Punch Taverns PLC Regulatory News (PUB)

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

5 March 2014

Restructuring Update: Statement from Punch Taverns Finance plc and Punch Taverns Finance B Limited

Further to the announcement by Punch on 28th February 2014, Punch's subsidiaries, Punch Taverns Finance plc and Punch Taverns Finance B Limited have today issued the following announcement:

'Bondholders will by now have seen the update from Punch Taverns plc issued on 28th February (the "Announcement"), and which was referred to in the announcement made by the Issuers on 28 February.

Punch Taverns Finance plc and Punch Taverns Finance B Limited (together, the "Issuers") wish to highlight that, as set out in the Announcement, the absence of a consensual restructuring in the near-term will result in a default in both the Punch A and Punch B securitisations. Furthermore, the Issuers wish to emphasize that a default would be expected to culminate in the appointment of an Administrative Receiver at the borrower level in the relevant securitisation. The Issuers believe that this would result in a materially worse outcome for all stakeholders (including bondholders) than would be achieved by the agreement of a consensual restructuring.

Against this backdrop, the Issuers are aiming to agree the terms of a consensual restructuring with their key stakeholders over the next few weeks in order to be able to document and formally launch a revised proposal ahead of the next financial covenant reporting date of 15 April 2014.

Negotiation of the restructuring with key stakeholders and their advisers will be facilitated by Punch's advisors. The Issuers urge bondholder groups and other stakeholders to engage actively with Punch's advisors and each other in order to reach a consensual deal in the timeline set out above.'