Guaranteed Notes due 2017 - Release of Guarantors

Dixons Retail plc £150,000,000 8.75 per cent. Guaranteed Notes due 2017(ISIN: XS0804232337) (the "Notes")

Notice of release of Guarantors

Notice is hereby given to the holders of the Notes that, pursuant to Condition 2(c) of the Terms and Conditions of the Notes, the following entities have been released as Guarantors of the Notes and relieved of all future obligations under the Guarantee with effect on and from 19 May 2014:

(i) DSG International Holdings Limited;

(ii) DSG Card Handling Services Limited;

(iii) Coverplan Insurance Services Limited;

(iv) DSG Overseas Investments Limited;

(v) DSG European Investments Limited;

(vi) DSG Ireland Limited;

(vii) DSG Boxmoor Limited;

(viii) DISL UK Limited;

(ix) Mastercare Service and Distribution Limited; and

(x) DSG Retail Ireland Limited.

All words and expressions defined in the Terms and Conditions of the Notes shall (save as otherwise provided herein or unless the context otherwise requires) have the same meanings herein.

It should be noted that this release of Guarantors relates to Dixons Retail plc as a standalone entity and is unrelated to the proposed merger with Carphone Warehouse Group plc.

Dated: 19 May 2014

Dixons Retail plc