• We offer a range of products and price points for consumers which allows them to trade up and down.

• We maintain a low cost business model that allows us to maintain our selling prices as low as possible.

• We have an extensive forecasting process that enables actions to be undertaken reflecting the economic conditions.

• All critical business systems have third party maintenance contracts in place and are industry standard.

• We utilise the services of a third party IT consultancy support to ensure that any investments made in technology are fit for purpose; IT investments/budgets

are approved at Board-level.

• We have a disaster recovery strategy.

• We have an on-going PCI compliance strategy.

• IT Security is monitored at board level and includes penetration testing and up to date security software.

• Significant decisions for the business are made by the Group or operational boards with segregation of duties enforced on key business processes, such as the payables process, and a robust IT control environment is in place.

• We have a number of policies and codes across the business, including a code of conduct that incorporates an anti-bribery & corruption policy, outlining the mandatory requirements within the business. These are communicated to the staff via an employee handbook which is made available to anyone joining the company.

• Operational management are responsible for liaising with the General Counsel and external advisors where required to ensure that we identify and manage any new legislation.

• We have an internal audit function, and a whistle blowing procedure and policy which allows colleagues to confidentially report any concerns or inappropriate behaviour within the business.

• A treasury policy is in place to govern foreign exchange, interest rate exposure and surplus cash.

• Regular weekly cash flow forecasts are produced and monitored.

• Forward looking cash flow forecasts and covenant test forecasts are prepared to ensure sufficient liquidity and covenant headroom exists.

• Freight rates, energy and currency are bought forward to mitigate volatility and allow the business to plan and maintain margins.

• Wage increases are offset where possible by productivity improvements.

• Forecasts and projections produced by the business include the expected impact of the national living wage and therefore the Board's strategic planning takes account of these effects.

• An experienced sourcing team is responsible for maintaining an efficient and effective supply chain.

• A range of alternative supply sources are maintained across the product categories and we are not over reliant on any single supplier.

• The combination of individual buyers and supplier employees conduct factory visits.

• Highly disciplined SKU count by season and effective and regular markdown action on slow moving product lines.

• Initial stock orders do not exceed c. 14 weeks of forecast sales and action is undertaken after c. 4 weeks of trading to either repeat the order, refresh the product design or delete the product line.

• Consistent levels of stock cover by product category are maintained through regular reviews of open to buy, supported by the disciplined SKU count.

• Forward plans are in place for additional warehousing capacity to support the new store opening programme. The Group in the UK has 6 separate warehousing locations and conducts disaster recovery planning.

• The Group maintains adequate business interruption and increased cost of working insurance in the event of such a loss.

• The key senior and operational management are appropriately incentivised through bonus and share arrangements such that talent is retained.

• The composition of the executive team is kept under constant review to ensure that it is appropriate to the delivery of the Group's plans.

• Our Chief Executive Officer actively monitors the availability of retail space with the support of internal and external property acquisition consultants.

• The flexibility of the trading format allows us to take advantage of a range store sizes and locations.

• Each new store opening is approved by the CEO ensuring that property risks are minimised and ensuring that lease lengths are appropriate.

• Where new locations may impact on existing locations, the cannibalisation effects are estimated and then monitored and measured to ensure an overall benefit to the Group is realised.

• Significant international experience on the main Board. The senior leadership team in Germany is experienced and incentivised.

• Clear focus on markets in which we operate to ensure they are appropriate for value retailing and the product ranges are developed and selected by local buying teams rather than through the parent company.

• Continuing to invest in both the infrastructure and technology of our international subsidiaries.

• Monitoring and investigating potential new opportunities for growth in strategically identified locations.

• Short-term exchange rate volatility has been mitigated by our currency forward position. Any continued volatility will affect the economic inflationary environment as a whole.

• Regarding the more fundamental changes, the level of risk is currently unknown due to significant uncertainty regarding the outcome of the exit negotiations and British leadership's position on these.

• The board will continue to monitor developments and understand the interpretations with respect to potential risks, and then act accordingly.