Convertible Bond Offering

NOT FOR DISTRIBUTION IN OR TO THE UNITED STATES (OR TO OR FOR THE ACCOUNT OF U.S. PERSONS), CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

5 September 2013

Enterprise Inns plc Convertible Bond Offering

Enterprise Inns plc ("ETI") announces the final terms of an offering (the "Offering") of £97 million of senior, unsecured Guaranteed Convertible Bonds due 2020 (the "Bonds"), as announced earlier today.

The Bonds will be issued and redeemed at par, will have a maturity of seven years and bear a coupon of 3.50% per annum payable quarterly in arrear. The reference share price has been set at £1.4150 (the "Reference Share Price"), being the placing price of the concurrent accelerated secondary equity placing of ordinary shares of ETI. The initial conversion price has been set at £1.9103, a premium of 35% above the Reference Share Price.

The Bonds will be issued by Enterprise Funding Limited, a wholly-owned subsidiary of ETI incorporated in Jersey (the "Issuer"), and will be guaranteed by ETI.

Settlement is expected to take place on or about 10 September 2013.

Neil Smith, Chief Financial Officer of ETI said: "We are very pleased with the success of this transaction. Taking advantage of favourable market conditions, we have accessed a new source of low cost, unsecured financing to strengthen our balance sheet which allows us to maintain optimum flexibility."

Barclays Bank PLC and Deutsche Bank AG, London Branch are acting as Joint Bookrunners (together, the "Joint Bookrunners") and The Royal Bank of Scotland plc is acting as Co-Bookrunner in respect of the Offering.

Enquiries

Tulchan Communications, Peter Hewer/Rebecca Scott 0207 353 4200

Ted Tuppen, Chief Executive 0121 733 7700

Neil Smith, Chief Financial Officer 0121 733 7700

Emma Greves, Investor Relations Manager 07990 550210

This announcement does not constitute or form part of an offer to sell securities or the solicitation of any offer to subscribe for otherwise buy any securities. The securities mentioned in this announcement have not been and will not be registered in the United States under the US Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States or to or for the account of U.S. persons, absent registration or exemption from registration under the US Securities Act. Stabilising action may take place with respect to the Bonds.

This communication is directed only at persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and qualified investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

The Joint Bookrunners and the Co-Bookrunner are acting on behalf of the Issuer and ETI and no one else in connection with the Bonds and will not be responsible to any other person for providing the protections afforded to clients of the Joint Bookrunners or the Co-Bookrunner or for providing advice in relation to the Bonds.

Each of ETI, the Joint Bookrunners and the Co-Bookrunner and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

Stabilisation/FCA.