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Asos Results Presentation Deck

(90.5) Opening Net Debt FY19 Strong cash position driven by record EBITDA and proactive capital raise Includes c.£89m benefit from later than usual peak stock build 240.9 Cash flow and net cash EBITDA Excl IFRS 16 Note: The above bridge is on an excluding IFRS 16 basis 141.5 Underlying Working Capital (19.2) Warehouse and Facilities Transformation Underlying improvements in working capital and lower capital expenditure (9.2) Capex Spend Warehouse and Facilities (28.0) Tech Transformation (60.2) Tech Platforms TUSA 239.4 Closing position enhanced by timing of peak stock build Proceeds from Equity Raise (7.2) Other 407.5 Closing Net Cash FY20 16 asos

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