Site visit to Euston Station21 March 2016

foodtravelexperts.com

Introduction and Welcome

Kate Swann, Chief Executive Officer

Euston Station site visit - Timetable

4.30 – 5.00pm Introduction and presentations

SSP UK in context Kate Swann, CEO, SSP Group SSP in the UK UK strategic priorities Euston and Gino’s

5.00 – 5.30pm Tour of Euston Station

5.30 – 6.30pm Visit to SSP’s Gino D’Acampo Restaurant

6.30pm Depart

Simon Smith, CEO, SSP UK & Ireland

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foodtravelexperts.com

SSP in UK Context

Kate Swann, Chief Executive Officer

40%60%

38%

62%

51%49%37%

63%

Steady growth in a mature market

• UK, an important market for SSP

• Mature market

• Strong position, good profitability

• Strengthened management team

• Key Focus on:

Strategic initiatives

─ Like for like sales

─ Gross margin

─ Operating efficiency

Renewing Profitable business

Selective new business

Brand development

Source: SSP financial statements, based on constant currency at budget rates

2012: £680 2015: £731m

2012: £23.3m 2015: £52.9m

UK Revenue

UK EBIT

UKRest of SSPKey:

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foodtravelexperts.com

SSP in the UK

Simon Smith, Chief Executive Officer, SSP UK

UK Market and Strategy

• Large market

• Modest growth in rail PAX

• Stronger growth in air PAX

• SSP, market leading positions

UK Market SSP Strategy

• Focus on driving performance

Like for like sales

Gross Margin

Operating efficiency

Cash generation

• Retention, a key focus

Rail and Air

• Selective new business development

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Broad channel and geographic mix

Sites

Units

Air Presence Rail Presence Other Presence

c.9,0001 employees and 1 SSP head office

1 Including head office employees, excluding Ireland and Rail Gourmet. Unit and site figures for UK excluding Ireland at 30 Sep 2015

121

18

88

Rail Air Other

367

121 130

Rail Air Other

2012 2015

Channels Geographic mix

Rail

Air

Other

RailAir

Other

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Wide ranging portfolio of c.45 individual brands and concepts

Third Party Franchised Brands Own Brands and Bespoke Concepts

International Local Heroes Proprietary Bespoke concepts

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• Steady progress on top line driven by LFL

• Increasing passenger travel and retailing

initiatives

• Strong increase in EBIT driven by

Gross margin improvement

Operating Efficiency

Control of Overheads

Strong financial performance

Revenue EBIT

400

500

600

700

800

2012 2013 2014 2015

£m

0

20

40

60

80

2012 2013 2014 2015

£m

Note: Includes Rail Gourmet. Figures at constant currency

CAGR2.4%

CAGR32%

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UK strategic priorities

Source: SSP financial statements, revenue based on constant currency at 2016 budget rates

Optimise our offer to benefit from the positive trends in our markets

Optimise gross margin and leverage scale benefits

Run an efficient and effective business

Optimise investment using best practice and shared resource

Grow profitable space

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UK management team

Peter CaseyChief Operating

Officer

Lucy KnowlesChief Marketing

Officer

Luke TaitChief Financial

Officer

Andy WebbBusiness Development

Director

Angela MorrisonUK Commercial

Director

Ian BrownProperty Director

Rachel HowarthHR Director

April 2015 October 2001 February 2013

Simon SmithChief Executive

Officer

June 2014

June 2015 July 2013 May 2013November 2015

Employment date

Employment date

Ciaran FoleyMD Rail GourmetApril 2014

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Areas of focus

Driving LFL sales growth

Improve ranges

Optimise price and promotion

Upselling

Maximise use of space

Focus on category as well as brand performance

Optimise our offer to benefit from the positive trends in our markets

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Driving LFL: Case Study - Soft drink category management

New chillers and fewer promotions

Bestsellers Range improvements

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Driving LFL: Case Study – Burger range, premium bars

Ultimate £15.50

Classic £11.50

Good Better Best

Cheese & Bacon £13.50

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Areas of focus

Optimising gross margin

Simplify and standardise recipes

Procurement disciplines

Reduce waste and losses

Optimise gross margin and leverage scale benefits

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Optimising gross margin: Case Study – Premium bars

Premium Bar A

Premium Bar B

Premium Bar C

Premium Bar D

Actual food GP% 83% 80% 80% 68%

Breakfast sales 40% 38% 39% 18%

Lunch sales 40% 41% 43% 51%

Dinner sales 20% 21% 18% 31%

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Optimising gross margin: Case study – Tomatoes

Purchasing Usage

Bought diced vs. diced in house Sliced by hand vs. sliced by machine

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Areas of focus

Driving efficiency

Employ technology to improve efficiency

Improve forecasting and scheduling

Service optimisation

Improve reporting and accountability

Run an efficient and effective business

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Driving efficiency: Case Study – Energy and self-service tills

M&S, EustonSelf-service tills

Energy efficiencySelf Service

New timers

Old meter - no data New data manager system

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Driving efficiency: Case Study – CYPAD’s

Live data Detailed recording Automatic summaries

22. Correct Hand Washing procedures in place 98%

23. No evidence of cross contamination 97%

24. No items of food or drink past their use 98%

25. No items food or drink past their best 99%

26. First in first out followed for products 89%

27. Products into lidded containers once opened 93%

29. HACCP, Cooking, hot holding, delivery 98%

30. Aprons and hats worn in the kitchen 87%

31. Sanitiser used correctly 97%

33. Food prep surfaces clean and sanitised 98%

34. Equipment is clean and in good condition 96%

35. Extraction clean, filters in place 91%

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Optimise investment: Case Study – Fit out costs

Optimise investment using best practice and shared resource

Historic cost of fit out(£ Sqm)

Current cost of fit out(£ Sqm)

Savings %

International Coffee Brand £3,200 £2,800 14%

International Casual Dining Brand £2,700 £2,300 15%

International QSR Brand £3,400 £2,900 15%

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Areas of focus

Growing profitable Space

New units within existing sites

High renewal rate

Existing markets, new sites

New markets

Grow profitable space

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Continued brand development core to retention and wins

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Growing profitable space: Case Study – Euston retention

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Growing profitable space: Case Study – Stansted Airport win

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foodtravelexperts.com

Euston and Gino’s

Simon Smith, Chief Executive Officer, SSP UK

Gino is the latest high profile chef to join us…

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Disclaimer

Certain statements in the presentation may constitute “forward-looking statements”. These statements reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company will operate in and are subject to risks and uncertainties that may cause actual results, performance or achievements to differ materially. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements.

Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Group operates or in economic or technological trends or conditions. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Forward-looking statements speak only as of their date and the Company, any other member of the Group, its parent undertakings, the subsidiary undertakings of such parent undertakings, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law or regulatory obligations. It is up to the recipient of this presentation to make its own assessment as to the validity of such forward-looking statements and assumptions. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

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