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1 This presentation, which has been and projections about future events. warranties are made as to the prepared by JUST EAT plc (the By their nature, forward-looking accuracy of such statements, "Company"), includes statements that

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This presentation, which has been prepared by JUST EAT plc (the "Company"), includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward- looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will”, or "should" or, in each case, their negative or other variations or comparable

  • terminology. These forward-looking

statements include matters that are not historical facts and include statements regarding the Company's intentions, beliefs or current

  • expectations. Any forward-looking

statements in this presentation reflect the Company’s current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed

  • r implied by the forward-looking
  • statements. These risks, uncertainties

and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance

  • n forward-looking statements, which

speak only as of the date of this

  • presentation. No representations or

warranties are made as to the accuracy of such statements, estimates or projections. Other than in accordance with its legal or regulatory obligations, the Company does not undertake any obligation to update or revise publicly any forward- looking statement, whether as a result

  • f new information, future events or
  • therwise.

In making this presentation, the Company is not seeking to encourage any investor to either buy or sell shares in the Company. Any investor in any doubt about what action to take is recommended to seek financial advice from an independent financial advisor authorised by the Financial Services and Markets Act 2000.

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Welcome

John Hughes, Chairman

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Introduction: David Buttress, CEO

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Technology: Fernando Fanton, CPTO

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Marketing: Barnaby Dawe, CMO

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Operations: Adrian Blair, COO

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Wrap-up and Q&A

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Revenue £m Underlying EBITDA1 £m Adjusted EPS p

FY 2013 96.8 FY 2015 247.6 FY 2014 157.0 FY 2013 14.1 FY 2015 59.7 FY 2014 32.6 FY 2013 1.4 FY 2015 6.6 FY 2014 4.2

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  • Forex neutral revenue growth of 62%
  • 95% of 2015 revenues were organic
  • Highly profitable growth despite continued investment
  • Q1 2016 orders up 57% year-on-year (41% like for like)
  • Guidance given at Q1 update of £358m revenue and £102-104m EBITDA
  • 1. Excludes share-based compensation, exceptional items, forex and 'other' gains/losses.

+131% +200%

+58% +83% +57%

+62%

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Orders, m Revenue, £m

96.8 247.6 157.0 40.2 FY 2013 96.2 FY 2015 61.2 FY 2014

+62%

+58%

+52%

+57%

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Overall takeaway delivery market size:

£23.9bn

JE 2015 GMV:

£1.7bn

UK £5.5bn Intn’l £18.4bn

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Growth driven by:

  • Channel shift from

voice to digital

  • Scale in marketing

activity

  • Scale in technology

investment Orders by month

1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16

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Telephone

55%

JUST EAT

  • c. 25%

Domino’s

  • c. 13%

Others online

  • c. 7%

Management estimates based on recent news flow and estimated AOVs Other online includes management estimates for HungryHouse, Pizza Hut, Papa Johns and Deliveroo

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Added in 12 months to March 2016

7%

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Profitable territory Investment territory

  • No. 2
  • 1. On 100% basis. 30% JV.

No.1

in 12 of 13 markets

France Ireland Italy Mexico Norway Spain

Switzer land

UK Benelux ANZ Brazil1 Canada Denmark

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Improving the consumer experience

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Bringing greater choice Driving channel shift

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Adrian Blair COO Fernando Fanton CPTO Barnaby Dawe CMO Lisa Hillier CPO

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Introduction: David Buttress, CEO

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Operations: Adrian Blair, COO

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Technology: Fernando Fanton, CPTO

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Marketing : Barnaby Dawe, CMO

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Wrap-up and Q&A

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  • International Opportunities
  • Operational Priorities 2016
  • Enhancing Business Intelligence
  • Update on acquired businesses
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15 1 12 23 34 45 56 67 78 89 AU FR BR UK Spain Italy Orders per month Months since launch France shown since acquisition

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16 1 12 23 34 45 56 67 78 89 IE DK CH Orders per month Months since launch

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Jérôme Gavin Director, Developing Markets Brian Hickey Director, Established Markets Graham Corfield UK Adam Wright BI Edmund Read Ops

Alistair Venn Australia Kristof Sals Benelux Carsten Boldt Denmark/Norway Gilles Raison France Amanda Roche Kelly, Ireland Daniele Contini Italy Jesús Rebollo Spain Dominic Millioud Switzerland

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2015: +13k new TRs (excl M&A) Third party delivery Opportunity to expand chain relationships

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IN

1 1.2 1.4 1.6 1.8 2 2.2 2.4 2.6 2.8 3 Healthy Just Eat Overall Greek Indexed growth

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15 most popular dishes 15 least popular dishes

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  • 90% customer

satisfaction

  • 50% operating

efficiency improvement

  • Deploying globally

Service Leverage data so…

  • Consumers reach

the best TRs

  • TRs know how and

where to improve

  • We can manage

TR performance Experience

  • Value
  • Safety
  • Integrity
  • Experience

Global standards

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Team of 40 with backgrounds in data science, market research, data warehousing and reporting. Team is embedded in the organisation across functions.

People

Best in class visualisation, reporting and statistical modelling tools around a central data warehouse.

Tools

Apply consistent methodologies across thirteen markets. For example lead scoring, supply/demand alignment and

  • ptimisation of customer experience

Methods

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  • Number of operating improvements made in past 12 months
  • New senior leadership team
  • Rebrand launched early May 2016
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Three months in:

  • Acquired people

changes complete

  • PizzaBo focus in Q4

as student oriented Completed 4 April:

  • 60-90 day people

consultation ongoing

  • Learnings from Italy

carried across Italy Spain Core and acquired businesses performing strongly

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Orders m Revenue £m EBITDA1 £m EBITDA margin % FY 2014 114.1 FY 2015 169.6 FY 2015 67.3 FY 2014 45.5 FY 2015 77.6 FY 2015 45.8 FY 2014 45.9 FY 2014 40.2

+69% +48% +49% +550 bps

  • Engine of Group growth, yet still 60% of orders are made by telephone
  • Significant marketing investment, 17% of revenue (2014: 18%)
  • Underlying EBITDA margin up 550 bps
  • 1. Also excludes intra-group franchise fees and includes an allocation of Group costs, all of which net out at a consolidated level
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Successfully implemented into existing estate

Commission rate change Sales team restructured into territory managers TR activation

New team created to leverage scale to drive added value for our restaurant partners

TR services

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Over 100 cuisine categories TRs in the UK:

Indian >7,500 Pizza >5,900 Chinese >4,200

Our UK estate is >95% independent

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Top-5 cities vs Rest of the UK

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

UK-Excl top-5 Top 5 cities

40 30 20 10 50

Orders, m

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London vs Next 4 Cities

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

London Next 4 cities

8 6 4 2 10

Orders, m

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Introduction: David Buttress, CEO

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Operations: Adrian Blair, COO

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Technology: Fernando Fanton, CPTO

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Marketing: Barnaby Dawe, CMO

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Wrap-up and Q&A

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  • Technology vision
  • Restaurant performance and customer service
  • Order transparency
  • Product research
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  • More frequent: every meal, many occasions
  • More diverse: breadth that offers something for everyone
  • More personal: experiences that build relationships
  • More proactive: smart data to drive smart innovation
  • More coherent: strong identification with vision and mission
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Where we win advocacy

Product Service Food

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  • Strengthen our partnership with restaurants by

giving them access to performance data and actions on how to improve

  • Help create a virtuous marketplace cycle

List actions restaurant owners can take Benchmark against other restaurants

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Evolving our customer service product offering to drive a better consumer experience

Easily searchable Personalised help Context aware Self service Proactive

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Once placed, the customer receives confirmation of the delivery address and estimated delivery time.

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Notification of a new order arrives and the restaurant confirms the order.

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Restaurants can see where the

  • rders are on a map, and

crucially when a driver can collect them. Improved efficiency for the kitchen and delivery driver.

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An order docket is printed and passed to the kitchen for preparation.

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An order accepted notification is pushed to the customer or viewed via the order progress bar.

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Arriving at the restaurant for a new order, the driver collects the orders assigned. A notification is sent to the customer informing them that their food is out for delivery.

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The customer will receive a notification that the order is on its way.

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The app displays the location

  • f the driver and estimated

time of arrival.

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The restaurant can see the driver's location and progress to the customer.

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Watch or app will give live updates on the order progress – 2 minute heads-up.

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Now that you’ve finished your meal, rate your experience with JUST EAT.

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  • Working on multiple new home

platforms (some of which are under NDA with major tech companies)

  • Being close to the customer and

available wherever they are

  • Winning key moments when

customers would like to order food e.g. when watching a film, parties, playing video games

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  • Contextually aware
  • Fits into and enhances already fun

experiences e.g. parties, watching sport

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Introduction: David Buttress, CEO

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Operations: Adrian Blair, COO

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Technology: Fernando Fanton, CPTO

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Marketing: Barnaby Dawe, CMO

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Wrap-up and Q&A

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  • Brand development
  • Global performance strategy
  • Local marketing execution
  • Australia brand relaunch
  • UK marketing update
  • Italy/Spain marketing update
  • Looking ahead
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From To 100% greater awareness in UK than our nearest competitor

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More frequent: every meal, many occasions More diversity: breadth that offers something for everyone More personal: experiences that build relationships More proactive: smart data to drive smart innovation More coherent: strong identification with vision and mission The new normal: this is how it’s done.

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The right food for every mood. Quality for everyone.

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From To

One brand, one platform,

  • ne app experience
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TV OOH Transport Display Search

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35% increase in CRM conversion

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TV OOH Transport Display Search

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  • Using scale to deliver true value
  • Hero our partners
  • Personalise all communication

and deliver meaningful data to help drive growth

  • Be the voice of the sector
  • Drive our reputation through all

comms platforms

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25% increase in app usage App users spend A$8 more than other channels

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  • Plane banners
  • TV
  • Digital
  • Youtube (pre-roll)
  • Masterchef & Ten Play (pre-roll)
  • Standard Display
  • Snakk – targeting TV schedule
  • Facebook & Instagram
  • Spotify
  • Outdoor
  • Street furniture
  • Street chalkings
  • Street team activations
  • Radio
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Ordina online pranzo e cena a domicilio.

S v e g l i a c ’ è J U S T E A T . S v e g l i a c ’ è J U S T E A T . S v e g l i a c ’ è J U S T E A T .

Scarica l’App.

I l t e m p

  • è

b r u t t

  • ?

S c

  • p

r i i l b e l l

  • d

i s t a r e a c a s a . I l t e m p

  • è

b r u t t

  • ?

S c

  • p

r i i l b e l l

  • d

i s t a r e a c a s a . I l t e m p

  • è

b r u t t

  • ?

S c

  • p

r i i l b e l l

  • d

i s t a r e a c a s a .

Ordina online pranzo e cena a domicilio.

Scarica l’App.

700k app downloads in first 6 weeks

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JE and LNR neck and neck start of 2015 JE more than 2x size end of 2015, up to 1m active customers Acquisition of LNR in Q1 2016

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Building a robust, future-facing, industry-leading brand that customers, partners and colleagues are proud to be a part of and shareholders and stakeholders respect

Astrid Fockens International Marketing Director Dani Tallon International Marketing Director Rachael Pollard Global Performance Ben Carter UK Marketing Director Kim Russell Australia Marketing Director Jo de Koning Corporate Communications

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Highly functioning global marketing team Global best practice shared to promote agility Robust global brand with strong purpose and PR presence Unified approach between Tech and Marketing

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Introduction: David Buttress, CEO

1

Technology: Fernando Fanton, CPTO

2

Marketing: Barnaby Dawe, CMO

3

Operations: Adrian Blair, COO

4

Wrap-up and Q&A

5

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Value Creation

Executing on strategy, including M&A Excellent performance Investment driving long-term growth Scale & leadership driving margins in all segments International markets becoming meaningful contributors

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Ongoing monetisation

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Fernando joined JUST EAT in March 2016 as Chief Product and Technology Officer. After graduating with a computer science degree, Fernando joined Microsoft as a graduate in its Redmond headquarters where he stayed for six years. He left Microsoft to undertake an MBA at Wharton Business School and joined Goldman Sachs as an intern while studying. From Wharton, he spent almost three years as a consultant at McKinsey & Co. In 2012 Fernando joined Elsevier in New York as Head of Technology Strategy, and during 2013 set up Mendeley.com in London where he was a SVP Global Product and Technology.

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Barnaby was appointed Chief Marketing Officer in early 2015, and leads on JUST EAT’s global marketing strategy. Prior to joining the executive team at JUST EAT, Barnaby spent over 15 years leading the marketing strategies for some of the UK’s most iconic brands, including Sky, Channel 4, Heart FM, The Sun and The Times

  • newspapers. His most recent appointment was as Chief Marketing

Officer at HarperCollins Publishers, and has been consulting a range

  • f retail and e-commerce brands to drive growth through

marketing, brand and digital strategies. Barnaby holds a Bachelor of Arts in French and Russian from Bristol University.

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Adrian joined JUST EAT in 2011 as Chief Operating Officer. He leads all country teams globally across sales, marketing, operations and customer care, running the Group’s operations in the UK, Australia/New Zealand, Benelux, Brazil, Canada, Denmark, France, Ireland, Italy, Mexico, Norway, Spain, and Switzerland. Adrian joined JUST EAT from Spotify, where as Director of European Business Development he led a partnerships team across seven countries. From 2004 Adrian spent six years at Google in a variety of senior management roles in California and

  • London. Prior to his time at Google, he taught undergraduate Economics

at Harvard University and was part of the executive team at Ask Jeeves.

  • Mr. Blair holds a MBA from Harvard Business School and a BA in

Philosophy, Politics and Economics from Oxford University.

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Lisa has over 20 years’ experience in human resource management and leadership. Before joining JUST EAT, Lisa was Group HR Director at Betfair, the world’s largest internet betting exchange, where she oversaw all aspects of human resource management

  • globally. Prior to Betfair, Lisa spent over four years as Head of

Human Resources at Ofcom and prior to that eleven years at Aviva plc.​