Supplementary Bidder's Statement

• Frasers Group disputes Accent Group's claim that their offer is 'materially inadequate'
• Accent's board failed to provide a reasonable basis for their valuation claims
• Frasers urges Accent's board to step down for better leadership
• Frasers offers a cash bid of $0.65 per Accent share
• Frasers continues to believe in the value of Accent shares at the current offer price

Frasers Group plc has issued a supplementary bidder's statement in response to Accent Group Limited's claims that Frasers' offer is 'materially inadequate'. Frasers argues that Accent's independent board committee (IBC) made these claims without a reasonable basis, lacking a formal valuation or sound basis. The supplementary statement highlights issues with Accent's use of historical VWAP metrics and past acquisition prices, which Frasers believes are misapplied. Frasers also criticizes the Accent board for not providing a clear earnings bridge to the 2030 targets and for not obtaining an independent expert's report. The offer remains an unconditional, all-cash opportunity for Accent shareholders.

Frasers Group plc offers $0.65 per Accent Group share, considering it a fair value.

Frasers Group expects Accent Group's board to step down for better leadership and improved transparency.