EMBRACING CHANGE

 
PASSION, PEOPLE, PRODUCT

 
PRODUCT AND PRICE

 
BEST AT FRESH

 
BEST AT AVAILABILITY

 
BEST AT CUSTOMER SERVICE

 
THE SAFEWAY BOARD

 
FINANCIAL REVIEW

 
THE ACCOUNTS

• Group profit & loss account
• Reconciliation of movements in shareholders' funds
• Balance sheets
• Cash flow statement
• Reconciliation of net cash flow to movement in net debt
• Analysis of movement in net debt during the year
• General accounting policies
• Notes to the accounts
• Report of the Directors
• Directors' responsibilities
• Report of the auditors
• Shareholder information
• Five year retail statistical summary
• Five year financial summary

OUR STORES

Meet the Board of Directors, which has a number of new faces

1. David Webster David Webster has been a director of the Company since its formation in 1977 and was appointed Chairman at the end of March, 1997. Prior to this, from April 1989 he was Deputy Chairman. He is a non-executive director of Reed International PLC and Elsevier NV. Aged 55.

2. Carlos Criado-Perez Carlos Criado-Perez joined the Company as Chief Operating Officer in August 1999, and became Chief Executive in November. He joined the Dutch-based retailer SHV Makro in 1976 and, after a succession of international roles, became an executive director in 1990. When Makro was sold in 1997, he was appointed Chief Operating O fficer of the International Division of Wal-Mart, a post he held until 1999. Aged 48.

3. Simon Laffin Simon Laffin joined the Company in 1990. He joined the Board as Group Finance Director in May 1996, prior to which he was Chief Financial Officer and Finance Director of Safeway Stores. Aged 40.

4. Lawrence Christensen CBE Lawrence Christensen has been with the group since 1974, becoming a director of Safeway Stores in 1987. He was appointed to the Board as Supply Director in November 1999. In October 1999 he was awarded the CBE in recognition of his long service to the freight transport and logistics industries. Aged 56.

5. Richard Williams Richard Williams joined the Company in 1990 and was appointed to the Safeway Stores Board in 1994, with responsibility for supply chain. In November 1998 he acquired responsibility for Human Resources and in February 2000 for Information Technology. He was appointed to the Board as Group Services Director in November 1999. Aged 43.

6. Michael Allen (centre) & Hugh Collum Michael Allen joined the Board as a non-executive director in May 1995. He is a former Group Vice-President of the Procter and Gamble company and a director of Alliance and Leicester plc. Michael is Chairman of the Remuneration Committee and a member of the Board's Audit and Nomination Committees. Aged 62. Hugh Collum joined the Board as a non-executive director in October 1997. He is Chairman of British Nuclear Fuels plc, a director of Invensys plc, South African Breweries PLC, Whitehead Mann Group plc and Deputy Chairman of Celltech Group plc. Hugh is Chairman of the Audit Committee and a member of the Board's Remuneration and Nomination Committees. Aged 59.

7. Peter Foy & Lisa Gernon Peter Foy joined the Board as a non-executive director in August 1999. He is a director of PepsiCo Inc., P & O Group and Omnicom Inc, and from 1982 to 1996 was Managing Director of McKinsey & Co. in the UK. He is a member of the Board's Remuneration and Nomination Committees. Aged 59. Lisa Gernon joined the Board as a non-executive director in August 1999. At the time of her appointment she was an Executive President, Commercial, with Cable and Wi reless plc. She has held several senior appointments in the international telecommunications industry over the past 15 years. She is a member of the Board's Audit and Nomination Committees. Aged 40.