This is our fourth integrated report and is designed to provide a concise overview of how we generate value for all stakeholders. By following an integrated reporting model, we aim to show how our competitive advantage is suitable in the short, medium, and long term. While this report focuses on value generation for our shareholders, it also demonstrates how we interact with all of our stakeholders.

Our Approach

In producing this report we have: built upon the key changes introduced previously; and developed it in line with the evolving practices in integrated reporting. Our future reports will seek to keep up with these new developments and achieve our aim of continually improving our stakeholder communications.

The steps we have taken in this report:

• Our business model continues to evolve to provide greater clarity on how we create value in the short, medium and long term. We have provided more detail on the outputs of our business model.
• We have increased the signposting and consistency between sections to show how they connect and interact.
• We have ensured that we discussed material matters both positive and negative in a fair, balanced and understandable way.

Our Strategy

The Group Strategy is described using these five pillars:

Putting Customers in the Driving Seat

Service in Our DNA

Building on Our Uniqueness

Better Shopping Experience

Fit for Future Infrastructure

Read more on Our Strategy

Business Model

The outputs of our business model - Financial Resources, Colleagues, Brand, Physical and IT Infrastructure, Community and Environment - are detailed throughout the report.