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Sainsbury(J) PLC Acquisition -2-

TIDMSBRYRNS Number : 1824ESainsbury(J) PLC08 May 20138 May 2013Sainsbury's to take full ownership of Sainsbury's Bank-- Remaining 50 per cent shareholding to be acquired from Lloyds Banking Group for GBP248 million(1)-- Opportunity to increase number of Bank customers and enhance loyalty by offering accessible, high quality and tailored products which reward customers who bank and shop with us-- Well defined, 42 month transition plan in place to move onto flexible, modern banking platform -- Expected to deliver cash payback within eight years and returns above IRR hurdle -- Transaction will be funded from internal resources and is accretive to underlying EPS -- Highly cash generative in later yearsJustin King, Chief Executive said, "This is an exciting transaction for Sainsbury's which has the potential to deliver significant benefits to our shareholders, customers and colleagues. We have 23 million transactions each week by customers who know and trust the Sainsbury's brand. We see a ...

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