EDCON (PTY) LIMITED - Competition Tribunal Result

Competition Tribunal Result

Competition Tribunal approval for Edcon’s proposed transaction
with Absa in South Africa

JOHANNESBURG, South Africa – 20th September, 2012 – Edcon, South
Africa’s largest non-food retailer with 1,151 stores, today
announced that the Competition Tribunal had approved the sale of
its private label store card portfolio in South Africa to Absa
Bank Limited (“Absa”), a member of Barclays, as well as the
long-term strategic relationship agreement with Absa. The
approval is conditional on Absa ensuring the confidential
treatment of Edcon information, a condition to which both
parties have agreed.

The transaction is still on track for closure before the end of
the calendar year with both parties working together to conclude
the last operational, financial and legal conditions. The
transaction proceeds will be used for the repayment of debt
(including notes issued in terms of Edcon’s securitisation
programme), investment in the business, and to cover transaction
fees and expenses.

Further announcements will be made at the appropriate time.

21 September 2012

Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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