27) (13)

Write down on sold pubs (22) (1)

Valuation change on future sales (16) (20)

Valuation change on pubs retained in fixed assets (120) (42)

Goodwill (8) (7)

Total property exceptionals (166) (70)

Finance costs (26) (2)

Pension costs - (10)

Other (1) (3)

Exceptional items pre taxation (193) (85)

Taxation 31 20

Total exceptional items (162) (65)

Exceptional items

Appendix 6

Balance sheet As at

30 Sept 2015

As at

30 Sept 2014

Goodwill 330 338

Pubs & other assets 3,706 3,874

Net debt (2,320) (2,404)

Net other liabilities (147) (168)

Deferred tax (223) (237)

Net asset value 1,346 1,403

NAV per share £2.70 £2.80


Balance sheet

Appendix 7


Net debt analysis

As at 30 September

£m 2015 2014

ETI bank debt (75) (81)

ETI cash 25 35

ETI net bank debt (50) (46)

Captive insurance cash 9 5

Convertible bonds (97) (97)

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

Total ETI net debt (1,263) (1,263)

Unique securitised bonds (1,150) (1,221)

Unique cash 93 83

Total Unique net debt (1,057) (1,138)

Underlying Group net debt (2,320) (2,401)

Fair value and other adjustments - (3)

Group net debt (2,320) (2,404)

Appendix 8


ETI bank facility

Amount Cost over

LIBOR Term Status

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

Covenant As at 30

Sept 2015

As at 30

Sept 2014

Interest cover greater than 1.50x 1.96x 1.89x

First charge asset cover

greater than 1.33x 6.17x 8.29x

Total property asset cover

greater than 1.50x 15.60x 19.48x

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

Appendix 9


ETI corporate bonds

Value Rate Redemption

Covenants Market price 30 Sept

Asset cover

Income cover 2015 2014

£350m 6.500% 2018 1.67x 2.0x 106 108

£125m 6.875% 2021 1.50x 1.5x 104 107

£250m 6.000% 2023 1.67x 2.0x 99 n/a

£125m 6.875% 2025 1.50x 1.5x 102 106

£275m 6.375% 2031 1.67x 1.5x 99 101

£1,125m

Appendix 10

Amortisation in the period - £49m of A3 notes and £22m of A4 notes

£74m ahead of amortisation schedule


Unique securitisation

Value Rate Note Final

redemption

Market price

30 September

2015 2014

£337m 6.542% A3 2021 105 106

£398m 5.659% A4 2027 102 102

£225m 7.395% M 2024 103 105

£190m 6.464% N 2032 89 96

£1,150m

Appendix 11

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

for-like pubs level profits from our leased,

tenanted and free of tie estate 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, managed transitions–

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, unplanned 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

Appendix 12

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 2015 Annual Report and Accounts of Enterprise Inns and “Principal risks and uncertainties” in the 2015 Preliminary 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.


Forward-looking statements

Documents

Preliminary Results: 30 September 2015 · 06 Investor presentation 2015 Total leased & tenanted estate like-for-like net income growth of 0.8% Translates to EBITDA reduction of 2.0%