Signet Jewelers amends Preferred Shares agreement

The Company modified terms of the Preferred Shares held by LGP to provide that Signet will deliver cash for the stated value of the Preferred Shares. Any remaining value owed will be delivered in cash, shares or a combination of cash and shares at Signet’s election. The flexibility provided by this amendment for any remaining value will facilitate an orderly retirement of the remaining instrument and smooth the cadence of any further early redemption. This amendment to the net share settlement structure will immediately reduce Signet’s diluted share count by approximately 2.9 million shares, or approximately 5%, at expected share prices. LGP can begin future conversions per the net share settlement amendment beginning on May 1, 2024. Once fully retired, the Preferred Shares would represent a reduction of approximately 15% to Signet’s diluted share count on an annualized basis. Evercore acted as exclusive financial advisor to Signet in connection with the Preferred Share repurchase and amendment.