Update on Sainsbury’s Bank

22 October 2021

 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

J Sainsbury plc

Update on Sainsbury's Bank

On 17 November 2020, J Sainsbury plc ("Sainsbury's") announced that it had received some expressions of interest in a possible acquisition of Sainsbury's Bank.

Whilst the Board of Sainsbury's believe that it was in the best interests of shareholders to explore these expressions of interest, it has concluded that these do not offer better value for shareholders than will be realised through retaining Sainsbury's Bank. Accordingly, all such discussions have now ended.

We continue to make progress strengthening and simplifying our Financial Services business in line with our strategy and we remain comfortable with consensus profit forecasts for the division1.

1Current analyst consensus for Financial Services Underlying Operating Profit: FY21/22 £26m, FY22/23 £43m, FY23/24 £49m.

Tim Fallowfield, Company Secretary and Corporate Services Director, was responsible for the disclosure of this announcement.

For further information, please contact:

Investor Relations Enquiries

James Collins +44 (0) 7801 813 074

Media Enquiries:

Rebecca Reilly +44 (0) 20 7695 7295