FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 15 June 2016 All Leisure Group ALLG Travel & Leisure — GBP 0.0175 at close 15 June 2016

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 15-Jun-2016 15-Jun-2016 15-Jun-2016

0.2 120 120 1D WTD MTD YTD Absolute 16.7 -17.6 -36.4 -68.2 100 100 Rel.Sector 15.9 -15.4 -32.6 -64.3 0.15 Rel.Market 15.9 -15.5 -33.5 -66.6

80 80 VALUATION

(local currency) (local 0.1 60 60 Trailing Relative Price Relative Price

40 40 PE 3.1 Absolute Price Price Absolute 0.05 EV/EBITDA - 20 20 PCF 0.4 PB 0.1 0 0 0 Price/Sales 0.0 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Div Yield 0.0 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 0.0

100 100 100 ROE 4.6 90 90 90 Net Debt/Equity 0.3 80 80 80 70 70 70 60 60 60 DESCRIPTION 50 50 50 The principal activities of the Group comprise the 40 40 40

RSI (Absolute) RSI operation of several destination-led cruise holiday 30 30 30 brands, namely Voyages of Discovery, Swan Hellenic 20 20 20 and Discover . 10 10 10 RSI (Relative to FTSE UK All-Share Index) UK All-Share to FTSE (Relative RSI RSI (Relative to FTSE UK All-Share Sector) UK All-Share to FTSE (Relative RSI 0 0 0 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: All Leisure Group 15 June 2016

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

31-May-2016 31-May-2016 31-May-2016 60 3 2

50 2.5 1.5 40 2 +1SD +1SD +1SD 30 1.5 1 Avg 20 1 Avg Avg 0.5 10 0.5 -1SD -1SD 0 ǁǁ ǁ ǁ 0 ǁǁ 0 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015

Ladbrokes 120.0 Paddy Power Betfair 42.9 Paddy Power Betfair 25.0 Paddy Power Betfair 68.0 Flybe Group 26.3 InterContinental Hotels Group 25.0 51.0 Sportech 26.0 Dominos Pizza Group 17.9 Marstons 37.5 Dominos Pizza Group 21.9 Go-Ahead Group 16.7 Dominos Pizza Group 35.3 Stagecoach Group 15.8 Travel & Leisure 18.3 Travel & Leisure 9.5 Travel & Leisure 3.5 All Leisure Group 3.1 International Consolidated Airlines Group 4.6 Flybe Group 0.8 Hostelworld Group 3.0 FirstGroup 4.3 Punch Taverns -3.1 Millennium & Copthorne Hotels 0.6 Wizz Air Holdings 3.2 Flybe Group -3.2 Enterprise Inns 0.4 Enterprise Inns -7.7 Thomas Cook Group 2.4 Punch Taverns 0.4 The Gym Group -23.8 All Leisure Group 0.0 All Leisure Group 0.1 -40 -20 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 40 45 50 0 5 10 15 20 25 30

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

31-May-2016 31-May-2016 31-May-2016 70 12 0.3

60 10 0.25 50 +1SD 8 0.2

40 +1SD 6 0.15 Avg 30 +1SD 4 0.1 20 Avg -1SD 10 2 Avg 0.05 0 ǁǁ ǁǁ 0 0 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015

Paddy Power Betfair 37.4 Restaurant Group 4.8 Paddy Power Betfair 9.2 Dominos Pizza Group 25.2 Marstons 4.6 Playtech 5.7 The Gym Group 24.1 TUI AG 4.1 Dominos Pizza Group 5.5 Compass Group 18.2 Stagecoach Group 4.1 The Gym Group 4.5 Playtech 18.0 William Hill 4.0 InterContinental Hotels Group 4.4 Travel & Leisure 10.7 Travel & Leisure 2.3 Travel & Leisure 1.0 Punch Taverns 4.0 Punch Taverns 0.0 Go-Ahead Group 0.3 Flybe Group 3.8 Mitchells & Butlers 0.0 FirstGroup 0.2 Thomas Cook Group 3.5 Flybe Group 0.0 Flybe Group 0.2 Go-Ahead Group 2.8 FirstGroup 0.0 Thomas Cook Group 0.1 All Leisure Group 0.4 All Leisure Group 0.0 All Leisure Group 0.0 0 5 10 15 20 25 30 35 40 0123456 012345678910 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: All Leisure Group 15 June 2016

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

31-May-2016 31-May-2016 31-May-2016 0.4 100 ǁǁ 20 0.35 +1SD 80 +1SD 0.3 15

0.25 60 Avg 0.2 10 0.15 40 Avg +1SD 0.1 5 20 -1SD 0.05 Avg 0 0 ǁǁ 0 ǁǁ ǁ ǁ Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015

Stagecoach Group 8.3 Ladbrokes 100.0 Hostelworld Group 50.0 InterContinental Hotels Group 5.4 Marstons 100.0 Stagecoach Group 50.0 Go-Ahead Group 4.9 Paddy Power Betfair 100.0 Go-Ahead Group 50.0 Thomas Cook Group 4.2 TUI AG 96.5 Paddy Power Betfair 50.0 Wetherspoon(J D) 2.9 Greene King 94.6 Dominos Pizza Group 50.0 Travel & Leisure 0.9 Travel & Leisure 14.4 Travel & Leisure 43.8 All Leisure Group 0.3 All Leisure Group 4.6 Dominos Pizza Group 0.1 Wizz Air Holdings 0.0 Ladbrokes 1.2 Restaurant Group 0.1 The Gym Group 0.0 Enterprise Inns -4.7 The Gym Group 0.1 Punch Taverns 0.0 The Gym Group -16.4 Wizz Air Holdings 0.1 Flybe Group 0.0 Punch Taverns -16.6 Hostelworld Group 0.0 All Leisure Group 0.0 Flybe Group -21.4 0123456789 0 20 40 60 80 100 120 -30 -20 -10 0 10 20 30 40 50 60

ROE vs. PB — sector Du Pont Analysis

30 7 20

18 6 25 16 PPB 5 14 20 4 12 DOM GOG 3 10 PB SGC 15 8 2 CPG 6 10 1 4

SSPG 0 5 2 MERLTUI JDW TCG Travel &WTB Leisure RNK LAD GNK PTEC CINE EZJRTN IAG -1 0 GYM CCL NEX WMH WIZZ ǁǁ SPO FSTA HSW 2012 2013 2014 2015 2016 FLYB MLCMARSFGP MAB 0 PUBETI ALLG 0 102030405060 Net Margin Asset Turnover Gearing ROE (rhs) ǁ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: All Leisure Group 15 June 2016

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

All Leisure Group 15 June 2016 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

Beijing +86 10 5833 2202 +44 (0) 20 7866 1810 Rio de Janeiro +55 (21) 3736 3726 Tokyo +81 (3) 3581 2811 Boston +1 888 747 FTSE (3873) Milan +39 02 3604 6953 San Francisco +1 888 747 FTSE (3873) Toronto +1 416 572 7979 Chicago +1 888 747 FTSE (3873) Mumbai +91 22 6649 4180 Seattle +1 888 747 FTSE (3873) Dubai +971 4 375 1868 New York +1 888 747 FTSE (3873) Shanghai +86 21 6058 9131 Hong Kong +852 2164 3333 Paris +33 (0)1 53 76 82 89 Sydney +61 (0)2 9293 2864

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