INVESTOR PRESENTATION

INVESTOR PRESENTATION

IMPORTANT DISCLOSURE This presentation contains estimates and forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations and estimates with respect to current and future events and trends which affect or may affect our business operations. All statements that address future operating, financial or business performance or our strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as may, might, will, could, would, should, expect, plan, anticipate, intend, seek, believe, estimate, predict, potential, continue, contemplate, possible and other comparable terminology. These statements are subject to many risks, uncertainties and factors relating to our operations and business environment, which may cause our actual results to be materially different from any future results, express or implied, by such statements. Among these factors are (1) our ability to maintain and enhance our brand and reputation; (2) our ability to attract and retain key personnel, including players; (3) the performance and popularity of our first team; (4) our ability to properly manage our growth; (5) our ability to maintain, train and build an effective international sales and marketing infrastructure; (6) the negotiation and pricing of key media contracts; (7) our ability to maintain strong relationship with certain third parties; (8) our ability to deal with competition in Europe and internationally; (9) our ability to adequately protect our intellectual property; and (10) the effectiveness of our digital media strategy. Additional information concerning these and other factors can be found in Manchester United plc s filings with the United States Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. It should be remembered that the price of the Class A ordinary shares and any income from them can go down as well as up. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except to the extent required by law. This presentation contains a discussion of EBITDA and Adjusted EBITDA, which are non-ifrs measures and are not uniformly or legally defined financial measures. EBITDA is defined as profit/(loss) for the period from continuing operations before net finance costs, tax credit/(expense), depreciation, and amortization of players registrations, and Adjusted EBITDA is defined as EBITDA adjusted for profit on disposal of players registrations and operating expenses exceptional items. Adjusted EBITDA is included in this presentation because it is a measure of our operating performance and our management believes that Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. We have provided reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measures in the Appendix to this presentation. EBITDA and Adjusted EBITDA should not be considered substitutes for comparable measures prepared in accordance with IFRS. EBITDA and Adjusted EBITDA, as determined and measured by us, should also not be compared to similarly titled measures reported by other companies. 2

INVESTMENT HIGHLIGHTS Value of content is rising - sport is the must-have content Football is the world s No.1 sport The most watched Club with the biggest fanbase Commercial revenues driven by a truly global brand 3

659 MILLION FOLLOWERS WORLDWIDE N. AMERICA 34m EUROPE 90m ASIA 325m S. AMERICA 37m MIDDLE EAST/AFRICA 173m 4 Source: Kantar Sport 2012

TH E MOST WATCH E D CLU B In 2013/14, Manchester United s global audience was 3 billion The 2013 American Idol finale NBC s Sunday Night Football 2013 opener Best episode in 2013 Top match in 2013/14 14.7m 18.7m 26.2m 82.1m Manchester United commands more than 51% of the Premier League's entire global TV audience Matches watched in over 200 countries worldwide 5 Source: EuroData TV worldwide, BBC; Nielsen Media Research

SOCIAL MEDIA FOLLOWERS WORLDWIDE 66 MILLION Over Facebook followers 8.5 MILLION New York Yankees 8.1 MILLION Dallas Cowboys 6.1m followers Over 8.6m followers 43 MILLION Monthly manutd.com page views Over 6.6m followers Over 5.2m followers 6 As of October 2015

OUR BUSINESS

BUSINESS OVERVIEW 38 Games (19 Home, 19 Away) Top 17 Clubs remain each season c.4 Games (c.2 Home, c.2 Away) Knock-out competition, drawn each round c.4 Games (c.2 Home, c.2 Away) Knock-out competition, drawn each round 10 Games (5 Home, 5 Away) European competition; Top 4 PL teams from previous season qualify (1) (1) (1) FOR MFANELO. FOR JASMINE. FOR YAN YI. FOR NOKUTHULA. FOR KSHITIJ. FOR AKASH. VENUE BROADCASTING SPONSORSHIP RETAIL, MERCHANDISING, APPAREL AND LICENSING MOBILE & CONTENT 8 (1) Number of games assumes Quarter Final exit in each knock-out competition COMMERCIAL

MULTIFACETED BUSINESS MODEL MATCHDAY 66 million 42% BROADCASTING 48 million 31% COMMERCIAL 43 million 27% BROADCASTING MATCHDAY 91 million - 23% CAGR 8.3% 108 million - 27% CAGR 3.2% COMMERCIAL 197 million - 50% CAGR 16.6% BROADCASTING MATCHDAY COMMERCIAL 9 157m 2005 Revenue 395m 2015 Revenue 500m+ 2016 Revenue (forecast)

MATCHDAY

OUR MATCHDAY BUSINESS 75,615 2M 154 >8,000 SEAT STADIUM ANNUAL ATTENDANCE LUXURY BOXES EXECUTIVE CLUB SEATS 110,000 MEMBERSHIPS 99% OCCUPANCY FOR PREMIER LEAGUE GAMES SINCE 1998/1999 Ticket Allocation (in 000s) Season Tickets 55 Executive Clubs (Suites & Box Seats) 8 Away Fans 3 Other 1 4 Sub-total 70 Matchday VIP 3 Available for Official Members 2 Total 75 11 Source: European Football Statistics, 2014; Manchester United (1) Includes supporter clubs, sponsors, etc.

BROADCASTING

VALUE OF CONTENT IS RISING New deals command significant premium % change over prior rights deal Tenor of new contract (yrs) 187% 107% 70% 72% 48% Olympics Premier League NFL MLB NBA (Live Domestic Rights) 4 3 8 8 9 13 Source: International Olympic Committee, Premier League, National Football League, Major League Baseball, National Basketball Association

P R E M I E R LEAG U E I S TH E B I G G E ST LEAG U E Year Broadcasting Value Premier League Value EPL Rights USA (yearly values billion) - 2013/14 season (yearly values billion) (US$ million) 1.7 0.72 1. 7 x Current Int l 0.72 250 3.1 x 1.71 0.7 0.5 0.5 0.5 0.46 1.01 New Domestic 0.59 England Italy Spain France Germany 2011-13 2014-16 Domestic 2017-19 80 2011-13 2014-16 2017-22 International New UCL deal for 2015-2018 and EPL International deal for 2016-2019 still to be announced 14 Source: TV Sport Markets 2013, Sportcal Note: NBC deal size not disclosed

TRADITIONAL MEDIA Increasing consumer and advertiser appetite for premium live content Annual Broadcasting Contract Values Premier League Domestic million per annum Premier League International million per annum Champions League million per annum 1,712 1,257 1,006 1,059 865 569 593 455 719 635 237 2008-10 2011-13 2014-16 2017-19 2008-10 2011-13 2014-16 2007-09 2010-12 2013-15 2016-18 15 Source: Deloitte June 2011, FAPL, UEFA, TV Sports Markets 2009 & 2011, press reports

COMMERCIAL - SPONSORSHIP

COMMERCIAL: ENGINE OF GROWTH 2015 Commercial Revenues - 197 million Sponsorship Revenue Growth ( million) RMAL 33 million 16% SPONSORSHIP 155 million 79% 55 CAGR = 29.5% 63 91 136 155 17 MOBILE & CONTENT 10 million 5% Fiscal 2011 Fiscal 2012 Fiscal 2013 Fiscal 2014 Fiscal 2015

NO.1 MARKETING PLATFORM We enable our partners to amplify the marketing & growth of their businesses Brand Affinity & Association with Success Global Reach & Media Visibility Unique Access to Players & Aon Training Complex/ Old Trafford Marketing Support & Global Activations 18

S E G M E NTATI O N STRATE GY Annual Value of Shirt Sponsorship ( million) TOURS REGIONALS GLOBALS 50 47.5 40 30 19.6 20 14.1 10 8.0 0 2000/06 19 2006/10 2010/14 2014/21

RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING

million per year RECORD BREAKING KIT DEAL WITH ADIDAS 750 million minimum guarantee - 10 year contract expires 2025 75* + Retail + E-commerce + Mono brand products 35 30 30 28 25 +Soccer schools 12 10 Manchester United Real Madrid Arsenal Chelsea Barcelona Liverpool Manchester City Tottenham Hotspur Largest kit manufacturer or sponsorship deal in sports 21 *Represents the average payment of the 750 million minimum guarantee over the 10 year term subject to adjustments

ADIDAS PARTNERSHIP Retail, Merchandising, Apparel & Product licensing Business WHOLESALE - SHIRT Power with retailers OWN RETAIL E-COMMERCE SPONSORSHIP Brand affinity LICENSING MONO BRAND PRODUCTS (including apparel, hard goods etc) WHOLESALE - OTHER Co-branded products SOCCER SCHOOLS brand awareness 22

MOBILE & CONTENT

OUR DIGITAL MEDIA OPPORTUNITY Content Licensing & Syndication Subscription Content & Membership Social Media Platforms New Digital Media Platform Sponsorship & Advertising 24 Mobile Apps E-commerce

COSTS

WAGE AND LEAGUE POSITION Finishing position season 2013/14 relative to total wage bill in FY14 ( m) 0 2 4 6 8 10 12 14 16 18 20 Crystal Palace 45.8m Hull City 43.3m Norwich City 54.1m Stoke City 60.6m West Ham United 63.9m Everton 69.3m Aston Villa 69.3m Cardiff City 53.2m Southampton 63.0m Swansea City 63.2m Fulham 68.5m Newcastle United 78.3m Sunderland 69.5m West Bromwich Albion 65.5m Tottenham Hotspur 105.1m 0 50 100 150 200 250 Liverpool 144.1m Arsenal 166.4m Chelsea 191.8m Manchester City 205.0m Manchester United 214.8m Financial strength underpins success top 4 positions taken by 4 of top 5 teams with highest wage bills 26 Source: Deloitte and Manchester United information

INDUSTRY UPDATE UEFA Financial Fair Play (FFP) - Break-even requirement in force 2013/14 - Clubs should have no overdue payments Complemented by FAPL Financial Regulations Aggregate European top division clubs Operating Profit ( million) FFP break-even rules come into effect 757 - Break-even test similar to FFP - Short-term cost controls - 4 million limit on FAPL central funds may be used to increase player wages per annum -249-336 -382-336 -382-112 339 2009 2010 2011 2012 2013 2014 27

P LAYE R EXP E N DITU RE & ACCOU NTI NG Blend of youth & experience - Approximately one third of our first team members from academy - Carried on the balance sheet at zero book value Last 15 years net player capital expenditure ( million) 100 75 50 96.8 Player registrations - Transfer fee booked on balance sheet - Transfer fee amortised over life of contract - Remaining book value amortised over length of new contract when signed 25 0 (25) 17.8 43.3 12.1 7.9 28.8 (2.6) -2.6 32.6 10.6 26.5 (44.0) -44.0 30.4 11.4 49.6 36.4 78.9 (50) 99/00A 00/01A 01/02A 02/03A 03/04A 04/05A 05/06A 06/07A 07/08A 08/09A 09/10A 10/11A 11/12A 12/13A 13/14A 14/15A 28

BALANCE SHEET & CASH FLOW SUMMARY Strong balance sheet with ample liquidity - Undrawn RCF of 125 million at June 30, 2015 New USD Senior Secured Notes of $425 million - Maturity June 2027 at 3.79% Amended and extended Term Loan facility of $225 million - Maturity June 2025, no amortisation at LIBOR +1.25% - 1.75% p.a. Key Balance Sheet Data & Leverage Statistics ( million) YE 2012 YE 2013 YE 2014 YE 2015 Cash & cash equivalents 70.6 94.4 66.4 155.8 Total borrowings 436.9 389.2 341.8 411.0 Net Debt : Adjusted EBITDA 4.0x 2.7x 2.1x 2.1x 29 Note: Secured Term Loan facility margin based on total net leverage ratio at the applicable time Note: Adjusted EBITDA is adjusted for profit on disposal of players registrations and exceptional operating expenses

LOOKING TO THE FUTURE Growth Catalysts Continuous growth in sponsorship Retail, e-commerce and licensing opportunity Launch of digital media platform New Premier League International rights deal for 2017-19 Cash flow generation 30

APPENDIX

TOTAL REVENUE million 286 77 331 103 CAGR 10-15 = 6.7% 363 320 152 118 433 189 No European Football 395 197 505 103 117 104 102 136 108 106 111 99 109 108 91 2010 2011 2012 2013 2014 2015 2016 Matchday Broadcasting Commercial Guidance 32 Note: 2015 was impacted from lack of UCL revenues

COMMERCIAL REVENUE million 77 10 26 41 103 17 31 55 118 21 34 63 152 23 39 91 CAGR 10-15 = 20.6% 189 16 37 136 197 10 32 155 2010 2011 2012 2013 2014 2015 Sponsorship Retail, Merchandising, Apparel & Product Licensing New Media & Mobile 33

ADJUSTED EBITDA million No European Football 34% 28% 29% 30% 30% 92 109 130 120 2012 2013 2014 2015 2016 Adjusted EBITDA margin Guidance 34 Note: Adjusted EBITDA is adjusted for profit on disposal of players registrations and exceptional operating expenses Note: 2015 was impacted from lack of UCL revenues

RECONCI LIATION TO ADJ USTE D E B ITDA 000 2012 2013 2014 2015 Profit/(loss) for the period 23,313 146,419 23,835 (1,168) Adjustments Net finance costs 49,536 70,807 27,412 35,215 Tax (credit)/expense (27,977) (155,212) 16,668 (2,821) Depreciation 7,478 7,769 8,665 10,324 Amortization of players registrations 38,262 41,714 55,290 99,687 EBITDA 90,612 111,497 131,870 141,237 Adjustments Profit on disposal of players registrations (9,691) (9,162) (6,991) (23,649) Operating expenses exceptional items 10,728 6,217 5,184 2,336 Adjusted EBITDA 91,649 108,552 130,063 119,924 35