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Shop Direct shareholder statement

May 25, 2018

On behalf of Shop Direct shareholders, we are following closely the performance of our bonds and have been
disappointed by the performance in the wake of our recent results announcement.

We have taken feedback from key bondholders in recent days, and appreciate their concerns. As such we are keen
to reassure investors around our confidence in the strength of the business and its prospects amid an evolving
regulatory landscape. Shop Direct is a prize asset for us, in which we have invested considerably, and we have
clear plans for its growth and development going forward, as evidenced by our commitment to a new fulfilment
centre at considerable cost. We are keen to emphasise our unquestionable commitment to providing any support
needed, strategically or financially.

We will continue to closely monitor the performance of our bonds, and review feedback from our key stakeholders
including our bondholders. We have considerable resources available to us, are fully open to the prospect of
providing financial support to the business in the future to the extent we deem it appropriate or necessary