PROJECTFuture PAISLEYplc JulyAnalyst 2018 presentation 2 Disclaimer

This presentation ("Presentation") has been prepared by Future plc (the "Company") and is confidential and is only directed at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”) (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 (“FSMA”) and certain other investment professionals, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons who are otherwise permitted by law to receive it.

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The information contained in this presentation is not intended to be viewed by, or distributed or passed on (directly or indirectly) to, and should not be acted upon by any class of persons other than Relevant Persons. This document may contain unpublished inside information with regard to the Company and/or its securities. Recipients of this document should not deal or encourage any other any other person to deal in the securities of the Company whilst they remain in possession of such inside information and until the transaction described in this document is announced. Dealing in securities of the Company when in possession of inside information could result in liability under the insider dealing restrictions set out in the Criminal Justice Act 1993 or the Market Abuse Regulation (“MAR”). This document may contain information which is not generally available, but which, if available, would or would be likely to be regarded as relevant when deciding the terms on which transactions in the shares of the Company should be effected. Unreasonable behaviour based on such information could result in liability under the market abuse provisions of MAR. Our strategy Future is a technology enabled global platform for specialist media with scalable, diversified brands

Creating fans of our brands by giving them a place they want to spend their time, where they go to meet their needs. Continuing to create loyal communities

Expanding our global reach through organic growth, acquisitions and strategic partnerships

Diversifying our monetisation models to create significant revenue streams 4 Proposed acquisition of Purch’s B2C division

Founded 15 years ago Purch is a leading US consumer online media publisher, with a strategy closely aligned to Future where trusted brands help consumers make better buying decisions through quality content, while harnessing the opportunities of technology and data. Audiences are monetised via advertising and affiliate income.

Purch is a Next-Gen Digital Publishing & Marketplace Platform

 Brands with strong market positions  Data driven content model  Attractive verticals Brands & Content Better Marketers & Data Purchase  Active marketplace Decisions  High impact marketer solutions  Proprietary monetisation platform

Fueled by Technology & Data 5 Transaction Highlights

• Become market leader in US consumer technology media publishing market through Compelling acquisition of technology and science brands with strong market positions, significantly increasing Media* revenues as proportion of the Group strategic • rationale Acquisition of technology enabled publisher, with complementary platform • Opportunity to increase materially scale of Knowledge and Science audience through acquisition of US science brands

Significant • Materially earnings enhancing in first full year financial • ROIC expected to exceed WACC within two years benefits • Enlarged group will have more conservative levels of leverage 0.7 x pro forma historical EBITDA

• Revenue of $63.5m and EBITDA of $10.1m, in 2017**, revenue growth of 8% and Adjusted EBITDA Transaction growth of 48% overview • Cash consideration of $132m (£99.4m***) • Acquisition funded through fully underwritten Rights Issue of £105.4m (gross)****

* Media revenue consists of digital advertising, eCommerce (also known as affiliate) and events revenue **Adjusted EBITDA relates to normalised performance on a stand alone basis with level of corporate overhead believed required under Future ownership. Reconciliation on slide 24 ***Based on $/£ exchange rate as at 9 July 2018 of 1.3275. To be confirmed at the time of signing and announcement ****Based on $/£ exchange rate as at 9 July 2018 of 1.3275 and fees of £6m. To be confirmed at the time of signing and announcement 6 Purch has strong position in consumer technology market Top Performer in the • Platform for further organic growth in the Group’s consumer technology Technology News Category business • Major customers in the US technology marketplace use Purch for delivery of focused advertising and performance campaigns 58,664 • Market leadership will support an increase in advertising yields as a result of being the destination of choice for advertisers looking to reach 50,035 technology consumers • Increased scale will deliver greater online inventory able to deliver large advertising campaigns in the US

Key advertising partners in the consumer technology market

Source: comScore Media Metrix, February 2018 - Unique US Desktop and Mobile Visitors - Top 10 Properties in the Technology News Category Note: “Unique visitors” are defined in the same way as “online users” shown on the next slide . The figures in the chart above differ from the online user figures on the next slide because the figures are from different sources. The figures in the chart above are from comScore, which is the source used to compare performance against competitors on a like for like basis, whereas the online user figures on the next slide are from Google Analytics, which is the source used internally to measure website traffic. 7 Purch overview

One of the leading US digital media publishers operating in 2017 Revenue of $63.5M consumer technology and science verticals

• US orientated media business pursuing similar strategy to Future, driving review content across portfolio of brands, monetised via ads and affiliates Other revenue • In-depth product review formats, real-time deals and pricing information, retailer recommendations and community driven “how-to” B2C Affiliate 7% 20% • Complementary proprietary Ad Tech product “RAMP” allowing Purch to optimise real-time advertising yields from multiple bidders • Through development of “RAMP” has established a Publisher Services division where advertising sales are delivered for key Partner Brands as a B2C Premium B2B proposition Advertising PS Revenue • Secondary core monetisation stream vie affiliate (eCommerce) driven 20% intent purchase advertising 27%

B2C Owned brands – global Partner brands – US & UK Programmatic unique monthly users* unique monthly users** Advertising 26%

72.8m 39.7m

Diversified and predictable revenue streams, deploying data driven monetisation strategies that leverage multiple types of * Google Analytics, average April 2017 – March 2018 ** comScore Media Metrix, average August 2017-May 2018 advertising & commerce spend 8 Purch’s content model and key brands

Highly efficient and trusted content model Owned brands - drives audience scale and commerce activation Technology Shopping / Lifestyle

 Content – Focused on intent and decision making  Commerce – Delivering selected offers to drive product sales  Community – User generated content from engaged community members  Data / BI – Data informed production process focuses on decision enablement content which drives commerce-oriented SEO  Centralised product testing – In-house team produce proprietary Partner brands data across hundreds of categories in Purch testing labs  Leading Brands – Tom’s Guide ranked 8 in comScore US, growing audience at 40% y-o-y; Space.com No.1 space site in US  Leading Audience Partnership – owned brands and partner brands together combine to be the no.2 technology media network in the US, with a global audience in excess of 112m 9 Purch will deepen Group’s Tech Online Combined US & Can User Chart* presence in US market

• Growing our global audience represents a real opportunity for further monetisation and the US is a key market for the Group

• Acquisition adds significant scale to Group’s US operations following acquisition of NewBay earlier this year

• Directors believe Purch’s expertise and relationships in US market will provide significant benefits to Group’s existing business including becoming advertising partner of choice and digital media employer of choice in New York Online users by geography**

• US division will continue to be managed day-to-day from New York while continuing to operate model of insourcing activities to lowest cost location where applicable

ROW * Source: Google Analytics; Purch Tech Sites include Tom’s Guide, Tom’s Hardware, AnandTech, Top Ten Reviews 37% US & Can and Laptop Mag only (note that on the previous slide comScore put Space.com and LiveScience in the tech 57% category. ** Source: Google Analytics for the period April 2017 to March 2018 Note: “Online users” are defined in the same way as “unique visitors” as shown on the previous slide. The figures in the charts on this slide differ from the unique visitor figures on the previous slide because the figures are from different sources. The figures in the charts above are from Google Analytics, which is the source used internally to measure website traffic whereas the online visitor figures on the previous slide are from comScore, which is the source used to compare performance against competitors on a like for like basis. UK 6% 10 Purch increases Media as proportion of enlarged group revenues Pro forma group revenue breakdown*

• Purch’s revenues are entirely online and will be reported in the Company’s Media division

Future • Opportunity to realise cost synergies via adopting a best of breed approach to Purch Magazine Media 37% the organisation 36%

• Media division significantly higher growth and higher margin than Magazine division in recent years Future Media 27% • Nascent B2B division will benefit from increased media awareness of Future in NY and ability to share resources

• Magazines will remain core part of the Enlarged Group’s business, highly complementary to Media division

Purch US Future UK 37% 49%

*Pro forma relates to 2017 Future financial statements and the 2017 audited financial statements for Purch B2C division. Does not reflect the acquisition of NewBay and Haymarket titles. Future US 14% 11 Key financial metrics

Year ending 31 Decem ber 20 16 20 17 YoY Var YoY Var

$m $m $m % Strong financial rationale

B2C Affiliate 10.6 12.6 2.0 19% B2C Advertising 27.6 29.0 1.4 5% • Materially earnings enhancing in first full year Oth er 3.9 4 .4 0 .5 13%

Tot al B2C Reven u e 4 2.1 4 6.0 3.9 9% • ROIC expected to exceed WACC within two

Cost of Sales 3.8 4 .3 0 .5 13% years

B2C Gross Contribution 38.3 4 1.7 3.4 9% • Enlarged group will have more conservative Gross Contribution Margin 91% 91% 0% 0% leverage levels (0.7x pro forma historic EBITDA) Publisher Services Revenue 16.9 17.5 0 .6 4%

Cost of Sales 13.3 13.7 0 .4 3% Attractive fundamentals Publisher Services Gross Contribution 3.6 3.8 0 .2 6% Gross Contribution Margin 21% 22% 0% 2% • Revenue growth of 8% - driven by B2C at 9% Tot al Reven u e 59.0 63.5 4 .5 8% • High margins - B2C gross contribution Total Gross Contribution 4 1.9 4 5.5 3.6 9% Total Gross Contribution Margin 71% 72% 1% 1% margins of 91%

Overh ead s 32.1 32.4 0 .3 1% • Attractive operational leverage - adjusted EBITDA grew 48% with an increase in margin Net Contribution Before Central Costs 9.8 13.1 3.3 34 % Contribution Margin 17% 21% 4% 24 % of 4ppts to 16%

Expected Central Costs 3.0 3.0 0 .0 0%

Ad ju st ed EBITDA 6.8 10.1 3.3 4 9% Adjusted EBITDA m argin 12% 16% 4% 38% 12 Integration plan and cost synergies

Near term integration priorities Synergies

• Experienced team from Future who have delivered multiple • Track record of delivering synergies from previous recent integrations and with input on transition from senior acquisitions (e.g. Imagine, Home Interest) Purch management, with key personnel coming across to Future • Scope for a material level of cost synergies through:

• Focus on migrating to Future’s back office systems swiftly • Consolidating core commercial teams whilst ensuring key local business processes remain intact • In-sourcing some functions to Future’s • Establish clear contact framework and integration planning office in Bath teams led by CEO • Integrating the technology functions, • Focus on removing uncertainty from the teams through adopting a best of breed approach heavy emphasis on communication • Reduction in web hosting costs • Transition Services Agreement (the “TSA”) agreed between parties to ensure near term continuity

• US division will continue to be managed day-to-day from New York while continuing to operate model of insourcing activities to lowest cost location where applicable 13 In summary

1 Creates market leading position in consumer technology market – highly attractive niche – while strengthening vertical reach in Knowledge and PC Gaming

2 Builds our position in US market – core strategic objective for the Company

3 Increases Media as proportion of enlarged group revenues, with attractive gross margins

4 Purch’s advertising technology platform is award winning and will be highly complementary to our existing capabilities

5 Opportunity to combine Purch’s publisher services business with Future digital franchise model

Acquisition of significant talent in US and material increase in scale of business 6 in New York

Strong financial rationale – materially earnings enhancing in the first full year and ROIC 7 expected to exceed WACC within two years APPENDIX 15 Transaction details

Rights issue Expected timetable

• Rights issue to raise gross proceeds of c.£105.4m • Books Close 17 July (c.43% of current market cap)* • Acquisition and Right Issue announced 18 July (7am) • To be undertaken on a fully underwritten basis • Prospectus published 18 July • Future will publish a prospectus in relation to the • AGM 2 August Rights Issue as required under the Listing Rules • Rights issue result & admission of new ordinary • Sub-underwriting available shares 21 Aug • Completion 29 August

Consideration and funding It is the Company’s intention to pursue a listing on the premium listing segment of the Official List, subject to • Enterprise value of $132.5m meeting all of the requirements of the UKLA, in the • Net cash consideration of $132m (subject to post- next 12 to 18 months. completion adjustments) • Deal fees of £5-6m • Funded through an equity fundraise of c.£105.4m* • No additional debt facilities entered into as recent deals fully funded from debt, so enlarged group will have more conservative debt levels

*Based on $/£ exchange rate as at 9 July 2018 of 1.3275, market capitalisation of £246m as at 9 July 2018 and fees of £6m. To be confirmed at the time of signing and announcement 16 Reconciliation to adjusted financial information

20 17 $m Notes

Op erat in g Profit /(Loss) (1) (2.1) 1. Operating profit/(loss) from the Historical Financial Information relating to Purch B2C division Ad Rem ju st ove ed Itallocated em s adm in expenses (2) 6.8 and replace with expected 5.1 2. Adjusted items relates to overh ead s • elimination of overhead allocation which is not part of Rem ove exceptional costs 1.0 the transaction perimeter and replaced with expected Rem ove allocation of CRO costs 0 .7 overhead costs under Future ownership • exclusion of non-recurring items, non-operating Ad ju st ed Op erat in g Profit /(Loss) 4 .7 executive and legal costs • Remove CRO costs not coming with transaction Depreciation/Am ortisation (3) 5.1 Other Incom e/(Expense) (3) 0 .3 3. Depreciation and amortisation relate to the Historical Financial Information relating to Purch B2C division Ad ju st ed EBITDA 10.1