C&C Group plc Investor Day | November 2012 Disclaimer

This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any shares or other securities of C&C Group plc (the "Company").

The presentation contains forward-looking statements, including statements about the Company's intentions, beliefs and expectations. These statements are based on the Company's current plans, estimates and projections, as well as the Company's expectations of external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any such statements in light of new information or future events, except to the extent required by any applicable law or regulation. Recipients of this presentation are therefore cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

Bulmers Ltd of , , a company within the C&C Group, owns the trade mark BULMERS® in the . Bulmers Ltd is not connected with HP Bulmer Ltd of Hereford, UK. BULMERS ® Original Vintage produced by Bulmers Ltd of Clonmel, Ireland is sold outside the Republic of Ireland under the name MAGNERS® Original Irish Cider.

For further information see www.candcgroupplc.com

2 Welcome & Agenda

10.00 Presentations and Q&A 12.35 Prep for tour 13.00 Tour of Cider Mill 14.00 Lunch and cider tasting at The Cider House 15.30 Transfers to Bristol Airport & Gloucester Road Tube Station

3 Presentations

1 Overview Stephen Glancey & Kenny Neison

2 Export Markets Joris Brams & Mark Boulos

3 Domestic Markets Sandra Mitchell & Michael Sloan

4 Shepton Mallet Business Paolo Mortarotti

5 Summary and Q&A Stephen Glancey

4 Presentations

1 Overview Stephen Glancey & Kenny Neison

2 Export Markets Joris Brams & Mark Boulos

3 Domestic Markets Sandra Mitchell & Michael Sloan

4 Shepton Mallet Business Paolo Mortarotti

5 Summary and Q&A Stephen Glancey

5 Business Development Review

● 2008-2012: Stabilise and Consolidate ● 2013-2015: Transform

6 2008 to 2012: Challenging Domestic Environment ● Reduced consumer spend

● Increasing retailer power

● Pressure on pricing

7 2008 to 2012: Solid Financial Performance

FY09 FY131 CAGR EBIT (€m) 90.22 113.3 5.5%

Adjusted EPS (c) 22.2 28.6 6.6%

Net Debt (€m) 226.2 (130)3 N/A

1Bloomberg and sell-side estimates 2 Underlying; excludes €10.2m hedging gain 3 Pro-forma net cash position excluding impact of proposed acquisitions

*Sell side estimates

8 2008 to 2012 : De-risking the Earnings Profile

FY2009 | EBIT FY2013e | EBIT

Third Party S&L 5% 17% Tennent's Cider ROI 24% 34% Cider ROI 49%

Cider UK International 34% 7% Cider UK 29%

Cider ROI Cider UK S&L Cider ROI Cider UK Source: Company data Source: Sell-side estimate

9 Business Development Review ● 2008-2012: Stabilise and Consolidate ● 2013-2015: Transform through Internationalisaton …but room for further domestic consolidation as well

10 2013 to 2015: Ireland - evolution through Gleesons

● Changes business model ● Direct sales network, enhanced portfolio ● Multi-beverage platform ● Scope for additional agency brands

Agency Brands

11 Gleesons: Transaction Overview

● Enterprise value €58 million ● Pro forma EBITDA of €10.2 million ● 5.7x 2012 EBITDA before synergies (4.5x post synergies of c. €3m) ● ROIC exceeds WACC in 2 years ● Immediately accretive ● Pro forma net debt to EBITDA ratio < 1.5x ● No impact on progressive dividend policy

12 Gleesons: A Resilient Model

2012 | Gross Profit Contribution €m 2010 to 2012 | Revenue

270 Manufacturing 260 30% 250 240 Wholesale 230 & Agency 45% 220 210 200 Wines & 190 Spirits 2010 2011 2012 25% Gross Profit Contribution 19% 19% 18%

Source: Gleeson Group internal data Source: Gleeson Group internal data

13 Gleesons: Value Creation Opportunities

● Cost & revenue synergies ● Expand range of agency brands ● Evolve to ‘push’ model ● On-trade financing opportunities ● Export potential

14 2013 to 2015: Consolidating in the UK

● Investing in existing brand assets – marketing – price – lending for distribution & throughput ● Funded by cost reduction ● Multi-beverage in the right markets

15 2013 to 2015: International Growth Story

● Accelerating growth in new markets

● Tennent’s export potential

● Acquisition strengthens US platform & brands

16 2013 to 2015: International focus on the US

● US$305m acquisition Vermont Hard Cider Company ● Premium craft cider player ● Woodchuck and Wyder’s cider ● 400 kHL cidery in Vermont ● National sales force

17 Vermont Hard Cider Company Why?

● US cider category trends & potential ● Great brands, great management, sustained growth of 25% pa ● Cultural fit ● Scarcity value ● Step change in international cider profile

18 Vermont Hard Cider Company: Ability to create value

● Share of accelerating category growth ● Filling the imported cider space ● Widened portfolio appeal ● Operational synergies (in due course)

19

C&C | Strategy

Building a substantial, international cider-led LAD business through:

Consolidation in core markets

and

Accelerated development of international markets

20 Business development Review: Summary ● 2008 to 2012 – delivering to plan ● Strong, multi-beverage platform in core markets ● International opportunity ● Positioned for performance and growth – Consolidate core markets – Accelerate development of international markets ● Strong Balance sheet

21 Presentations

1 Overview Stephen Glancey & Kenny Neison

2 Export Markets Joris Brams & Mark Boulos

3 Domestic Markets Sandra Mitchell & Michael Sloan

4 Shepton Mallet Business Paolo Mortarotti

5 Summary and Q&A Stephen Glancey

22 Joris Brams Managing Director - International Developing International Markets

FROM TO

● Small ● Relevant ● Seeing markets ● Being in markets ● USA East coast on-trade player ● Nationwide market leader ● Cider only ● Global cider & beer portfolio ● Pioneers ● Dedicated top team ● Low % of total profit ● Meaningful % of total profit

24 From strategy to execution …

Create shareholder value by driving earnings growth – Target : 20% of group profit by FY16

“Irish Distribution Brand & Build Use local colonial agreements Portfolio relationships partners in

route” Builders virgin territories Focus on : • Moosehead • Suntory • Rio • Interbrau • MBC • Others…

25 The team is growing …

Joris

Commercial Marketing Finance/M&A

Ned Conor Ricardo Peter Anthony Jens Mark

45 FTE today to 170 FTE post VHCC

26 We are the places to be …

New 2012 Plan 2013

Source Canadean, C&C analysis 27 Track record so far

Volume development (khl) Profit development (€m)

200 188 8 45 7 150 6 120 25 3 100 82 89 30 34 4 24 20 18 21 2 17 18 1 50 18 5 11 11 3 4 62 0 31 33 45

0

FY10 FY11 FY12 FY09 FY10 FY11 FY12 -2 FY09 -3 USA Canada Australia Spain All other -4 Source: C&C internal data Source: C&C internal data 28 What We Have Said Previously About Global Cider

Global cider category growth forecasts (mhl) Cider vs. beer growth | 2006-11 and 2011-16

Source: Euromonitor Source: Euromonitor, HMC&E & C&C estimates 29 Global Cider Categories Latest global cider category growth rates Market size (khl) and cider penetration

Source: The Beer Institute (USA, L6M), AC Nielsen (Australia, L6M), IWSR (South Africa, CY11- Source C&C estimates, The Beer Institute (USA), IWSR/:LMA (Australia), IWSR (South Africa), 12), ACD (Canada, LTM) and Canadean (New Zealand, CY11-12) ACD (Canada) and Canadean (New Zealand) 30 Our Performance So Far

C&C International 1H12 and 1H13 volume by region (growth vs. last year)

1H12 1H13

Source: C&C internal data 31 INTERNATIONAL at a glance C&C products worldwide Our products are available in over 43 countries Czech Denmark Finland France Guam Germany Gibraltar Greece Hong Hungary Israel Italy Japan Latvia Malaysia Malta Republic Kong

Andorra Australia Austria Bahrain Belgium British Virgin Bulgaria Canada Caribbean Cayman China Cyprus Islands Islands

32 Netherlands New Zealand Portugal Qatar Russia South Korea Singapore Spain Sweden Switzerland Thailand Turkey UAE Ukraine USA Mark Boulos Finance Director – International

Our Goals Driven By USA Volume growth Average per case price ($) (off-trade) Weighted distribution (off-trade) (off-trade)

Source: AC Nielsen (w/e 4 Nov-12) Source: AC Nielsen (w/e 4 Nov-12) Source: AC Nielsen (w/e 4 Nov-12) 34 Video: Bret Williams

35 Bret Williams President and CEO Vermont Hard Cider Company Cider could become the next CRAFT In 2011, the Woodchuck Brand was the 9th largest Craft Brand in the US. 1. Boston Beer Company 2. Sierra Nevada Brewing Company 3. New Belgium Brewing Company Inc. 4. Gambrinus Company Vermont Hard Cider Company 5. Deschutes Brewery 6. Matt Brewing Company 7. Bell’s Brewery, Inc. 8. Harpoon Brewery Woodchuck Hard Cider 9. Lagunitas Brewing Company 10. Boulevard Brewing Company Source: Brewers Association

VTHCC is the #2 craft company on the East Coast and #5 overall.

37 Hot Brand… • Woodchuck received the Impact Hot Brand Award for the 8th time in 2011! (6th Consecutively)

• VTHCC has received 15 Impact Hot Brand Awards in total 200 200 201 6 8 0 200 200 7 9

38 Woodchuck Brand Attributes

● Premium Craft Pricing ● Innovation – Limited Release – Private Reserve – Farmhouse ● Made in Vermont with local juice ● Naturally Gluten Free ● Available in 50 States ● Strong Brand Loyalty & Authenticity ● Vermont Brands translate across the country

39 We’re Serious about Innovation

“Innovation is not only our obligation…it’s our passion!” Private Reserve: • Artisanal Pricing • Higher Alcohol • Small Batch • Ground Breaking • Truly Unique • Case sales up 479% YTD*

*Source: IRI Total US Food YTD w/e September 9, 2012 40 Innovation - “Limited Release” 2012 Growth Delicately balanced with notes of maple syrup and brown sugar blended with fresh apple character.

Slightly tart with a full, robust flavor followed by a rich taste reminiscent of New England blueberries.

Handcrafted with cinnamon, nutmeg, and a hint of American white oak, giving it a complex and elegant character.

Aged with a culmination of Premium French and Traditional American Oak and finishes with a touch of vanilla.

Source: Vermont Hard Cider Company data 41 FOCUS

Discovery

Festivals & Samplings

Displays Draft

Ad Features and Fall Thematic College & Craft Accts

Distribution

AA, Liquor and Grocery

42 Why VTHCC Can Be Game Changing For C&C?

1 Great asset Category volumes (mhl)

5Y CAGR Base: 36% Market with significant Upside: 78% 2 potential

3 High quality earnings

Execution, execution, 4 0.3% 1% 3% 7% 10% execution LAD LAD LAD LAD LAD Source: C&C analysis and sell-side estimates 43 However, The USA Is Not Just About VTHCC…

Syvb C&C US operations FY12 FY13 (excluding/pre-VTHCC) Brands 2 4 Employees (total) 15 32

Employees (of which sales) 11 24

Employees (of which chain focused) 0 2 States 30 50 Distributors 100 200 Warehouse hubs 0 7

44 Repositioning Hornsby’s

45 It Is Also Not Just About Cider... 100khl exported TENNENT’S in sight.

1H FY13 Tennent’s export volume split Tennent’s product range for export markets

Source: C&C internal data 46 Video: Jens Gloeckner Our Goals

Evolution of high-quality, growth earnings coming from C&C International

FY12A EBIT split FY14E EBIT split FY16E EBIT split 7% 15% 20%

93% 85% 80%

C&C International C&C International C&C International C&C - domestic C&C - domestic C&C - domestic

Source: C&C internal data and sell-side estimates 48 Presentations

1 Overview Stephen Glancey & Kenny Neison

2 Export Markets Joris Brams

3 Domestic Markets Sandra Mitchell & Michael Sloan

4 Shepton Mallet Business Paolo Mortarotti

5 Summary and Q&A Stephen Glancey

49 Sandra Mitchell Head of Group Marketing

BULMERS & ROI

51 In ROI, wine consumption increases as Off Trade shift continues

50 Alcohol consumption ROI

45

40

35

30

25

20

M ltrs pure alcohol ltrs M 15

10

5

0

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Cider/Perry Wine Spirits Beer Source: Drinks Industry Groups of Ireland; Nielsen Source: Drinks Industry Groups of Ireland; Nielsen

52 ROI remains a strong environment for brand leaders

Level of Market Consolidation ROI On & Off Trade – Leading Brand Volume ROI vs E&W (1) Share Per Segment (%) (1)

91.0 86.0

72.0 % LAD volume sold 67 through Multiples E&W “83% of consumers believe that compared to 2006, it is now more important to % LAD volume sold 25.0 24 through Multiples ROI buy Irish than then”(2)

0 20 40 60 80 STOUT LAGER ALE CIDER Source: (1) Nielsen & CGA MAT Sep 12 (2) Amárach, Irish Research Report

53 Bulmers ● The definitive cider brand in Ireland: – No1 Cider brand by volume 1 – 100% distribution1 – 49% drinkers claim it as one of their 3 favourite LAD brands2

● Growth strategies: – Recruit 18-24 yr old drinkers – Improve value perceptions versus other LADs – Grow in other categories

Source: (1) Nielsen; (2) Ipsos MRBI; 54 Integrated advertising, social media and experiential programme

TV & Outdoor advertising Social Media Sponsorship Programme • Integrates TV and social media • 37,000 competition entries • Forbidden Fruit: 34,000 festival goers over 3 days in Dublin; • Focused on driving ROS of pint • 30,000 apps downloaded • Tall Ships: 1.15m visitors bottle • 97,000 ‘likes‘ on facebook • Bulmers Galway Comedy festival

55 Cider in Ireland is still apple – flavours have not gained traction

(1) Ireland On & Off Trade –Segment Volume Share (%) (2)

Source: Source: (1)Ipsos MRBI Aug 12; (2) Nielsen MAT Sep 12 Ipsos MRBI 56 Key Brand Health Measures for Bulmers strengthened in 2012

Source: (1) Ipsos MRBI Sept 20 12 across 3900 consumers , with 800 18-24 yr olds 57 However, price differential versus lager has hindered category growth

Source: Nielsen, MAT Sep ‘12 58 Bulmers brand strength has allowed us to diversify into beer

• +1241 On Trade stockists; • 450 On Trade stockists (3) Potential to exploit Irish • 1.2% On Trade share (2) • volume +27% in Ons (1) credentials further through • Outperforming other beer • volume + 59% in Offs (1) launches in the past 2 years (4) innovation & diversification

(1) Nielsen MAT August; (2) Nielsen 3 months to end August (3) Internal C&C data (4) Nielsen 6 months to Aug 12. 59 Bulmers and ROI: going forward

● Continue to take actions to grow brand by growing cider

● Diversify into other drinks categories

● Conditional acquisition of Gleeson’s will provide multi beverage platform

60 MAGNERS GB There is still significant consumer potential for Cider growth

Total trade 7-day penetration of categories % of adults, indexed on 2001 (1)

Source: (1) KWP Alcovision – Dec MATs & Y/E Sept 2012 - % of adults. 62 Number of cider brands increases in a consolidated market

73

Source: Nielsen MAT 13/10/12 ; CGA MAT 13/9/12 63 Growth driven by modern, flavoured and specialist segments.

Cider Volume (KHL) by Segment

Source: Nielsen MAT 13/10/12 ; CGA, 13/9/12 64 Magners

● The UK’s best selling bottled cider brand (1)

– No2 Cider brand in UK (1)

– 63% On Trade distribution (3) – Outperforms category in terms of quality and authenticity measures (2)

● Growth strategies: – Recruit 18-24 yr old drinkers – Convert preference at point of purchase – Reinforce leadership through innovation

Source: (1) Nielsen MAT13/10/12 & CGA, 13/9/12; (2) Hall & Partners GB July 11 – August 12; (3) CGA 13/9/12 65 Integrated ATL campaign across TV, social media and sponsorship

Advertising Social Media Sponsorship • • Very successful social media • 6 month Udderbelly festival Integrated ATL campaign programme involving exclusive • Built sociability and content and webcasts; in London & Edinburgh refreshment measures ahead • Doubled facebook ‘likes’ to • 350k+ tickets sold • 1.45 million visitors of category average (1) 150,000

Source: (1) Hall & Partners MAT Sep 12 66 We have grown our share of the growing flavours segment

Source: Nielsen W/E 14 week ending 13/10/12 67 Magners Brand Health Has Remained Stable

Magners brand health: key measures (6 months vs PY)

Source: Hall & Partners 6 months to Oct 2012 across 2200 consumers 68 Magners H1 price premium helped fuel Off Trade volume decline

-1% (Cider +7%) -14% (Cider -2%)

Source: Nielsen MAT 13/10/12 69 On Trade Magners declines slightly, with Golden Draught growing.

Source: CGA MAT 3/9/12 70 Magners remains the first choice cider brand in the On Trade

Source: Hall & Partners MAT Sep 12 71 Gaymers flavours launch has helped gain share of flavours

Source: Nielsen Aug 12 72 Magners and GB: going forward

● New brand advertising campaign ● Get Off Trade trading plans right ● Drive Magners Golden Draught distribution ● Exploit growth segments: – Flavour innovation – Shepton Mallet Craft & Specialist brands ● Explore ways to further reduce cost base

73 TENNENT’S & SCOTLAND The Scottish drinks market is in decline across On and Off Trade, with only cider in growth

Scotland Total Trade, Liquor Volumes Scotland Total LAD (000's HL) 2500 Volume ‘000s HL On Trade and Off Trade 6,000 2000

5,000 -3.3% -1% 1500 4,000 Total Cider (5%)

3,000 Total Beer (-3%) 1000 Volume ‘000s HLs HLs ‘000s Volume

000's HL 000's Total Wine (-6%) 2,000 500 Total Spirits (-4%) 1,000 0 - Offs Ons 2010 2011 2012 MAT TO Oct 10 MAT TO Oct 11 MAT TO Oct 12

Source: CGA & Nielsen MAT October 12 75 The Scottish On Trade remains strongly independent

Scotland On Trade Big 4 Brewer Share LAD Off Trade (2) 11% Non Outlets by Tenure (1) Managed

% Off Trade LAD volume sold by Big 4 73 11% Brewers E&W Managed

% Off Trade LAD 78% Free volume sold by Big 4 53 Trade Brewers Scotland

% of LAD Off-Trade 0 20 40 60 80

Source: CGA MAT October 12 & Nielsen MAT October 12

76 Tennent’s Lager

● Scotland’s favourite pint: – 68% claim it’s Scotland’s favourite pint (1) – 40% category volume share (2) – 72% distribution in Independent Ons (3) – Favourite brand amongst all age groups (2) ● Growth strategies: – Recruit 18-24 yr old drinkers – Build brand value – Enter new profit streams

Source: (1) Hall & Partners MAT Sep 12; (2) Nielsen & CGA Oct 2012; (3) Nielsen Oct 2012 77 ATL focused on brand rejuvenation amongst younger drinkers

Sponsorship Social Media Programme Tennent’s Original Export • T in the Park : over 100,000 festival • 50,000 likes (68% 18-34 yr olds) • Builds Tennent’s quality credentials goers per day. 50+ hours of TV • Very high participation levels in • Accesses premium lager profit pool; coverage • Fastest growing Multiple Grocer beer on line promotions • Old Firm : 84% awareness; 75% launch in past 2 years (2) approval rating for sponsorship (1) •Focused on Music and Football

Source: (1) Hall & Partners MAT Sep 12; (2) Nielsen Oct 2012 78 Tennent’s increased is favourite brand score in 2012

Source: Hall & Partners MAT Aug 12 .1513 respondents (450 18-24) Jun10 – Aug11; 2165 respondents (649 18-24) Aug11 to Aug 12; 79 Off Trade volume declines as we pursue value growth strategy

Tennent’s Off Trade price index & value share (1) 120.0%

100.0%

80.0%

60.0%

40.0%

20.0%

0.0% 2007 2008 2009 2010 2011 2012

Tennents Val Share Offs Price Index v Other Std Lager Offs

Source: (1) Nielsen MAT 13/10/12 ; 80 On Trade volume stable as we address National On Trade pricing

Tennent’s margin development in

(1) Multiple On Trade (2) 204

118

100 Index against FY11 against Index

FY11 FY12 FY13 National On

(1) CGA, 1/9/12; (2) Internal C&C data

81 Magners Golden Draught has built quickly

On Trade share 5% draught cider E&W On Trade share 20% draught cider Scotland

Source: CGA 6/10/12 82 ...and we have grown share of ale category with Caledonia Best

Scotland Free Trade Caledonia Best volume share YTD Aug 2012 7.00%

6.00% 5.00% 4.00% 3.00%

Share of Ale Category Ale of Share 2.00% 1.00% 0.00% Source: AC Nielsen, Sep-12

Source: Taylor Nelson, Sep-12

Source: CGA 1/9/12 83 Both marketing investment (DBM) and trade lending have supported margin improvement for TCB since 2010

30.0 Net lending investment (€m) 25.0 DBM (€m)

20.0 Operating Margin (%)

15.0

Millions

€ 10.0

5.0

0.0 2011 2012 2013 (Est) -5.0

Source: C&C internal data 84 Tennent’s & Scotland: Going Forward

● Build on the strength of Tennent’s brand

● Migrate the business model from single brand to multi-beverage: – Drive Magners and Caledonia Best to category leadership – Focus on craft & speciality brands to lead innovation agenda – Access new profit pools

85 Michael Sloan Finance Director, Tennent’s Trade lending is an important strategy for C&C to support on-trade market

• Scottish on-trade market of 2039 khls with 10,800 outlets

• Lack of bank lending to sector

• Loan book grown from £7.5m to £18.9m in last 2 years

• Move from brand focus to portfolio focus

87 Video: Steve Mallon

88 C&C and effective operators working together for long term business growth • Point of differentiation for C&C • Major supplier willing and able to work with the market to promote sustainable growth • Investment required across full breadth of customer base • 60% of investments < £20k (Scotland 12 months to 31 July 2012)

89

Tailored solutions create value

• Flexible investment structure

• Depressed valuations = opportunity and security

• Cashflow based lending helps manage risk

90 Presentations

1 Overview Stephen Glancey & Kenny Neison

2 Export Markets Joris Brams & Mark Boulos

3 Domestic Markets Sandra Mitchell & Michael Sloan

4 Shepton Mallet Business Paolo Mortarotti

5 Summary and Q&A Stephen Glancey

91 Shepton Mallet | Heritage & Tradition

92 Shepton Mallet | History and Tradition

● 330 years of cider making history

● The ‘centre of excellence’ for English cider production

● Six different owners since 1959

● Back where it belongs - within a cider focused owner

93 Why the ‘Centre of Excellence’? ● People

● Tradition

● Craftsmanship

● Innovation

● Community ‘Made by’ is just as important as ‘Made in’

94 Shepton Mallet | Sustainable Orcharding Strategy

● Recent launch of substantial investment programme in orcharding and agricultural projects – Strong involvement of local community – Strategic review of long term relationship with suppliers – Promotion of innovation and sustainability – Differentiation from bud to bottle

95 Shepton Mallet | Progress Since Acquisition

● Delivering significant enhancements in production

– Integrated procurement and logistics

– Improved quality of contract manufacturing

– Increased site efficiency

96 Shepton Mallet | Progress Since Acquisition

● …brand development just beginning…

– Repositioning of National brands – Gaymers – Development of craft and premium – Addlestones & Specialities – Strengthening of local brands – Dry Blackthorn & Natch – Exploitation of back catalogue – Development of English cider category for export markets

97 Shepton Mallet | Portfolio Opportunity ● Unique opportunity to build on differentiated and innovative ciders

– Addlestones, uniquely positioned craft cider

– Speciality craft ciders

– Seasonal ranges

– Local heroes: Dry Blackthorn, Natch

98 UK Cider | Premiumisation Trend in UK cider

● Off trade volume growth of 70% Cider Off Trade Volume & Price Growth

456 442 447 ● Price per liter up 49% Volume Millions of Litres 430 391 Price per Litre ● Modern driving 2006 - 2008 358 302 262 £1.95 ● Pear driving 2009 - 2010 £1.84 £1.68 £1.58 £1.63 £1.50 ● Fruit driving 2011 - 2012 £1.41 £1.31 ● Craft and specialist future driver

2005 2006 2007 2008 2009 2010 2011 2012 Source: Nielsen / CGA 99 UK Cider | Specialist Cider in strong growth

● Speciality and craft cider market Specialist Cider in strong growth Share of Total Cider Volume 7.3% OFFS ● On trade channel leading in volume ONS 5.9%

and profit 5.2% 5.3% 4.9% ● Differentiated offering 3.9%

● Gateway craft opportunity with Addlestones

MAT TO OCT 10 MAT TO OCT 11 MAT TO OCT 12 Source: Nielsen / CGA 100 UK Cider | Specialist Cider in strong growth

40% GB MAT 38.6% 40% GB 12 Weeks to 7 July 2012 To 7 July 2012 33.4% 35% 29.2% 30.5% 30% 30%

25% 20% 20%

15% 10% 9.1% 10% 4.0% 4.5% 0% 5% -1.4% 0.3% -3.8% 0% -10% -7.7% -6.7% -9.8% -5% -2.4% -13.5% -5.8% -10% -20% Total Draught Standard Modern Draught Specialist Total Draught Standard Modern Draught Specialist Draught Draught Draught Draught

Value Change Volume Chg Value Change Volume Chg Source: CGA Brand Index data P7 (07/07/12) Source: CGA Brand Index data P7 (07/07/12) 101 Addlestones Cloudy Premium Cider

- Addlestones #2 specialist brand

- Highest ROS in last 12 weeks

- Outselling rivals by 250 pints per outlet

Source: CGA Shepton Mallet | Speciality Craft Range

103 Shepton Mallet | Portfolio Focus

● Product portfolio matching commercial opportunities

Regional National International

104 Regional Opportunity | Cider - South-West bias

GB 4 Blackthorn Draught South-West Sales % of GB On-Trade Sales Regional Distribution % MAT Aug 12 - Volume % LONDON 2

SOUTHERN 2

EAST ANGLIA 3 Cider 19%

HARWEST ENGLAND 24

HARWEST WALES 8 MIDLANDS 1 Lager 10%

LANCASHIRE 1

YORKSHIRE 2

NORTH EAST 1 Ale 11% SCOTLAND 7 Source: Nielsen / CGA Source: Nielsen / CGA

105 Shepton Mallet | Regional Opportunity ● Backdrop – South West of England is the spiritual home of cider – Highest per capita consumption of cider in UK – Share losses on trade for most relevant regional brand: Dry Blackthorn – Lack of support to the premium, craft end of our portfolio

Source: CGA & Population data

106 Shepton Mallet | Regional Opportunity

Opportunity How to get there

• Strengthen presence in on trade distribution • Improve local visibility for Shepton Mallet regionally Cider Mill

• Increase marketing focus on local heroes and • Re-establish local heroes craft

• Reinforce regional commercial infrastructure • Build a relevant craft category proposition • Trading innovation

• Strategic alliances

107 Shepton Mallet | National On-Trade Opportunity ● Backdrop

– On trade looking for genuine differentiation in cider offering

– Craft cider growing, but not yet managed as a category

108 Shepton Mallet | National On-Trade Opportunity

Opportunity How to get there

• Invest in Addlestones as leading craft cider • Champion Addlestones

• Emphasise heritage and provenance • Develop RTM structure for craft and specialist category • Develop “ciders for all occasions” • Work with wholesale channel to drive sell

through

• Deliver POS innovation

• Lead development of premium craft cider

109 Shepton Mallet | International Opportunity Video: Paul Bartlett

● Consumer education on English heritage

● Leverage new product development

● Utilise existing infrastructure

110 Summary ● Rooted in heritage and history

● Centre of excellence in cider making in England

● Outstanding production capability

● Best position to promote growth of the English craft cider category

● Platform for international growth

111 Presentations

1 Overview Stephen Glancey & Kenny Neison

2 Export Markets Joris Brams

3 Domestic Markets Sandra Mitchell

4 Shepton Mallet Business Paolo Mortarotti

5 Summary and Q&A Stephen Glancey

112 Q&A C&C Group plc Investor Day | November 2012