Restructuring Update

PUNCH TAVERNS PLC
(“Punch”)

Restructuring Update

Since its announcement on 28 February 2014, Punch has continued to facilitate discussions between stakeholders with a view to reaching agreement on the terms of a consensual restructuring for the Punch A and Punch B securitisations. While progress has been made, further time will be required to finalise the proposals with stakeholders and to permit stakeholders and their advisers to review and comment on the documentation necessary to implement them.

To ensure that no default occurs while discussions continue, Punch A and Punch B have today given notice convening noteholder meetings to be held on 29 April 2014 for the purposes of voting on covenant waiver requests. The waivers are necessary to avoid the risk of a near-term default in both securitisations, which in the case of the Punch A securitisation is anticipated to be as early as 15 May 2014.

The requests include temporary waivers of the Debt Service Cover Ratio covenant and certain other provisions of the securitisation documents and, if granted, will expire at the latest on 29 August 2014. It is a condition of the waivers that a restructuring is launched by 30 June 2014.

Copies of the documents relating to the requests, which include further details on the terms of the respective waivers sought, are available on the Punch website: www.punchtavernsplc.com/Punch/Corporate/Investor+Centre/Investor+announcements/2014/

The covenant waiver requests require the support of all classes of noteholders and other securitisation creditors. There can be no assurance that the necessary noteholders and other securitisation creditors will support the covenant waiver requests, or that agreement will be reached on the terms of a consensual restructuring.

Enquiries:

Punch Taverns plc Tel: 01283 501 948
Stephen Billingham, Executive Chairman
Steve Dando, Finance Director

Brunswick Tel: 020 7404 5959
Jonathan Glass, Mike Smith

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 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 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.