Lenders Presentation 19 July 2016 First Vue branded site in the Netherlands opened in Alkmaar in February 2016
Important Information IMPORTANT: You must read the following before continuing PRESENTATION OF FINANCIAL DATA This presentation should be read in conjunction with the Vougeot Bidco plc (“ Bidco ”) Quarterly Report (the “Report”) to Noteholders for the period ended 26 May 2016 (“Q 2 2016 ”) released on Tuesday 19th July 2016 and in particular the statements made on page 2 of the Report (which are incorporated into this presentation). This report is available on our website at http://corporate.myvue.com/home/investor-relations This document and the information contained herein (the “Company Presentation”) has been prepared solely for the purpose of discussions between Bidco, its advisers and certain lenders in relation to the proposed transactions referred to in this Company Presentation and should not be used by any recipient (each a “Recipient”) for any other purpose. The Company Presentation is not intended to be (and should not be used as) the sole basis of any credit analysis or decision or other evaluation, it does not purport to be all-inclusive or to contain all of the information that a prospective participant may require and should not be considered as a recommendation by any person that any Recipient should participate in any transaction described in this Company Presentation (or any other transaction). In receiving and retaining the Company Presentation, you are deemed to have accepted and agreed to the terms hereof. None of Bidco, or any of its respective affiliates, makes any representation or warranty that the Company Presentation is sufficient for any such credit analysis or decision. The Company Presentation, and any proposals contained in the document, are indicative only, they are not binding, do not create any legal obligations, do not constitute or act as an inducement to enter into any contract or commitment and should not be considered as an offer, or invitation or recommendation by Bidco or its affiliates to participate in the proposals. The information in the Company Presentation has not been independently verified, and it should not be relied upon and the information in this document addresses certain specific circumstances as at the date they were prepared. No representation or warranty (whether express or implied) is given by Bidco or any of its affiliates or its affiliates’ respective directors, officers, employees, agents, partners, representatives or professional advisers make any representation or warranty or undertaking of any kind, express or implied, nor do they accept or assume any responsibility or liability of any kind as to the correctness or completeness of this Company Presentation in particular in respect of forward-looking statements, including the achievement or reasonableness of management estimates, opinions, targets or other future projections. Any such forward-looking statements or future projections are subject to various risks and uncertainties, many of which are difficult to predict, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements and future projections. Accordingly, there can be no assurance that any estimates, targets or projections are attainable or will be realized. In the event any of the assumptions used in this Company Presentation do not prove to be true, results are likely to vary substantially from those discussed herein. The delivery of this Company Presentation to any person at any time after the date hereof does not imply, and is not intended to imply, that the information contained herein is correct at any time after the date of this Company Presentation or that there has been no change in the business, financial condition, prospects, credit worthiness, status or affairs of Bidco or its affiliates since the date of this Company Presentation. 2 2
Agenda and Today’s Speakers Section 1: JT Bioscopen Acquisition (Q3 FY2015) Section 2: JT Bioscopen Acquisition Refinancing (Q3 FY2016) Q&A Tim Richards Alan McNair Steve Knibbs Alison Cornwell CEO Deputy CEO COO CFO 3 3
Agenda Section 1: JT Bioscopen Acquisition (Q3 FY2015) Section 2: JT Bioscopen Acquisition Refinancing (Q3 FY2016) Q&A 4 4
Transaction Rationale Continuation of Vue’s Strategy to Expand Into Attractive European Markets • Expansion into an attractive and growing market Reinforce Vue Positioning in the European Market… – The Netherlands has seen growing admissions, GBOR # of Screens (Latest Reported) and screen / site figures over the last decade Includes 113 – Screen penetration still remains below most Western 2,238 screens from JT 2,011 1,866 European markets • High-quality asset with strong management in place 1,008 – JT Bioscopen’s circuit is well -maintained and has been at 1,753 504 499 491 the forefront of technological development – Enthusiastic, smart and motivated senior team with significant experience in the sector • Significant value creation opportunity – Vue will generate additional value through areas including pricing strategies, procurement, EEC and …While Ensuring Further Geographic Diversification further new site development Revenue by Country (Pro-forma FY2015) – Business integration followed a process similar to the “100 day plan” which was successfully adopted for The 1% 1% Space Cinemas 5% 17% • Strengthening of Vue’s position in the European Cinema 17% market 9% 46% 48% 8% – Successful track-record of identifying and integrating acquisition opportunities 25% 23% – Transaction strengthens Vue Group’s position in Europe with presence in ten countries, 210 sites and 1,866 UK & Ireland Germany & Denmark Poland & Baltics screens at the end of May 2016 Italy Netherlands Taiwan – Further reduces slate risk through international diversification 5 Source: Company Data 5
Attractive and Growing Dutch Cinema Market Growing Admissions, GBOR and Screen / Site Over the Last Decade • Dutch admissions have shown an upwards trajectory over Admissions (m) (1) the last 11 years, whereas other Western European +10 3.3% CAGR ’04 - ’15A countries, including the UK and Germany, have remained 23.0 20.6 23.4 23.1 23.5 27.3 28.2 30.5 30.6 30.8 30.8 33.0 broadly flat with annual spikes / troughs driven by the film slate 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 • Screen / site numbers have also been increasing with a net 177 screens having been added, an increase of 28.4% since GBOR (m) (1) +122 2004, an average of 16 screens each year 5.4% CAGR ’04 - ’15A 276 245 250 250 240 219 201 • 165 160 Despite the increase, screen penetration levels remain 154 156 135 below almost all other Western European markets at 4.8 screens per 100k population, compared to 5.9 in the UK 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 and 5.7 in Germany, indicating potential for further roll out Screens (1) +177 • The average number of cinema visits per person per year 2.3% CAGR ’04 - ’15A has increased across the same period to 2.0 as of 2015, 800 756 771 721 738 707 661 625 629 630 649 623 well below France (3.1) and the UK (2.7), and broadly in line with Belgium (1.9), Sweden (1.8), Germany (1.7) and Italy (1.6) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Screens per 100k Population (2) • Market ATP (3) is comparable to the UK and Germany, higher Average: 7.4 than the majority of other markets in which Vue operates 12.5 10.7 and higher than France and other Benelux markets 4.6 7.1 8.6 5.7 6.3 6.2 8.4 5.5 8.6 8.6 6.8 5.9 4.8 USA Denmark Germany Italy Norway Spain Switzerland Netherlands Belgium France Ireland Luxembourg Portugal Sweden UK Source: Dodona, IHS, Euromonitor (1) Admissions, GBOR and Screens data from Dodona to FY2013. Data for 2014 and 2015 from IHS (2) Screens per capita data per IHS and Eurostat (2015) 6 (3) Average ticket price 6
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