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Home , Manchester derby, Paul Pogba, Premier League, United (We Love You)

INVESTOR PRESENTATION IMPORTANT DISCLOSURE

• This presentation contains estimates and forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations and estimates with respect to current and future events and trends which affect or may affect our business operations. All statements that address future operating, financial or business performance or our strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other comparable terminology. These statements are subject to many risks, uncertainties and factors relating to our operations and business environment, which may cause our actual results to be materially different from any future results, express or implied, by such statements. Among these factors are (1) our ability to maintain and enhance our brand and reputation; (2) our ability to attract and retain key personnel, including players; (3) the performance and popularity of our first team; (4) our ability to properly manage our growth; (5) our ability to maintain, train and build an effective international sales and marketing infrastructure; (6) the negotiation and pricing of key media contracts; (7) our ability to maintain strong relationship with certain third parties; (8) our ability to deal with competition in Europe and internationally; (9) our ability to adequately protect our intellectual property; and (10) the effectiveness of our digital media strategy. Additional information concerning these and other factors can be found in plc’s filings with the United States Securities and Exchange Commission.

• New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. It should be remembered that the price of the Class A ordinary shares and any income from them can go down as well as up. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except to the extent required by law.

• This presentation contains a discussion of EBITDA and Adjusted EBITDA, which are non-IFRS measures and are not uniformly or legally defined financial measures. EBITDA is defined as profit/(loss) for the period from continuing operations before net finance costs, tax credit/(expense), depreciation, and amortization of players’ registrations, and Adjusted EBITDA is defined as EBITDA adjusted for profit on disposal of players’ registrations and operating expenses—exceptional items. Adjusted EBITDA is included in this presentation because it is a measure of our operating performance and our management believes that Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. We have provided reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measures in the Appendix to this presentation. EBITDA and Adjusted EBITDA should not be considered substitutes for comparable measures prepared in accordance with IFRS. EBITDA and Adjusted EBITDA, as determined and measured by us, should also not be compared to similarly titled measures reported by other companies. 2 INVESTMENT HIGHLIGHTS

Sports content is Football is #1 Global popularity Own/control our ‘must have’ and PL is #1 League equivalent only remaining businesses growing MU is #1 Team to Olympics or which are all driven by World Cup our global brand

3 CONTENT IS KING

CONTENT GENERATORS CONTENT BUYERS TRADITIONAL

SELL VALUE

STUDIO EMERGING

4 Indicates Private Companies VALUE OF SPORTS CONTENT IS RISING

New deals command significant premium % CAGR over previous rights deal

Tenor of new contract (yrs)

19.4%

12.2% 12.2% 10.3%

5.7%

NFL MLB NBA Premier League (US Rights) (1) (Live UK Rights)

8 8 9 6 3

5 Source: , Premier League, , National Basketball Association (1) Based upon press articles FOOTBALL IS THE MOST POPULAR SPORT IN THE WORLD Which of the following sports do you follow?

100%

79% 70%

53% 53%

23%

Football Basketball Tennis Formula 1 Athletics / Track & field Golf

6 Source: Based on 2012 Kantar survey and answers based on the responses of 54,000 individuals in 39 countries PREMIER LEAGUE IS NO.1 LEAGUE - TRULY GLOBAL 85% of the Premier League audiences are driven by international markets

15% 7% 24% 36%

64% FINAL 76% 85% 93%

Domestic International

7 Source: Repucom 2016, Futures Sport & Entertainment 2016, MOST SUCCESSFUL TEAM IN THE MOST POPULAR LEAGUE

Premier Trophies Won Year Broadcasting Value (since 1992 – 1st of the Premier League) (yearly values £ billion) - 2016/17 season

2.7 12 20 3

FA Cups English European 3 League Titles Cups 5 1.2 1 1.1 1.1

6 0.7 13 8 1 1 5 3 3 2 1 Chelsea Arsenal Manchester Everton Germany Italy France City

FAPL FA Cup UCL

8 Source: TV Sports Markets, ESPN, Reuters, SportsPro, Forbes LARGEST GLOBAL FAN BASE

EUROPE

N. AMERICA 90m ASIA 34m 325m

S. AMERICA MIDDLE EAST/AFRICA 37m 173m

659 million Manchester United followers worldwide

9 Source: Kantar Sport 2012 THE MOST WATCHED CLUB 9 of the ‘all-time top 10’ Premier League broadcasts feature Manchester United

The Oscars Top Regular Season Finale Top match in 2017 match in 2017 2017 2016/17 32.9m 26.0m 16.5m 122.7m

10 Source: Futures Sport & Entertainment, Nielsen 147M CONNECTIONS ON SOCIAL MEDIA

FACEBOOK TWITTER SINA WEIBO Over Over Over 73.7m 19.0m 9.2m followers followers* followers

More followers than the NBA’s #MUFC most tweeted sports The No.1 Football Club on top 4 teams combined hashtag ever Sina Weibo

MANUTD.COM INSTAGRAM LINE Over Over Over 35.8m 20.7m 14.9m page views followers followers

The world’s most popular Became the biggest Premier League Became the site’s biggest football club club website club in 22 days within 4 months

As of February 2018 11 * All language feeds OUR BUSINESS BUSINESS OVERVIEW

LIVE GAMES VENUE SPONSORSHIP RETAIL, MERCHANDISING, HIGHLIGHTS + OTHER APPAREL AND LICENSING BESPOKE CONTENT

13 OWNED/CONTROLLED MULTIFACETED BUSINESS MODEL 2006 2017

MATCHDAY £111 million - 19% CAGR 5.2% COMMERCIAL £47 million COMMERCIAL MATCHDAY 28% £276 million - 48% £71 million CAGR 17.4% 43% BROADCASTING BROADCASTING £194 million - 33% £47 million CAGR 14.2% 29%

£165m Revenue £581m Revenue £40m EBITDA £200m EBITDA 14 LIVE GAMES TRADITIONAL MEDIA Increasing consumer and advertiser appetite for premium live content

Annual Broadcasting Contract Values

Premier League Domestic Premier League International Champions League (1) £ million per annum £ million per annum € million per annum 1,712

1,257

(2) 1,059 1,006 1,038 865 719 635 569 593 455

237

2008-10 2011-13 2014-16 2017-19 2008-10 2011-13 2014-16 2017-19 2007-09 2010-12 2013-15 2016-18

16 Source: , FAPL, UEFA, TV Sports Markets, Press Reports (1) Amount distributed to clubs participating in the competition (2) Based upon guidance from FAPL. Average over three years VENUE OUR MATCHDAY BUSINESS 75,669 2M >8,000 180,000 SEAT ANNUAL ATTENDANCE EXECUTIVE CLUB SEATS MEMBERSHIPS

99% OCCUPANCY FOR PREMIER LEAGUE GAMES SINCE 1998/1999

Ticket Allocation (in ‘000s) Season Tickets 55 Executive Clubs (Suites & Box Seats) 8 Away Fans 3 Other (1) 4 Sub-total 70 Matchday VIP 3 Available for Official Members 2 Total 75

18 Source: European Football Statistics; Manchester United (1) Includes supporter clubs, sponsors, etc. COMMERCIAL COMMERCIAL GROWTH £ million

276 268 CAGR ’13-’17 = 19.3% 11 9

197 104 189 10 97 16 152 32 23 37 39 160 163 136 155 91

2013 2014 2015 2016 2017

Sponsorship Retail, Merchandising, Apparel & Product Licensing Mobile & Content

20 SPONSORSHIP - NO.1 MARKETING PLATFORM We enable our partners to amplify the marketing & growth of their businesses

Brand Affinity & Global Reach & Unique Access to Players & Marketing Support & Association with Success Media Visibility Aon Training Complex/ Global Activations Old

21 SEGMENTATION STRATEGY

TOURS Annual Value of Shirt Sponsorship (£ million) REGIONALS GLOBALS 50

40

30 49.2 20

10 19.6 14.1 8.0 0 2000/06 2006/10 2010/14 2014/21

22 RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING

Owned/Controlled by Manchester United

CO-BRANDED PRODUCTS IN-STORE ECOMMERCE MONO BRANDED LICENSING

24 RECORD BREAKING KIT DEAL WITH ADIDAS £750 million minimum guarantee - 10 year contract expires 2025

£ million per year

75 * 70** 62 60*** 54

30 30 25

12

Manchester United Barcelona Real Madrid Chelsea Bayern Munich Arsenal Hotspur Liverpool Manchester City 2015/16 -2024/25 2016/17 -2025/26 2015/16 -2024/25 2017/18 - 2032/33 2015/16 - 2025/26 2014/15 - 2018/19 2017/18 - 2025/26 2015/16 - 2017/18 2013/14 - 2018/19

Largest kit manufacturer or sponsorship deal in sports *Represents the average payment of the £750 million minimum guarantee over the 10 year term subject to adjustments **Reported increase for two years from 2016/17 onwards to c€80-85m euros per annum with the deal expected to rise thereafter to €105m per annum 25 ***Chelsea paid £67m to terminate their agreement with Adidas early. Nike have all the retail, ecommerce and licensing in the new deal meaning the like-for-like value is lower than £60m. Source: press filings HIGHLIGHTS + OTHER BESPOKE CONTENT OUR DIGITAL MEDIA OPPORTUNITY

Bespoke Content Highlights

Social Media Platforms New Digital Sponsorship Media Platform & Advertising

Mobile Apps E-commerce 27 COSTS INDUSTRY UPDATE

UEFA Financial Fair Play (FFP) Aggregate European top division clubs Operating Profit (€ million) - Break-even requirement in force 2013/14 - Clubs should have no overdue payments FFP break-even rules come into effect

799 Complemented by FAPL Financial Regulations 727

- Break-even test similar to FFP 339 - Short-term cost controls - £7 million limit on FAPL central funds may be used to (112)-112 (249)-249 increase player wages per annum for the 2017 to (336)-336 (382)-382 2019 cycle

2009 2010 2011 2012 2013 2014 2015

29 Source: ECA September 2016 PLAYER EXPENDITURE & ACCOUNTING

Last 15 years net player capital expenditure (£ million)

• Blend of youth & experience 140 - Approximately one quarter of our first team

members from academy 108 - Carried on the balance sheet at zero book

value 77 140

100 45 97 95 • Recent acquisitions 79

50 - Summer 2016 – 4 players 43 36 13 29 33 27 30 - Summer 2017 – 4 players 12 8 11 11 (3)-3 (18) (44)-44 • Player registrations - Transfer fee booked on balance sheet (50) - Transfer fee amortised over life of contract 00/01A 01/02A 02/03A 03/04A 04/05A 05/06A 06/07A 07/08A 08/09A 09/10A 10/11A 11/12A 12/13A 13/14A 14/15A 15/16A 16/17A 17/18F - Remaining book value amortised over length of new contract when signed 30 TOTAL WAGES £ million

45% 45% 50% 51% 50%

263 233 215 203 181

2013 2014 2015 2016 2017

Total Wages as % of Total Revenue

31 ADJUSTED EBITDA £ million 34% 37%

No European Football 30% 30% 29%

192 200

130 109 120

2013 2014 2015 2016 2017

Adjusted EBITDA margin

32 Note: Adjusted EBITDA is adjusted for profit on disposal of players’ registrations and exceptional operating expenses Note: 2015 was impacted from lack of European football APPENDIX 34 Matchday Broadcasting Commercial • • • • • • • 63,000 of76,000seatsareseasonally pre-sold UCL contractedoutto2018 FAPL (Domestic&International)contractedoutto2019 Typically dealsare3-5yrs(withnoplayingperformance clauses) Training kitdealwithAoncontractedoutto2021 $559m shirtdealwithChevroletcontractedoutto2021 £750m kitdealwithadidascontractedoutto2025 HIGH REVENUEVISIBILITY new shirt2.jpg TOTAL REVENUE £ million

CAGR ’13-’17 = 13.4% 581 No European 515 Football 433 395 276 363 268 189 152 197 194 136 140 102 108

109 108 91 107 111

2013 2014 2015 2016 2017

Matchday Broadcasting Commercial

35 Note: 2015 was impacted from lack of European football THE IMPORTANCE OF COMMERCIAL REVENUES

2015/16 Commercial Revenue 2015/16 Adjusted EBITDA

52% 37%

£268m £192m

32% 24% £99m £66m

15/16 Top 7 15/16 Top 7 Average excluding MU Average excluding MU

Commercial Revenue as % of Total Revenue Adjusted EBITDA Margin

36 Source: Company filings, Swiss Ramble BALANCE SHEET & CASH FLOW SUMMARY

• Strong balance sheet with Key Balance Sheet Data & Leverage Statistics (£ million) ample liquidity - Undrawn RCF of £125 (1) million YE 2014 YE 2015 YE 2016 YE 2017

• New USD Senior Secured Notes of $425 million Cash & cash equivalents 66.4 155.8 229.2 290.3 - Maturity June 2027 at 3.79%

• Amended and extended Term Total borrowings 341.8 411.0 490.1 503.4 facility of $225 million - Maturity June 2025, no Net Debt : Adjusted 2.1x 2.1x 1.4x 1.1x amortisation at EBITDA LIBOR +1.25% - 1.75% p.a.

37 Note: Secured Term Loan facility margin based on total net leverage ratio at the applicable time Note: Adjusted EBITDA is adjusted for profit on disposal of players’ registrations and exceptional operating expenses (1) Increase in Total borrowings from 2016 impacted by movement in GBP / USD FX rate. Gross borrowings remained consistent at $650m RECONCILIATION TO ADJUSTED EBITDA

£‘000 2014 2015 2016 2017

Profit/(loss) for the period 23,835 (1,168) 36,371 39,177

Adjustments

Net finance costs 27,412 35,215 20,017 24,277 Tax expense/(credit) 16,668 (2,821) 12,462 17,361 Depreciation 8,665 10,324 10,079 10,228 Amortization of players’ registrations 55,290 99,687 88,009 124,434

EBITDA 131,870 141,237 166,938 215,477

Adjustments

(Profit)/loss on disposal of players registrations (6,991) (23,649) 9,786 (10,926) Operating expenses — exceptional items 5,184 2,336 15,135 (4,753)

Adjusted EBITDA 130,063 119,924 191,859 199,798

38 MANCHESTER UNITED DELIVERS: BRAND ENGAGEMENT Social Media Promotion - Facebook

• Most successful Deadpool video for 20th Century Fox

• Launch video 13.1 million views

• 645k likes, 311k of which featured on the original post

• 152k shares, most-shared post of all time

• 78k comments, 35k of which featured on the original post

39 Source: Facebook Total of likes, shares and comments based on original and secondary posts MANCHESTER UNITED DELIVERS: BRAND VALUE Concha y Toro named the World’s Most Admired Wine Brand

• Study by Drinks International

• Concha Y Toro achieved the No.1 ranking a year after signing the Partnership with Manchester United

• Remained the World’s Admired Wine Brand for 3 consecutive years

• Manchester United specifically named as a reason

40 MANCHESTER UNITED DELIVERS: PROPENSITY TO BUY New Era - Partnership Launch

• 30 million impressions from digital content surrounding launch • 17x increase in daily twitter followers following partnership launch • 210% increase in traffic on neweracap.co.uk during the 1st week of the partnership • Every 20 seconds a piece of headwear was purchased in the club megastore on the day of the Manchester

41 Source: Manchester United Fan Survey Oct-14 – Oct 15. Indexed to 100 MANCHESTER UNITED SUMMER SIGNINGS

ZLATAN IBRAHIMOVIĆ VICTOR LINDELÖF NEMANJA MATIĆ • Only player to have won 13 • Made 47 appearances in • Aged 24 and made his senior • 2012/13 Primiera Liga Player domestic titles in four different 2016/17 for Benfica who won professional debut for Belgium of the Year leagues – nine in the last 11 the Primiera Liga and two in 2010. Has since earned over seasons domestic cups 50 caps • Second in the FIFA Puskas Award in 2012/13 • In 2014, voted the Greatest • Won the European under-21 • In 2016/17, named in the Swedish Footballer of all Time Championship with Sweden in Professional Footballers • 2014/15 Professional 2015 successfully converting Association Team of the Year, Footballers Association Team • Top goalscorer for Manchester Sweden’s fifth and last penalty nominated for the six player of the Year United and nominated for the against Portugal in a penalty shortlist for PFA Player of the Year PFA Player of the Year in shoot-out and was named in & PFA Young Player of the Year 2016/17 Season the Team of the • Holds the club record for the most goals for Everton (68) over 42 a four season period #POGBACK: RECORD BREAKING Revolutionary Transfer Social Media Campaign

• Most retweeted MU tweet of all time • All-time top MU post on Instagram • Most read story ever on MU websites • All-time high Google searches for Pogba • Greater number of interactions than rival clubs’ most popular signing

Pogba vs. Other Clubs’ Signings Interactions on Instagram

700 635k

350 219k 145k 112k 96k 56k 0 Luiz Suarez Gonzalo Higuin Cesc Fabregas

43 Source: Instagram, Socialbakers Note: Comparing the most popular signing-day post for each player transfer JOSE MOURINHO

• Appointed as Manager in May 2016

• Won 3 trophies in his first Season with Manchester United - 2 domestic and the Europa League’

• Won a trophy in every calendar year between 2003 and 2012

• 23 trophies, including: - Two Champions League titles - Three Premier League titles - Two titles - One Europa League title - One title - Two Portuguese league titles

• Numerous personal accolades, including: - One FIFA World Coach of the Year award - Two UEFA Manager of the Year awards - Three Premier League Manager of the Year awards 44 - Two Serie A Manager of the Year awards