Recommended Cash Acquisition of Punch Taverns plc

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

FOR IMMEDIATE RELEASE

9 January 2017

Recommended Cash Acquisition of Punch Taverns plc ("Transaction")

In line with the announcement of the Transaction on 15 December 2017 (the "Announcement"), the Scheme Document setting out the full details of the Transaction will be published on or before 20 January 2017. It is still expected that the Shareholder and Court Meetings will be held in the first quarter of 2017, and that the Scheme will become Effective in the first half of 2017 subject to the satisfaction or waiver of the Conditions and certain further terms set out in the Announcement.

The defined terms in this announcement have the same meaning as set out in the Announcement.

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 10 January 2017. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.