Store Closures during COVID-19

Date: 06 November 2020

FRASERS GROUP PLC

(the "Company")

STORE CLOSURES DURING COVID-19

Following various new lockdown restrictions across in the territories in which the Frasers Group operates, we are clarifying to the market current closures:

In the UK, our stores in Northern Ireland and Scotland remain open. In Wales, stores are currently closed but are expected to open on Monday 9 November 2020, albeit subject to further announcements.

In England, stores closed from 5 November 2020 and are currently expected to reopen when current regulations expire after 28 days. The Government finally updated mixed retail rules for England yesterday, Thursday 6 November 2020. We note inconsistencies remain and, given Michael Gove MP chose to perform a PR stunt on TV to deflect the public's opprobrium onto Frasers Group at the start of the previous lockdown, we currently will not be opening any of our fascias in England, including those with mixed retail use that include 'essential retail.'

In our opinion, based on the fact that, amongst other matters, the Government has been unwilling, over a period of 6 months, to even clarify what it believes a "bicycle shop" is, the likes of Mr Gove are failing to provide the leadership and guidance that businesses require. Even the chaotic demises of BHS and Debenhams seem to us to be a picnic when compared to the systematic and risible mismanagement of Covid-19 by Mr Gove and his cohorts, which is causing devastation in particular to the retail sector.

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