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Lewis Group Limited - Repurchase Of Ordinary Shares On The Open Market Lewis Group Limited (Registration Number 2004/009817/06) Share Code: LEW ISIN Code: ZAE000058236 ("Lewis") REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET Shareholders are advised that Lewis has now purchased 3 364 900 (3.36%) of its own shares on the open market through Lewis Stores (Proprietary) Limited, acting in terms of the general authority granted by shareholders at a general meeting held on 5 August 2005 ("the General Authority"). In accordance with the Listings Requirements of the JSE Limited, Lewis discloses the following: Repurchases of shares: Total number of shares repurchased: 3 364 900 (3.36% of the company"s ordinary share capital in issue) Total value of shares repurchased: R 150 942 611 Average price paid R 44.86 Highest price paid R 55.80 Lowest price paid R 41.75 Period of repurchases 21 September 2005 to 17 March 2006 excluding closed periods Number of shares which may still be repurchased by Lewis in terms of the General Authority 6 635 100 The share purchases were funded from available funds. Directors" statement: The directors have considered the effect of the repurchases and are of the opinion that: - the ability of Lewis and the group to continue to pay their debts in the ordinary course of business will not be affected by the repurchases for the period of 12 months after the date of this announcement; - the assets of Lewis and the group exceed their liabilities, measured in accordance with the accounting policies used in the group"s audited annual financial statements for the year ended 31 March 2005; - the ordinary capital and reserves of Lewis and the group are adequate for their requirements for the period of 12 months from the date of this announcement; and - the working capital of Lewis and the group are adequate for their requirements for the period of 12 months from the date of this announcement. Financial effects of the repurchase: Based on Lewis"s unaudited interim financial statements for the six months ended 30 September 2005, the effect of the share repurchase on the earnings and net asset value per share would have been as follows: Cents per share Before the After the % change Repurchase (1) Repurchase Earnings (2) 163.4 165.0 0.98% Normalised earnings (2) 222.5 226.1 1.64% Headline earnings (2) 160.6 162.2 1 00% Normalised headline earnings (2)219.7 223.3 1.62% Net asset value (3 & 4) 2 154.9 2 165.7 0.50% Tangible net asset value (3 & 4) 2 154.9 2 165.7 0.50% Assumptions: 1. The numbers set out in the "Before the Repurchase" column are extracted from the reported interim results for the six months ended 30 September 2005, except for net asset values which have been calculated as per item 3 below. 2. The earnings, normalised earnings, headline earnings and normalised headline earnings per share numbers in the "After the Repurchase" column represent the earnings, normalised earnings, headline earnings and normalised headline earnings per share based on the following assumptions: - the shares were purchased on 1 April 2005; and - an opportunity cost of 7.25% per annum before taxation (5.15% per annum after taxation) was applied to such purchases. 3. The net asset value and tangible net asset value per share has been calculated using the weighted average shares in issue. 4. The net asset value and tangible net asset value per share numbers in the "After the Repurchase" column represents the net asset value and tangible net asset value per share based on the assumption that the shares were purchased on 1 April 2005. Stock exchange listing: The shares repurchased will not be cancelled from the issued share capital of Lewis, but will be retained by its subsidiary, Lewis Stores (Proprietary) Limited. Cape Town 20 March 2006 Sponsor: UBS South Africa (Pty) Ltd Date: 20/03/2006 05:30:03 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
