Pinewood Group Presentation of FY 2018/19 results Important notice

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1 Agenda

1. Overview of FY 2018/19

2. Financial highlights

3. Outlook

4. Q&A

Paul Golding Barbara Inskip Chairman and Acting CEO Chief Financial Officer

2 Pinewood Group We provide the infrastructure for the production of film and TV content

Pinewood is the global independent leader in its industry

3 Executive summary

◼ Strong financial and operational performance in 2018/19

• Revenue of £86m, +5% growth YoY

• Adjusted EBITDA of £45m (c.52% margin), ahead of budget and previous year on continued strong demand

◼ Considerable progress on key strategic initiatives:

• Long-term contract with at Shepperton; 40% of the Group’s UK space now under long term contracts

• Outline planning permission granted for Shepperton Masterplan; longer-term investment opportunity

• Pinewood East Phase II progressing on budget and expected to come online in Oct-2019; will increase lettable space by 11%

• Real estate optimisation programme underway with 3 projects in design / procurement phase

• Acquired c. 80 acres of strategic land adjacent to

4 1. Overview of FY 2018/19 Industry highlights Positive industry fundamentals

Production spend in the UK – feature film & high-end television (“HETV”)

Production spend in the UK (£m): feature film ◼ UK spend on feature films was £1.8bn; broadly in-line with the previous year; since 2014/15, total spending is up 15% (CAGR 4% p.a.) 1,836 1,829 1,590 315 302 ◼ Inward investment continues to drive overall spending – 153 bigger budget films are taking space in the UK • In the 12 month period to March 2019, 68 films contributed £1.5bn, compared to 79 films / £1.5bn in 1,437 1,522 1,527 2017/18

2014/15 2017/18 2018/19 Inward investment & co-production Domestic Production spend in the UK (£m): HETV ◼ UK spend on HETV productions reached a record £1.2bn; since 2014/15 total spending is up 84% (CAGR 17% p.a.)

◼ Inward investment in HETV is up c.3x vs. 2014/15 levels, with 69 productions contributing £0.9bn in 2018/19, which 1,142 1,225 compares against 35 productions / £0.3bn in 2014/15 318 664 367

350 775 907 314 2014/15 2017/18 2018/19 Inward investment & co-production Domestic

Source: BFI

6 Operational highlights

FY 2018/19 highlights

£86m £45m revenue adjusted EBITDA +5% +6% Maleficent Star Wars: The Mistress of Evil Rise of Skywalker

Fast & Furious Avengers: Presents: Hobbs & Endgame Shaw 52% 94% adjusted EBITDA margin stage occupancy

Downton Abbey Pokémon Detective Pikachu

7 Strategy highlights Recent achievements

1 Netflix

2 Shepperton Masterplan

3 Pinewood East Phase II

4 Real estate optimisation programme

5 Land acquisitions

8 Strategic highlights 1 Netflix – Shepperton multi-year contract

Overview

◼ Outstanding achievement is the signing of a multi-year contract with Netflix over 100% of the existing production accommodation at Shepperton 14 c. 440k sq ft sound stages total area under contract ◼ Netflix is a new customer for Pinewood and their commitment is a strong vote of confidence in both the UK and in Pinewood

◼ The long-term contract: 40% Group’s UK space under • Increases overall occupancy leading to higher revenue, long-term contracts profitability and margin • Significantly reduces the risk profile of the business

% of space under long-term contracts Sep-17A Current – post Netflix Pinewood East Pinewood East Phase I Phase I & Netflix 16% 40%

84% 60% Pinewood West Pinewood West & Shepperton & Shepperton(1)

Under long-term contracts Typical hire agreements

(1) In addition to the space occupied by Netflix, Shepperton will continue to be partly owner occupied and partly leased to Media Hub tenants.

9 Strategic highlights 2 Shepperton Masterplan – planning consent obtained in July 2019

Update ◼ Outline planning consent obtained in July 2019 96 acres 16 ◼ Enables Pinewood to meet all the demand from film and undeveloped land new sound stages HETV production companies, thereby maintaining its vs. 26 acres existing studio vs. 14 existing leading position in the industry (3.7x) (2.1x)

◼ The expansion is a long-term project and management will continue to take a cautious approach to development that is supported by detailed feasibility studies 630k sq ft 1.5m sq ft stage space production accommodation vs. 167k sq ft existing vs. 0.6m existing (3.7x) (2.6x)

Shepperton Studios – existing site – illustrative masterplan

Undeveloped land bank: 96 acres(1) Existing – Shepperton North: Modernisation of existing facilities Expansion – Shepperton South

Existing studio site: 26 acres

10 Strategic highlights 3 Pinewood East Phase II – development will come online in Q4 2019

Overview

◼ Expansion of Pinewood East site, which will add a further c. 200,000 sq ft of lettable space, comprising 4 sound Alderbourne Farm stages totalling c. 90,000 sq ft and c. 110,000 sq ft of P. East Phase II site workshop and office space P. East Phase I

◼ Construction works progressing on time and on budget; practical completion expected in autumn 2019

Pinewood East

c. 204k sq ft 11% Pinewood West total lettable area increase in UK space

Indicates land owned by Pinewood Group

Progress of construction

Dec-2018 Mar-2019 Jun-2019

11 Strategic highlights 4 Real estate optimisation programme

Update

◼ Improving the existing studios by redeveloping and refurbishing certain assets to enhance yield

◼ 6 projects currently underway, of which 3 have been completed and a further 3 are in design / procurement phase

◼ Continuing to assess and identify projects on an ongoing basis

Example project – new workshop

◼ Identified an opportunity to develop a new c. 15k sq ft workshop on under utilised land at Pinewood West

◼ Completed in Aug-2018

◼ Total capex of c. £0.9m; ROI of c.40%

Before After

12 Strategic highlights 5 Land acquisitions – acquired c. 80 acres adjacent to Pinewood Studios

Land acquisitions

210 80 290 Pinewood acres acres acres

owned Alderbourne Farm(1) current

Alderbourne Farm

Extending the group’s total land holding in the UK to 412 acres

Note: acres have been rounded. (1) Alderbourne Farm acquired in Feb-19

13 2. Financial highlights Group results summary Revenue growth YoY exceeds 5%

12 months ended £m 2018/19 2017/18 % growth

Revenue incl. Media Investment(1) 85.9 81.7 5.2% 1 Gross Profit 45.0 38.7 16.1% Gross profit margin % 52.3% 47.4% 4.9 ppt 2

Operating profit excl. exceptional items 35.9 28.9 23.9% Operating profit margin % 41.7% 35.4% 6.3 ppt

Income from JVs (1.4) 3.1 3 Net Finance costs (6.2) (2.3) 4

Profit before tax and exceptional items 28.3 29.7 (4.9)% 5

1 Revenue (incl. MI) is up 5.2% (or £4.3m) in 2018/19 despite close of Media Investment (“MI”) business in 2017/18

2 Gross profit margin is up 4.9 ppt to 52.3%, benefitting from closure of MI

3 JV witnessed a challenging operating environment in the year, resulting in low occupancy at the facility; marked improvement in occupancy since summer 2019

4 Increase in finance costs reflects a full year of interest following the refinancing in December 2017

5 PBT marginally lower than last year even with loss from Atlanta and higher interest, reflecting the strength of core UK business

(1) 2017/18 revenue includes Media Investment revenue of £1.9m; 2018/19: nil.

15 Adjusted EBITDA progression UK studios driving growth

7.6 (4.5) (0.8)

44.7 42.3

1 2 3

Adj. EBITDA UK Studios + Post Atlanta JV International Adj. EBITDA 2017/18(1) Production services 2018/19(1)

1◼ Growth in UK studios driven by core leasing business (i) price increases, (ii) improved overall occupancy (including workshops and offices)

2◼ Atlanta JV witnessed a challenging operating environment, with an increase in competition

3◼ Expiry of a one-off consultancy contract in China

Note: all figures have been rounded to the nearest £100,000 (1) Adjusted EBITDA is calculated as profit on ordinary activities before interest receivable and similar income, interest payable and similar charges, tax (credit)/charge on profit on ordinary activities, depreciation of property, plant and equipment, depreciation of investment property, impairment of long-term assets, amortization of goodwill, amortization of long-term assets, exceptional items, operating loss attributable to Media Investment (ceased) and (gain)/loss on disposal of property, plant and equipment.

16 Cash flow Cash generative business

Cash flow 2018/19 vs. 2017/18 EBITDA(1) vs. capex

12 months ended £m 2018/19 2017/18 2015/16 2016/17 2017/18 2018/19 3

EBITDA(1) 45.2 38.5 Working capital 7.5 (14.8) 1 Cash generated from operations 52.7 23.6 45.2 38.5 Net interest (9.4) (2.5) 21.7 24.3 Tax paid (3.7) (2.8)

Net cash flow from operating activities 39.6 18.3 (6.4)

Capital expenditure and other investing activities (42.1) (6.4) 2 (29.2) (42.1) On-loan to parent - (127.5) (48.2) Net cash flow from investing activities (42.1) (133.9) Net cash flow from financing activities (0.6) 130.2 Net cash flow (3.1) 14.6

(1) EBITDA Capex

1 Change in working capital is impacted by the timing of receipts from some of our leases around the financial year ends. Positive impact this year reflects the unwinding of a negative working capital position shortly after 31 March 2018.

2 Capital expenditure for the year is principally driven by the Pinewood East Phase II development.

3 Improved profitability has allowed management to reinvest into the business.

(1) EBITDA is calculated before the results of joint ventures but including exceptional items.

17 Capital structure update Strong liquidity position

Capital structure evolution

12 months ended xLTM 2018/19 xLTM 2017/18 £m 2018/19 2017/18 EBITDA EBITDA

Adjusted EBITDA(1) 44.7 42.3

Senior Secured Notes due 2023 250.0 250.0 5.6x 5.9x Revolving Credit Facility (£50m) - - - - Finance lease obligations 0.2 0.7 0.0x 0.0x Cash (39.9) (43.0) (0.9x) (1.0x) Adjusted net debt 210.3 207.7 4.7x 4.9x

◼ Further de-leveraging expected in 2020/21

• Increased profitability of Shepperton with Netflix contract ensuring 100% occupancy(2)

• Pinewood East Phase II providing 11% increase in lettable space

◼ Substantial liquidity position across RCF and cash flow

(1) Adjusted EBITDA is calculated as profit on ordinary activities before interest receivable and similar income, interest payable and similar charges, tax (credit)/charge on profit on ordinary activities, depreciation of property, plant and equipment, depreciation of investment property, impairment of long-term assets, amortization of goodwill, amortization of long-term assets, exceptional items, operating loss attributable to Media Investment (ceased) and (gain)/loss on disposal of property, plant and equipment. (2) Occupancy reflects production accommodation facilities to be occupied by Netflix

18 3. Outlook Looking ahead Positive outlook underpinned by strong industry fundamentals

➢ For several quarters, we have highlighted the growing demand for content and the resulting strength of the UK’s production industry • Pinewood has successfully capitalised on this by securing a long term partnership with Netflix, a new client of the group • The agreement: • Improves occupancy of production accommodation thereby improving profitability; • Significantly reduces the overall risk of the business; and • Underlines the attractiveness of both Pinewood and the UK as a production centre

➢ Enquiries and bookings remain strong • Disney, WarnerMedia and Comcast will launch their own streaming platforms later this year / early next year • This is generating incremental demand and we are receiving enquiries and taking bookings to house such productions

➢ The outlook is positive • The 200,000 sq ft expansion at Pinewood is expected to complete in the autumn and is already booked for 9 months

• Our success in securing planning consent at Shepperton enables us to continue to meet the demand for studio space − Detailed design is underway and we will judiciously analyse the market before committing to further expansion

➢ Finally, many thanks to Chris Naisby who leaves Pinewood later this month after 18 years with the company, 7 of which have been as Finance Director • We are especially grateful to Chris for having worked alongside Barbara for the last 3 months to facilitate the smooth transition

20 4. Q&A