CORPORATE RELEASE 18 November 2019 Manchester United PLC Reports First Quarter Fiscal 2020 Results; Reiterates Fiscal Year 2020 Guidance • 1Q Fiscal 2020 Revenues of £135.4 million • 1Q Fiscal 2020 Adjusted EBITDA of £34.8 million • 1Q Fiscal 2020 Operating Profit of £11.0 million Highlights • Announced new long-term contracts with recent Academy graduates, Mason Greenwood and Brandon Williams • FIFA Club World Cup expands to 24 teams from 7 beginning in 2021, with the first tournament to be played in China • Commercial revenue of £80.4 million, up 5.9% versus the prior year • Commenced new partnerships with Visit Malta, Lego, Konami and Yabo Sport • Reiterates Fiscal Year 2020 guidance of Revenues of £560 to £580 million and Total Adjusted EBITDA of £155 to £165 million MANCHESTER, England. – 18 November 2019 – Manchester United (NYSE: MANU; the “Company” and the “Group”) – one of the most popular and successful sports teams in the world - today announced financial results for the 2020 fiscal first quarter ended 30 September 2019. Management Commentary Ed Woodward, Executive Vice Chairman, commented, “We have a clear vision in terms of football philosophy and recruitment. The significant investments that we have made in recent years in areas such as transfers, recruitment infrastructure, analytics and our Academy are already beginning to bear fruit. We are very proud to be shortly approaching a milestone 4,000th game featuring an Academy player, and we are particularly optimistic regarding the considerable young talent currently coming through. Our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our Academy with world-class acquisitions.” 1 Outlook For fiscal 2020, the Company continues to expect total revenues to be in a range of £560 to £580 million and total adjusted EBITDA to be in a range of £155 to £165 million. Phasing of Premier League Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total games 2019/20 season* 7 13 12 6 38 2018/19 season 7 13 11 7 38 *Subject to changes in broadcasting scheduling Key Financials (unaudited) Three months ended £ million (except earnings per share) 30 September 2019 2018 Change Commercial revenue 80.4 75.9 5.9% Broadcasting revenue 32.9 42.8 (23.1%) Matchday revenue 22.1 16.3 35.6% Total revenue 135.4 135.0 0.3% Adjusted EBITDA(1) 34.8 29.4 18.4% Operating profit 11.0 13.9 (20.9%) Profit for the period (i.e. net income) 1.1 6.6 (83.3%) Basic earnings per share (pence) 0.69 4.04 (82.9%) Adjusted profit for the period (i.e. adjusted net income)(1) 3.9 7.0 (44.3%) Adjusted basic earnings per share (pence)(1) 2.35 4.27 (45.0%) Net debt(1)/(2) 384.5 247.2 55.5% (1) Adjusted EBITDA, adjusted profit for the period, adjusted basic earnings per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations. (2) The gross USD debt principal remains unchanged. 2 Revenue Analysis Commercial Commercial revenue for the quarter was £80.4 million, an increase of £4.5 million, or 5.9%, over the prior year quarter. • Sponsorship revenue was £53.6 million, an increase of £4.0 million, or 8.1%, over the prior year quarter, primarily due to new sponsorship deals and additional tour revenue. • Retail, Merchandising, Apparel & Product Licensing revenue was £26.8 million, an increase of £0.5 million, or 1.9%, over the prior year quarter. Broadcasting Broadcasting revenue for the quarter was £32.9 million, a decrease of £9.9 million, or 23.1%, over the prior year quarter, primarily due to non-participation in the UEFA Champions League. Guaranteed UEFA broadcasting revenues are typically recognised evenly over the course of the competition’s group stages. The majority of the full year revenue impact of non-participation in the UEFA Champions League will therefore occur in Q2, when 5 of the 6 group matches will be played. Matchday Matchday revenue for the quarter was £22.1 million, an increase of £5.8 million, or 35.6%, over the prior year quarter, primarily due to playing two additional home games in the quarter. Other Financial Information Operating expenses Total operating expenses for the quarter were £136.4 million, a decrease of £7.1 million, or 4.9%, over the prior year quarter. Employee benefit expenses Employee benefit expenses for the quarter were £70.2 million, a decrease of £6.8 million, or 8.8%, over the prior year quarter, primarily due to reductions in player salaries as a result of non-participation in the UEFA Champions League. Other operating expenses Other operating expenses for the quarter were £30.4 million, an increase of £1.8 million, or 6.3%, over the prior year quarter. Depreciation and amortization Depreciation for the quarter was £3.6 million, an increase of £0.8 million, or 28.6%, over the prior year quarter. Amortization for the quarter was £32.2 million, a decrease of £2.9 million, or 8.3%, over the prior year quarter. The unamortized balance of registrations at 30 September 2019 was £356.4 million. Profit on disposal of intangible assets Profit on disposal of intangible assets for the quarter was £12.0 million, compared to £22.4 million for the prior year quarter. 3 Net finance costs Net finance costs for the quarter were £8.5 million, compared to £5.2 million in the prior year quarter. The increase was largely due to unrealized foreign exchange losses on unhedged USD borrowings. Income tax The income tax expense for the quarter was £1.4 million, compared to £2.1 million in the prior year quarter. Cash flows Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £167.3 million in the quarter. Net cash outflow from operating activities for the quarter was £14.4 million, compared to net cash inflow from operating activities in the prior year quarter of £114.8 million. This is due to timing of cash receipts on commercial contractual arrangements and non-participation in the UEFA Champions League. Net capital expenditure on property, plant and equipment for the quarter was £3.1 million, a decrease of £1.8 million over the prior year quarter. Net capital expenditure on intangible assets for the quarter was £158.2 million, an increase of £54.5 million over the prior year quarter. Net debt Net Debt as of 30 September 2019 was £384.5 million, an increase of £137.3 million over the year, primarily due to an overall decrease in cash and cash equivalents as described above. The gross USD debt principal remains unchanged. Dividend A semi-annual cash dividend of $0.09 per share will be paid on 6 January 2020, to shareholders of record on 2 December 2019. The stock will begin to trade ex-dividend on 29 November 2019. 4 Conference Call Details The Company’s conference call to review fiscal 2020 first quarter results will be broadcast live over the internet today, 18 November 2019 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days. About Manchester United Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 141-year football heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club. Cautionary Statements This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333- 182535) and the Company’s Annual Report on Form 20-F (File No.