FY2018 Half-Year Results

1 FY2018 Half-Year Results 26 October, 2017 C&C Group plc | Slide 2 C&C Group plc | Slide 2 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, 2017 and should be read in conjunction with the announcement of the financial Results of the Company for the period ended 31 August, 2017, released 26 October, 2017 (the H1 18 Interim 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.

2 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.

3 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 page 16 of the Company s FY2018 Interim Results Announcement.

4 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 Disclaimer C&C Group plc | Slide 3 C&C Group plc | Slide 3 H1 FY2018 | Performance Overview million Operating Profit Up underlying1 million Net Revenues Down underlying1 Net Debt to EBITDA Strong balance sheet & flexibility million Free cash flow (Pre exceptionals) 131% Conversion of EBITDA million Share buyback in H1 18 million share buyback over last years4 5% growth interim dividend to cent per share Supported by strong balance sheet & underlying cashflow performance H1 FY 17 comparative adjusted for (i) constant currency (H1 FY 17 translated at H1 18 F/X rates revenues.)

5 Operating profit ) and (ii) the impact of certain AB InBev beer volumes in Ireland in the comparative period which transferred to direct supply under the terms of the revised distribution agreements with AB InBev. (H1 17 revenues ; operating profit ) FY 17 comparative adjusted for constant currency (H1 FY 17 translated at H1 18 F/X rates revenues ; operating profit ) 3. Net Debt as at 31 August 2017 and LTM EBITDA as at 31 August 2017 4. Share buybacks FY15-FY18 YTD +40bps Improvement in operating margin to 152 million Branded Net Revenues Down 2 C&C Group plc | Slide 4 C&C Group plc | Slide 4 Strategic & Operational Highlights 1)Solid growth in Tennent s from branded and wholesale businesses 2)Smooth transition of cider portfolio to AB InBev momentum building 3)Investment in Ireland delivering growth in Off-trade; remains highly competitive in the On-trade 4)Strong organic growth in Super-Premium & Craft portfolios.

6 Acquisition of Orchard Pig 5)Strengthened route to market access in the UK 6)Continued growth in Export 7)Margin improvement driven by improving business mix, cost control & operational efficiency Delivering strategic & operational priorities Prepared for ongoing challenges & opportunities H1 FY2018 FINANCIAL REVIEW C&C Group plc | Slide 6 C&C Group plc | Slide 6 Summary Financials 1. H1 17 comparative adjusted for constant currency (FY2017 translated at FY2018 F/X rates). year -on- year performance (constant currency) H1 18 H1 171 % change Group volumes (kHL) - of which branded 2,208 1,531 2,508 1,562 ( ) ( ) Group net sales revenues ( m) - of which branded ( ) ( ) Operating profits ( m) - operating margin ( ) +40bps Profit after tax (pre-exceptionals) ( m) ( ) Weighted average number of shares, incl.

7 Options (diluted) 309,551 315,903 ( ) Adjusted fully diluted EPS ( ) Exceptional items (pre-tax) ( m) C&C Group plc | Slide 7 C&C Group plc | Slide 7 2,508 (123) 2,298 +25 (6) (16) (8) (51) 20002100220023002400250026001 (87) 2,208 Volume kHL * Includes Wines, NABs and on-going own label and contract manufacturing 1. Benefits from kHL of Orchard Pig volumes acquired in the period (34) Branded volumes C&C Group plc | Slide 8 C&C Group plc | Slide 8 Net Revenue m ( ) ( ) ( ) ( ) + ( ) ( ) ( ) 225250275300325 Branded revenues ( ) * Includes Wines, NABs and on-going own label and contract manufacturing 1. Benefits from of Orchard Pig revenues acquired in the period 1 C&C Group plc | Slide 9 C&C Group plc | Slide 9 124 100110120130140H1'17 Corebrands NSVT ennent'svolumeTennent'sprice/mixBulmersv olumeBulmersprice/mixMagnersvolumeMagner sprice/mixH1'18 Corebrands NSV1 Lower volumes in period of transition, but momentum building NSV rate deflation reflecting distribution margin and mix Can (60%) v bottle mix trend has continued (FY17: 52%) Volumes flat on a global basis, but outperforming in Scotland NSV rate inflation + On-trade volume losses, only partially off-set by growth in off-trade channel Pricing environment remains positive NSV rate deflation , reflecting channel mix shift from draught to small pack off-trade 1.

8 H1 17 core brands revenue (globally) adjusted for constant currency + m 129 C&C Group plc | Slide 10 C&C Group plc | Slide 10 ( ) ( ) + + ( ) ( ) 40455055( ) Operating Profit (before exceptionals) m 1. Benefits from of Orchard Pig trading profit acquired in the period, off-set by the negative profit impact of of lost own label contracts as a Results of Shepton closure 1 C&C Group plc | Slide 11 C&C Group plc | Slide 11 Operating Margin FY'17H1 FY'18 Margin Drivers Business mix -Brand revenues -Other revenues Cost savings -AB InBev related -Distribution efficiencies Channel and pack mix -Bulmers (Off/On-trade) -Magners (Glass/Can) AB InBev pricing impact Positive Negative +40bps1 FY 17 comparative adjusted for constant currency (H1 FY 17 translated at H1 18 F/X rates revenues.)

9 Operating profit ) C&C Group plc | Slide 12 C&C Group plc | Slide 12 Update on AB InBev | Short-term impacts FY 17 comparative adjusted for constant currency (H1 FY 17 translated at H1 FY 18 F/X rates) and margin foregone based on H1 FY 18 volumes at H1 FY 17 NSV/HL and GP/HL Impacts from revised ABI distribution deal H1 18 vs H1 17 (constant currency adjusted) Volume (kHL) NSV1 ( m) EBIT1 ( m) Comments Ireland -Loss of direct supply accounts -Cost savings (123) (123) - ( ) ( ) - ( ) ( ) Headcount savings given reduced AB InBev activity in Ireland GB -Increased contract manufacturing -Distribution margin on C&C cider2 -Cost savings (England & Wales) - - - - ( ) - ( ) - ( ) Some delays on new SKUs, catch-up expected in H2 AB InBev distribution margin Cost synergies in sales and marketing Group (123) ( ) ( ) In-line with guidance of 2-3m dilution in 1st full year C&C Group plc | Slide 13 C&C Group plc | Slide 13 + + ( ) ( ) ( ) ( ) ( ) ( ) 30507090110 FCF EBITDA + Cash flow m C&C Group plc | Slide 14 C&C Group plc | Slide 14 Balance Sheet ( ) + ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) debt28 Feb 2017 Free cash flowDividends paidShare BuybackExercise of shareoptionsAcquisitionsTranslation and otherNet debt31 August 2017 Net Debt to EBITDA m ( )

10 + H1 FY2018 OPERATING REVIEW C&C Group plc | Slide 16 C&C Group plc | Slide 16 Maintained Tennent s 13% 22% 2016 2017 Brand Advocacy2 'A brand I d recommend Brand Salience2 'A brand I ve heard good things about 33% 36% 2016 2017 2. Rolling MAT Feb 17 Total Sample on all new fonts installed by 10th June - 2 month performance versus control group New font roll-out New social media campaign Most engaged Scottish brand on social media 40% growth in social media engagement 4,815 new fonts installed + Improvement in RoS C&C Group plc | Slide 17 C&C Group plc | Slide 17 ..leading to improved Tennent s performance H1 FY 17 H1 FY 18 Tennent s GB Net Revenue Growth + currency 1 Share draught lager Scottish IFT Strong share in key.