Securitisation noteholder meeting results

PUNCH TAVERNS PLC("Punch")

Restructuring Update

On 7 April 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.

On 30 April 2014, Punch announced that the waiver requests had been approved by eleven of the sixteen meetings held. No quorum was present at the five remaining meetings, which were accordingly adjourned until today.

At the meetings held today, noteholders voted in favour of the waiver requests. All other securitisation creditors have also consented to the waiver requests.

The covenant waivers will expire at the latest on 29 August 2014, and it is a condition of the waivers that a restructuring is launched by 30 June 2014.

13 May 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 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.