Whitebread Annual Update

Strong balance sheet a reflection of continued capital discipline 5.0x 3.0x 4.0x Investment grade: 3.0x3.5x 2.0x 1.0x (1.0)x Return to FFO investment grade leverage in FY23 RETURNING TO INVESTMENT GRADE METRICS 3.3x FY18 1: Using existing methodology (0.4)x FY19 2.6x FY20 FY21 3.9x FY22 Expected to be below. 3.5x FY23 onwards 17 ASSET BACKED BALANCE SHEET Property estate last valued in 2018: ● Individual sale and leaseback basis Yield range: 4.5% - 5.0% Value: £4.9 5.8 billion Market yields holding up well: Premier Inn indicative leasehold transactions since March 2020: London c.3.0% - 4.0% Regions large towns/cities (e.g. Liverpool, Norwich) c.4.0% - 4.5% Regional small towns (e.g. Peterborough, Holyhead, Maidenhead) c.4.0% 5.0% - Strong capital discipline provides flexibility to invest and return to shareholders WHITBREAD

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