Announcement by Emerald Investment Partners Ltd

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

1 February 2017

Punch Taverns plc ("Punch")

Announcement by Emerald Investment Partners Limited ("Emerald")

The Board of Punch (the "Board") notes the announcement by Emerald that, in accordance with the requirements of the UK City Code on Takeovers and Mergers (the "Takeover Code"), it does not intend to make an offer for Punch.

The timetable for the recommended offer for Punch by Vine Acquisitions is as announced on 17 January 2017 with the relevant meetings of Punch shareholders on 10 February 2017 and completion is expected in the first half of 2017.

Enquiries

Important notices

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Punch and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Punch for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in relation to the matters referred to in this announcement.

Publication of this announcement

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at www.punchtavernsplc.com, by no later than 12 noon (London time) on 2 February 2017. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.