Punch Taverns PLC Regulatory News (PUB)

PUNCH TAVERNS PLC("Punch" or the "Company")

Restructuring Update

On 26 June 2014, Punch announced that the Punch A and Punch B securitisations had given notice convening noteholder meetings for the purposes of voting on covenant waiver requests to be held on 18 July 2014.

At the meetings held today, noteholders voted overwhelmingly in favour of the waiver requests:

All sixteen meetings were quorate (requiring instructions from at least 75% of noteholders eligible to vote) and noteholders in all sixteen of the meetings voted in favour of the waiver requests.

The covenant waivers requested will expire at the latest on 19 November 2014. It is a condition of the waivers that certain milestones are met, including that a restructuring to implement the proposals announced on 26 June 2014 is launched by 11 August 2014.

18 July 2014

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.