Ann: 1H FY22 Results Announcement, page-8

Hi Auto,

Traditionally Gap builds larger inventory first half and trades better in H2 increasing FCF in line with northern summer sales. No doubt costs will be rising across all areas of business. My concern would be that most US sales are domestic so maybe inflation and rising household costs may detract from sales this summer season. The positive for Gale is they have spent a lot of capital on improving all areas of the business in recent years, they have a very modern operation nowdays. I think the total dividend will decrease this year, ie no special dividend. It’s a solid but unexciting business, I think it may trend down a little yet.