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The Food Travel Experts

Presentation structure

• 1. Group highlights

Kate Swann

• 2. Financial review

Jonathan Davies

• 3. Business review

Kate Swann

• 4. Q&A

All

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Group highlights

• Strong performance with operating profit up 34.2% at actual exchange rates, 27.0% at constant currency
• Like for Like sales up 3.1%, net new space growth strong at 6.0%
• Total sales growth including India 11.7%*
• Strong underlying operating margin growth of 50bps, 80bps including India
• Strategic initiatives, delivering further growth and efficiency
• EPS 20.3p, up 31.0%
• Strong cash generation

‒ Higher capex £115m ‒ Full year dividend 8.1p up 50%, payout ratio 40% ‒ Special dividend of c.£100m proposed

• Indian acquisition, encouraging performance
• Contract wins underpinning medium term pipeline

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*At constant currency

Financial review

SSP: The Food Travel Experts

22nd November 2017

Jonathan Davies, CFO

Annual Results 2017

Group financial overview

SSP: The Food Travel Experts

Change (%) £m 2017 2016 Constant Currency Reported FX Rates Revenue 2,379.1 1,990.3 11.7% 19.5% LFL Sales Growth 3.1% 3.0% n/a n/a Operating Profit* 162.9 121.4 27.0% 34.2% Profit Before Tax* 148.7 107.5 n/a 38.3% Earnings per share (p) * 20.3 15.5 n/a 31.0% Net Debt (262.2) (317.4) n/a 17.4%

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*Excludes amortisation of intangible assets created at acquisition of the SSP business by EQT in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

2017 LFL sales growth

SSP: The Food Travel Experts

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Q1 Q2 H1 Q3 Q4 H2

Note: Same store like-for-like sales growth at constant currency

2.9% 3.3%

LFL Sales Growth (%YOY)

FY17

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Revenue growth of 11.7%

SSP: The Food Travel Experts

Change at Constant Currency LFL Sales Net Contract Gains/(Losses) Total Revenue UK 2.1% 2.7% 4.8% Continental Europe 2.7% 0.4% 3.1% North America 4.9% 22.9% 27.8% Rest of World (excl India) 7.4% 18.1% 25.5% Group (excl India) 3.1% 6.0% 9.1% Leap Year (0.3)% Group (incl Leap Year) 8.8% India 2.9% Reported Growth 11.7%

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Operating profit growth of 27.0%

SSP: The Food Travel Experts

Operating Profit* Change (%) £m 2017 2016 Constant Currency Reported FX Rates UK** 82.1 66.4 23.2% 23.6% Continental Europe 77.8 60.1 18.6% 29.5% North America 14.3 12.5 0.8% 14.4% Rest of World (excl India) 8.3 8.6 11.8% (3.5)% Non-attributable (32.5) (26.2) (24.0)% (24.0)% Group (excl India) 150.0 121.4 17.5% 23.6% India 12.9

• n/a

n/a Group 162.9 121.4 27.0% 34.2%

* Operating profit is underlying, at actual currency ** UK includes Republic of Ireland

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Operating profit margin (excl India) up by 50bps

SSP: The Food Travel Experts

YOY bps Change £m 2017 2016 Constant Currency Reported FX Rates Revenue 2,313.9 1,990.3 Gross Profit % Sales 1,602.0 69.2% 1,353.8 68.0% 90 120 Labour Costs % Sales (677.4) 29.3% (581.6) 29.2% 20 (10) Concession Fees % Sales (423.2) 18.3% (349.6) 17.6% (60) (70) Overheads % Sales (259.0) 11.2% (222.4) 11.2% Depreciation & Amortisation % Sales (92.5) 4.0% (78.8) 4.0% Operating Profit (excl India)* Operating Margin (%) 150.0 6.5% 121.4 6.1% 50 40 India Operating Margin (%) 12.9 19.7% n/a n/a n/a Operating Profit* 162.9 6.8% 121.4 6.1% 80 70

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*Excludes amortisation of intangible assets created at acquisition of the SSP business by EQT in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

Acquisition of 49% stake in TFS

• In October 2016 SSP announced the acquisition of a 49% JV with

Travel Food Services, completed in December 2016

• SSP currently owns 33%, the remaining 16% is to be acquired in

2018

• SSP has management and operational control
• TFS is fully consolidated in the SSP figures
• Significant new opening programme underway
• Encouraging start and good contract pipeline

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*SSP’s share of the fully consolidated revenue and profit was 11% (December 2016 – February 2017) and 26% (March - September 2017). On a fully consolidated basis the minority interest was 82.9% of TFS’ PAT in H1 17 and 77.2% in H2 17.

Fully consolidated (10 months) £m Reported FX rates Revenue 65.2 Operating profit 12.9 % 19.7% Net finance charges (0.2) Tax (4.0) % (31.6)% Profit After Tax 8.7 Minorities* (6.8) % (78.7)% Net income 1.9

Net profit up 31.3%

SSP: The Food Travel Experts

£m 2017 2016 Change (%) Operating Profit* 162.9 121.4 34.2% Net Financing Cost* (17.6) (15.2) Share of Associates 3.4 1.3 Profit Before Tax* 148.7 107.5 38.3% Tax* (33.8) (24.2) Non-Controlling Interests (18.4) (9.8) Net Profit* 96.5 73.5 31.3% Earnings per share (p)* 20.3p 15.5p 31.0% Dividend per share (p) 8.1p 5.4p 50.0%

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*Excludes amortisation of intangible assets created at acquisition of the SSP business by EQT in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

Free cash generation of £89m

SSP: The Food Travel Experts

£m 2017 2016 Operating Profit* 162.9 121.4 Depreciation & Amortisation* 95.5 78.8 Working Capital 18.3 3.8 Capital Expenditure (115.0) (95.9) Net Tax (33.3) (20.0) Sale of/(Investment in) Associates 7.3 (4.7) Acquisition of TFS, adjusted for net debt acquired (35.0)

• Other

2.8 (5.1) Operating Cash Flow* 103.5 78.3 Net Financing Costs (14.5) (13.3) Free Cash Inflow* 89.0 65.0

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*Excludes amortisation of intangible assets created at acquisition of the SSP business by EQT in 2006 and the revaluation of the final consideration to acquire an additional 16% of TFS.

Net debt of £262m

SSP: The Food Travel Experts

£m Leverage (Net Debt/EBITDA) Opening Net Debt (1 October 2016) (317.4) 1.6x Free Cash Flow 89.0 Dividend (29.0) Impact of foreign exchange rates (3.4) Other (1.4) Closing Net Debt (30 September 2017) (262.2) 1.0x

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Uses of cash and balance sheet efficiency

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Organic Investment

Significant structural growth

• pportunities around

the world

M&A

Review of potential M&A

• pportunities

Return to shareholders

• c. £100m proposed via a special dividend

Dividend

Pay-out ratio increased to 40%

Balance sheet efficiency

Medium term leverage: c1.5x - 2.0x

Financial summary

• Robust LFL sales growth of 3.1%
• Net contract gains (excl India) stronger at 6.0%
• Strategic programmes delivering strong operating margin growth (excl India) up 50bps
• India adding 2.9% to revenue and an additional 30bps to operating margin
• Operating profit up 27.0%
• EPS up 31.0%
• Strong Free Cash Flow of £89m
• Full year dividend per share of 8.1p and c. £100m special dividend proposed

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Business review

SSP: The Food Travel Experts

Kate Swann, CEO

Annual Results 2017

22nd November 2017

SSP business fundamentals

• Multiple structural market growth drivers
• Market leader in attractive channels and regions
• Strong business platform combining international scale and local expertise
• 5 key levers to drive growth and efficiency
• Sales growth, margin expansion and strong cash generation

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UK update

• 33%* of SSP revenue, strong presence in rail and air
• Air continues to grow strongly, rail softer
• Further good profit performance
• Strategic initiatives delivering well
• Planning well advanced for cost pressures going forward
• Focus on

‒ Strategic initiatives ‒ High renewal rate ‒ Further brand development ‒ Selective new business

SSP: The Food Travel Experts * SSP revenue by region %s is calculated, adjusting for the impact of annualised India sales Note: All figures in constant currency

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Revenue Operating profit

640 660 680 700 720 740 760 780 800 2013 2014 2015 2016 2017 10 20 30 40 50 60 70 80 90 2013 2014 2015 2016 2017

Continental Europe update

• 38%* of SSP revenue, strong presence in rail and air
• Improved performance
• Management changes to reflect changing market and

business needs

• Focus on

‒ Cost efficiency and flexibility of labour ‒ High renewal rate ‒ Selective new business ‒ Mobilisation of new contracts, particularly in France, Germany and Norway

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* SSP revenue by region %s is calculated, adjusting for the impact of annualised India sales Note: All figures in constant currency 640 660 680 700 720 740 760 780 800 820 2013 2014 2015 2016 2017 10 20 30 40 50 60 70 80 2013 2014 2015 2016 2017

Revenue Operating profit

North America update

SSP: The Food Travel Experts

• 16%* of SSP revenue
• Focus on air channel, increasing share
• 27.8% sales growth including 22.9% net gains
• Successful year for new openings and new contract wins
• Strategic initiatives improving profitability
• Focus on

‒ Profitable new business ‒ Mobilising new contracts quickly and efficiently ‒ Infrastructure and people to support growth ‒ Generating efficiencies over time as business grows

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* SSP revenue by region %s is calculated, adjusting for the impact of annualised India sales Note: All figures in constant currency 50 100 150 200 250 300 350 2013 2014 2015 2016 2017

• 5

5 10 15 2013 2014 2015 2016 2017

Revenue Operating profit

Rest of World update excl. India

• 10%* SSP revenue, focused on air, initial trials in rail
• 25.5% sales growth including 18.1% net gains
• Regional differences

‒ Large geographical spread ‒ Terminal developments impacting some countries ‒ Continued good LFL growth elsewhere

• Operating profit growth in line with expectations
• Focus on

‒ Profitable new business development ‒ Selective geographic expansion ‒ Infrastructure and people to support growth

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* SSP revenue by region %s is calculated, adjusting for the impact of annualised India sales Note: All figures in constant currency 50 100 150 200 250 2013 2014 2015 2016 2017 5 10 15 20 2013 2014 2015 2016 2017

Revenue Operating profit

Rest of World – India update

• Joint venture – combines SSP’s international

expertise and TFS’ local knowledge

• Focused on air, trials in Rail and MSA
• Strong performance throughout the year
• Successful Delhi renewal and expansion
• Good progress on integration
• Focus on

‒ Integration ‒ Profitable new business ‒ Infrastructure and people

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Our focus remains on five key levers to deliver value

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Optimise our offer to benefit from the positive trends in our markets Grow profitable new space Optimise gross margin and leverage scale benefits Run an efficient and effective business Optimise investment using best practice and shared resource

2 3 4 5

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Optimising our offer

• LFL growth of 3.1%
• Geographic diversification helps

mitigate specific country issues

• Underlying positive trends in travel

market

• Strategic initiatives delivering well

SSP: The Food Travel Experts

Areas of Focus

Improve ranges Optimise price and promotion Upselling Maximise use of space Focus on category as well as brand performance 1

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Optimising our offer: Premiumisation

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• Customers demanding better quality

and more innovation

• Premiumisation initiatives drive ATV,

delivering sales and profit growth

• Premiumisation needs to be accessible

and engaging

• Successfully introducing premium lines

across many formats and geographies

Optimising our offer: Premiumisation case study

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• On board offer with Virgin Trains East Coast
• First class - Introduced new menus in

collaboration with James Martin

• Standard class - added James Martin Kitchen

lines to existing offer

• Double digit sales increases
• Customer advocacy increased immediately

after launch

• Won industry and client awards

James Martin First Class menu

Grow profitable new space

• Very strong performance, 6% net gains
• Successful growth in existing sites, new sites

and new markets

• Impact on P&L in first year varies
• Good pipeline for FY18
• Disciplined approach to new business
• Renewal rate in line with plan

SSP: The Food Travel Experts

Areas of Focus

New units within existing sites Existing markets, new sites New markets High renewal rate 2

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Strong progress on new contracts - including:

SSP: The Food Travel Experts

Helsinki

5 units

Stavanger

2 units

New York

7 units

Phoenix

2 units

Greece

5 units

Chicago

18 units

Thailand

3 units

Toronto

4 units

China

3 units

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Ibiza

5 units

Marseille

13 units

Toronto City

4 units

Seattle

12 units

Boston

3 units

Philippines

21 units

Los Angeles

6 units

UK

3 units

Chennai

4 units SSP presence Key: H1 Contract Wins H2 Contract Wins

New opening: Chicago Midway

SSP: The Food Travel Experts

• New contract win, Chicago Midway airport
• 22.6 million PAX
• SSP selected to improve consumer

experience and bring greater choice

• Operating all units on temporary basis from

May 2017

• Gradual conversion programme over next

few years

• New brands planned - iconic Chicago brands,

e.g. Big & Little’s, Home Run Inn, Reilly’s Daughter, M Burger

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Home Run Inn Reilly’s Daughter M Burger Big & Little’s

New Contract Win: Philippines

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• New contract win – 21 units at Cebu airport
• Growing airport with 11m PAX annually
• High levels of interest in tender
• JV with client and local partner
• SSP selected for combination of local and

international expertise

• Brand line up includes Lechon, Burger King,

Ritazza, Camden

• Development expected to commence

Summer 2018

Brand portfolio continues to develop

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• SSP has strong and growing portfolio of

international brands, local heroes, bespoke concepts and own brands

• We now operate over 450 brands
• Brands drive LFL sales, new business and

renewals

• Developing concepts with high profile chefs
• Refreshing own brands for use

internationally

Camden Food Co – Dubai Paul Hollywood - Euston Upper Crust - Brisbane

Further progress optimising gross margin

• Gross margin improved by 90bps*
• Some increase in food inflation
• Key initiatives continue to deliver

good results

• Good progress on simplification and

standardisation

SSP: The Food Travel Experts

Areas of Focus

Procurement disciplines Simplify and standardise recipes Reduce waste and losses 3

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* At constant currency excluding India

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• Central kitchens common in big sites
• Traditionally very manual
• Specialised equipment introduced
• Cutting and slicing
• Automatic depositer
• Wrapping machine
• Conveyor tables
• Successfully trialled in three US airports
• Improves recipe compliance, portion size, waste and

efficiency

• Roll-out commenced

Optimising Gross Margin: Case Study – Equipment and process changes

Robot Coupe Automated depositer Conveyor tables Wrapping machine

Encouraging progress on operating efficiency

• Labour costs 20bps improvement*
• Continued rising labour costs; minimum

wage, living wage

• Service optimisation; a major focus in

parallel with forecasting and scheduling

• Successful UK rollout, Nordics and North

America now in pilot

• Further technology being tested

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Areas of Focus

Service optimisation Improve forecasting and scheduling Employ technology to improve efficiency Improve reporting and accountability

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* At constant currency excluding India

Optimising Efficiency: Case Study – self-pay and self-order

• Self-scan checkouts successful trialled in UK

M&S stores

• Self-scan participation now in excess of 60%
• Roll-out planned for 2018
• Useful learnings for further trials
• Self-order functionality now being piloted in

the UK and in the US in QSR

• Initial results encouraging

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Summary and outlook

• Strong full year financial performance, profit up 27.0%, 34.2% at actual exchange rates
• Good LFL sales 3.1%
• Net new openings well ahead of plan at 6%
• On-going good progress on margin and efficiency
• EPS 20.3p, up 31.0%
• Strong free cash generation £89m
• Full year dividend of 8.1p, up 50%, payout ratio increased to 40%
• Special dividend of c.£100m proposed
• Pipeline encouraging, continue to invest in our many opportunities
• Continued focus on delivering value for our shareholders

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Q & A

SSP: The Food Travel Experts

Disclaimer

Certain statements in the presentation may constitute “forward-looking statements”. These statements reflect the Company’s current beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and members of its group 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

• r 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

• nly 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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