In this section, we outline the distinctive characteristics of Mitchells & Butlers that enables it to create value for its stakeholders - be they financial, structural, cultural or environmental.

Financial:

• Long-term transfer of value to equity as debt is paid down
• Strategy designed to generate sustainable growth and to provide flexibility in uncertain trading environments

Structural:

• We have a diversified portfolio of leading brands and offers
• We are a predominantly freehold business with well-invested properties
• As one of the leading operators we benefit from economies of scale driven by our central functions
• We understand our guests and have the systems in place to receive and react to their changing needs to evolve our offers

Cultural:

• We have a defined purpose supported by our PRIDE (Passion, Respect, Innovation, Drive, Engagement) values
• Our people strategy encompasses a structured approach to recruitment, retention, development and engagement
• We have a team of dedicated, knowledgeable and capable people who are critical to delivering outstanding experiences to our guests

Environmental:

• Our sustainability strategy is designed to create positive impacts on people and communities and to reduce the negative impact of operations on the environment