Whitbread Regulatory News (WTB)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Whitbread PLC

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

Vulcan Value Partners, LLC, a Delaware limited liability company ("Vulcan")

City and country of registered office (if applicable)

Birmingham, Alabama, Unites States

4. Full name of shareholder(s) (if different from 3.)v

Name

Vulcan Value Partners, LLC is the investment advisor to (1) Vulcan Value Partners Large Cap Fund, a US mutual fund, and (2) a number of separately-managed client accounts.

The custodian for the US mutual fund is BNY Mellon.

Various custodians, numbering 40 in total, serve as custodian for the separately-managed accounts. See additional information for the full list.

City and country of registered office (if applicable)

Birmingham, Alabama, Unites States

5. Date on which the threshold was crossed or reachedvi:

April 16, 2020

6. Date on which issuer notified (DD/MM/YYYY):

April 16, 2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

4.98%

N/A

4.98%

6,698,606

Position of previous notification (if

applicable)

N/A

N/A

N/A

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Ordinary Shares

GB00B1KJJ408

N/A

6,362,562

N/A

4.73%

ADR

US96342K1007

N/A

336,044

N/A

0.25%

SUBTOTAL 8. A

6,698,606

4.98%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expirationdatex

Exercise/Conversion Periodxi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

N/A

N/A

N/A

N/A

N/A

SUBTOTAL 8. B 1

N/A

N/A

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expirationdatex

Exercise/Conversion Period xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

N/A

N/A

N/A

N/A

N/A

N/A

SUBTOTAL 8.B.2

N/A

N/A

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

X

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Vulcan Value Partners, LLC is controlled by C.T. Fitzpatrick by virtue of C.T. Fitzpatrick holding a majority of voting and economic rights in it.

4.98%

N/A

4.98%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

The 40 custodians referred to in item 4 above are as follows:

Amalgamated Trust

Bank of America Merrill Lynch

Bank of New York - Mellon

Bank of Oklahoma

BNY Mellon

Bank of Hawaii

Citi Private Bank

Comerica Bank

First Hawaiian Bank

Fidelity (TD)

Fiduciary Trust

Fidelity Management Trust Company

First National Bank

First Republic

Fiduciary Trust Boston

First Western

Goldman Sachs

JP Morgan

JP Morgan Private

Macatawa Bank

Marshall & Ilsley

Merrill Lynch

Morgan Stanley Dual Contract

M&T Bank

Northern Trust

Pershing (TD)

Pictet

PNC Bank

Raymond James

RBX

Regions Trust

Ropes and Gray/ SEI Private Trust Company

Salem Trust

Schwab

State Street

Sun Trust Bank

UMB Bank

US Bank

Wells Fargo Trust

Wells Fargo First Union

Place of completion

Birmingham, Alabama, United States

Date of completion

February 24, 2020