C&C Group plc Building business and brand value CAGE Conference London March, 2013 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 Clonmel, Ireland, a company within the C&C Group, owns the trade mark BULMERS® in the Republic of Ireland. Bulmers Ltd is not connected with HP Bulmer Ltd of Hereford, UK. BULMERS ® Original Vintage Cider 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 C&C Group | CAGE 2013 | Page 2 C&C | Building Business and Brand Value 2009 to 2013 € C&C Group | Building Value 6.00 Mono to Multi-beverage strategy 5.00 4.00 Evolution of balanced cider-led 3.00 LAD Portfolio 2.00 1.00 Jun 09 Jun 10 Jun 11 Jun 12 Jun Sep 09 Sep 10 Sep 11 Sep 12 Sep Dec 09 Dec 10 Dec 11 Dec 12 Dec Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar Source: Bloomberg - Total Shareholder Return C&C Group | CAGE 2013 | Page 3 C&C | Cider – The ‘Core’ Investment Case Cider Benefits from ‘Savoury to Sweet’ trend Product Attributes Craft & Traditional Refreshing, Natural & Gluten Free Flavour variants ‘Unisex beer’ C&C Group | CAGE 2013 | Page 4 C&C | Building Business and Brand Value Building a Accelerated development Sustainable of international markets International Cider-led Multi-Beverage Consolidation & investment Business in core markets C&C Group | CAGE 2013 | Page 5 C&C | Accelerating International Business FY2009 | EBIT (€82m) FY2013e | EBIT (€112m+*) Third Party S&L 5% 17% Tennent's Cider ROI 24% 34% Cider ROI 49% Cider UK International 34% 7% FY 2014e Cider UK Intl. c. 18% 29% Cider ROI Cider UK S&L Cider ROI Cider UK Source: Company data Source: Sell-side estimate *As per C&C Q3 IMS issued 16 Jan 2013 C&C Group | CAGE 2013 | Page 6 FY 2013 | Accelerating International Business Acquisition of Vermont Hard Cider Co. Magners international development Tennent’s export growth Re-launch of Hornsby’s C&C Group | CAGE 2013 | Page 7 FY 2013 | Winning in Developed Markets Build and enhance strong/brand market combinations Multi-beverage; channel differentiation Decentralised, customer centric model Customer and brand investment Cost Leadership C&C Group | CAGE 2013 | Page 8 FY 2013 | Core Market Consolidation Acquisition of Gleeson in ROI transforms business model Direct sales network, enhanced portfolio Multi-beverage platform Scope for additional agency brands Agency Brands C&C Group | CAGE 2013 | Page 9 FY 2013 | Core Market Investment Investment: Tennent’s margin profile highlights the opportunity 30.0 25.0 20.0 15.0 Millions € 10.0 5.0 0.0 2011 2012 2013 (Est) -5.0 Net lending investment (€m) DBM (€m) Operating Margin (%) Source: Company data C&C Group | CAGE 2013 | Page 10 FY 2014 | Investment in Brands and Business Key Focus Internationalisation of cider accelerating Core markets challenging: investing in long-term development Strong balance sheet; cash generation to support investment across the Group C&C Group | CAGE 2013 | Page 11 FY 2014| Developed Markets – Developing Markets 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) C&C Group | CAGE 2013 | Page 12 FY 2014| International Opportunity Long-term potential to transform C&C Requires disciplined growth of category, brands and infrastructure Investment in capacity and capability in 2014 C&C Group | CAGE 2013 | Page 13 FY 2014| Core Market Challenges Republic of Ireland UK Highly Consolidated Intense Competition Leading Brand Volume Share - On & Off Trade # of Cider Brands Listed in Average UK Supermarket 43 91% 86% 36 72% 33 31 32 25 21 19 STOUT 25%LAGER ALE CIDER STOUT LAGER ALE CIDER 2005 2006 2007 2008 2009 2010 2011 2012 Source: Nielsen/CGA Source: Nielsen/CGA C&C Group | CAGE 2013 | Page 14 FY 2014 | Investment in Brands and Business Focus on key brands and craft segment in UK Re-establishing Shepton Mallet Cider Mill as centre of cider excellence Focus on operating efficiency across manufacturing footprint C&C Group | CAGE 2013 | Page 15 FY 2014 | Sustainability Commitment to local sourcing, community and economy Investment programme in orcharding and agricultural projects Local management C&C Group | CAGE 2013 | Page 16 FY 2014 | Summary RoI Multi-beverage; Gleeson’s to transform business model UK Intense cider competition; focus on brand investment Tennent’s Market leading brand; focus on trade financing & multi-beverage International Accelerating business; investment to capitalise on opportunity Operating Cost Cost leadership Capital Allocation Focus on re-investment of FCF in long-term value C&C Group | CAGE 2013 | Page 17 Q&A Strong, Cider-led LAD Portfolio Risk Factors Competitive threat Shift from on to off-trade Alcohol duty risk Exchange rate risk Weak business conditions in core markets C&C Group plc www.candcgroupplc.com www.bulmers.ie www.gaymers.co.uk www.magners.com www.hornsbys.com www.tennents.com www.woodchuck.com .