Annual General Meeting 28 January 2011

Marston’s today 1. National pub operator Marston’s Inns and Taverns – 485 managed pubs Marston’s Pub Company – 1,663 tenanted/leased pubs Situated across England and Wales 98% freehold estate (by value)* 2.National Brewer – Marston’s Beer Company Ale brewer; market leading position in premium ales 3.Vertically integrated business Cost efficient More opportunities Reduced risk *includes long leaseholds Presentation name > date A leading pub operator and brewer with a flexible business model Marston’s today 2

Presentation name > date Financial snapshot % Change Revenue£650.7m£645.1m+0.9% Operating Margin22.9%22.8%+0.1% Operating Profit£148.7m£147.4m+0.9% Profit before tax 1 £73.5m£70.3m+4.6% Final Dividend3.7p Operating cashflow£189.3m£147.3m Pre-investment FCF£116.7m£70.0m Net capex*(£63.3m)(£32.6m) Pre-dividend FCF£53.4m£ Before exceptional items * Includes disposal proceeds FCF = Free cashflow Return to turnover and profit growth, strong cash generation

> date Clear divisional strategies A clear strategy focused on growth and return 4 Exploit and develop competitive advantage in pubs and brewing sectors ‘F-Plan’ New-build investment Innovative agreements Greater control of retail offer ‘Localness’ Premium ales Sustainable growth Lower gearing ratios Increased ROC STRATEGYKEY COMPONENTSOBJECTIVES

Presentation name > date ‘F-Plan’ drives transformation A higher quality business adapting to today’s consumer ‘F-Plan’: Food, Families, Females, Forty/Fifty somethings % Food sales mix: trends, strategy, development40% 14m Meals served: 70% of visits are food-led24m £11k AWT per pub : investment, churn£15k £5.70 Spend per head on food : value increased£ % Food margins: ‘Every Day Value’66%

Presentation name > date Managed - new build investment Illustrative pro-forma Actual 2010 New-builds ‘Pro-forma’ Number of pubs AWT (£k per week) Food sales mix40%60%45% EBITDA (£m) ROCc.9%c.15%c.11% 1.Visibility and control of plans 2011: 20 sites under contract, 2 open and 8 on site 2012: 25 sites identified 2013 – 2015: c.100 sites under constant review 2.ROC anticipates pressure on returns 15% target below current run-rate – returning competition, build costs Importance of food retailing skills continues to increase 6

Presentation name > date Heading (Arial Black 22pt) Tenanted - innovative agreements Majority of profit stable, significant Retail Agreement opportunity 7 Long-term leases Retail Agreement Estate DisposalsTotal No. of pubs1, ,664 % of estate Divisional profit £71m£8m-£79m % of profit YOY EBIT % STABILITYOPPORTUNITYREVIEW -4

Presentation name > date Heading (Arial Black 22pt) Retail Agreement: target – 600 pubs 1.Target EBITDA uplift - £10k per pub (20% EBITDA ROC) p.a. 2.Key objectives Increased consumer appeal Increased market share Response to market trends – ‘F-Plan’ Reduced overheads Reduction in % of income derived from traditional leased model Cumulative Retail Agreements* Target profit uplift £m* Clear growth plan focused on delivery of high ROC 8

1.‘Localness’ Provenance, tradition, heritage, authenticity 2.Signals of ‘Localness’ Brewing, distribution, marketing 3.Competition Regional brewers, micro brewers 4.Marston’s competitive advantage Genuinely local National distribution, cost-efficient Industry-leading guest ale programme 5.Measuring success – Free Trade outperformance Volume +10%, premium cask ale +18%, sales +13%, profit +10% Account base +11% Presentation name > date Brewing - ‘Localness’ adds value Unique: a local brewer with national distribution and high service level 9

Presentation name > date Market leader in premium cask, bottled ale Growth prospects, attractive consumer profile and margins 10 *source: BBPA market tracker Marston’s market share % Premium cask ale vs. total ale market Total bottled ale market Premium Cask Ale Bottled Ale Marston’s market share %

Presentation name > date Improving trends, clear agenda for growth Summary 1.Clear strategy to exploit and develop competitive advantage ‘F-Plan’, new-build investment Innovative agreements, greater control of retail offer ‘Localness’, Premium Ale 2.Clear financial objectives 2010 results demonstrate strategy is being well-executed 3.Current trading Encouraging and robust performance despite weather Profitability in line with our expectations Good progress in each of our trading divisions 11