Condensed consolidating financial information

The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” We and certain of our subsidiaries have guaranteed the obligations under certain debt securities that have been issued by Signet UK Finance plc. The following presents the condensed consolidating financial information for: (i) the indirect Parent Company (Signet Jewelers Limited); (ii) the Issuer of the guaranteed obligations (Signet UK Finance plc); (iii) the Guarantor subsidiaries, on a combined basis; (iv) the non-guarantor subsidiaries, on a combined basis; (v) consolidating eliminations; and (vi) Signet Jewelers Limited and Subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company at the date of each balance sheet presented. The Guarantor subsidiaries, along with Signet Jewelers Limited, will fully and unconditionally guarantee the obligations of Signet UK Finance plc under any such debt securities. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements.

The accompanying condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intra-entity activity and balances.

Condensed Consolidated Income Statement

For the 52 week period ended January 30, 2016



(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	—		$	6,444.8		$	105.4		$	—		$	6,550.2
Cost of sales	—			—			(4,089.3		)	(20.5		)	—			(4,109.8		)
Gross margin	—			—			2,355.5			84.9			—			2,440.4
Selling, general and administrative expenses	(2.2		)	—			(1,942.7		)	(42.7		)	—			(1,987.6		)
Other operating income (loss), net	—			—			254.8			(3.9		)	—			250.9
Operating (loss) income	(2.2		)	—			667.6			38.3			—			703.7
Intra-entity interest income (expense)	—			18.8			(186.0		)	167.2			—			—
Interest expense, net	—			(19.9		)	(14.8		)	(11.2		)	—			(45.9		)
(Loss) income before income taxes	(2.2		)	(1.1		)	466.8			194.3			—			657.8
Income taxes	—			0.2			(192.7		)	2.6			—			(189.9		)
Equity in income of subsidiaries	470.1			—			281.4			293.9			(1,045.4		)	—
Net income (loss)	$	467.9		$	(0.9	)	$	555.5		$	490.8		$	(1,045.4	)	$	467.9

Condensed Consolidated Income Statement

For the 52 week period ended January 31, 2015



(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	—		$	5,671.4		$	64.9		$	—		$	5,736.3
Cost of sales	—			—			(3,647.0		)	(15.1		)	—			(3,662.1		)
Gross margin	—			—			2,024.4			49.8			—			2,074.2
Selling, general and administrative expenses	(2.5		)	—			(1,683.6		)	(26.8		)	—			(1,712.9		)
Other operating income (loss), net	—			—			220.8			(5.5		)	—			215.3
Operating (loss) income	(2.5		)	—			561.6			17.5			—			576.6
Intra-entity interest income (expense)	—			13.2			(129.6		)	116.4			—			—
Interest expense, net	—			(13.9		)	(14.8		)	(7.3		)	—			(36.0		)
(Loss) income before income taxes	(2.5		)	(0.7		)	417.2			126.6			—			540.6
Income taxes	—			0.1			(159.5		)	0.1			—			(159.3		)
Equity in income of subsidiaries	383.8			—			579.8			565.4			(1,529.0		)	—
Net income (loss)	$	381.3		$	(0.6	)	$	837.5		$	692.1		$	(1,529.0	)	$	381.3

Condensed Consolidated Income Statement

For the 52 week period ended February 1, 2014



(in millions)	Signet Jewelers Limited			Signet UK Finance plc		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	—	$	4,162.9		$	46.3		$	—		$	4,209.2
Cost of sales	—			—		(2,621.2		)	(7.5		)	—			(2,628.7		)
Gross margin	—			—		1,541.7			38.8			—			1,580.5
Selling, general and administrative expenses	(2.9		)	—		(1,193.1		)	(0.7		)	—			(1,196.7		)
Other operating income (loss), net	—			—		183.8			2.9			—			186.7
Operating (loss) income	(2.9		)	—		532.4			41.0			—			570.5
Intra-entity interest income (expense)	—			—		(34.5		)	34.5			—			—
Interest expense, net	—			—		(3.9		)	(0.1		)	—			(4.0		)
(Loss) income before income taxes	(2.9		)	—		494.0			75.4			—			566.5
Income taxes	—			—		(196.8		)	(1.7		)	—			(198.5		)
Equity in income of subsidiaries	370.9			—		344.2			301.3			(1,016.4		)	—
Net income (loss)	$	368.0		$	—	$	641.4		$	375.0		$	(1,016.4	)	$	368.0

Condensed Consolidated Statement of Comprehensive Income

For the 52 week period ended January 30, 2016



(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	467.9		$	(0.9	)	$	555.5		$	490.8		$	(1,045.4	)	$	467.9
Other comprehensive income (loss):
Foreign currency translation adjustments	(40.2		)	—			(44.8		)	4.6			40.2			(40.2		)
Available-for-sale securities:
Unrealized (loss) gain on securities, net	(0.4		)	—			—			(0.4		)	0.4			(0.4		)
Cash flow hedges:
Unrealized gain (loss)	(11.8		)	—			(11.8		)	—			11.8			(11.8		)
Reclassification adjustment for losses to net income	3.5			—			3.5			—			(3.5		)	3.5
Pension plan:
Actuarial gain (loss)	10.9			—			10.9			—			(10.9		)	10.9
Reclassification adjustment to net income for amortization of actuarial losses	2.7			—			2.7			—			(2.7		)	2.7
Prior service costs	(0.5		)	—			(0.5		)	—			0.5			(0.5		)
Reclassification adjustment to net income for amortization of net prior service credits	(1.7		)	—			(1.7		)	—			1.7			(1.7		)
Total other comprehensive (loss) income	(37.5		)	—			(41.7		)	4.2			37.5			(37.5		)
Total comprehensive income	$	430.4		$	(0.9	)	$	513.8		$	495.0		$	(1,007.9	)	$	430.4

Condensed Consolidated Statement of Comprehensive Income

For the 52 week period ended January 31, 2015



(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income	$	381.3		$	(0.6	)	$	837.5		$	692.1	$	(1,529.0	)	$	381.3
Other comprehensive income (loss):
Foreign currency translation adjustments	(60.6		)	—			(61.1		)	4.6		56.5			(60.6		)
Available-for-sale securities:
Unrealized (loss) gain on securities, net	—			—			—			—		—			—
Cash flow hedges:
Unrealized gain (loss)	6.2			—			6.2			—		(6.2		)	6.2
Reclassification adjustment for losses to net income	12.5			—			12.5			—		(12.5		)	12.5
Pension plan:
Actuarial gain (loss)	(15.8		)	—			(15.8		)	—		15.8			(15.8		)
Reclassification adjustment to net income for amortization of actuarial losses	1.6			—			1.6			—		(1.6		)	1.6
Prior service costs	(0.7		)	—			(0.7		)	—		0.7			(0.7		)
Reclassification adjustment to net income for amortization of net prior service credits	(1.3		)	—			(1.3		)	—		1.3			(1.3		)
Total other comprehensive (loss) income	(58.1		)	—			(58.6		)	4.6		54.0			(58.1		)
Total comprehensive income	$	323.2		$	(0.6	)	$	778.9		$	696.7	$	(1,475.0	)	$	323.2

Condensed Consolidated Statement of Comprehensive Income

For the 52 week period ended February 1, 2014



(in millions)	Signet Jewelers Limited			Signet UK Finance plc		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	368.0		$	—	$	641.4		$	375.0		$	(1,016.4	)	$	368.0
Other comprehensive income (loss):
Foreign currency translation adjustments	12.4			—		13.9			(2.7		)	(11.2		)	12.4
Available-for-sale securities:
Unrealized (loss) gain on securities, net	—			—		—			—			—			—
Cash flow hedges:
Unrealized gain (loss)	(22.0		)	—		(22.0		)	—			22.0			(22.0		)
Reclassification adjustment for losses to net income	6.7			—		6.7			—			(6.7		)	6.7
Pension plan:
Actuarial gain (loss)	0.2			—		0.2			—			(0.2		)	0.2
Reclassification adjustment to net income for amortization of actuarial losses	1.7			—		1.7			—			(1.7		)	1.7
Prior service costs	(0.7		)	—		(0.7		)	—			0.7			(0.7		)
Reclassification adjustment to net income for amortization of net prior service credits	(1.1		)	—		(1.1		)	—			1.1			(1.1		)
Total other comprehensive (loss) income	(2.8		)	—		(1.3		)	(2.7		)	4.0			(2.8		)
Total comprehensive income	$	365.2		$	—	$	640.1		$	372.3		$	(1,012.4	)	$	365.2

Condensed Consolidated Balance Sheet

January 30, 2016



(in millions)	Signet Jewelers Limited		Signet UK Finance plc		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	1.9	$	0.1	$	102.0	$	33.7		$	—		$	137.7
Accounts receivable, net	—		—		1,753.0		3.4			—			1,756.4
Intra-entity receivables, net	28.7		—		—		380.1			(408.8		)	—
Other receivables	—		—		68.8		15.2			—			84.0
Other current assets	0.1		0.7		145.3		8.3			—			154.4
Income taxes	—		0.2		2.3		1.0			—			3.5
Inventories	—		—		2,372.7		81.2			—			2,453.9
Total current assets	30.7		1.0		4,444.1		522.9			(408.8		)	4,589.9
Non-current assets:
Property, plant and equipment, net	—		—		722.3		5.3			—			727.6
Goodwill	—		—		511.9		3.6			—			515.5
Intangible assets, net	—		—		427.8		—			—			427.8
Investment in subsidiaries	3,047.8		—		762.9		600.0			(4,410.7		)	—
Intra-entity receivables, net	—		402.6		—		3,467.4			(3,870.0		)	—
Other assets	—		5.1		127.1		30.1			—			162.3
Deferred tax assets	—		—		—		—			—			—
Retirement benefit asset	—		—		51.3		—			—			51.3
Total assets	$	3,078.5	$	408.7	$	7,047.4	$	4,629.3		$	(8,689.5	)	$	6,474.4
Liabilities and Shareholders’ equity
Current liabilities:
Loans and overdrafts	$	—	$	—	$	59.5	$	—		$	—		$	59.5
Accounts payable	—		—		260.3		8.8			—			269.1
Intra-entity payables, net	—		—		408.8		—			(408.8		)	—
Accrued expenses and other current liabilities	17.8		2.4		467.0		11.1			—			498.3
Deferred revenue	—		—		260.3		—			—			260.3
Income taxes	—		—		68.4		(2.7		)	—			65.7
Total current liabilities	17.8		2.4		1,524.3		17.2			(408.8		)	1,152.9
Non-current liabilities:
Long-term debt	—		398.6		330.1		600.0			—			1,328.7
Intra-entity payables, net	—		—		3,870.0		—			(3,870.0		)	—
Other liabilities	—		—		223.6		6.9			—			230.5
Deferred revenue	—		—		629.1		—			—			629.1
Deferred tax liabilities	—		—		73.0		(0.5		)	—			72.5
Total liabilities	17.8		401.0		6,650.1		623.6			(4,278.8		)	3,413.7
Total shareholders’ equity	3,060.7		7.7		397.3		4,005.7			(4,410.7		)	3,060.7
Total liabilities and shareholders’ equity	$	3,078.5	$	408.7	$	7,047.4	$	4,629.3		$	(8,689.5	)	$	6,474.4

Condensed Consolidated Balance Sheet

January 31, 2015



(in millions)	Signet Jewelers Limited		Signet UK Finance plc			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	2.1	$	0.1		$	166.5	$	24.9		$	—		$	193.6
Accounts receivable, net	—		—			1,566.2		1.4			—			1,567.6
Intra-entity receivables, net	121.6		—			—		61.8			(183.4		)	—
Other receivables	—		—			53.9		9.7			—			63.6
Other current assets	0.1		0.7			130.9		5.5			—			137.2
Income taxes	—		—			1.8		—			—			1.8
Inventories	—		—			2,376.6		62.4			—			2,439.0
Total current assets	123.8		0.8			4,295.9		165.7			(183.4		)	4,402.8
Non-current assets:
Property, plant and equipment, net	—		—			660.2		5.7			—			665.9
Goodwill	—		—			515.6		3.6			—			519.2
Intangible assets, net	—		—			447.1		—			—			447.1
Investment in subsidiaries	2,701.3		—			462.8		421.7			(3,585.8		)	—
Intra-entity receivables, net	—		402.4			—		3,490.0			(3,892.4		)	—
Other assets	—		5.8			105.3		28.9			—			140.0
Deferred tax assets	—		—			2.0		0.3			—			2.3
Retirement benefit asset	—		—			37.0		—			—			37.0
Total assets	$	2,825.1	$	409.0		$	6,525.9	$	4,115.9		$	(7,661.6	)	$	6,214.3
Liabilities and Shareholders’ equity
Current liabilities:
Loans and overdrafts	$	—	$	—		$	97.5	$	—		$	—		$	97.5
Accounts payable	—		—			273.4		4.3			—			277.7
Intra-entity payables, net	—		—			183.4		—			(183.4		)	—
Accrued expenses and other current liabilities	14.7		2.4			456.7		8.6			—			482.4
Deferred revenue	—		—			248.0		—			—			248.0
Income taxes	—		(0.2		)	87.7		(0.6		)	—			86.9
Total current liabilities	14.7		2.2			1,346.7		12.3			(183.4		)	1,192.5
Non-current liabilities:
Long-term debt	—		398.5			365.3		600.0			—			1,363.8
Intra-entity payables, net	—		—			3,892.4		—			(3,892.4		)	—
Other liabilities	—		—			222.0		8.2			—			230.2
Deferred revenue	—		—			563.9		—			—			563.9
Deferred tax liabilities	—		—			53.5		—			—			53.5
Total liabilities	14.7		400.7			6,443.8		620.5			(4,075.8		)	3,403.9
Total shareholders’ equity	2,810.4		8.3			82.1		3,495.4			(3,585.8		)	2,810.4
Total liabilities and shareholders’ equity	$	2,825.1	$	409.0		$	6,525.9	$	4,115.9		$	(7,661.6	)	$	6,214.3

Condensed Consolidated Statement of Cash Flows

For the 52 week period ended January 30, 2016



(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	98.6		$	(0.1	)	$	325.7		$	215.0		$	(195.9	)	$	443.3
Investing activities
Purchase of property, plant and equipment	—			—			(225.9		)	(0.6		)	—			(226.5		)
Investment in subsidiaries	—			—			(0.3		)	—			0.3			—
Purchase of available-for-sale securities	—			—			—			(6.2		)	—			(6.2		)
Proceeds from available-for-sale securities	—			—			—			4.0			—			4.0
Acquisition of Ultra Stores, Inc., net of cash received	—			—			—			—			—			—
Acquisition of Zale Corporation, net of cash acquired	—			—			—			—			—			—
Acquisition of diamond polishing factory	—			—			—			—			—			—
Net cash (used in) provided by investing activities	—			—			(226.2		)	(2.8		)	0.3			(228.7		)
Financing activities
Dividends paid	(67.1		)	—			—			—			—			(67.1		)
Intra-entity dividends paid	—			—			(149.3		)	(46.6		)	195.9			—
Proceeds from issuance of common shares	5.0			0.3			—			—			(0.3		)	5.0
Excess tax benefit from exercise of share awards	—			—			6.9			—			—			6.9
Proceeds from senior notes	—			—			—			—			—			—
Proceeds from term loan	—			—			—			—			—			—
Repayments of term loan	—			—			(25.0		)	—			—			(25.0		)
Proceeds from securitization facility	—			—			—			2,303.9			—			2,303.9
Repayment of securitization facility	—			—			—			(2,303.9		)	—			(2,303.9		)
Proceeds from revolving credit facility	—			—			316.0			—			—			316.0
Repayments of revolving credit facility	—			—			(316.0		)	—			—			(316.0		)
Payment of debt issuance costs	—			—			—			—			—			—
Repurchase of common shares	(130.0		)	—			—			—			—			(130.0		)
Net settlement of equity based awards	(8.3		)	—			—			—			—			(8.3		)
Principal payments under capital lease obligations	—			—			(1.0		)	—			—			(1.0		)
Proceeds from (repayment of) short-term borrowings	—			—			(47.1		)	—			—			(47.1		)
Intra-entity activity, net	101.6			(0.2		)	54.9			(156.3		)	—			—
Net cash (used in) provided by financing activities	(98.8		)	0.1			(160.6		)	(202.9		)	195.6			(266.6		)
Cash and cash equivalents at beginning of period	2.1			0.1			166.5			24.9			—			193.6
(Decrease) increase in cash and cash equivalents	(0.2		)	—			(61.1		)	9.3			—			(52.0		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(3.4		)	(0.5		)	—			(3.9		)
Cash and cash equivalents at end of period	$	1.9		$	0.1		$	102.0		$	33.7		$	—		$	137.7

Condensed Consolidated Statement of Cash Flows

For the 52 week period ended January 31, 2015



(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	150.5		$	2.2		$	166.6		$	116.7		$	(153.0	)	$	283.0
Investing activities
Purchase of property, plant and equipment	—			—			(219.8		)	(0.4		)	—			(220.2		)
Investment in subsidiaries	—			—			(18.9		)	(10.0		)	28.9			—
Purchase of available-for-sale securities	—			—			—			(5.7		)	—			(5.7		)
Proceeds from available-for-sale securities	—			—			—			2.5			—			2.5
Acquisition of Ultra Stores, Inc., net of cash received	—			—			—			—			—			—
Acquisition of Zale Corporation, net of cash acquired	—			—			(1,431.1		)	1.9			—			(1,429.2		)
Acquisition of diamond polishing factory	—			—			—			—			—			—
Net cash used in investing activities	—			—			(1,669.8		)	(11.7		)	28.9			(1,652.6		)
Financing activities
Dividends paid	(55.3		)	—			—			—			—			(55.3		)
Intra-entity dividends paid	—			—			(953.0		)	—			953.0			—
Proceeds from issuance of common shares	6.1			8.9			10.0			810.0			(828.9		)	6.1
Excess tax benefit from exercise of share awards	—			—			11.8			—			—			11.8
Proceeds from senior notes	—			398.4			—			—			—			398.4
Proceeds from term loan	—			—			400.0			—			—			400.0
Repayments of term loan	—			—			(10.0		)	—			—			(10.0		)
Proceeds from securitization facility	—			—			—			1,941.9			—			1,941.9
Repayment of securitization facility	—			—			—			(1,341.9		)	—			(1,341.9		)
Proceeds from revolving credit facility	—			—			260.0			—			—			260.0
Repayments of revolving credit facility	—			—			(260.0		)	—			—			(260.0		)
Payment of debt issuance costs	—			(7.0		)	(10.7		)	(2.8		)	—			(20.5		)
Repurchase of common shares	(29.8		)	—			—			—			—			(29.8		)
Net settlement of equity based awards	(18.4		)	—			—			—			—			(18.4		)
Principal payments under capital lease obligations	—			—			(0.8		)	—			—			(0.8		)
Proceeds from (repayment of) short-term borrowings	—			—			39.4			—			—			39.4
Intra-entity activity, net	(52.4		)	(402.4		)	1,957.9			(1,503.1		)	—			—
Net cash used in financing activities	(149.8		)	(2.1		)	1,444.6			(95.9		)	124.1			1,320.9
Cash and cash equivalents at beginning of period	1.4			—			237.0			9.2			—			247.6
Decrease in cash and cash equivalents	0.7			0.1			(58.6		)	9.1			—			(48.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(11.9		)	6.6			—			(5.3		)
Cash and cash equivalents at end of period	$	2.1		$	0.1		$	166.5		$	24.9		$	—		$	193.6

Condensed Consolidated Statement of Cash Flows

For the 52 week period ended February 1, 2014



(in millions)	Signet Jewelers Limited			Signet UK Finance plc		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	137.3		$	—	$	421.3		$	286.9		$	(610.0	)	$	235.5
Investing activities
Purchase of property, plant and equipment	—			—		(152.6		)	(0.1		)	—			(152.7		)
Investment in subsidiaries	(0.3		)	—		(11.0		)	(11.0		)	22.3			—
Acquisition of Ultra Stores, Inc., net of cash received	—			—		1.4			—			—			1.4
Acquisition of Zale Corporation, net of cash acquired	—			—		—			—			—			—
Acquisition of diamond polishing factory	—			—		—			(9.1		)	—			(9.1		)
Net cash used in investing activities	(0.3		)	—		(162.2		)	(20.2		)	22.3			(160.4		)
Financing activities
Dividends paid	(46.0		)	—		—			—			—			(46.0		)
Intra-entity dividends paid	—			—		(104.4		)	(35.6		)	140.0			—
Proceeds from issuance of common shares	9.3			—		—			22.3			(22.3		)	9.3
Excess tax benefit from exercise of share awards	—			—		6.5			—			—			6.5
Proceeds from senior notes	—			—		—			—			—			—
Proceeds from term loan	—			—		—			—			—			—
Repayments of term loan	—			—		—			—			—			—
Proceeds from securitization facility	—			—		—			—			—			—
Repayment of securitization facility	—			—		—			—			—			—
Proceeds from revolving credit facility	—			—		57.0			—			—			57.0
Repayments of revolving credit facility	—			—		(57.0		)	—			—			(57.0		)
Payment of debt issuance costs	—			—		—			—			—			—
Repurchase of common shares	(104.7		)	—		—			—			—			(104.7		)
Net settlement of equity based awards	(9.2		)	—		—			—			—			(9.2		)
Principal payments under capital lease obligations	—			—		—			—			—			—
Proceeds from short-term borrowings	—			—		19.3			—			—			19.3
Intra-entity activity, net	1.6			—		(214.6		)	(257.0		)	470.0			—
Net cash used in financing activities	(149.0		)	—		(293.2		)	(270.3		)	587.7			(124.8		)
Cash and cash equivalents at beginning of period	13.4			—		271.3			16.3			—			301.0
Decrease in cash and cash equivalents	(12.0		)	—		(34.1		)	(3.6		)	—			(49.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—		(0.2		)	(3.5		)	—			(3.7		)
Cash and cash equivalents at end of period	$	1.4		$	—	$	237.0		$	9.2		$	—		$	247.6