Ascena Restructuring Support Agreement

Throughout the restructuring process, the company`s brands, including Ann Taylor, LOFT, Lane Bryant, Justice and Lou-Grey, will continue to offer their customers compelling fashion ranges and an exceptional shopping experience. Currently, the company is reopened with approximately 95% of its branch base and continues to serve its customers in these stores and through its e-brand sites. The company will continue to prioritize the safety and well-being of its employees and customers while continuing to monitor the effects of COVID-19. Each LuxCos expressly agrees and acknowledges (a) that it will benefit significantly from entry into this agreement: which represents a significant portion of the consideration of the agreement reached by the agent for the conclusion of restructuring operations and the renewal of the credit; and (b) that the agreement to transfer the transferred assets at the time of the transfer is a security interest after the oversecturation of a Springing event and other agreements under this agreement, the granting of incremental collateral documents and related related documents, and the outcome of a transaction between the parties. 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 Retail Group, Inc. (Nasdaq: ASNA) is a national retailer that offers clothing, footwear and accessories for women in the Premium Fashion segment (Ann Taylor, LOFT and Lou-Grey), Plus Fashion (Lane Bryant, Catherines and Cacique) and for girls in the Kids Fashion (Justice) segment. ascena Retail Group, Inc. operates e-commerce sites and approximately 2,800 stores in the United States, Canada and Puerto Rico through its private label brands. 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.

Ascena Retail Group, Inc. (NASDAQ: ASNA) has notified membership of a restructuring agreement with the majority of guaranteed maturity lenders. The advance-agreed financial restructuring plan aims to reduce Ascena`s debt by $1 billion and provide financial flexibility.

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