Noteholder Meetings

PUNCH TAVERNS PLC("Punch")

Noteholder Meetings

Following feedback from a range of stakeholders, Punch has decided to withdraw the resolutions (the "Resolutions") which were to be put to the Noteholder meetings convened for 14 February 2014 (the "Meetings") in order to facilitate a period of further engagement with stakeholders.

As previously announced, both securitisations will default without a consensual restructuring.  The Board remains of the view that a consensual restructuring is in the best interests of all stakeholders and can be agreed ahead of the next covenant reporting date of 15 April 2014.

Meeting procedures

For procedural reasons, it remains necessary for the Meetings to be held. However, with the consent of the Note Trustee, each Meeting shall, once opened, conclude without the relevant Resolution being proposed or a vote being held.

As no business is to be conducted at the Meetings, they will be held on a shorter schedule than those stated in the circulars made available by Punch Taverns Finance plc ("PTF") and Punch Taverns Finance B Limited. The first Meeting (in respect of the Class A1(R) Notes issued by PTF) will commence at 9:00am on Friday 14 February 2014, and each subsequent Meeting will commence immediately following the conclusion of the previous Meeting.

Noteholders are being invited to unblock their accounts. All remaining blocked accounts will be unblocked following the conclusion or dissolution, as the case may be, of the Meetings.

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.