Statement re Convertible Shares

23 March 2021

Studio Retail Group plc(the "Company")

Lapse of conversion rights attaching to Convertible Shares

Studio Retail Group plc, the digital value retail business, announces that with effect from midnight on 23 March 2021, the conversion rights attaching to the 166,878,704 convertible shares of 23.97 pence each in issue in the capital of the Company (the "Convertible Shares") have lapsed in accordance with their terms of issue and accordingly, as a result of such lapse, no Ordinary Shares (as defined below) will be issued to holders of the Convertible Shares.

In accordance with the Company's articles of association (the "Articles"), and with effect from midnight on 23 March 2021, all of the Convertible Shares have automatically converted into a class of deferred shares having the rights and restrictions set out in the Articles (the "Deferred Shares"). The Deferred Shares confer on the holders of such shares no right to notice of or to attend or vote at general meetings of the Company nor any right to participate in the profits of the Company available for distribution. The Deferred Shares confer on the holders of such shares no rights to call for the issue to them of Ordinary Shares. The Deferred Shares are not listed on any stock exchange.

The automatic conversion of the Convertible Shares into Deferred Shares does not affect the number of ordinary shares of 10 pence each in issue in the capital of the Company (the "Ordinary Shares") which remains, as at the date and time of this announcement, 86,867,534. All of the Ordinary Shares have equal voting rights and there are no Ordinary Shares held in treasury. This figure may continue to be used by the Company's shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules.

Enquiries

Studio Retail Group plc

Ian Burke 0161 303 3465

Tulchan Communications

Sunni Chauhan

020 7353 420