Frasers Group Regulatory News (FRAS)

21 September 2023

FRASERS GROUP PLC

("Frasers Group" or the "Company")

Response to Press Coverage

Frasers is aware of the recent press coverage concerning Frasers' application for judicial assistance seeking evidence from James Gorman in New York. We have previously announced Frasers' participation as claimant in proceedings against Morgan Stanley in the High Court in London to which the New York application is connected.

The London proceedings relate to a disputed margin call made by Morgan Stanley in May 2021 on Saxo Bank, in connection with certain put and call options in Hugo Boss which were ultimately held by Frasers. Saxo sought to pass the margin call through to Frasers. Frasers successfully sought and obtained injunctive relief in June 2021 preventing the banks taking any steps in connection with the margin call. Frasers considers Morgan Stanley to have acted unlawfully in making and maintaining the margin call and now seeks damages for its losses from Morgan Stanley in the region of approximately EUR50 million. There is no counterclaim against Frasers.

By the application in New York, Frasers now seeks testimonial and documentary evidence from James Gorman.

Ends.