H1 2016 Results 28 October, 2015

Disclaimer

This presentation has been prepared solely in connection with the financial results of C&C Group plc (the "Company") for the period ended 31 August, 2015 and should be read in conjunction with the announcement of the financial results of the Company for the period ended 31 August, 2015, released 28 October, 2015 (the “2016 First Half Results Announcement”). For the purposes of this notice, the presentation that follows shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and-answer session that follows that oral presentation, hard and electronic copies of this document and any materials distributed at, or in connection with, that presentation. This presentation is not intended to and does not constitute or form part of any offer, or invitation, or solicitation of any offer to issue, underwrite, subscribe for, or otherwise acquire or dispose of any shares or other securities of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. 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, are based on certain assumptions 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. Your attention is drawn to the ‘Principal Risks and Uncertainties’ set out on pages 14 and 15 of the Company’s 2016 First Half Results Announcement. The risks described, however, are not exhaustive and there may be other risks which may have an adverse effect on the business, financial condition, results or future prospects of the Company. 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

H1 2016 | Slide 2

Overview

- Net revenue down 2.6% - operating profit down 9.5%

- Excellent cash conversion - €38 million reduction in net debt

- Challenging trading conditions in core markets in period – transitional factors

- C&C Brands performing to plan; North America challenges being addressed

- Export strategy delivering - strong brands, new territories: +25% own brand volume growth in period

H1 ‘16

- Continued investment in core brands and markets

- Operating cost reduction plan to deliver €15 million annualised benefit

- FY '16 FCF conversion of c. 70% of EBITDA

- Strong balance sheet and FCF driving increased capital returns to shareholders in line with plan

5% increase in interim dividend: progress towards target dividend cover of c. 2x

On market share buy back programme of up €100 million by July 2016

Net debt to EBITDA target of 2x

Outlook

H1 2016 | Slide 3

Capital Allocation

Financial Summary

Operating Profit

H1 2016 | Slide 4

69.2

3.5

(7.0)

(3.0)

0.2

0.5

(0.8)

62.6

H1 '15 Currency Ireland Scotland C&CBrands

Export NorthAmerica

H1 '16

- Net revenue down 2.6% to €358.6m

- Operating profit down 9.5% to €62.6m

- Operating margin of 17.5%

- Adj. diluted EPS down 6.9% to 14.8 cent

- Free cash flow of €66.4m: 91.5% of EBITDA

- €38m net debt reduction in period to €119.8 m

- Interim dividend up 5.1% to 4.73 cent per share

Key Metrics €m

Irish LAD Market

Ireland | Market Overview

H1 2016 | Slide 5

0

2000

4000

6000

MATJUL10

MATJUL11

MATJUL12

MATJUL13

MATJUL14

MATJUL15

On Trade Off Trade

kHls

C&C | Share of Cider

LAD return to growth

+0.5% +1%

Source: Nielsen/CGA Source: Nielsen/CGA

0%

20%

40%

60%

80%

100%

Volume Value

OFFS SHARE

ONS SHARE

On-Trade value share

>75%

95 New draught brands in on trade in past

2 years

Volume/Value Split in LAD Cider v. Stout | Summer

Performance

On and Off Trade (May to Aug) Volume change on prior year

Summer 2013

Summer 2015

Leading Stout (5%) +2%

Bulmers +11% (15%)

0%

20%

40%

60%

80%

100%

On Off

Other

Private Label

Imported

C&C Cider

92% share

61% share

Mar to Aug 2015

Mar to Aug 2015

Performance

Ireland | Performance & Outlook

- Challenging first half

- Poor weather, new cider entrants and increased LAD competition

- Sales restructuring and new customer service centre

- 20% increase in brand investment

- 120% growth in new brands: Heverlee, Roundstone Ale, Clonmel 1650

- Bulmers’ Flavours launched – 2,400 distribution points

- Continued investment in Bulmers– new font and glassware

- Brand health scores positive

- Growing portfolio with focus on niche premium

- Distribution wins: Corona (1m cases) and Accolade Wines (100k cases)

- New internet order platform

- Right business model - brand led wholesale - to sustain performance

H1 2016 | Slide 6

Outlook

H1 2016 (constant currency) Net revenue €142.3m (12.3%) EBIT €30.0m (18.9%) EBIT margin 21.1% (1.7ppts) Volume (kHL) 938.4 (5.8%)

2015 Champion

Keg lager

Scotland | Market Overview

H1 2016 | Slide 7

13%

10%

Free Trade Managed L&T

0

1

2

3

4

5

6

7

8

On Trade Off Trade

Volume v. Nearest Competitor Fragmented Market

Free Trade

77%

Tennent’s Clear No. 1

>7x

>3x

64% Tennent’s volume in

On Trade

36% Tennent’s volume in

Off Trade

Standard Lager

Premium Lager

Standard Ale

Premium Niche

Cider

Source: Nielsen/CGA

Source: Nielsen/CGA

Mar to Aug 2015 Mar to Aug 2015

Performance

Scotland| Performance & Outlook

- Challenging first half but no material change to competitive dynamics

- Poor weather and legislative change

- Service disruption in implementing new logistics model leading to customer losses

- Investment in wholesale model nearing completion

- Highly successful Tennent’s campaigns

- Launch of Magners Original Ice: up to 1,500 taps

- SFA Sponsorship and Scottish Rugby renewal

- Growing portfolio with focus on niche premium

- New internet order platform

- Right business model - brand led wholesale - to sustain performance

H1 2016 | Slide 8

Outlook

H1 2016 (constant currency) Net revenue €119.9m (9.8%) EBIT €22.2m (11.9%) EBIT margin 18.5% (0.5ppts) Volume (kHL) 734.3 (7.5%)

+2 m views

+900m opportunities to view through traditional & social media

C&C Brands | Market Overview

H1 2016 | Slide 9

World’s Leading Cider Market Apple Dominant in Scale

0

1

2

3

4

5

2006 2007 2008 2009 2010 2011 2012 2013 2014

APPLE PEAR FLAVOURED

million hL

Source: Nielsen/CGA Source: Nielsen/CGA

31 49

64

90

124 134

0

25

50

75

100

125

150

2010 2011 2012 2013 2014 2015

Proliferation of Cider Variants

20% reduction in SKUs

through range rationalisation

49%

51%

GB Next 9 Largest

GB 996 million

Litres

Globally important LAD market

50+ million consumers

1,034 million litres

South Africa USA Australia Argentina Spain France Germany Ireland Finland

Performance

C&C Brands| Performance & Outlook

- Positive first half performance

- Commercial restructuring delivering cost savings of €3 million (annualised)

- Switch to direct deliveries with no disruption

- Magners returned to #1 in Modern Apple

- Magners Original: 8.5% growth in Q2

- Improved share, volume trends and operating margins

- UK market remain highly competitive

- Magners brand maintains consumer appeal

- Investment campaign planned for FY ‘17

- Further cost savings to fund investment, protect operating margins

- Exploit niche premium portfolio opportunities

- ABI/SAB combination is first supply-side consolidation this century

H1 2016 | Slide 10

Outlook

H1 2016 (constant currency) Net revenue €60.0m (10.8%) EBIT €7.8m +2.6% EBIT margin 13.0% +1.7ppts Volume (kHL) 717.6 (8.3%)

+102%

+232%

NM i.e. +11,000%

C&C H1 ‘16

4.2 4.7 5.6 9.8

16.6

25.6 36

0

10

20

30

40

2009 2010 2011 2012 2013 2014 2015

North America| Market Overview

H1 2016 | Slide 11

High Margin Category

Source: IRI/Co. Data

$18.47

$14.68

$28.07

$36.30 $35.39

Beer DomesticPremium

Beer DomesticSub-Premium

BeerImport

BeerCraft

Cider

Dynamic Cider Market US Market Opportunity

million cases

per case

- Cider only 1% of LAD in US

- Potential to be largest cider market in world

- H1 slowdown in commercial ciders

- Accelerated growth in craft ciders

Performance

North America| Performance & Outlook

- Performance below expectation

- Successful Gumption launch; 14% of Woodchuck volume in September

- New Gumption listings secured

- ATL brand investment not yet delivering to plan

- Ongoing operating, management and marketing review

- Cost base realignment

- Focused investment

- Woodchuck repackaging

- Targeting earnings growth

H1 2016 | Slide 12

Outlook

H1 2016 (constant currency) Net revenue €23.2m (12.5%) EBIT €0.5m (61.5%) EBIT margin 2.2% (2.7ppts) Volume (kHL) 139.4 (14.6%)

Export| Market Overview

H1 2016 | Slide 13

Top 10 Global Cider Markets 2014 Vol. m litres % of Beer

United Kingdom 996 23%

South Africa 244 8%

USA 172 1%

Australia 160 9%

Argentina 101 6%

Spain 96 3%

France 86 5%

Germany 67 1%

Republic of Ireland 66 15%

Finland 43 10%

+20% C&C H1 ‘16

Export 93,169kHl

+25% Growth

+14%

+69%

Cider Opportunity v. Beer

Agreement with

San Miguel Philippines

Cider: Global Opportunity

Global cider volume growth

+5% p.a.

2009 to 2014

Exporting to

>60 markets

Source: Canadean

Source: Canadean

First agreement in Africa in place

Arrangement with Stock

Spirit in Poland

Performance

Export| Performance & Outlook

- Strong first half performance

- Own brand volume +25%

- Growth from cider and beer brands

- Australia recovery; growth in Europe & Asia

- New distribution agreements with scale partners

- Attractive growth opportunity; expanding footprint in Asia and Africa

- Distribution & Licence approach – built on well invested domestic asset base

- Continued marketing investment

- Capitalise on cider category growth

- Tennent’s brand resonance

H1 2016 | Slide 14

Outlook

H1 2016 (constant currency) Net revenue €13.2m +21.1% EBIT €2.1m +31.3% EBIT margin 15.9% +1.2ppts Volume (kHL) 93.2 +12.2%

Business Update & Outlook 28 October, 2015

Investment Case

1

2

3 4

5

Attractive Geographies

Resilient

Defensive

Sustainable

Well-invested Assets

Iconic Brands

Multi Beverage

Highly Cash Generative

Brand led wholesale model in core

markets

Capitalising growth opportunity and capacity to return capital to

shareholders

Balance sheet strength and strong cash

generation

H1 2016 | Slide 16

Asset light in export

markets

Strategic Direction

C&C Group

H1 2016 | Slide 17

- Cider continues to grow internationally driven by consumer choice

- Magners exported to >60 countries and is a top tier International cider brand

- Tennent’s export potential driven by heritage and authenticity

- Continue to invest in export growth through alliances and partnerships – capital light approach

- Magners must retain relevance in GB - world’s largest cider market - continue to examine options to strengthen business, where returns justify investment

- Domestic positions underlined by brand strength and operating model

- Investment behind authentic niche and premium propositions for the millennial consumer

- Explore capital deployment or commercial opportunities to reinforce these businesses

Capital Allocation

2

3 1

Dividend

Long

Term

Value

Share Buy back Corporate Development

Balance sheet strength and strong cash

generation

H1 2016 | Slide 18

Progressive dividend policy

5% increase in interim dividend to 4.73 cent

Progress towards stated target of c. 2x cover

€30 million buy back programme completed in January 2015

Target to buy back up to further €100 million of equity in line with stated plan

Next phase of industry consolidation has commenced

Opportunities to optimise performance - operating or brand assets

Outlook | Market

Core Markets - Investment and innovation

- Enhance operating efficiency; optimise returns from existing assets

- Model supports volume and premium niche

Underperforming Markets - Reduced operating cost

- Management, operating & marketing review

Markets

H1 2016 | Slide 19

Outlook | Growth and Capital Returns

- Global cider growth

- Increased operating leverage – well invested asset base

Growth

H1 2016 | Slide 20

- Increased capital returns

- Balance sheet strength and FCF generation

- Progressive dividend growth: target 2x cover

- Buy back: target of up to €100 million to July 2016

Capital Returns

Appendix

Net Revenue

H1 ‘16

H1 2016 | Slide 22

€m

368.1

31.8

(20.0)

(13.0)

(7.3) 2.3 (3.3)

358.6

350

360

370

380

390

400

H1 '15 Currency Ireland Scotland C&C Brands Export North America H1 '16

Strong Cash Generation

H1 ‘16

H1 2016 | Slide 23

62.6

10.0

17.2

(0.5)

(5.4)

(5.2) (3.1)

(2.8)

1.1 73.9

(7.5)

66.4

60

70

80

90

100

Op

. Pro

fit

De

p./

Am

ort

.

Wo

rkin

g C

apit

al

Trad

e L

end

ing

Cap

Ex

Inco

me

Tax

Fin

ance

Co

sts

Pe

nsi

on

s

Oth

er

FCF

bef

ore

exc

p.

Exce

pti

on

al It

ems

Fre

e C

ash

flo

w

- Free cash flow of €73.9m before exceptionals: >100% of EBITDA

- 92% EBITDA conversion post exceptionals; FY ‘16 expectation of c. 70% conversion

€m 92% EBITDA

conversion

Strong Cash Generation…. driving net debt reduction

H1 ‘16

H1 2016 | Slide 24

- Strong FCF driving €38 million reduction in net debt

- €450 million facility available until 2019; capacity to increase facility to €700 million

- Strong balance sheet supports capital allocation policy

€m

(157.8)

66.4

(21.1) (3.4) (1.1)

0.1

(2.9) (119.8)

(200.0)

(150.0)

(100.0)

(50.0)

0.0

Net debt1 Mar 2015

Free cash flow Dividends paid Acquisitions Share Buyback Exercise of shareoptions

Other Net debt31 Aug 2015