ISSA BROTHERS AND TDR CAPITAL UPDATE ON ACQUISITION OF

• Completion of Asda acquisition on track to complete later this month • Launch of acquisition financing announced • Reinforcement of commitment to an investment of more than £1 billion in the next three years to further strengthen the Asda business and its supply chain

3 February, 2021: On 2 October, 2020 the Issa brothers and TDR Capital LLP (“TDR Capital”) announced an agreement to acquire Asda Group Limited (“Asda”) from Inc. (“Walmart”) for an enterprise value of £6.8 billion with Walmart, the world’s largest company by sales, retaining a minority interest. Today, the Issa brothers and TDR Capital are pleased to announce the launch of the acquisition financing and other transaction details. As part of the financing of their acquisition of Asda, the Issa brothers, TDR Capital and Walmart announced today that they intend to launch the syndication of €840 million of institutional term loan B facilities and, later, the offering of £2,250 million of senior secured notes and £500 million of senior notes. After regulatory approval, the Asda board will comprise Mohsin and CBE, Manjit Dale and Gary Lindsay of TDR Capital and Chris Nicholas, EVP and Chief Financial Officer for Walmart International, in addition to Asda CEO Roger Burnley who will also join the board. In due course, independent directors will be appointed to the board. In connection with the launch of the financing, the Issa brothers and TDR Capital today announced two related transactions. On completion of the acquisition, Asda’s forecourts business will be sold to EG Group Limited, a global convenience and forecourts retailer owned by the Issa brothers and TDR Capital, for a headline enterprise value of £750 million, which represents a multiple of over 11x EBITDA. The transaction remains subject to clearance from the Competition and Markets Authority (the “CMA”), as part of the CMA’s review of the acquisition of Asda by the Issa brothers and TDR Capital. A detailed integration plan will ensure a seamless transition into EG Group’s UK operations, which have successfully integrated 4 significant acquisitions since 2015. The forecourts, which will remain an integral part of the broader retail locations where they are situated, will continue to be branded Asda and will remain a price leader in the fuel market. Second, the Issa brothers and TDR Capital also announced that, following receipt of the CMA’s clearance, they plan to sell certain distribution assets to institutional real estate investors. Asda will continue to operate the distribution assets and the transaction will have no day-to-day impact on the operations of those sites, Asda’s supply chain or workforce. Mohsin and Zuber Issa CBE said: “Asda is an iconic British business that we have known and loved since we were children. We are proud to bring its ownership back to the UK and delighted that, with the support of TDR Capital and Walmart, we can invest in its future. Local control means that strategic decisions will be more closely aligned with colleagues, customers and communities. With TDR Capital, our long time partners, we are committed to supporting Roger Burnley, Chief Executive of Asda, and his team as they continue to reposition the business to drive long-term growth. We are putting in place a robust capital structure to support that growth strategy, and we are confident that external investors will share our belief in Asda’s strong fundamentals and exciting future prospects. “Looking ahead, and subject to the required regulatory approvals, we look forward to working with our Asda colleagues to build an even stronger, more differentiated retailer - including through the investment of more than £1 billion in the next three years to further strengthen the business and its supply chain. We are also excited about the proposed integration of the Asda forecourts into EG’s established UK operations, which we believe would underpin the future growth of the combined network.”

1 Gary Lindsay at TDR Capital said: “We are very proud to be investing alongside Mohsin and Zuber and supporting the next phase of Asda’s exciting growth journey. Asda has strong foundations and under the leadership of Roger and his team we look forward to seeing the business move from strength to strength in the future.” Subject to approval from the Financial Conduct Authority, the acquisition of Asda by the Issa brothers and TDR Capital is expected to complete later this month. The transaction will remain subject to clearance from the Competition and Markets Authority, which is currently expected in Q2 2021.

ENDS

Not an offer to sell, or solicitation of an offer to buy, securities This news release is neither an offer to sell nor the solicitation of an offer to buy the senior secured notes, the senior notes or any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The offering of senior secured notes and senior notes described in this news release has not been and will not be registered under U.S. securities laws or the securities laws of any other jurisdiction and, accordingly, any offer or sale of these securities may be made only in a transaction exempt from the registration requirements of the U.S. Securities Act and any other applicable securities laws. Forward Looking Statements Certain statements contained in this news release are forward looking statements, and may discuss our future plans or our expectations regarding the transactions referenced. Forward-looking statements are not guarantees of future outcomes or that that future events will occur, and inherently involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the Issa brothers and TDR Capital. Therefore, actual outcomes and future events may differ materially from what is expressed in any forward-looking statements, and we cannot assure you that the results or developments expressed in these statements will be realized or even if realized, will have the expected consequences to, or effects on, ASDA or EG Group. You should not place undue reliance on these forward- looking statements, which speak only as of the date of this news release. Other than as may be required under applicable law, we disclaim any obligation or undertaking to disseminate any updates or revisions to any forward- looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

For further information please contact:

Issa Brothers

Brunswick Group Simon Sporborg 07974 982442 Max McGahan 07834502369 Pip Green 07834502589 [email protected]

TDR Capital

Tulchan Communications 020 7353 4200 Jonathan Sibun Will Smith [email protected]

About Asda, a wholly owned subsidiary of Walmart Asda is a UK retailer founded in 1949 serving around 19 million customers a week and currently employs more than 146,000 people across the UK. It has a multi-format, omni-channel offering, selling its products through a network of 584 grocery stores, 18 standalone petrol filling stations and 33 Asda Living stores and

2 also online. In addition to grocery and general merchandise, Asda also operates George, a leading UK clothing retailer with both an in-store and online offering. The company has a significant property portfolio, of which 75 percent of the square footage is freehold.

About the Issa Brothers For more information please visit: www.ibtdr.com

About TDR Capital TDR Capital is a leading private equity firm which invests in UK and European businesses, and partners with them to develop and grow their operations. Founded in 2002, it has a long track record of supporting the successful growth of market-leading businesses across a number of different sectors, with a particular focus on consumer facing companies. TDR takes a long-term approach to its portfolio of businesses, underpinned by ambitious growth plans, strategic focus and targeted investment.

For more information please visit: www.tdrcapital.com

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