Sainsbury's Credit Presentation Deck

Balance sheet targets • Previous net debt reduction of £750m+ from 18/19 to 22/23 updated to £950m+ reduction by 22/23 8 • Medium leverage reduction target: Net debt/EBITDA² less than 3x Net debt exc. Lease liabilities¹ £m 2,125 FY 15/16 (£603m) 1,522 FY 18/19 1 Net debt definition excludes derivatives not linked to borrowings, and includes perpetual securities as debt 2 Net debt (inc. perpetual securities) on a post-IFRS 16 basis divided by Group underlying EBITDA. Net debt/ EBITDA for FY20/21 was 3.4 times 1,179 FY 19/20 640 FY 20/21 FY 21/22E (£950m) + Target FY 22/23E

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