Confirmation on capital structure proposals

Punch Taverns plc (the "Company")

17 December 2013

CONFIRMATION IN RELATION TO CAPITAL STRUCTURE PROPOSALS

Following enquiries from certain stakeholders, the Company wishes to confirm one aspect of the modified restructuring proposals relating to the Punch A securitisation set out in the announcement made by the Company on 9 December 2013.

The announcement included the following statement in relation to the modified restructuring proposals for the Punch A securitisation:

"Potential third party cash out offer on day 1 for Class A Notes at 105% of par".

The Company wishes to make clear that, should such an offer be made, it is intended that holders of the Class A Notes in the Punch A securitisation would have the option to accept the offer, but would not be required to do so.

Enquiries:

Punch Taverns plc Tel: 01283 501 948

Stephen Billingham, Executive Chairman

Steve Dando, Finance Director

Media: Brunswick Tel: 020 7404 5959

Jonathan Glass, Mike Smith

Restructuring

Goldman Sachs International Tel: 020 7774 1000

Andrew Wilkinson, Sarah Mook

The Blackstone Group International Partners LLP Tel: 020 7451 4000

Martin Gudgeon, David Riddell

Disclaimer

This announcement is not intended to and does not constitute or form part of any offer to sell

or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any

securities or the solicitation of any vote or approval in any jurisdiction pursuant to the

restructuring proposals set out herein or otherwise, nor shall it (or the fact of its distribution)

form the basis of, or be relied on in connection with, any contract therefor or be considered a

recommendation that any investor should subscribe for or purchase or invest in any securities.

The securities referred to herein (including those proposed to be issued pursuant to the

restructuring proposals set out herein) have not been and will not be registered under the U.S. Securities Act of 1933 as amended (the "Securities Act") or under any U.S. state securities laws and may not be offered or sold within the United States unless any such securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act and any applicable state laws is available.

This announcement contains certain statements about the future outlook for the Punch group

that are or may constitute "forward-looking statements". Because such statements are

inherently subject to risks and uncertainties, actual results may differ materially from those

expressed or implied by such forward-looking statements. As a result, you should not rely on

any of these forward-looking statements. Any forward-looking statements included in this

announcement are made only as of the date of this announcement, and except as otherwise

required by law, we undertake no obligation to publicly update or revise any such forward looking statements to reflect subsequent events or circumstances.