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LEW - 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 Further to the announcement on 28 July 2006, shareholders are advised that Lewis has now purchased an additional 3% of its own shares on the open market ("Additional Shares"), acting in terms of the general authority granted by shareholders at general meetings held on 4 August 2006 and 3 August 2007 ("the General Authority"). This has resulted in a cumulative repurchase of 9.37% of its own shares. In accordance with the Listings Requirements of the JSE Limited, the following information is disclosed: Repurchases of shares: Additional Shares Cumulative repurchases Total number of shares 3,004,786 9,369,786 repurchased % of the company`s ordinary share 3% 9.37% capital in issue Total value of shares R 175 301 720 R 486 899 441 repurchased Average price paid R58.34 R51.67 Highest price paid R65.90 R65.90 Lowest price paid R47.44 R41.75 Period of repurchases of 29 July 2006 to 21 September 2005 shares, 13 September 2007 to excluding closed periods 13 September 2007 Number of shares which may still be repurchased by Lewis in 19,847,142 19,847,142 terms of the General Authority 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: 1 the ability of Lewis to continue to pay its 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; 2 the assets of Lewis exceed its liabilities, measured in accordance with the accounting policies used in the group`s audited annual financial statements for the year ended 31 March 2007 for a period of 12 months from the date of this announcement; 3 the ordinary capital and reserves of Lewis are adequate for its requirements for the period of 12 months from the date of this announcement; and 4 the working capital of Lewis is adequate for its requirements for the period of 12 months from the date of this announcement. Financial effects of the repurchase: The table below sets out the effect that the share repurchase would have had on the earnings and net asset value per share of Lewis, based on Lewis`s audited annual financial statements for the year ended 31 March 2007. These financial effects have been prepared to assist Lewis shareholders to assess the impact the share repurchase would have had on the financial position and results of operations of Lewis. These financial effects are the responsibility of the Lewis directors and have been prepared for illustrative purposes only. Due to their nature, they may not fairly present Lewis` financial position or results of operations of Lewis. Cents per share Before the After the % change Repurchase (1) Repurchase
Earnings (2) 649.9 660.1 1.57% Headline earnings (2) 645.4 655.6 1.58% Net asset value (3) 2774.3 2696.0 (2.82%) Tangible net asset value (3) 2774.3 2696.0 (2.82%) Assumptions: 1. The numbers set out in the "Before the Repurchase" column has been extracted from the annual results for the year ended 31 March 2007. 2. The earnings and headline earnings per share in the "After the Repurchase" column are based on the following assumptions: - the total share repurchases were made on 1 April 2006; and - an opportunity cost of 8.39% per annum before taxation (5.96% per annum after taxation) has been applied to such purchases. 3. The net asset value and tangible net asset value per share in the "After the Repurchase" column are based on the assumption that the shares were purchased on 31 March 2007. Stock exchange listing: 2 851 928 shares repurchased will not be cancelled from the issued share capital of Lewis, but will be retained by its subsidiary, Lewis Stores (Proprietary) Limited resulting in a cumulative holding of treasury shares by the subsidiary of 9 216 928 shares. The remaining 152 858 shares will be cancelled and an application to delist these shares will be made to the JSE. Cape Town 17 September 2007 Sponsor: UBS South Africa (Pty) Ltd Date: 17/09/2007 07:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
