American Depository Receipts

An ADR is a negotiable certificate representing ownership of shares in a non US corporation. ADRs are quoted and traded in US dollars in the US securities market. Dividends are also paid to investors in US dollars. ADRs were specifically designed to facilitate the purchase, holding and sale of non US securities by US investors and provide a corporate finance vehicle for non US companies.

US investors generally prefer to purchase ADRs rather than ordinary shares in the issuer's home market because ADRs trade, clear and settle according to US market conventions. One of the ADRs main advantages is the facilitation of diversification into foreign securities. ADRs also allow easy comparison to securities of similar companies as well as access to price and trading information if listed. ADR holders also appreciate dollar dividend payments and receive corporate notifications.

The ratio is 1:5: 1 ADR represents 5 ordinary shares.

The Bank of New York Mellon (BNYM). The depositary bank issues and cancels ADRs. It also maintains the ADR holder register and distributes the dividends in US dollars.

For additional general information please visit the Bank of New York Mellon website at www.adrbnymellon.com and search for the J D Wetherspoon profile page.

If you are interested in buying J D Wetherspoon ADRs, please contact your broker or other investment advisor professional.

An ADR (American Depositary Receipt) is a negotiable certificate issued by a depositary bank representing a specific number of shares of a non-U.S. company traded on a U.S. stock exchange. An ADS is the share issued under the ADR agreement which is actually traded.

Dividends are paid in US Dollars and are generally taxable. Depending on individual circumstances and bilateral tax treaties in place, foreign taxes withheld might be applied as a credit against US taxes or tax reclaim opportunities may be offered. Please check with your financial / tax advisor.

Dividend dates for ADR ordinary shares will be consistent with those of J D Wetherspoon ordinary shares.

All ADR ordinary share dividends are payable in US dollars.

A registered holder is one whose name appears on the books of the depositary. The registered holder is considered the owner of record. Registered owners hold physical ADR certificates issued by the Depositary Bank and receive dividends, and proxy materials directly from The Bank of New York Mellon.

A beneficial holder is one whose holdings are held in a name other that their own, such as in the name of a broker, bank or nominee. Major benefits of this ownership are the elimination of problems associated with paper certificates - such as storage safety of securities or cost and inconvenience of replacement.

Investors purchasing ADRs through a broker who wish to become registered owners must specifically direct the broker to register these shares with the ADR depositary. If you choose to have a certificate issued please contact The Bank of New York Mellon.

If you are a registered ADR holder, please visit www.stockbny.com and click on "Individual Account Access". For those holders who are not registered because their shares are held through a "street name" (nominee account), please contact your broker for information on your ADR holdings.

If you wish to convert London Stock Exchange-listed ordinary shares into ADR ordinary shares you should instruct your broker to contact the ADR Broker Desk at The Bank of New York Mellon.

ADR issuers can be small, mid or large capitalisation corporations. Any non US company seeking to engage the US market to diversify its investor base, raise capital in the US or offer US type employee plans may issue ADRs.

For further information on J D Wetherspoon please visit our home page www.jdwetherspoon.co.uk

For additional information on ADRs please visit the Bank of New York Mellon website at www.adrbnymellon.com and search for the J D Wetherspoon plc profile page.