Interim Results

for the six months ended

29 February 2016

1

12 April 2016

Nick Beighton

CEO

2

HY 2016 Highlights

• Total sales +21%, PBT £21.2m

• Continued acceleration

• Strong peak trading performance

• Accelerated reinvestment into prices, delivery

propositions and customer experience

• Logistical / Tech initiatives

• Key projects delivering

• Mobile growth continues; now representing

>60% of traffic

• 1 million new customers / Strong KPI’s

• Enhanced geographical focus

3

Helen Ashton

CFO

4

Financial Highlights

£m1 HY16 HY15 Change CCY2

Change

Group revenues3 667.3 550.5 21% 25%

Retail sales 648.6 536.4 21% 24%

UK retail sales 289.5 231.4 25% 25%

International retail sales 359.1 305.0 18% 24%

Gross profit 324.8 265.2 22%

Retail gross margin 47.2% 46.8% 40bps

Gross margin 48.7% 48.2% 50bps

Profit before tax4 21.2 18.0 18%

Diluted earnings per share 18.3p 17.6p 4%

Adjusted diluted earnings per share5 20.3p 17.6p 15%

Cash and cash equivalents 135.9 64.9 109%

1 All numbers subject to rounding 2 On a constant currency basis 3 Includes retail sales, delivery receipts and third party revenues 4 For the six months to 28 February 2015, profit before tax includes net insurance reimbursements of £6.3m in respect of a warehouse fire in the prior

financial year which were reinvested in our international pricing proposition 5 Adjusted diluted EPS removes the one-off increase in the Group’s effective tax rate due to the release of our deferred tax asse t in relation to China as

this entity's losses will no longer be offset against future profits

5

HY16 (£m)

Group International

total UK US EU RoW total

Retail sales 648.6 289.5 76.8 167.9 114.4 359.1 Growth 21% 25% 41% 23% - 18% Growth at constant exchange rate 24% 25% 34% 31% 10% 24%

Delivery receipts 16.1 7.2 2.7 3.2 3.0 8.9 Growth 37% 33% 72% 42% 19% 40%

Third party revenues 2.6 2.4 0.1 - 0.1 0.2 Growth 13% 4% 100% - 100% 100%

Total revenues 667.3 299.1 79.6 171.1 117.5 368.2 Growth 21% 25% 42% 24% 1% 18% Growth at constant exchange rate 25% 25% 35% 31% 11% 24%

Sales Growth by Segment

6

39% 43% 45%

61% 57% 55%

H1 2014 H1 2015 H1 2016

Group HY Retail Sales

International UK

Gross Profit Performance

7

HY16

Group International

total UK US EU RoW total

Gross profit (£m) 324.8 138.7 47.7 79.2 59.2 186.1 Growth 22% 30% 46% 18% 2% 18%

Retail gross margin 47.2% 44.6% 58.6% 45.3% 49.0% 49.3% Growth 40bps 170bps 140bps (250bps) 40bps (50bps)

Gross margin 48.7% 46.4% 60.0% 46.3% 50.4% 50.2% Growth 50bps 160bps 160bps (230bps) 60bps (30bps)

46.8% 47.2%

1.3% 0.7% (0.8%)

(0.4%) (0.4%)

HY 2015 Full price mix Sourcing gains Price investments UK/International mix Own Brand/Brandedmix

HY 2016

Retail gross margin movement

Group Operating Expenses Bridge

50bps improvement in operating costs to sales ratio driven by improved warehousing

efficiency offset by expanded customer proposition

8

Statement of Comprehensive Income

£m HY16 HY15 Change

Revenue 667.3 550.5 21%

Cost of sales (342.5) (285.3)

Gross profit 324.8 265.2 22%

Distribution expenses (97.5) (78.8) (24%)

Administrative expenses (206.3) (174.7) (18%)

Net other income - 6.3

Operating profit 21.0 18.0 17%

Net finance income 0.2 -

Profit before tax 21.2 18.0 18%

Income tax expense (6.0) (3.7)

Profit after tax 15.2 14.3 6%

Effective tax rate 28.3% 20.7% 760bps

9

Statement of Financial Position

£m

At 29 February

2016

At 31 August

2015

Goodwill and other intangible assets 92.9 76.2

Property, plant and equipment 66.9 64.4

Derivative financial assets - 0.2

Deferred tax asset 2.3 -

Non-current assets 162.1 140.8

Stock 198.0 193.8

Net current payables (235.6) (214.5)

Cash and cash equivalents 135.9 119.2

Derivative financial (liabilities)/assets* (36.9) 6.1

Current tax (liability)/asset (5.2) (3.6)

Deferred tax asset/(liability) 0.9 (4.5)

Net assets 219.2 237.3

10

*Liability position as at 29 February 2016 is as a result of valuing all outstanding forward contracts to market spot rates as per accounting standard requirements

Cash Flow

11

* Includes share-based payments, purchase of shares by Employee Benefit Trust, issue of share capital, net interest received, tax paid and other non-cash items.

(1.4)

(31.9)

119.2

21.0

14.9

14.1

135.9

Opening cash EBIT Depreciation &amortisation

Workingcapital

Capex Other * Closing cash

£m

Capital Expenditure

12

Graph based on accounting fixed asset addition totals

FY 2014 FY 2015 FY 2016guidance

Warehouse Office fit-out IT

£65m

£49m

£80m

RoIC: 35.0% 30.8%

• Group guidance unchanged

• Total sales growth: c.20%

• Retail gross margin: up to 50bps investment

• EBIT margin: c.4%

• Capital expenditure: c.£80m

• China impact:

• Presented separately as discontinued operation at year end

• Guided £5-7m Investment during FY15/16, of which:

• Operating losses to closure of c£4m

• Remaining £1-3m redeployed into other strategic markets

• Closure costs of up to £10m, majority non-cash

• ASOS Continuing Operations:

• Total sales growth: c.20%

• Retail gross margin: up to 50bps investment

• Benefit of c.£6-8m re change in US duty reinvested

• EBIT margin: c.4.5%

• Tax rate c.100bps above prevailing statutory rate

FY16 Guidance

13

Nick Beighton

CEO

14

Last 6 month video

WHERE TO PLAY Strategic Focus and Opportunity

Data Source: Conlumnio 2015 estimates, Total apparel and online apparel from all channels, including specialist retailers, department stores and grocers (clothing and footwear)

Population

Online Clothing

Growth Online

ASOS

Market share

15-34 Years

(M)

2015

£ Bn

2018

£ Bn

To

2018

Penetration

2015

of Online

2015

16.7

6.9

9.4

36.2% 15.4%

6.9%

102.4

24.7

34.6

40.1% 11.6%

1.2%

86.8

37.0

51.7

39.7% 16.9%

0.3%

ROW

1,358.9

54.3

113.0

108.1% 8.7%

0.4%

16

TO BE THE

WORLD’S NUMBER 1

DESTINATION

FOR

FASHION-LOVING

20 SOMETHINGS

GREAT FASHION, GREAT PRICE

AWESOME ON MOBILE

ENGAGING CONTENT & EXPERIENCES

BEST-IN-CLASS SERVICE

Our Mission

Great Fashion, Great Price

• 80,000+ lines constantly changing • +900 boutiques on MarketPlace

• c.3,500 new styles added every week

• ‘First Price, Right Price’ • Now one unified Euro price*

• Will invest further in the US

• Continued tight inventory control

• Further investment in to ASOS Brand • Successful launch of Bridal

• 200 new brands added

• ASOS Brand / 3rd party mix • 44.4% / 55.6%

* Exc. Spain

AWESOME AT MOBILE • 3.2m app downloads

• >60% traffic

• c.50% orders

• Complete refresh of iOS

• Mobile check-out on track

• Further mobile web

improvements planned

Awesome at Mobile

• Over 17 million Social media followers

• Premier membership growth of 50%

• ASOS A-List launched in UK in February

• As Seen on Campus

• Re-launched Access all ASOS

• Insiders; now >1m followers

Engaging Content & Experiences

Best-in-class service: Warehousing

21

• Warehousing a strategic priority

• Barnsley improved productivity & efficiency • Nearly 3m units despatched over busiest week

• Eurohub 1 now despatching 45% of EU orders • 3m units of stock

• Belgium, Spain, Netherlands & Denmark added

• Eurohub 2 continues to plan • Full ground works underway/ walls going up fast!

• On track for commencement early 2017

22

Best-in-class service: Delivery Solutions & Customer Care

• Strive for best-in-class customer proposition

• UK enhancements include:

• Midnight cut-off for every postcode

• Greater convenience – more to follow

• International enhancements include:

• Free NDD for French, German & N.Irish Premier

customers

• Free returns across all EU by end April

• US standard delivery from 6 to 4 days in trial

• Ongoing investment in customer care

Technology

23

• Tech team transformation

• Team continues to grow

• 230 tech releases in H1

• Micro service architecture being implemented

• ASOS Software craftsmanship developed

• Platform ownership framework in place

• Significant progress made on:

• Checkout / Secure programme

• Retail Merchandising & Planning System

• Launch of Gift cards

• Momentum has increased, On track for FY

• Tighter geographic focus

• Relentless about :

• Customer experience

• Technology

• Logistics execution

• Unleashing internal talent

Summary

25

Appendices

HY16 Segmental Sales – Reported Growth

£m

Four months to 31

December 2015 Growth

Two months to 28

February 2016 Growth

Six months to 29

February 2016 Growth

UK retail sales 206.2 25% 83.3 26% 289.5 25%

US retail sales 49.7 42% 27.1 38% 76.8 41%

EU retail sales 111.0 29% 56.9 14% 167.9 23%

ROW retail sales 80.0 2% 34.4 (4%) 114.4 -

International retail sales 240.7 20% 118.4 12% 359.1 18%

Total retail sales 446.9 22% 201.7 18% 648.6 21%

Total group revenues 459.7 23% 207.6 18% 667.3 21%

26

HY16 Segmental Sales – CCY Growth

27

£m

Four months to 31

December 2015 Growth

Two months to 28

February 2016 Growth

Six months to 29

February 2016 Growth

UK retail sales 206.2 25% 83.3 26% 289.5 25%

US retail sales 49.7 35% 27.1 32% 76.8 34%

EU retail sales 111.0 40% 56.9 17% 167.9 31%

ROW retail sales 80.0 13% 34.4 1% 114.4 10%

International retail sales 240.7 28% 118.4 14% 359.1 24%

Total retail sales 446.9 27% 201.7 19% 648.6 24%

Total group revenues 459.7 27% 207.6 20% 667.3 25%

Five Year HY Summary

* Underlying, excluding exceptional items

28

269.9

+43%

359.7

+33%

481.7

+34%

550.5

+14%

667.3

+21%

HY12 HY13 HY14 HY15 HY16

Group Revenue £m

265.2

+9%

137.2

+52%

179.6

+31%

243.1

+35%

324.8

+22%

HY12 HY13 HY14 HY15 HY16

Gross profit £m

48.7% 50.8%

(210bps)

28.3

+60%

32.2

+14% 27.5

(15%)

28.4

+3%

HY12 HY13 HY14 HY15 HY16

EBITDA* £m 35.9 +27

20.1

(22%)

23.1

+47% 18.0

(10%)

25.7

+11% 21.2

+18%

HY12 HY13 HY14 HY15 HY16

PBT* £m

Global Order Contribution Analysis

HY16 Group

total UK US EU RoW International

Total

Gross profit excluding third party revenues (£m) 322.2 136.3 47.6 79.2 59.1 185.9

Distribution costs (£m) (97.5) (33.2) (22.7) (23.3) (18.3) (64.3)

Total contribution (£m) 224.7 103.1 24.9 55.9 40.8 121.6

Number of orders (m) 17.5 8.9 1.6 4.9 2.1 8.6

Contribution per order* (£) 12.84 11.58 15.56 11.41 19.43 14.14

HY15 contribution per order (£) 13.07 11.28 12.25 13.46 18.95 14.88

Variance (2%) 3% 27% (15%) 3% (5%)

29

* Subject to rounding

Operating Costs

£m

HY16 % of sales

HY15

% of sales

Change %

Change in % of sales*

Distribution costs 97.5 14.6% 78.8 14.3% 24% (30bps)

Payroll and staff costs 62.1 9.3% 50.3 9.1% 23% (20bps)

Warehousing 53.4 8.0% 50.1 9.1% 7% 110bps

Marketing 34.8 5.2% 26.4 4.8% 32% (40bps)

Production 2.9 0.4% 2.4 0.4% 21% -

Technology 12.1 1.9% 9.6 1.8% 26% (10bps)

Other operating costs 26.1 3.9% 25.5 4.6% 2% 70bps

Depreciation 14.9 2.2% 10.4 1.9% 43% (30bps)

Operating costs 303.8 45.5% 253.5 46.0% 20% 50bps

30

* (Increased investment)/delivering operating leverage

Customer Engagement

31

HY15 HY16

Active customers +17%

10.9m

9.3m 2.92

3.02

HY15 HY16

Annual order frequency

+3%

HY15 HY16

Average selling price +3%

£25.51

£24.70

2.72

2.70

HY15 HY16

Average units per basket (1%)

HY15 HY16

Average basket value +2%

£68.86

£67.12

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

2.6%

2.7%

2.8%

2.9%

200

400

600

800

1,000

1,200

Mar15

Apr15

May15

Jun15

Jul15

Aug15

Sep15

Oct15

Nov15

Dec15

Jan16

Feb16

Conversion Visits (m)

Increased visits and conversion (on rolling twelve month basis)

Visits

Financial Calendar 2016

32

Date Event

Friday 13 May JPM, Amsterdam Investor Forum, London

Tuesday 17 May Citi, Internet, E-commerce & Digital Media Conference 2016, London

Thursday 19 May JP Morgan, Consumer Conference, London

Thursday 26 May RBC, Consumer/Retail conference, London

Wednesday 8 June Barclays, 10th Barclays Napa Conference, Napa

Wednesday 29 June ASOS Capital Markets Day

Tuesday 12 July Publication of the Third Quarter Results 2016

Tuesday 18 October Publication of the Annual Results 2016

Thursday 10 November Deutsche Bank, Retail Roundtable event, London

Tuesday 22 November JP Morgan, Best of British Conference, London

Thursday 1 December Annual General Meeting 2016

Tuesday 6 December Barclays, European Retail Forum, London

ASOS Logistics Overview

33

Barnsley, UK

Selby, UK

Columbus, USA

Sydney, AUS

Großbeeren, GER

Swiebodzin, PL Shanghai, CN

Key Terms and Definitions Retail sales Sales of goods through our internet sites, net of returns

Group revenues Retail sales, delivery receipts and third party revenues

Net funds Cash and cash equivalents less bank borrowings

Average basket value Total order value including VAT and excluding returns,

divided by total orders

Average units per basket Total orders divided by total units sold, excluding returns

Average selling price per unit Total order value including VAT and excluding returns,

divided by total units sold

Active customers

Customers who have shopped with ASOS during the last

twelve months, as at 29 February 2016

Labour cost per unit (LCPU)

Return on invested capital

Barnsley warehouse labour costs divided by units

processed; excludes non-labour warehouse costs

Earnings before interest but after tax, divided by average

invested capital (being average of opening and closing

equity, minus average of opening and closing cash)

34

Disclaimer

35

This presentation and information communicated verbally to you may contain certain projections and other forward-looking statements with respect to the financial condition,

results of operations, businesses and prospects of ASOS plc (“ASOS”). These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments

to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could

prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this

presentation or communicated verbally should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. ASOS undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances. Neither this presentation nor

any verbal communication shall constitute an invitation or inducement to any person to subscribe for or otherwise acquire securities in ASOS.