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- Late 2021 Punch was sold to Fortress Investment Group in a tertiary buy-out. Fortress strategy is to increase the share of managed pubs (MPs). By comparison, Punch are dramatically underperforming

their larger competitors Stonegate in that segment, which suggests there is room for improvement.

- The Leased & Tenanted pub model has been bleeding pubs for decades. Since the Pub Bill in 2016, the Beer Tie has been terminated. But rather than leading to a mass conversion of pubs into "free

houses" (pay market rent and buy any beer at market prices), pubs of the old model tend to roll off and are just not being replaced with new pubs.

- Fortress have been seen participating as bidders in the process for Amber Taverns in July - sold by MxP Partners for a touted £200m. If brought into the restricted group, Punch would have to maintain

the same FCCR.

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