Final Results of Cash Tender Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE REPUBLIC OF ITALY OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, DISTRIBUTE OR PUBLISH THIS DOCUMENT.

15 July 2010

JOHN LEWIS PLC

FINAL RESULTS OF CASH TENDER OFFER AND PRICING OF NEW BONDS

John Lewis plc (the Offeror) announces the final results of its invitation to the holders of its outstanding £300,000,000 6.375 per cent. Bonds due 2012 (ISIN: XS0127953353) (the Bonds) to tender their Bonds for purchase by the Offeror for cash (the Offer).

The Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 5 July 2010 (the Tender Offer Memorandum) prepared by the Offeror in connection with the Offer. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum.

As at the Expiration Deadline of 5.00 p.m. (London time) on Wednesday, 14 July 2010, the Offeror had received valid tenders for £218,292,000 in aggregate nominal amount of Bonds.

The Maximum Acceptance Amount for the Offer has been increased by the Offeror to £157,996,000 in aggregate nominal amount of Bonds. Accordingly (and subject to satisfaction of the New Financing Condition described below), the Offeror has decided to accept all Bonds tendered pursuant to valid Tender and New Issue Allocation Instructions, which tenders will not be subject to pro rata scaling. In such circumstances, the New Issue Allocation each relevant Bondholder will receive will be equal to the aggregate nominal amount of Bonds accepted from each Bondholder pursuant to its Tender and New Issue Allocation Instruction. For the avoidance of doubt, Bonds tendered pursuant to Tender Only Instructions will not be accepted for purchase.

Subject to satisfaction of the New Financing Condition, the Offeror will pay, for those Bonds validly tendered and accepted for purchase pursuant to the Offer, a cash purchase price of 106.174 per cent. of the nominal amount of the relevant Bonds together with Accrued Interest. Such purchase price was determined at or around 2.00 p.m. (London time) on Thursday, 15 July 2010 in the manner described in the Tender Offer Memorandum. The Tender Offer Settlement Date is expected to be on Wednesday, 21 July 2010, and £142,004,000 in aggregate nominal amount of Bonds will remain outstanding after the Tender Offer Settlement Date.

A summary of the pricing terms appears below:

The Offeror also announces that it intends to issue £300,000,000 in aggregate nominal amount of sterling-denominated fixed-rate new bonds (the New Bonds) to institutional investors. The New Bonds will have a coupon of 6.125 per cent. per annum, payable in arrear, and a maturity date of 21 January 2025. The New Issue Settlement Date is expected to be on Wednesday, 21 July 2010.

Purchases of Bonds under the Offer are conditional upon satisfaction of the New Financing Condition, being the successful completion (in the determination of the Offeror) of the issue of the New Bonds, as further described in the Tender Offer Memorandum.

Barclays Bank PLC and HSBC Bank plc are acting as Dealer Managers for this Offer. Lucid Issuer Services Limited is acting as Tender Agent. For detailed terms of the Offer please refer to the Tender Offer Memorandum.

THE DEALER MANAGERS

DISCLAIMER

This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.