Re-financing

GREENE KING plc

RE-FINANCING

Today, Greene King plc has purchased at par the entire £60m tranche of the AB1 bond issued by Greene King Finance plc. This has been financed from bank loan facilities, which have been increased to £460m and extended to June 2018. Together, these avoid the Greene King group's interest-rate step-up on the AB1 bond, due to commence on 17 June, and lengthen the availability period of the group's bank financing. No other changes have been made to the facility.

Matthew Fearn, Greene King chief financial officer, comments:

"We are pleased to have agreed this re-financing package, which provides Greene King with more appropriate lending facilities, in terms of both interest cost and duration of the facilities. The extension of the facility provides improved certainty over financing, takes advantage of liquidity in the bank market and reflects our strong cash position."

FOR FURTHER INFORMATION:

NOTES FOR EDITORS

§ Greene King operates c.2400 pubs, restaurants and hotels across England, Wales and Scotland, of which c.950 are in our largest and fastest growing business, Retail. Its leading retail brands are Hungry Horse, Old English Inns, Loch Fyne Restaurants and Eating Inn.

§ Greene King also brews Greene King IPA, the no.1 cask ale in the UK, Old Speckled Hen, the no.1 premium ale in the UK, Abbot Ale, the no.1 premium cask ale in the UK and Belhaven Best, the no.1 ale brand in Scotland.