LEWIS GROUP LIMITED - Favourable Judgment For Lewis In Referral By National Credit Regulator To National Consumer Tribunal

Favourable Judgment For Lewis In Referral By National Credit Regulator To National Consumer Tribunal

Lewis Group Limited
Incorporated in the Republic of South Africa
Registration number 2004/009817/06
JSE share code: LEW ISIN: ZAE00058236
(“Lewis” or “the group”)

FAVOURABLE JUDGMENT   FOR   LEWIS   IN   REFERRAL BY   NATIONAL    CREDIT REGULATOR    TO    NATIONAL
CONSUMER TRIBUNAL

Shareholders are advised that today the National Consumer Tribunal (“NCT”) handed down
judgment in Lewis’ favour in the matter between the National Credit Regulator (“NCR”) and
Lewis Stores (Pty) Ltd (“Lewis”), which the NCR initiated in 2016 in relation to the
issues of club fees and extended warranties. In a majority judgment, the NCT found that:

   •   The National Credit Act (“Act”) does not prevent credit providers from offering
       the services of a club to consumers, provided these services are not part of the
       “cost of credit”. It was found that the club fees charged by Lewis do not form
       part of the cost of credit of any credit agreement between Lewis and its
       customers;

   •   The Act provides that Lewis may include the cost of an extended warranty as part
       of its fees and charges in its credit agreements with consumers and does not
       prescribe the terms and conditions of the extended warranty offered by Lewis to
       its customers.

Accordingly, the NCT dismissed the application of the NCR against Lewis.

A copy of the judgment can be requested from Ms Diane Rafferty at our Head
Office. diane.rafferty@lewisgroup.co.za


Cape Town
5 June 2017
Sponsor: UBS South Africa Proprietary Limited

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