Investor Presentaiton

Future initiatives 1 Introduction of Auto-Replenishment from DC as per B&M model, less reliance on Store Manager over time 2 Conversion of pre FY15 estate to B&M layout is on-going 3 On-going incremental increases in Direct Sourcing as store estate (and volumes) grow 4 Further alignment of back-office technology (eg. Hand-held scanners, Stocktaking processes) to exploit EPOS investment June 2016 - Germany Analyst and Investor Day 22 22

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