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. 2 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.

INVESTMENT HIGHLIGHTS Sports content is must have and growing Football is #1 Sport PL is #1 League MU is #1 Team Global popularity equivalent only to Olympics or World Cup Own/control our remaining businesses which are all driven by our global brand 4

CONTENT IS KING CONTENT GENERATORS SPORTS CONTENT BUYERS TRADITIONAL VALUE SELL STUDIO EMERGING 5 Indicates Private Companies

VALUE OF SPORTS CONTENT IS RISING New deals command significant premium % CAGR over previous rights deal Tenor of new contract (yrs) 19.4% 10.3% 12.2% 12.2% 5.7% NFL MLB NBA Premier League Premier League (US Rights) (1) (Live UK Rights) 8 8 9 6 3 6 Source: National Football League, Premier League, Major League Baseball, National Basketball Association (1) Based upon press articles

FOOTBALL IS THE MOST POPULAR SPORT IN THE WORLD Which of the following sports do you follow? 100% 79% 70% 53% 53% 23% Football Basketball Tennis Formula 1 Athletics / Track & field Golf 7 Source: Based on 2012 Kantar survey and answers based on the responses of 54,000 individuals in 39 countries

PREMIER LEAGUE IS NO.1 LEAGUE - TRULY GLOBAL 85% of the Premier League audiences are driven by international markets 15% 36% 24% 7% 85% 64% FINAL 76% 93% Domestic International 8 Source: Repucom 2016, Futures Sport & Entertainment 2016, Reuters

MOST SUCCESSFUL TEAM IN THE MOST POPULAR LEAGUE Premier League Club Trophies Won (since 1992 1 st Season of the Premier League) Year Broadcasting Value (yearly values billion) - 2016/17 season 12 20 3 2.7 3 5 13 1 6 5 8 3 FA Cups English League Titles 1 3 Chelsea Arsenal Liverpool Manchester Everton City FAPL FA Cup UCL 1 2 European Cups 1 1.2 1.1 1.1 0.7 England Germany Spain Italy France 9 Source: TV Sports Markets, ESPN, Reuters, SportsPro, Forbes

LARGEST GLOBAL FAN BASE N. AMERICA 34m EUROPE 90m ASIA 325m S. AMERICA 37m MIDDLE EAST/AFRICA 173m 659 million Manchester United followers worldwide 10 Source: Kantar Sport 2012

THE MOST WATCHED CLUB 9 of the all-time top 10 Premier League broadcasts feature Manchester United The Oscars 2017 Top Regular Season match in 2017 Finale 2017 Top match in 2016/17 32.9m 26.0m 16.5m 122.7m 11 Source: Futures Sport & Entertainment, Nielsen

147M CONNECTIONS ON SOCIAL MEDIA FACEBOOK TWITTER SINA WEIBO Over Over Over 73.9m 17.0m 9.1m followers followers* followers More followers than the NBA s top 4 teams combined As of October 2017 * All language feeds The No.1 Football Club on Sina Weibo MANUTD.COM INSTAGRAM LINE Over Over Over 35.8m 19.3m 14.5m page views followers followers The world s most popular club website 12 #MUFC most tweeted sports hashtag ever Became the biggest Premier League club in 22 days Became the site s biggest football club within 4 months

OUR BUSINESS

BUSINESS OVERVIEW LIVE GAMES VENUE SPONSORSHIP RETAIL, MERCHANDISING, APPAREL AND LICENSING HIGHLIGHTS + OTHER BESPOKE CONTENT 14 OWNED/CONTROLLED

MULTIFACETED BUSINESS MODEL 2006 2017 MATCHDAY 111 million - 19% CAGR 5.2% MATCHDAY 71 million 43% COMMERCIAL 47 million 28% BROADCASTING 47 million 29% BROADCASTING 194 million - 33% CAGR 14.2% COMMERCIAL 276 million - 48% CAGR 17.4% 165m Revenue 40m EBITDA 581m Revenue 200m EBITDA 15

LIVE GAMES

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) 1,712 1,257 1,006 1,038 (2) 1,059 865 569 593 455 719 635 237 2008-10 2011-13 2014-16 2017-19 2008-10 2011-13 2014-16 2017-19 2007-09 2010-12 2013-15 2016-18 17 Source: Deloitte, FAPL, UEFA, TV Sports Markets, Press Reports (1) Amount distributed to clubs participating in the competition (2) Based upon guidance from FAPL. Average over three years

VENUE

OUR MATCHDAY BUSINESS 75,669 2M >8,000 SEAT STADIUM ANNUAL ATTENDANCE EXECUTIVE CLUB SEATS 180,000 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 19 Source: European Football Statistics; Manchester United (1) Includes supporter clubs, sponsors, etc.

COMMERCIAL

COMMERCIAL GROWTH million CAGR 13-17 = 19.3% 268 11 276 9 152 23 189 16 37 197 10 32 97 104 39 91 136 155 160 163 2013 2014 2015 2016 2017 Sponsorship Retail, Merchandising, Apparel & Product Licensing Mobile & Content 21

SPONSORSHIP - 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 22

SEGMENTATION STRATEGY Annual Value of Shirt Sponsorship ( million) TOURS REGIONALS GLOBALS 50 40 30 49.2 20 10 8.0 14.1 19.6 0 2000/06 24 2006/10 2010/14 2014/21

RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING

RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING adidas Owned/Controlled by Manchester United CO-BRANDED PRODUCTS IN-STORE ECOMMERCE MONO BRANDED LICENSING 26

million per year RECORD BREAKING KIT DEAL WITH ADIDAS 750 million minimum guarantee - 10 year contract expires 2025 75 * 70** 62 60*** 54 30 30 25 12 Manchester United 2015/16-2024/25 Barcelona 2016/17-2025/26 Real Madrid 2015/16-2024/25 Chelsea 2017/18-2032/33 Bayern Munich 2015/16-2025/26 Arsenal 2014/15-2018/19 Tottenham Hotspur 2017/18-2025/26 Liverpool 2015/16-2017/18 Manchester City 2013/14-2018/19 27 Largest kit manufacturer or sponsorship deal in sports *Represents the average payment of the 750 million minimum guarantee over the 10 year term subject to adjustments **Reported increase for two years from 2016/17 onwards to c 80-85m euros per annum with the deal expected to rise thereafter to 105m per annum ***Chelsea paid 67m to terminate their agreement with Adidas early. Nike have all the retail, ecommerce and licensing in the new deal meaning the like-for-like value is lower than 60m. Source: press filings

HIGHLIGHTS + OTHER BESPOKE CONTENT

OUR DIGITAL MEDIA OPPORTUNITY Bespoke Content Highlights Social Media Platforms New Digital Media Platform Sponsorship & Advertising Mobile Apps E-commerce 29

COSTS

INDUSTRY UPDATE UEFA Financial Fair Play (FFP) - Break-even requirement in force 2013/14 - Clubs should have no overdue payments Aggregate European top division clubs Operating Profit FFP break-even rules come into effect ( million) Complemented by FAPL Financial Regulations 799 727 - Break-even test similar to FFP 339 - Short-term cost controls - 7 million limit on FAPL central funds may be used to increase player wages per annum for the 2017 to (249) -249 (336) -336 (382) -382 (112) -112 2019 cycle 2009 2010 2011 2012 2013 2014 2015 31 Source: ECA September 2016

PLAYER EXPENDITURE & ACCOUNTING Last 15 years net player capital expenditure ( million) Blend of youth & experience - Approximately one quarter of our first team members from academy - Carried on the balance sheet at zero book value 140 108 77 140 Recent acquisitions 45 79 97 100 95 - Summer 2016 4 players - Summer 2017 4 players 13 43 12 8 29 (3) -3 33 11 27 30 11 50 36 Player registrations (18) (44) -44 32 - Transfer fee booked on balance sheet - Transfer fee amortised over life of contract - Remaining book value amortised over length of new contract when signed (50) 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 15/16A 16/17A 17/18F

TOTAL WAGES million 45% 50% 50% 51% 45% 181 215 203 233 263 2013 2014 2015 2016 2017 Total Wages as % of Total Revenue 33

ADJUSTED EBITDA million No European Football 37% 34% 29% 30% 30% 192 200 109 130 120 2013 2014 2015 2016 2017 Adjusted EBITDA margin 34 Note: Adjusted EBITDA is adjusted for profit on disposal of players registrations and exceptional operating expenses Note: 2015 was impacted from lack of European football

APPENDIX

HIGH REVENUE VISIBILITY Commercial 750m kit deal with adidas contracted out to 2025 $559m shirt deal with Chevrolet contracted out to 2021 Training kit deal with Aon contracted out to 2021 Typically deals are 3-5yrs (with no playing performance clauses) 36 Broadcasting FAPL (Domestic & International) contracted out to 2019 UCL contracted out to 2018 Matchday ew shirt2.jpg 63,000 of 76,000 seats are seasonally pre-sold

TOTAL REVENUE million 363 152 433 189 CAGR 13-17 = 13.4% No European Football 395 197 515 268 581 276 102 136 108 140 194 109 108 91 107 111 2013 2014 2015 2016 2017 Matchday Broadcasting Commercial 37 Note: 2015 was impacted from lack of European football

THE IMPORTANCE OF COMMERCIAL REVENUES 2015/16 Commercial Revenue 52% 268m 2015/16 Adjusted EBITDA 37% 192m 32% 99m 24% 66m 15/16 Top 7 Average excluding MU 15/16 Top 7 Average excluding MU Commercial Revenue as % of Total Revenue Adjusted EBITDA Margin 38 Source: Company filings, Swiss Ramble

BALANCE SHEET & CASH FLOW SUMMARY Strong balance sheet with ample liquidity - Undrawn RCF of 125 million 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 2014 YE 2015 YE 2016 YE 2017 Cash & cash equivalents 66.4 155.8 229.2 290.3 Total borrowings 341.8 411.0 490.1 503.4 Net Debt : Adjusted EBITDA 2.1x 2.1x 1.4x 1.1x (1) 39 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 (1) Increase in Total borrowings from 2016 impacted by movement in GBP / USD FX rate. Gross borrowings remained consistent at $650m

RECONCILIATION TO ADJUSTED EBITDA 000 2014 2015 2016 2017 Profit/(loss) for the period 23,835 (1,168) 36,371 39,177 Adjustments Net finance costs 27,412 35,215 20,017 24,277 Tax expense/(credit) 16,668 (2,821) 12,462 17,361 Depreciation 8,665 10,324 10,079 10,228 Amortization of players registrations 55,290 99,687 88,009 124,434 EBITDA 131,870 141,237 166,938 215,477 Adjustments (Profit)/loss on disposal of players registrations (6,991) (23,649) 9,786 (10,926) Operating expenses exceptional items 5,184 2,336 15,135 (4,753) Adjusted EBITDA 130,063 119,924 191,859 199,798 40

MANCHESTER UNITED DELIVERS: BRAND ENGAGEMENT Social Media Promotion - Facebook Most successful Deadpool video for 20th Century Fox Launch video 13.1 million views 645k likes, 311k of which featured on the original post 152k shares, most-shared post of all time 78k comments, 35k of which featured on the original post 41 Source: Facebook Total number of likes, shares and comments based on original and secondary posts

MANCHESTER UNITED DELIVERS: BRAND VALUE Concha y Toro named the World s Most Admired Wine Brand Study by Drinks International Concha Y Toro achieved the No.1 ranking a year after signing the Partnership with Manchester United Remained the World s Admired Wine Brand for 3 consecutive years Manchester United specifically named as a reason 42

MANCHESTER UNITED DELIVERS: PROPENSITY TO BUY New Era - Partnership Launch 30 million impressions from digital content surrounding launch 17x increase in daily twitter followers following partnership launch 210% increase in traffic on neweracap.co.uk during the 1st week of the partnership Every 20 seconds a piece of headwear was purchased in the club megastore on the day of the Manchester Derby 43 Source: Manchester United Fan Survey Oct-14 Oct 15. Indexed to 100

MANCHESTER UNITED SUMMER SIGNINGS ZLATAN IBRAHIMOVIĆ VICTOR LINDELÖF ROMELU LUKAKU NEMANJA MATIĆ 44 Only player to have won 13 domestic titles in four different leagues nine in the last 11 seasons In 2014, voted the Greatest Swedish Footballer of all Time Top goalscorer for Manchester United and nominated for the PFA Player of the Year in 2016/17 Season Made 47 appearances in 2016/17 for Benfica who won the Primiera Liga and two domestic cups Won the European under-21 Championship with Sweden in 2015 successfully converting Sweden s fifth and last penalty against Portugal in a penalty shoot-out and was named in the Team of the Tournament Aged 24 and made his senior professional debut for Belgium in 2010. Has since earned over 50 caps In 2016/17, named in the Professional Footballers Association Team of the Year, nominated for the six player shortlist for PFA Player of the Year & PFA Young Player of the Year Holds the club record for the most goals for Everton (68) over a four season period 2012/13 Primiera Liga Player of the Year Second in the FIFA Puskas Award in 2012/13 2014/15 Professional Footballers Association Team of the Year

#POGBACK: RECORD BREAKING Revolutionary Transfer Social Media Campaign Most retweeted MU tweet of all time All-time top MU post on Instagram Most read story ever on MU websites All-time high Google searches for Pogba Greater number of interactions than rival clubs most popular signing Pogba vs. Other Clubs Signings Interactions on Instagram 700 635k 350 219k 145k 112k Gonzalo Higuin Gareth Bale 96k 56k 0 Paul Pogba 45 Luiz Suarez Cesc Fabregas Kevin De Bruyne Source: Instagram, Socialbakers Note: Comparing the most popular signing-day post for each player transfer

JOSE MOURINHO Appointed as Manager in May 2016 Won 3 trophies in his first Season with Manchester United - 2 domestic and the Europa League Won a trophy in every calendar year between 2003 and 2012 23 trophies, including: - Two Champions League titles - Three Premier League titles - Two Serie A titles - One Europa League title - One La Liga title - Two Portuguese league titles 46 Numerous personal accolades, including: - One FIFA World Coach of the Year award - Two UEFA Manager of the Year awards - Three Premier League Manager of the Year awards - Two Serie A Manager of the Year awards