Greene King reported resilient results for 2008/09 despite difficult trading conditions. Revenue increased 1.3% to £954.6 million but operating profit declined 6.7% to £216.2 million due to cost pressures. The company continued to invest in its businesses, pay down debt, and maintain its dividend. Current trading was described as encouraging.

1. Preliminary Results 2008/09
52 weeks to 3 May 2009
fit for the future

2. Preliminary Results 2008/9
Overview
Overview
Resilient results and market share gains
Difficult trading conditions
Economic and political uncertainty
Constant evolution of model to meet changing
market demands
Only major player to pay down debt, continue
investment, maintain dividends
Rights issue further strengthens position
Current trading encouraging
2
fit for the future

3. Preliminary Results 2008/9
Financial Review
Resilient performance in challenging conditions
52 Weeks 07/08 08/09 Change
Revenue £942.3m £954.6m +1.3%
Operating profit* £231.8m £216.2m -6.7%
Operating margin* 24.6% 22.6% -2.0%pts
Profit before tax* £139.4m £118.5m -15.0%
Adjusted earnings per share* 72.6p 66.5p -8.4%
Adjusted for rights issue
Adjusted earnings per share 58.3p 53.4p -8.4%
Dividend per share 20.9p 21.0p NC
3
fit for the future
•As throughout this document, profit numbers are shown before exceptional items

4. Preliminary Results 2008/9
Financial Review
Retail
Industry-leading sales growth and margins
Operating Profit Margins
21%
Last year
18%
LFL sales growth of 1.7%
This year
15%
Food now 35% of sales
12%
Gross margins stable
9%
Industry-leading operating
6%
margins
3%
0%
Greene King Marstons M&B JDW Punch
4
Source: Company Information fit for the future
Greene King F09, Marston’s H109, M&B H109, JDW H109, Punch H109

5. Preliminary Results 2008/9
Financial Review
Retail
Robust underlying performance
120
115 2.2
2.2
GBP m
110 3.9
116.5
2.6
105
105.6
100
F08 53rd w eek Disposals & Utilities Machine F09
Operating Transfers Income Operating
Profit Profit
5
fit for the future

6. Preliminary Results 2008/9
Financial Review
Retail
Realism on costs; continuous focus on cost mitigation and reduction
Gross cost inflation
Food, drinks & utilities have Mitigation
seen major increases over
14
last 2 years 12.4 12.0 11.8
12
Sustained mitigation through 10.2
10 9.3
Food projects GBP m 8.1
Drinks purchasing 8
Electricity metering
Overhead reduction 6
4
F10 expect slight easing
£/€/$ pressure 2
H1 more prone than H2
0
F08 F09 F10e
6
fit for the future

7. Preliminary Results 2008/9
Financial Review
Pub Partners
Adapting & stabilising during a tough year
£m
F08 Reported EBITDA 88.2
53rd Week -1.7
F08 Comparable EBITDA 86.5
Disposals, Transfers & Acquisitions +0.8
Tenant Support -4.1
Underlying Trading -3.3
Overhead Savings +0.8
F09 Comparable EBITDA 80.7
Balance Sheet Prudence -1.9
Strengthening the Model -0.7
F09 Actual EBITDA 78.1
7
fit for the future

8. Preliminary Results 2008/9
Financial Review
Pub Partners
Adapting & stabilising during a tough year
Average EBITDA per Pub -9.7%
Balance sheet prudence -£1.9m
- Prudent valuations appropriate to market circumstances
Strengthening the model -£0.7m
- Investment in people and processes
Underlying EBITDA per Pub -6.7%
8
fit for the future

9. Preliminary Results 2008/9
Financial Review
Belhaven
A ‘milestone’ year
9.9% revenue growth Belhaven F09 Profit Split
11.9% profit growth Managed
Brewing
Hit £30m milestone profit level
Profit growth in all businesses
Retail LFL sales +5.4%
Solid tenanted performance
Free trade share gains and margins better Tenanted
9
fit for the future

10. Preliminary Results 2008/9
Financial Review
Brewing Company
Strong performance despite market and cost pressures
Very strong H2, good turnaround from H1
Organic volume growth and share gains
H2 revenue growth to give 8.2% overall growth
H2 margins only 80bps behind last year, despite utility, fuel and raw
material cost pressures
Operating profit flat year over year
520,000 8%
500,000
480,000 6%
Volume
460,000
440,000 4%
420,000 2%
400,000
380,000 0%
F05 F06 F07 F08 F09
10
fit for the future
Own Brewed Volume Annual Growth

11. Preliminary Results 2008/9
Financial Review
Positive free cash flow with investment maintained
08/09
52 weeks
EBITDA £267.3m
Working capital £0.9m
Other movements -£1.1m
Net interest -£94.5m
Tax paid -£24.9m
Capital expenditure (ex-single site acquisitions) -£89.1m
Dividend -£34.9m
£23.7m
Disposals net of single site acquisitions £37.5m
Exceptional items -£14.3m
Net debt repayment £46.9m
11
fit for the future

12. Preliminary Results 2008/9
Financial Review
Continuing investment for growth
Retail held flat YOY at £54.2m F09 Capital Investment
Targeted investment in Pub Single Site
Partners and Belhaven Acquisitions
Belhaven
Core investment £78m
Brewing
continued, only slightly lower Company
than last year
Reduction in single site
acquisitions
Retail
Pub Partners
Expansionary 40% of total
Additional £12.4m through P&L
12
fit for the future

13. Preliminary Results 2008/9
Financial Review
Dividend maintained
Unique amongst major players in sector
Dividend per Share 2001-2009*
25
Only major player to have
maintained dividend in current
environment DPS (p per share) 20
Proposed final dividend 15.1p 15
held flat over last year*
Full year proposed dividend of 10
21.0p against 20.9p* last year
5
Expect to target 2x dividend
cover
0
fit for the future
F01 F02 F03 F04 F05 F06 F07 F08 F09
13 *Adjusted for the rights issue

14. Preliminary Results 2008/9
Financial Review
Continued balance sheet flexibility
Securitisation
2032 out of 2488 pubs securitised
Debt service coverage (DSCR) of 1.5x
Restricted payments below 1.3x, Covenant at 1.1x -£46.9m
1800 1605.5
1558.6
Net Worth at £390m against covenant of £140m 1600
182.4
1400 548.0
£23m amortisation of bonds with steady debt service 1200
G BP m
1000
800
1376.2
600 1057.5
400
200
Bank facility 0
£400m syndicated bank facility committed until April 2012 F08 F09
£245m drawn at year end plus £79m net cash at bank Securitisation Bank
Net Debt/EBITDA covenant 5.5x, 2.1x at year end
14
fit for the future

15. Preliminary Results 2008/9
Financial Review
Credit metrics have improved post rights issue
F09 Pro-forma
F08 F09
for rights issue
Net Debt/EBITDA 5.7x 5.8x 5.1x
Fixed Charge Cover 2.3x 2.1x 2.4x
% Debt Fixed 97% 98% 100%
FCF DSCR 1.8x 1.5x 1.5x
Average Interest Rate 6.0% 6.0% 6.0%
15
fit for the future

16. Preliminary Results 2008/9
Operating Review
Tough conditions driving sector polarisation
Recession exposing weaknesses
Leading to investment cut backs, reduced
dividends & asset disposals
Stronger models driving market share gains
Trends to accelerate going forward
Greene King; a strong player, taking share and
improving returns
16
fit for the future

17. Preliminary Results 2008/9
Operating Review
Resilient business model for all conditions
Value
Optimise creative Targeted Selective
organic investment acquisition divestment
divisional in core strategy of non-core
performance assets assets
Consistent, long-term strategy
17
fit for the future

18. Preliminary Results 2008/9
Operating Review
Resilient business model for all conditions
Value
Optimise creative Targeted Selective
organic investment acquisition divestment
divisional in core strategy of non-core
performance assets assets
Consistent, long-term strategy
18
fit for the future

19. Preliminary Results 2008/9
Operating Review
Optimising organic divisional performance
Adaptation of the divisional models
Value for money, supported by improved
standards and service
Tight cost control
Raising the performance bar of our people
Improving operational controls and compliance
19
fit for the future

20. Preliminary Results 2008/9
Operating Review - Retail
Retail
Adaptation: Segmentation driving improved performance
Destination & Local Pubs split; first major ‘change’
To get closer to customers, increase focus and efficiency
Branded, food-led, controlled vs. unbranded, wet-led, entrepreneurial
Now seeing industry-best LFL sales growth
Food and VFM key drivers
6%
5%
4%
3% Retail LFL
2% Sales Growth
1%
H108 to Last 8
0%
weeks
-1%
fit for the future
-2%
H108 H208 H109 H209 H110*
20 * 8 weeks to June 28th

21. Preliminary Results 2008/9
Operating Review - Retail
Retail
Adaptation: continued food sales growth
LFL sales growth of 4.9%
Growth per outlet of 11.2%
Now 35% of sales:
Space & skills
Menu & offer
Value & communication
36%
32%
28% Food Sales
Share of
Total Sales
24%
21
20%
F06 F09
fit for the future

22. Preliminary Results 2008/9
Operating Review - Retail
Retail
VFM: Extended across the business
Introduced Local Savers end Q1
Strong promotional support
Q2 to Q4 LFL sales improved 11.9% pts
Lowered price by £1 in January
Strong promotional support
22
Q4 sales improved 14.5% pts
fit for the future

23. Preliminary Results 2008/9
Operating Review - Pub Partners
Pub Partners
Adaptation: Independence Pub Co starting to deliver
Industry Issues Progress so far
Tail of estate under pressure 12 Free of Tie Agreements
Split business to manage 46 Partial Tie Agreements
tougher environment
25 Disposals
Total agreement flexibility 1 to licensee, 11 processing
18 to 3rd parties
Full and partial tie options
6 HAUV
Options to purchase
39 returned to core estate…fixed
HAUV
22 fixed but remain in IPC due to
geography
23
fit for the future

24. Preliminary Results 2008/9
Operating Review - Pub Partners
Pub Partners
Targeted operational support
Front-line support
Operations Directors now sign-off all new licensees
Reduced number of pubs per BDM to 44
Financial support contingent on agreed business plans
Targeted investment schemes to reposition pub & offer
Training support
137 training courses, 1100 attendees
20 new specialist tenant trainers for on-the-job training
Mandatory intensive induction course for all new licensees
First year retention rates up from 70% last year to 88% this year
24
fit for the future

25. Preliminary Results 2008/9
Operating Review - Pub Partners
Pub Partners
Targeted financial support
£4.1m of rent concessions and product discounts
‘Crunch Time’ guarantees licensee margins
Enables licensees to compete more effectively
Launched April 2009
Phase 2 Average 11.9% uplift
Phase 1 Average 13.7% uplift
0% 2% 4% 6% 8% 10% 12% 14%
25
fit for the future

26. Preliminary Results 2008/9
Operating Review - Pub Partners
Pub Partners
Licensee health measures stable
F08 F09
Pubs closed for reopening 17 30
Cash with order 245 272
No of TAWs 131 137
Average licensee tenure 4 yrs 1 mnth 3 yrs 8 mnths
No. of licensees receiving
39% 46%
discounts
26
fit for the future

27. Preliminary Results 2008/9
Operating Review - Belhaven
Belhaven
Continued success built on key points of difference
Strong growth each year since acquisition
Fragmented pub market
35 25%
Local knowledge vs. competition 30
20%
Strong, stable team 25
15%
GBP m
20
Belhaven Best brand 15 10%
Greene King influence 10
5%
Maintained Scottish ‘ownership’ 5
0 0%
Enhanced purchasing scale
F05 F06 F07 F08 F09
Cash for investment
Operating Profit Margin
Drive food % of sales
Benefits of churn
27
fit for the future

28. Preliminary Results 2008/9
Operating Review - Belhaven
Belhaven
Adaptation: New Eating Inn brand driving food growth
Seven ex-Retail destination sites
Converted to Eating Inn in H1: gap in market
Average weekly sales from £14.3k to £27.3k
Converting sales to profit at 22%
Table service additional point of difference
ROI over 25%
Further roll out of sites anticipated
28
fit for the future

29. Preliminary Results 2008/9
Operating Review - Brewing Company
Brewing Company
Consistent strategy for outperformance
• High quality beer, helped by Greene King – Market Share Progression 2002-2008*
single site brewery
18%
• Focused brand
16%
portfolio…complexity adds
14%
costs
12%
• Brand investment…more than 10%
any other cask brewer 8%
6%
• Cost control
4%
• Recruit and retain best people 2%
in the industry 2002 2003 2004 2005 2006 2007 2008
• Strong customer focus Total On-Trade Off-Trade Standard Premium
29
*BBPA
fit for the future

30. Preliminary Results 2008/9
Operating Review - Brewing Company
Brewing Company
Focused brand portfolio
Greene King IPA Old Speckled Hen
Official beer of England Rugby Leading premium ale in off-trade with a
13.3% share**
Leading cask ale with a 20.5% share*
of the standard cask market OSH and Old Crafty Hen both won Gold
Medals at prestigious Monde Awards
Revolution font
£1m technology investment
£3.6m marketing investment includes
sponsoring Prime Time TV on Dave
15% ROS uplift vs control sites
30
*AC Nielsen, On-Trade MAT to March 2009, Standard Cask Ale
** AC Nielsen, Off-Trade MAT to April 2009
fit for the future

31. Preliminary Results 2008/9
Operating Review
Resilient business model for all conditions
Value
Optimise creative Targeted Selective
organic investment acquisition divestment
divisional in core strategy of non-core
performance assets assets
Consistent, long-term strategy
31
fit for the future

32. Preliminary Results 2008/9
Operating Review
2. Value accretive investment in core assets
UK Pub Sector Capex* and Greene King
Share 2007-2009e
Continued investment in growth 1000
leading to share gains 11%
900
800
Major developments; focus on 16%
700
Capex (GBPm)
branded, food-led sites
600
500 21%
Increased number of smaller
schemes in Local Pubs 400
300
Selective Pub Partners and 200
Belhaven opportunities 100
0
F07 F08 F09e
UK Pub Sector (ex-Greene King) Greene King
32
fit for the future
*F09e based on published company presentations/announcements for a selected group of leading UK pub companies for financial years ending in 2009

33. Preliminary Results 2008/9
Operating Review
Resilient business model for all conditions
Value
Optimise creative Targeted Selective
organic investment acquisition divestment
divisional in core strategy of non-core
performance assets assets
Consistent, long-term strategy
33
fit for the future

34. Preliminary Results 2008/9
Operating Review
3. Targeted acquisition opportunities
High quality assets at attractive prices
Selective approach
Targeting assets in strategic areas
Completed acquisition of 11 pubs from Punch
Taverns on 1 July
Meet all criteria set out at rights issue
Freehold, retail, quality
8x EBITDA of £3.8m
London and Scotland
Opportunities for growth
34
fit for the future

35. Preliminary Results 2008/9
Operating Review
Resilient business model for all conditions
Value
Optimise creative Targeted Selective
organic investment acquisition divestment
divisional in core strategy of non-core
performance assets assets
Consistent, long-term strategy
35
fit for the future

36. Preliminary Results 2008/9
Operating Review
4. Non-core disposal programme continues
Strict criteria – lower quality, limited potential, HAUV
Mainly our ‘D’ rated pubs
128 pubs and non-trading assets disposed in F09
Proceeds of £44.2m and net £3.7m above book value
Market remains slow but there are buyers
F10 expectation is £20m
36
fit for the future

37. Preliminary Results 2008/9
Current Trading
Current trading
Retail & Brewing strong; Pub Partners trends stable
Trading is generally encouraging
Better weather, higher disposable income and…
…‘self-help’…still the main influence on
performance
Retail LFL sales +5.2%
Pub Partners LFL profit trend stabilised vs. H209
Belhaven Retail LFL sales +10.2%
Brewing Company OBV +12.1%
37
fit for the future

38. Preliminary Results 2008/9
Summary
Summary
Resilient results in demanding conditions
Strong balance sheet, healthy cashflow
Continued investment, dividend maintained
Rights issue further strengthens competitive position
More benign in 2009 than expected but
costs pressures remain
consumers value focused
economic/political uncertainty persists
Current trading encouraging
Cautious optimism for the future
38
fit for the future

39. Appendix
fit for the future

40. Preliminary Results 2008/9
Appendix
Pub estate
Focus on South East and Scotland
By number of sites
40
fit for the future

41. Preliminary Results 2008/9
Appendix
Pub estate at year end
Managed Tenanted Leased Total
Local Pubs 449 - - 449
Destination Pubs 275 - - 275
Loch Fyne 48 - - 48
Pub Partners - 1085 306 1391
Belhaven 96 48 181 325
Total 868 1266 354 2488
41
fit for the future

42. Preliminary Results 2008/9
Appendix
Additional information
FY09 average number of shares in issue 133.7m
Rights Issue
Closing price at issue 566p
Rights terms 3 for 5
Subscription price 270p
TERP 455p
Discount to TERP 40.7%
Bonus element 1.246
FY09 adjustments for effect of rights issue
Avg shares restated to 166.6m
EPS of 66.5p restated as 53.4p
Interim dividend per share 7.3p to 5.9p
Proposed final dividend 15.1p per share
Proposed total dividend per share 7.3p interim paid plus 15.1p proposed = 22.4p, restated
as 21.0p on full year
0910 expected number of shares
fit for the future
FY10 average shares 210.6m
Year end 214.2m
42

43. Preliminary Results 2008/9
Appendix
Quarterly debt service schedule
£
43
fit for the future

44. Preliminary Results 2008/9
Appendix
Securitisation debt profile
Principal
Step-up Final
Tranche Type Rating outstanding
Date Maturity Date
03/05/09
A1 FRN A 150.0 March 2012 June 2031
A2 Fixed A 276.1 - Sept 2031
A3 FRN A 151.8 June 2013 Sept 2021
A4 Fixed A 265.0 - March 2034
A5 FRN A 286.3 June 2013 Dec 2033
AB1 FRN BBB+ 60.0 June 2013 March 2036
B1 Fixed BBB 130.0 March 2020 Dec 2034
B2 FRN BBB 115.0 June 2013 March 2036
fit for the future
1,434.2
Total
44

45. Preliminary Results 2008/9
Appendix
Greene King Retail
52 weeks 07/08 08/09 Change
Average number of outlets trading 801 779 -2.7%
Revenue £567.7m £569.5m +0.3%
EBITDA £145.1m £139.8m -3.6%
Operating profit £114.3m £105.6m -7.6%
Operating profit margin 20.1% 18.5% -1.6%pts
Revenue per outlet £709k £731k +3.2%
Operating profit per outlet £143k £136k -5.0%
Underlying Pub operating profit
20.8% 19.6% -1.2%pts
margin
45
fit for the future

46. Preliminary Results 2008/9
Appendix
Pub Partners
52 Weeks 07/08 08/09 Change
Average number of pubs trading 1,443 1,445 NC
Revenue £164.0m £155.2m -5.4%
EBITDA £86.5m £78.1m -9.7%
Operating profit £79.9m £70.9m -11.3%
Operating profit margin 48.7% 45.7% -3.0%pts
EBITDA per pub £60k £54k -9.7%
Operating profit per pub £55k £49k -11.4%
46
fit for the future

47. Preliminary Results 2008/9
Appendix
Belhaven
52 Weeks 07/08 08/09 Change
Average no. of pubs trading 306 323 +5.6%
Revenue £123.7m £136.0m +9.9%
EBITDA £31.1m £34.9m +12.2%
Operating profit £27.0m £30.2m +11.9%
Operating profit margin 21.8% 22.2% +0.4%pts
47
fit for the future

48. Preliminary Results 2008/9
Appendix
Brewing Company
52 Weeks 07/08 08/09 Change
Revenue £86.8m £93.9m +8.2%
Operating profit £21.2m £21.2m NC
Operating profit margin 24.4% 22.6% -1.8%pts
Own-brewed volume +1.8%
UK ale market* -5.6%
48 * BBPA, MAT to April 2009
fit for the future

49. Preliminary Results 2008/9
Appendix
Capital expenditure
07/08 08/09
(53 weeks) (52 weeks)
Greene King Retail £54.3m £54.2m
Pub Partners £18.7m £11.0m
Brewing Company £3.5m £2.1m
Belhaven £13.0m £10.6m
Corporate £0.9m £0.2m
Sub-total £90.4m £78.1m
Single site acquisitions £17.5m £6.4m
Total £107.9m £84.5m
49
fit for the future