Sainsbury's Credit Presentation Deck

Delivering for shareholders 11 Profit inflection High returning capital projects Strong free cash flow Cost transformation: 200bp+ reduction in cost to sales • Working with suppliers to unlock value • Funding stronger food performance • 2021/22 UPBT higher than 2019/20¹ ● Reducing cost to serve and improving working capital Argos transformation capital cost £143m, annual cost reduction £105m² • Logistics and infrastructure capital cost £209m, annual cost reduction £150m² ● ● • £950m+ net debt reduction March 2019 to March 2023 • £500m+ average FCF for the three years to March 2025 Sustainable, well covered dividend 1 2019/20 UPBT £586m 2 by March 2024

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