COVID Potential Accounting Impact on Asset Values

Date: 23 February 2021

Frasers Group Plc

("Frasers Group" or the "Company")

COVID-19 Potential Accounting Impact on Asset Values

Further to the announcement by the Government on 22 February 2021 of details on the potential reopening of non-essential stores in England on 12 April 2021, Frasers Group currently anticipates making material accounting impairments to freehold properties, other Property, Plant & Equipment, and IFRS 16 Right of Use Assets. Given the length of this current lockdown, potential systemic changes to consumer behaviour, and the risk of further restrictions in future, we believe this non-cash impairment could be in excess of £100m. Any such impairment would be in addition to impairments included in the half year results announced on 10 December 2020 and is expected to be included, subject to audit, with the Company's results for the financial year ending April 2021.

Ends.

Frasers Group Plc                          T. 0344 245 9200

Tom Piper, Company Secretary    E. [email protected]