Manchester United plc Q2 FY2020 earnings call

• Paid tribute to Harry Gregg, a hero of the Munich air disaster. - Progress in football: Europa League knockout stages, FA Cup fifth round, rebuilding team with Bruno Fernandes, Academy graduates contributing over 1/3 of first team playing minutes and over half goals. - Media and digital: Partnership with Alibaba, improved mobile app, launched new podcast platform. - Commercial: Successful partner activations, new global partnership with Mondelez, merchandising performance up. - Venue operations: Matchday revenues constant, capital projects on track including new accessibility facilities.

Media and Digital Operations: Engaged fans via own platforms and social channels, with new strategic partnership with Alibaba and improved mobile app. Commercial Business: Performed well with successful partner activations, new global partnership with Mondelez, merchandising up. Venue Operations: Matchday revenues constant despite no Champions League, strong season ticket demand. Broadcasting Revenues: Decreased by £64.7m due to participation in Europa League vs Champions League in prior year. Matchday Revenues: Decreased by £5.9m to £33.1m due to fewer matches. Commercial Revenues: Sponsorship revenues increased by £4.8m to £45.1m, retail merchandising and licensing in line at £25.5m

• Full year fiscal 2020 revenues expected between £560 million to £580 million and adjusted EBITDA between £155 million to £165 million. - Projected committed player CapEx cash outflows for full year ~£190 million and amortization ~£130 million. - The second quarter has the biggest year-on-year impact from reduced UEFA broadcast revenues due to Europa League group games.

• Impact of coronavirus on sporting events and potential disruption to revenues. - Uncertainties in UEFA broadcast revenues due to competition from other leagues and events.

Q: Comment on shirt sponsorship deal and future player CapEx.

A: Ed Woodward stated shirt sponsorship process is ongoing with no comment on speculation. Cliff Baty mentioned current player CapEx reflects last summer's activity and future commitments are in good place.

Q: Perspective on sponsorship verticals and coronavirus impact on revenue contracts.

A: Richard Arnold said they're successful in new sponsorship categories, renewal rate is industry leading, and monitoring coronavirus impact on revenue contracts closely while following authorities' guidance.