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Ascena Restructuring Support Agreement

As part of RSA`s planned balance sheet restructuring, the company will optimize its brand portfolio and strategically reduce its presence by closing a significant number of Justice subsidiaries and a selected number of subsidiaries Ann Taylor, LOFT, Lane Bryant and Lou-Grey. These include the exit of all brands via brands in Canada, Puerto Rico and Mexico and the closure of all Catherines subsidiaries. Additional information about ascena Retail Group, Inc. visit: ascenaretail.com, AnnTaylor.com, factory.anntaylor.com, LOFT.com, outlet.loft.com, louandgrey.com, lanebryant.com, Catherines.com and shopjustice.com. In addition, ascena entered into a sales contract with City Chic Collective Limited (“City Chic”) to sell the Catherines` intellectual property rights and switch e-commerce to a City Chic subsidiary. The company intends to conduct the sale process in accordance with section 363 of the Bankruptcy Act. As a result, City Chic will serve as a stalking horse bidder in a court-controlled auction process and the sales contract will be subject, among other things, to higher and better bids. The company has filed several ordinary applications with the court requesting different types of facilities to enable ascena to meet its necessary obligations and fulfill its obligations during the restructuring process, including the power to continue paying employee salaries and benefits, to meet certain obligations of customers and suppliers and, moreover, to manage its day-to-day operations as usual. More resources for customers and other stakeholders, as well as other information on ascena`s financial restructuring, can be found at the company`s restructuring site at www.ascenaretail.com/restructuring/. Court documents and other documents relating to the Chapter 11 procedure may be obtained under cases.primeclerk.com/ascena, under the telephone number of the company`s representative, Prime Clerk, free of charge at (877) 930-4319 (no charge) or (347) 899-4594 (international) or by email to ascenainfo@primeclerk.com. Ascena said Monday that the plan, which includes a modified restructuring support agreement, has the support of about 95 percent of the company`s secured lenders and will reduce the debt by $1.3 billion by about $1 billion. The hearing for the confirmation of the plan is scheduled for October 23.

The United States Bankruptcy Court for the Eastern District of Virginia approved the adequacy of the company`s disclosure statement filed in connection with the obtaining of votes on Ascena`s turnaround plan and the procedures to be used in obtaining votes on the plan. With this approval, the company will begin to obtain votes from its creditors for the approval of the plan, which contains a modified restructuring support agreement that now has the support of approximately 95% of Ascena`s secured lenders and is expected to significantly reduce Ascena`s debt by approximately $1 billion. The confirmation hearing is scheduled to begin on October 23, 2020. No amendment, waiver or modification of a provision of this agreement has any effect without the written agreement of the parties. Any waiver or consent is valid only in the specific case and for the specific purpose for which it was granted.