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DANKS HOLDINGS PTY LIMITED

414 Lower Dandenong Road, Braeside, VIC Australia, 3195

Phone: 03 9264 5000 http://www.danks.com.au

www.company360.com.au | 13 23 33 25 August 2011

DANKS HOLDINGS PTY LIMITED - 1 -

Table of Contents
360 VIEW SUMMARY MARKET DATA FINANCIALS P & L/Income Statement Balance Sheet Cash Flow Statement Ratios OPERATIONS INDUSTRIES COMPETITORS PROFESSIONAL SERVICES PEOPLE BIOGRAPHIES COMMENTARY STRUCTURE & SHAREHOLDERS FAMILY TREE 3 5 6 7 7 9 12 14 15 16 17 18 19 19 22 28 29

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www.company360.com.au | 13 23 33 25 August 2011

DANKS HOLDINGS PTY LIMITED - 2 -

360 View
Summary
Danks Holdings Pty Limited is the holding entity for the Danks Group, which supplies retailers throughout Australia with a variety of hardware and garden products. Goods are distributed under the brands Home Timber & Hardware, Thrifty-Link Hardware and Plants Plus Garden Centres; there are approximately 25,000 items on the group’s product portfolio. Danks maintains a network of warehouse and distribution centres across Melbourne - where it's also headquartered - Sydney and Perth. The company offers retailer support services in areas such as advertising, marketing, information technology, merchandising and store design. For the financial year ended 30 June 2009, the company reported revenue of $569.4 million, with a net profit after tax of $7.02 million. Chief executive officer John Danks heads up a workforce of approximately 500 employees. Danks Holdings is a wholly owned subsidiary of WOOLWORTHS LTD.

Key Information
Address Phone Web DUNS Number ACN Company Type Number of Employees 414 Lower Dandenong Road Braeside VIC 3195 Australia 03 9264 5000 http://www.danks.com.au 753347558 004295532 Private 188000(G)

Key Statistics
Revenue from continuing operations (as of 2009) Growth EBIT EBIT Growth EBIT Margin Profit from continuing op’s after tax Growth note: all monetary values are expressed in ($000s)
*Disclaimer: number of employees and associated financial ratios are derived from sources other than the company annual report.

$569,442 1.58% $11,502 60.17% $7,019 74.73%

www.company360.com.au | 13 23 33 25 August 2011

DANKS HOLDINGS PTY LIMITED - 3 -

More Information Physical Address Phone URL DUNS ACN ABN Company Type Line Of Business Primary SIC Import/Export Registered Name Trading As Previous Entity Name 414 Lower Dandenong Road Braeside VIC 3195 Australia 03 9264 5000 http://www.com.com.danks.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .au 753347558 004295532 81004295532 Private Holding company with subsidiaries that wholesale and retail hardware and garden supplies 6719 Neither DANKS HOLDINGS PTY LIMITED DANKS HOLDINGS LTD DANKS HOLDINGS LIMITED DANKS HOLDINGS PROPRIETARY LIMITED DANKS HOLDINGS LIMITED 414 Lower Dandenong Road Braeside VIC 3195 Australia Subsidiary VIC Registered Private Limited by shares Proprietary company Postal Address Location Type Place of Incorporation ASIC Status ASIC Company Type ASIC Company Class ASIC Company Sub-Class www.4 - .company360.

Danks Holdings traded as a publicly-listed company until it was acquired in an off-market takeover in August 2009.com.000 items on the group’s product portfolio.50 per Danks’ share represented a 65% premium on Danks’ closing share price of $8. Chief executive officer John Danks heads up a workforce of approximately 500 employees. All Danks personnel and management were retained following the completion of the deal. the company reported revenue of $569. The company offers retailer support services in areas such as advertising. Woolworths’ offer of $13. which supplies retailers throughout Australia with a variety of hardware and garden products. information technology.02 million.4 million. www. The takeover offer was made via a joint venture partnership between Woolworths (66.where it's also headquartered . Thrifty-Link Hardware and Plants Plus Garden Centres.7%) and US home improvement company Lowe’s Companies Inc. Danks maintains a network of warehouse and distribution centres across Melbourne . For the financial year ended 30 June 2009. (33. with a net profit after tax of $7. Danks’ shareholders received a final dividend of 53 cents per share in September 2009.5 - . The transaction represents Woolworths’ first foray into the Australian hardware sector.company360. Goods are distributed under the brands Home Timber & Hardware. marketing. merchandising and store design. there are approximately 25.Summary Danks Holdings Pty Limited is the holding entity for the Danks Group.3%).Sydney and Perth.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .20. Danks Holdings is a wholly owned subsidiary of WOOLWORTHS LTD.

com. 25 August 2011 2:25:30 PM Code Buy Sell Last DKS Open High Low Volume Change* % Change* Trades Turnover Latest ASX news for DKS Summary www.Market Data Share Quote as at Thursday.company360.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .6 - .

978 1.902 31.73% - (2.75%) ($3.97% $94 ($459.237 ($456.412) $97.51% - (37.au | 13 23 33 25 August 2011 $569.986 2007 AUD $558.Financials P & L / Income Statement Note: all monetary values are expressed in ($000s) of AUD (except earnings per share).215) $10.46%) $107 ($5. D&B makes no warranty that the information provided is correct or free from error and will not accept any liability for.378) ($1.501.807) $553. any errors that are contained therein.50% $61 ($5.583 0.969) $4.32% ($463.967 $6.904) $94.473) $2.501.921 $3.75%) ($1.company360.489 6.017 2.13% ($4.287 2008 AUD $560. or be responsible for.896) ($1.294 475.333 ($3.171 (82.95% - 38.979 $4.com. plant and equipment after tax ($000s) Profit/(loss) from disposals of investments after tax ($000s) Net profit for the period ($000s) Attributable To: Minority interest ($000s) Members of the parent ($000s) Weighted average number of ordinary shares for basic earnings per share www.58% ($465.967 (36.501.477) $4.107 (0.526) $4.440 2005 AUD $551.937) ($956) $7.155 2006 AUD $547.017 $6.652 $6.93% $62 ($451.019 - $4.019 $7.979 DANKS HOLDINGS PTY LIMITED . D&B obtains its financial data from a number of sources not controlled by D&B.979 $2.268) $7. 2009 AUD Income Statement Revenue from continuing operations ($000s) Growth Cost of sales ($000s) Gross profit ($000s) Growth Other income ($000s) Administrative expenses ($000s) Finance costs ($000s) Share of associate profits/(losses) ($000s) Profit/(loss) from continuing operations before income tax ($000s) Growth Income tax expense ($000s) Profit from continuing operations after income tax ($000s) Growth Profit/(loss) from discontinued operations after tax ($000s) Profit/(loss) from restructuring activites after tax ($000s) Profit/(loss) from disposals of property.63% ($2.85% ($3.967 $2.123) ($1.195) $5.019 74.652 - $7.72%) ($1.040) ($1.501.902 $6.442 1.215) $6.652 $4.22%) - ($2.017 $4.253) $3.953) $103.129 71. Whilst D&B has processes in place for updating the information contained in this product.902 $3.813) $543.7 - .785 2.

602) ($33.370 23.858) - $62 $62 $62 $62 $9.658 0.526) ($1.085 ($2.357 48.142) ($31.227) $0 ($2.910) $0 ($1.8 - .65% $11.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .602) - $46 $46 $46 $46 $7. amortisation and impairment ($000s) Growth Salaries and wages ($000s) Defined contribution superannuation expense ($000s) Defined benefit superannuation expense ($000s) Share-based payments expense ($000s) Other employee benefits expense ($000s) Total employee benefits expense ($000s) Number of employees Lease payments included in income statement ($000s) Interest expense ($000s) Finance charges payable under finance leases and hire purchase ($000s) Other finance costs ($000s) Total finance costs ($000s) Research and development costs ($000s) - - - - - $108 $108 $108 $108 $14.215) - ($1.502 60.678) ($32.215) - ($1.855) $0 $0 $0 ($2.597 21.075) $0 ($32) $0 ($2.215) ($1.com.855) ($33.195) ($1.17% ($2.company360.228) ($33.181 (2.966 (26.910) ($33.477) $0 ($2.215) ($1.477) ($32.192 $8.227) ($33.142) 479 - ($1.228) - $72 $72 $72 $72 $10.876 (22.858) ($33.Weighted average number of ordinary shares for diluted earnings per share Basic earnings per share (cents) Diluted earnings per share (cents) Basic earnings per share Diluted earnings per share EBITDA ($000s) Growth EBIT ($000s) Growth Expenses included in income statement Depreciation of property plant and equipment ($000s) Impairment of property plant and equipment ($000s) Amortisation of intangible assets ($000s) Other Depreciation and Amortisation Expense ($000s) Impairment of intangible assets ($000s) Total depreciation.72%) $5.85% $7.678) - $60 $60 $60 $60 $9.526) - ($956) ($956) - www.53% $0 $0 $0 ($2.56%) $0 $0 $0 ($2.195) - ($1.107) ($31.21%) $0 $0 $0 ($1.64% $7.

502 (2.873 $833 $0 $109.896.680 $43.365 $0 $47.29% $59.723 $0 $36.99% $131.Financials Balance Sheet Note: all monetary values are expressed in ($000s) of AUD (except earnings per share).680 $1.490 $2.503 2007 AUD $7.610 $659 $0 $118.502 $109.156 $148.299 $101.727 $0 $18.294 $2.49%) $0 $0 $23.196 (2.232 $0 $43.367 $131.company360.62%) $0 $0 $16.9 - .612 $2.217 $115.611 $0 $26.137 $0 $2.590 $0 $38.676 $0 $30.565 $0 $26.959 6.88%) $134.217 $0 $0 $16.186 $2.563 2006 AUD $1.889 $722 $0 $101.492 $1.001 $135.489 $0 $2.775 2008 AUD $475 (93.476 $127.131 $75 $112.563 (1.au | 13 23 33 25 August 2011 $11.40%) $0 $0 $23.196 $112.383 DANKS HOLDINGS PTY LIMITED .857 $0 $37.911 $0 $2.15% $0 $0 $25. plant and equipment ($000s) Intangible assets and goodwill ($000s) Deferred tax assets ($000s) Other non-current assets ($000s) Total non-current assets ($000s) TOTAL ASSETS ($000s) Growth TOTAL ASSETS FOR PREVIOUS www.873 $38.081 $131.492 $47.84% $65.70%) $135.936 2.340 $0 $115.878 $0 $19.352 275.299 (7.674 17.43% $63.503 2.889 $36.830 16.864 $134.412.390 $0 $2.610 $37.48% $127.674 $118.com.081 2005 AUD $28 $63.119 $2.992 $2.54%) $60.775 (5.854 $2. 2009 AUD Balance Sheet Current Assets Cash and cash equivalents ($000s) Growth Trade receivables ($000s) Other receivables ($000s) Raw materials ($000s) Work-in-progress ($000s) Finished goods ($000s) Total inventories ($000s) Prepayments ($000s) Derivative financial instruments ($000s) Other current assets ($000s) Total current assets for continuing operations ($000s) Assets held for sale ($000s) Total current assets ($000s) Growth Non-current assets Receivables ($000s) Investments in associates ($000s) Investments in subsidiaries ($000s) Available for sale financial assets ($000s) Derivative financial instruments ($000s) Property.

000 $378 $2.000 $1.853 (1.702 $55.410 33.142 $75.000 $7.573 $73.684 $77.034 $67.936 $3.711 5.307 $0 $10.459 (4.unsecured ($000s) Obligations under finance leases and hire purchase ($000s) Loans from related parties ($000s) Total current interest-bearing loans and borrowings ($000s) Income tax payable/(refundable) ($000s) Provisions ($000s) Derivative financial instruments ($000s) Other current liabilities ($000s) Total current liabilities for continuing operations ($000s) Liabilities directly associated with assets held for sale ($000s) Total current liabilities ($000s) Growth Total current liabilities for previous year ($000s) Growth Non-current liabilities Loans .000 $13.801 $2.205 $0 $60.39%) $60.414 $6.211 (11.000 $13.410 $73.273 3.10 - .236 $0 $55.539 $83.YEAR ($000s) Growth Current liabilities Trade payables ($000s) Other payables ($000s) Overdrafts ($000s) Loans .000 $2.711 5.420 - $51.050 $0 $63.98%) $54.45%) $63.921 $2.com.609 $0 $16.au | 13 23 33 25 August 2011 (5.949 24.711 $63.147 $5.180 $2.000 $2.798 $3.594 $5.604 $3.39%) $5.177 (13.075 $2.45%) $7.459 $60.248 $1.unsecured ($000s) Obligations under finance leases and hire purchase ($000s) Loans from related parties ($000s) Total non-current interest-bearing loans and borrowings ($000s) Derivative financial instruments ($000s) Deferred tax liabilities ($000s) Provisions ($000s) Convertible redeemable preference shares ($000s) Other non-current liabilities ($000s) Total non-current liabilities ($000s) TOTAL LIABILITIES ($000s) Growth NET ASSETS ($000s) Equity www.000 $431 $5.000 $6.05% $53.000 $7.90% $64.760 $2.941 $880 $3.431 $2.67%) $59.143 (1.000 $2.04% $55.273 $63.650 - 2.000 $1.000 $546 $3.88%) $48.651 $1.881 - 2.49% $13.429 $78.814 $2.141 $13.38% $7.328 $0 $12.459 (4.secured ($000s) Loans .379 - DANKS HOLDINGS PTY LIMITED .004 $174 $0 $63.868 $6.564 - (1.318 $3.177 $55.273 $61.429 $0 $15.378 $2.39%) $63.38% $60.000 $525 $3.secured ($000s) Loans .941 $3.company360.177 (13.99% $45.70%) $57.113 $0 $12.

379 0.Equity attributable to equity holders of the parent Contributed equity ($000s) Retained earnings ($000s) Reserves ($000s) Total Parent interests ($000s) Minority interests ($000s) TOTAL EQUITY ($000s) Growth TOTAL EQUITY FOR PREVIOUS YEAR ($000s) Growth $7.564 1.391 $40.com.420 (1.78% $7.650 9.993 $10.351 $42.564 $60.881 7.379 $54.53% $59.company360.564 1.423 $59.365 $55.391 $41.650 $59.321 $47.404 $64.379 $55.61% $54.156 $10.11 - .420 $54.650 9.836 $10.61% $7.365 $54.391 $40.13% $60.881 $64.73%) $7.73%) $55.664 $6.53% $7.220 $60.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .623 $7.420 (1.953 - www.

763) $0 $0 ($190) ($2.872 2005 AUD $601.537) $455 $0 $3.731) $5.215) ($915) $251 $0 $11.997) ($1.300 ($3.000) ($2.901) ($6.au | 13 23 33 25 August 2011 $621.745) ($1.393 2006 AUD $599.604 ($601.926) $5.208) $0 $0 ($4.462) $301 $0 $0 $0 ($3.195) ($1.285 ($3. 2009 AUD Cash flow statement Receipts from customers ($000s) Payments to suppliers and employees ($000s) Interest paid ($000s) Tax paid ($000s) Other receipts ($000s) Other payments ($000s) Net cashflow from/(used in) operating activities ($000s) Purchase of property plant and equipment ($000s) Purchase of intangibles ($000s) Proceeds from the sale of property plant and equipment ($000s) Proceeds from the disposal of investments/subsidiaries ($000s) Purchase of subisidiary/investment ($000s) Interest received ($000s) Dividends received ($000s) Other investing inflows/(outflows) ($000s) Net cashflow from/(used in) investing activities ($000s) Proceeds from the issue of shares ($000s) Proceeds from borrowings ($000s) Repayment of borrowings ($000s) Repayment of finance lease liabilities ($000s) Interest Paid ($000s) Dividends paid ($000s) Other inflows/(outflows) from financing activities ($000s) Net cash flows from/(used in) financing activities ($000s) Net increase/(decrease) in cash www.167) ($5.161) $0 $0 ($2.915 ($3.226) ($12.159 ($609.200) $0 $0 ($2.998 ($2.891) $0 $0 ($5.827 ($605.440) ($1.508) $300 $0 $0 $0 ($1.226) $0 ($4.731) $0 ($2.042) $183 $0 $10.526) ($3.861) ($40) ($7.380 ($583.868) $272 $0 $0 ($2.501) $299 $0 ($6.161) $270 $0 $0 $0 ($2.company360.076) $11.856) ($30) ($3.508) $116 $0 $20.877) 2007 AUD $614.com.414) ($956) ($2.Financials Cash Flow Statement Note: all monetary values are expressed in ($000s) of AUD (except earnings per share).179) DANKS HOLDINGS PTY LIMITED .12 - .144) ($1.890 ($599.395) $195 $0 $0 $0 ($2.054) ($1.461 2008 AUD $616.967) ($1.926) $0 ($2.

913) $1.company360.959 $8.13 - .352 ($3.266 ($3.959 $7.com.913) www.936 $7.and cash equivalents ($000s) Other increase/(decrease) in cash and cash equivalents ($000s) Net foreign exchange differences ($000s) Cash and cash equivalents at the beginning of the period ($000s) Cash and cash equivalents at the end of the period ($000s) $475 $11.352 $475 $1.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .

14 42.04% 15.54% 2.95 (5.54% 0.01) 1.08% 1.company360.41% 99.84% 0.72% 0.23% 1.32% 0.65)% (65.150.88 9.06 36.13 23.28% 0.11 35.02% 1.59% 11.52% 2.09% 0.01)% 2006 AUD 5.14% 1.11% 1. 2009 AUD Profitability ratios Return on equity Return on total assets Return on average capital employed Gross margin EBITDA margin EBIT margin Profit from continuing operations after tax margin Net profit margin Cashflow from operating activities/Revenue Structural ratios Current ratio Quick ratio Interest-bearing loans and borrowings/equity Interest cover Efficiency ratios Inventory turnover (times) Collection period (days) Credit period (days) Employee benefits/revenue from continuing operations Average employee costs per year Revenue from continuing operations/ employee EBIT per employee Profit from continuing operations/ employee Total assets per employee Total equity per employee 11.95)% 2008 AUD 6.7% 1.72% 0.68% 3.5% 11.32% 99.14 - .05% 9.43% 3.28% 1.17 (5.79% 14.2 39.19% 5.39 29.32% 1.23% 8.33% 1.4 (5.01% 1.17% 1.84% (1.54% 18.09% 1.47% 0.4% 2.22)% 1.84% 2.07 30.84 1.com.92% 10.71 - www.1 12.62 1.61 42.7% 2.83)% 2007 AUD 6.53 42.89% 12.3% 1.72 1.81 16.95% 17.1 31.74 (6.7% 0.37 39.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .86 1.98 (6.11 21.82 1.23% 3.07)% 2005 AUD 8.17 13.02% 1.37 34.56% 1.21% 15.08% 15.46% 17.Financials Ratios Note: all monetary values are expressed in ($000s) of AUD (except earnings per share).

offering general hardware. Sydney and Perth. Handi paints. Tekraft hand tools. extranet and software support. paint. This covers comprehensive support services. tailored marketing and advertising programs. Red Centre barbecues. There are 13 product brands for which Danks maintains exclusive distribution rights.company360. The Thrifty-Link Hardware range caters to a more personalised community-based store where customers can get advice on products and purchase tools for the home.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .com.000 different products under the Home Timber & Hardware. and Olsent solar lighting. renovators and the Do-It-Yourself market. These include: Del Terra outdoor furniture. This business unit offers an extensive range of plants and garden products and a horticulturalist team is present at each site to assist customer queries. The company also offers a range of retail services to clients Australia-wide.15 - . www. CEO Graeme Danks oversees group operations from its Melbourne-based headquarters. The Plants Plus Garden Centres is a network of nurseries encompassing approximately 100 stores nationally. There are 210 Home Timber & Hardware stores. there are 300 Thrifty-Link stores across Australia. The brand targets tradespeople. which includes creating floor plans and merchandising programs. It runs warehouses and distribution centres across Melbourne. Thrifty-Link Hardware and Plants Plus Garden Centre brands. Plumbworx plumbing products. store development services. Earthcore garden products. Rockworth air tools. power tools and garden products. Danks is also able to provide a range of retailer support services.Operations Danks Holdings represents the business of Danks Group — a distributor of hardware and garden products operating as a subsidiary of WOOLWORTHS LTD. professional merchandising. Danks offers approximately 25.

Retail Nurseries.16 - .Farm Supplies 5251 . Not Elsewhere Classified * Identifies a company's primary SIC.* Offices of Holding Companies.Hardware Stores 5261 .Hardware 5191 .Industries Key Industries 5072 . Lawn and Garden Supply Stores 6719 .com. www.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .company360.

Competitors Company Name MITRE 10 AUSTRALIA PTY LTD STIHL PTY.company360.com. GAINSBOROUGH HARDWARE INDUSTRIES LIMITED ROBERT BOSCH (AUSTRALIA) PROPRIETARY LIMITED ALESCO CORPORATION LIMITED WESFARMERS RETAIL PTY LTD BBC HARDWARE LIMITED BUNNINGS GROUP LIMITED DAHLSENS BUILDING CENTRES PTY.17 - . GMC WORLDWIDE PTY LTD DUNS 758576276 753358761 753054311 753068626 757585708 741821656 750508988 757763644 753644806 754742161 www.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . LTD. LTD.

com. Docklands VIC 3008 COMMONWEALTH BANK OF AUSTRALIA. Level 7 48 Martin Place. Aurora Place 88 Phillip St. Sydney NSW 2000 www.Professional Services Auditors Danby Bland Provan & Co Banks AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED. Level 9 833 Collins Street.18 - .company360.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . Sydney NSW 2000 Solicitors Minter Ellison.

Sales Decision Maker Company Secretary Human Resources Decision Maker IT Decision Maker 62 Peter Michael Cooper Company Secretary - David Paton Human Resources Manager - Max Tapley IT Manager - Biographies David Graham Hendy Position Responsibilities Gender Director Director M DANKS HOLDINGS PTY LIMITED .Operatio ns Decision Maker.Managing Director.com.People Name Director Peter Terence Kempen John Graeme Danks Chairperson Managing Director Chairperson Managing Director Director Director Director Director 62 Title Responsibilities Age David Graham Hendy Joe Barberis Peter Twiston Danks Michael David Danks Personnel John Graeme Danks Director Director Director Director 59 Managing Director Financial Decision Maker.19 - www.au | 13 23 33 25 August 2011 .company360.Marketi ng Decision Maker.Purchasi ng.

BEc (Monash) gardening Cl Memb.) since 1999 MCC (Melb.. Wesley Coll.company360. Portsea Golf F Jennifer Joanne H K (Tim) and G Scott M 3d 1975-04-12 Financial Decision Maker Managing Director Marketing Decision Maker Operations Decision Maker Purchasing Sales Decision Maker Age Gender Date of Birth Parents Names Education Qualifications Recreation Voluntary Activities Clubs Partner Gender Partner Given Names Partner Parent Names Partner Type Children Date Married Michael David Danks Position Responsibilities Director Director DANKS HOLDINGS PTY LIMITED . Monash Univ.).com.20 - www.au | 13 23 33 25 August 2011 .Joe Barberis Position Responsibilities Gender Director Director M John Graeme Danks Position Responsibilities Managing Director · · · · · · 62 M 18/03/1949 John Twiston and Norma Mary Danks Wesley Coll. (Melb.

Cl ICAA 1993-94. Memb. Chrmn Ivanhoe Gram. Chrmn Fin.com. Swinburne Inst. Chrmn Vic. Univ. Sch. Treas. CertMktg Peter Terence Kempen Position Responsibilities Gender Qualifications Committees Chairperson Chairperson M FCA.company360. St. Cl ICAA 1993-94.au | 13 23 33 25 August 2011 . 1978-85. Pres. Cttee and Treas.Age Gender Date of Birth Parents Names Education Recreation Clubs Partner Gender Partner Given Names Partner Parent Names Date Married 59 M 29/10/1951 John Twiston and Norma Mary Danks Wesley Coll. MCC since 1997 Aust. 1985-97. Melb. Tech. 1985-97.21 - www. Heritage Golf & Country Voluntary Activities Clubs Peter Michael Cooper Position Responsibilities Gender Company Secretary Company Secretary M DANKS HOLDINGS PTY LIMITED . since 2000. Milparinka Inc. Dir since 1998. Chrmn 1998-2002. Nat. of Sponsors Univ. 1972-77. MCC. since 1998. 1966-72 Rep. (AIS) since 2004. 1995-97. Schs of Aust. FAICD Dir Assn of Ind. Memb. skiing MCC F Jill Ann George and Aileen Innes 1981-11-17 Peter Twiston Danks Position Responsibilities Gender Qualifications Director Director M BAppSc... Hilda's Coll. Memb. Cl Memb. AIS Vic.

22 - . BEc (Monash).au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .com. Ivanhoe Neons Swimming Club www. ASCPA Chair Audit Cttee Surf Coast Shire Cl Pres.Education Qualifications Committees Voluntary Activities Monash Univ.company360.

27 November 2009 Robert Gottliebsen Woolworths' entry into big box non-food retailing is normally characterised as a looming battle with Bunnings. Mitre 10 it trying to woo small retailers from the Danks chain into the Mitre 10 orbit pointing out that the small stores will be supplied by Woolworths as it runs large stores against them. Mitre 10 was the logical opponent for Bunnings in big box hardware retailing.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . www. The Burrows Interrogation alerts us to the fact that it is not easy to manage small hardware retailers and the big box format at the same time. It is now disposing of its big box centres. which means that it will be tackling Harvey Norman and many others in furniture and appliances as well as the carpet retailers. Mitre 10 tried to launch big box stores but found that the big box system did not work along side its smaller Mitre 10 stores. Woolworths has always had a lead over Coles in logistics and stock management and Bunnings will need to make sure that its systems are as good if not better than the Lowe’s systems that Woolworths will embrace. In theory. It was clear from the interrogation that this is a war that will be decided on service to the customer and who has the best and lowest cost logistics and stock management systems.23 - . But it is much more than that.com. will need to do a lot of work in this area. Woolworths will need to be a lot cleverer than Mitre 10.company360. If you are a Woolworths shareholder you will cross your fingers after reading the interrogation and hope that Woolworths has made the right call. Most of the stations were uneconomic and had to be shut down. Meanwhile. Again in theory.Commentary Woolies' ladder to growth Friday. but the traditional rivalry and the price Woolworths paid for Danks meant that it did not happen. with its smaller stores. Mitre 10 should also have merged with the Danks wholesale and a small retailer hardware chain. Mitre 10. Burrows believes that we are seeing a re-run of the old service station boom of the 1950's and 1960's where it seemed that almost every corner in our major cities was bought by oil companies to establish petrol selling stations. That means we are looking a much fiercer and wider war than a normal one-on-one tussle. This is one of the revelations that is clear in our KGB Interrogation of Mitre 10 CEO Mark Burrows. Woolworths is modelling its big box stores on Lowe’s in the US.

The price of reassuring the ACCC that the joint venture won’t have an anti-competitive impact on the independents now supplied by Danks wasn’t high. presumably the Mitre 10 cooperative. and the ACCC accepted.000-plus square metre stores over the next five years. They have secured more than a dozen sites and are in advanced negotiations over a further 15 or so. Nor would it force retailers to take particular stock or particular quantities of stock and it has agreed to allow its member stores to terminate their membership agreements and move to an alternate wholesaler. including 500 member stores operating under the Home Timber and Hardware and Thrifty-Link banners. Woolworths volunteered. after obtaining undertakings from Woolworths to protect Danks’ independent hardware retailing customers from the conflict of interest Woolworths and Lowe’s will have as both their wholesaler and retail competitor.Woolies' renovation realisation Wednesday. Not only has it a very large and established national store network already – which is located in the best sites because until Woolworths decided to expand into the sector there was minimal competition for its preferred locations – but Bunnings is also already expanding its range in anticipation that Lowe’s will introduce elements of its US format to this market. Bunnings already has 180 big box stores. Thus the commission’s decision to allow the bid to proceed. Danks already supplies nearly 1500 stores. has another seven or eight new stores under construction and plans to add between 10 and 14 new stores each year. which would give them an initial platform of around 30 stores. an inability to acquire Danks would almost inevitably have meant delaying the roll-out of the stores while the supply chain was designed and built. A delay in the Woolworths/Lowe’s roll-out would have been a fillip for Bunnings as it would have given it more time to buttress what is already a formidably strong position.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . With Woolworths and Lowe’s planning to have their first store open by late 2011. if they wish. The joint venture is. now on its way.company360. a legally enforceable commitment that it wouldn’t discriminate on price and terms between the joint venture stores and any of Danks’ independents in competition with them. it would have been a setback that delayed and complicated their planned assault on Bunnings’ stranglehold on the big box hardware sector. given the time it takes to obtain development approvals and then build sales in a new store. The acquisition of Danks was a clever short cut to achieve what would otherwise have taken a lot more capital than the $88 million outlaid for the agreed bid and a lot of time – the creation of a national hardware supply chain. Having cleared the ACCC obstacle the partners can now go ahead with their plan to roll-out 150 10. at least.24 - .com. 57 smaller sites and 23 trade centres. is a positive one for the joint venture. 11 November 2009 Stephen Bartholomeusz It wouldn’t have been a show stopper had the Australian Competition and Consumer Commission opposed the bid by Woolworths and Lowe’s of the US for Danks Holdings. Even with the Danks acquisition to accelerate its roll-out and provide an existing base of retailers and hardware earnings. Hence the recent addition of kitchen appliances to the Bunnings offering. www. However. it will be some years before Woolworths and Lowe’s could hope to have a competitive impact on Bunnings.

in the middle of Coles’ five-year turnaround program. the program is gaining traction and generating momentum. there is a real sense that Ian McLeod and his team are on track – which is providing the market with increasing reassurance that the Coles’ business is fixable and that McLeod’s team can fix it.com. At this point in its turnaround. clearing the way for a less introspective and more expansionary phase in the five-year program. The 7.25 - .3 per cent rise in food and liquor sales and comparable store sales growth of 6.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . that’s probably a bit too modest. The unsexy part of a retail turnaround doesn’t immediately generate sales growth but is fundamental to growth in the longer term and the benefits of the intense initial focus on the detail of the business now appears to be translating into extra sales. Today the number is closer to 150. the 15 per cent sales growth and the high-single digit growth John Gillam is foreshadowing for the full year confirms the view that Bunnings is one of the best retail formats in the country. However. It is about to embark on the more visible stage of the transformation. Many of the basic failings of the business have been steadily addressed. If product isn’t on the shelves the gaps represent lost sales. There are a lot of metrics one could use to measure the impact the Wesfarmers’ team are having on Coles but one that does stand out is on-shelf availability.1 per cent were described by Wesfarmers itself as a sold first-quarter performance. as is its fresh offer and it says that both its staff and customer satisfaction levels are also rising – a lead indicator of future sales growth.company360. with the Australian Competition and Consumer Commission declining to simply wave through their proposed acquisition of Danks www. While Woolworths and its partner Lowes have suffered a hiccup in their attempts to gatecrash Bunnings territory. the star in the Wesfarmers’ retail portfolio remains its Bunnings hardware chain. There is growing confidence that. Two years ago there were nearly 450 gaps on the shelves. While the September quarter of last year against which its current performance is measured might provide a flattering reference point. albeit one that appears to be progressing well.A win for Wesfarmers Friday. Given that those numbers are within the ballpark set by Woolworths earlier in the week. Apart from the impact on basket values that says a lot about the improvements McLeod has made to the Coles’ supply chain and its back-of-store efficiency. While Coles remains a work-in-progress. 23 October 2009 Stephen Bartholomeusz The sharp spike in Wesfarmers’ share price this morning was as good a signal as any as to what the market thinks about the condition of the group’s retail businesses and its Coles supermarket business in particular. The presentation of the Coles’ network is improving. McLeod is trying to manage a multi-faceted program that isn’t just about logistics but also the in-store experience. with the large-scale rollout of new store formats in a $1 billion a year program that will involve more than 50 stores this year and whose success will ultimately be very significant in establishing the future competitive relativities between Coles and Woolworths. if not the globe. comparisons with Woolworths are probably more about Coles’ potential than its current condition and Coles’ performance is probably benchmarked against its own history than its high-performing main competitor.

If the ACCC were to block the Danks acquisition. as the late entrant. delaying the initial launch of their assault on Bunnings’ turf and giving Gillam even more time to entrench an already dominant business. Danks Holdings. and instantly. In other words. So far Woolworths has secured 12 sites and is negotiating another 15. 31 August 2009 Stephen Bartholomeusz Wesfarmers has yet to fully recover the value stripped from it by last week’s announcement from retail rival Woolworths that it was entering the hardware sector now dominated by Wesfarmers’ Bunnings. The market’s attitude is curious.company360. Bunnings appears relatively unconcerned. The announcement coincided with Wesfarmers’ shares trading ex-dividend but. Woolworths will end up with a network of less-than-optimal sites at a cost of $20 million to $30 million per site. The analysts appear concerned that. Wesfarmers initially. lost about $1. with 10 already under construction and 20 in the planning and development phase.26 - . suggesting that the availability of largeformat sites in the right catchment areas is starting to dwindle.5 billion of market capitalisation after Woolworths announced that it was bidding for hardware distributor. even taking that into account Wesfarmers is still valued about $600 million less today than it was a week ago. even if they are cleared by the commission. www.com. the hardware discount attached to the Wesfarmers’ share price implies a very substantial eventual transfer of value from the incumbent to the aspirant. particularly when one considers that it has taken Bunnings a quarter of a century and a couple of big acquisitions to create its network. Woolworths hopes to open 150 stores over the next five years. and entering a 70:30 joint venture with US group Lowe’s to roll out a chain of ‘big box’ format hardware stores. Bunnings itself plans to open another 30 to 40 warehouse stores in the next three years. while it also takes another two or three years for large store formats to build sales to optimum levels. Gillam has taken advantage of the financial crisis to get his hands on well-located sites to accelerate his roll-out of new stores. given that any material impact from that decision is years into the future. with the first scheduled to open in late 2011. even if Woolworths can acquire 30-plus sites a year to meet its initial target for the network. The acquisition of sites appears to be where analysts believe the greatest risk lies in the Woolworths strategy – that’s a lot of sites to acquire in a relatively short time. Too soon to hammer Wesfarmers Monday. However. many of those stores will still be ramping up their sales as we close in on 2020. Bunnings has been opening smaller stores in more densely urbanised locations. Given the time – the years – it will take for Woolworths’ offering to have any material impact on Bunnings. It generally takes about two years to get through the development approval process.Holdings.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . with Gillam pointing to the explosive growth in the sector – it has expanded 50 per cent in the past eight years – and Bunnings’ own categories expansion and relatively modest share of the total market for the products it stocks to signal a belief that there is room for Woolworths and Lowes to enter without undermining the stellar Bunnings story. which would then have to create a national hardware supply chain from scratch. one measured in billions of tomorrow’s dollars rather than the $600 million today. that would be a major setback for Woolworths and Lowes.

a core profit generator for the group. by several years at least. Those earnings are vital to Wesfarmers as it invests heavily in its Coles food and liquor business and attempts to revive the Kmart brand. That means it should finish around the second half of 2012. at that point.company360. That is very significant because at this moment Wesfarmers would be vulnerable to an assault on Bunnings. The market may have been a bit premature and heavy-handed with its markdowns.Regardless of how well Woolworths executes its strategy and whether or not it can create a business that is both competitive with Bunnings and delivers Woolworths-type returns – Woolworths is a first-rate retailer and competitor – the time-lines don’t suggest an immediate or early impact of particular consequence to the Wesfarmers group. having outlaid a lot of capital to take on arguably the world’s most profitable hardware retailer and a very strong retail brand after giving it a 25-year head start. Indeed.8 billion of new capital in its portfolio of businesses. is a five-year program that started in late 2007. by the time Woolworths has assembled its network of big-box stores and ramped them up the attempt to rehabilitate the Coles brands will. be behind Wesfarmers and the group should be in a far stronger and less vulnerable position to defend any of its franchises. regardless of how successful it has been. as Richard Goyder continually says. the build-up in sales and returns. www. with the peak of the capital expenditure programs occurring some time well before then.com. The Coles turnaround. In other words.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . it may be Woolworths that comes under pressure from the market given that the big investments in the attempt to take on Bunnings will lead.27 - . This year the Wesfarmers group expects to invest $1.

51% .624 6.947 31.516 47.490.715 39.500 35.74% 100.Structure & Shareholders Class of Shares Issues Class Code ORD Class Description ORDINARY SHARES Used in % Calculation Y Total Shares 6.56% .310 39.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .com.237 56.624 54.60% .538 45.72% 14.80% .522 3.61% .1281 Company Shareholders Holder DUNS Holder Name Keehan & Brown Pty Ltd Lowe's Group Miss MS Bowskill Mr A Holst Mr AW Wilkinson Mr C Harrison.69% .54% .837 324.079 27.776 36.49% 5.company360.84% 740768648 741561286 742686561 744726969 754223527 757549837 750690687 758640155 ORD *Disclaimer: Any ownership of private companies (ASIC sourced data) that has a percentage of ownership is indicative only due to company constitutions defining the rights for each class of shares issued. Mrs JK Harrison Mr IP Alexander Mr JR Santleben Mr RL Denison Mr RW Butler Mrs J Danks Mrs JA Schapper Mrs MEJ Denison Mrs NM Danks Ms HM Scovell & Dr IL Gardner WoolWorths Limited and Associates Akir Pty Ltd Rbc Dexia Investor Services Australia Nominees Pty Ltd CARBOXY PTY LTD Broadmayne Pty Ltd New Privateer Holdings Ltd Investments Pty Ltd PERPETUAL LIMITED QIC LIMITED Class Code Total Share Held 30.000 56. Shareholder data displayed in the table is a listing of all companies that own shares in the target company.42% .28 - .47% 97.172.00% .000 32.079 Unit Price $1.720 30.86% .00% .000 35.69% .101 958.82% .903 953.732 49. www.47% .43% .503 6.76% 48.382 % of Ownership .348.00% .490.87% .349 27.54% .600 45.

Ltd. G.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . LIMITED 100% CHARMTEX PTY LTD 100% Chatswood Hills Tavern Pty. Ltd. 1) Pty Ltd 100% NOOSA HEADS HOTEL PTY. 1) PTY LTD 100% AUSTRALIAN LIQUOR & GROCERY WHOLESALERS PTY LTD 100% AUSTRALIAN SAFEWAY STORES PTY. Ltd. LIMITED 100% ALH Group Property Holdings Pty Limited 100% Amprok Pty.com. 100% Balaclava Hotel (BMG) Pty Ltd 100% BARJOK PTY LTD 100% BWS (2008) Limited 100% Caledonian Leasing Limited 100% CALVARTAN PTY.company360. LIMITED 100% DICK SMITH (WHOLESALE) PTY LTD 100% Dick Smith Electronics Franchising Pty Ltd 100% DICK SMITH ELECTRONICS PTY LIMITED 100% DICK SMITH ELECTRONICS STAFF SUPERANNUATION FUND PTY LIMITED 100% DICK SMITH ELECTRONICS STAFF SUPERANNUATION FUND PTY LIMITED 100% DICK SMITH MANAGEMENT PTY LTD 100% Drumstar Pty Ltd 100% DSE (NZ) Limited 100% E. LIMITED 100% Ashwick (Vic.Family Tree Majority Shareholdings WOOLWORTHS LTD 100% Aceridge Pty Limited 100% ACN 001 259 301 PTY LIMITED 100% ADVANTAGE SUPERMARKETS WA PTY LTD 100% Albion Charles Hotel (BMG) Pty Ltd 100% ALH Group (No. Ltd. Functions Pty. LIMITED 100% David Reid Electronics (1992) Limited 100% DCH 070 725 905 PTY LIMITED 100% Dentra Pty. Limited 100% WEETAH PTY. 100% Auspubs Pty Ltd 100% AUSTRALIAN LEISURE AND HOSPITALITY GROUP PTY LIMITED 100% ALH GROUP (NO. Ltd. 100% Chelsea Heights Hotel (BMG) Pty Ltd 100% Cherry Hill Tavern (BMG) Pty Ltd 100% Cooling Zephyr Pty Ltd 100% Countdown Foodmarkets Limited 100% Courthouse Brunswick Hotel (BMG) Pty Ltd 100% Courthouse Hotel Footscray (BMG) Pty Ltd 100% Croxton Park Hotel (BMG) Pty Ltd 100% Dapara Pty Ltd 100% STADFORM DEVELOPMENTS PTY.) No. 100% ANDMIST PTY. 100% Excelsior Hotel (BMG) Pty Ltd 100% FABCOT PTY LTD www.29 - .88 Pty. 100% Elizabeth Tavern Pty. LIMITED 100% CENIJADE PTY. LTD.

100% LANGTONS PTY. LTD. 3 PTY LTD 100% ACERIDGE PTY. 3 Pty Ltd 99. 1 PTY LTD 99. Ltd.88 PTY.99% ASHWICK (VIC.company360.99% KAWANA WATERS TAVERN NO.01% KAWANA WATERS TAVERN NO. LIMITED 100% CHATSWOOD HILLS TAVERN PTY. LTD 100% INTERTAN AUSTRALIA PTY LTD 100% JACK BUTLER & STAFF PTY. 99. 100% MGW HOTELS PTY LTD 100. LTD.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . 100% VICPOINT PTY LTD www. 2 Pty Ltd 100% Kawana Waters Tavern No. 100% FG Joint Venture Pty Ltd 100% First and Last Hotel (BMG) Pty Ltd 100% Foodtown Supermarkets Limited 100% Fountain Jade Pty. 98% THE HOT TEA CO.com. 100% JOSONA PTY LTD 100% Kawana Waters Tavern No.) NO. LTD. LTD. LIMITED 100% General Distributors Limited 100% Glengala Hotel (BMG) Pty Ltd 100% GREENGROCER. Ltd. LTD.AU PTY LTD 100% Hadwick Pty Ltd 100% HIGHLANDS NO. PTY.COM.100% KIAORA LANDS PTY LIMITED 80% FABSKY PTY LTD 100% Fenbridge Pty.64% KAWANA WATERS TAVERN NO. Ltd. 1 Pty Ltd 100% Kawana Waters Tavern No. LIMITED 100% WINE IQ HOLDINGS PTY LTD 100% CELLAR FORCE PTY LTD 100% WINE ARK CELLAR CLUB PTY LTD 100% WINE IQ PTY LIMITED 100% V I PACKAGING PTY LTD 100% VINPAC INTERNATIONAL PTY. LTD. 2 PTY LTD 100% KENNEDY CORPORATION HOLDINGS PTY LIMITED 100% KENNEDY CORPORATION PTY LIMITED 100% CELLARMASTER WINES PTY LIMITED 100% DORRIEN ESTATE WINERY PTY LTD 100% NEXDAY PTY. 100% Leasehold Investments Pty Ltd 100% LEASEHOLD INVESTMENTS PTY LTD 60% ADVANTAGE SUPERMARKETS PTY LTD 100% ADVANTAGE SUPERMARKETS WA PTY LTD 100% Lyndhurst Club Hotel (BMG) Pty Ltd 100% MAC'S LIQUOR STORES PTY LIMITED 100% Mac?s Liquor Stores Pty Limited 100% Manningham Hotel (BMG) Pty Ltd 100% Markessa Pty.30 - . 1 NOMINEES PTY LTD 100% HYDROGEN NOMINEES PTY. 100% Fresh Zone Limited 100% GEMBOND PTY. 100% DAPARA PTY LTD 100% FENBRIDGE PTY. Ltd. LIMITED 100% WINEMARKET PTY LTD 100% ZIMI WINES PTY LTD 100% Kiaora Lands Pty Limited 100% Kilrand Hotels (Hallam) Pty.

LTD. LTD. 100% AMPROK PTY. 1622 PTY LIMITED 100% Waltzing Matilda Hotel (BMG) Pty Ltd 100% Warm Autumn Pty. 100% HADWICK PTY LTD 100% KILRAND HOTELS (HALLAM) PTY. LTD. LTD. 100% ELIZABETH TAVERN PTY. LTD. 100% Wheelers Hill Hotel (BMG) Pty Ltd www.com. 100% FG JOINT VENTURE PTY LTD 100% FOUNTAIN JADE PTY. G. Limited 100% MASTERS INSTALLATION PTY LIMITED 100% Shoppingtown Hotel (BMG) Pty Ltd 100% SR BRANDS PTY LTD 100% Stadform Developments Pty. Limited 100% Supervalue/ Freshchoice Limited 100% TAVERNER HOTEL GROUP PTY. LTD. Limited 100% Queensbridge Hotel (BMG) Pty Ltd 100% QUEENSLAND PROPERTY INVESTMENTS PTY LTD 100% Racecourse Hotel (BMG) Pty Ltd 100% Seaford Hotel Pty. 100% PLAYFORD TAVERN PTY LTD 100% SEAFORD HOTEL PTY. 100% AUSPUBS PTY LTD 100% COOLING ZEPHYR PTY LTD 100% E.100% Milanos Hotel (BMG) Pty Ltd 100% Monash Hotel (BMG) Pty Ltd 100% Moreland Hotel (BMG) Pty Ltd 100% NALOS PTY LTD 100% Nu Hotel (BMG) Pty Ltd 100% Oakleigh Junction Hotel (BMG) Pty Ltd 100% OXYGEN NOMINEES PTY. Ltd.company360. LTD. 100% WERRIBEE PLAZA TAVERN PTY.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED . 100% MARKESSA PTY. 100% Palace Hotel Hawthorn (BMG) Pty Ltd 100% PEH (NZ IP) Pty Ltd 100% PHILIP LEONG STORES PTY LIMITED 100% Playford Tavern Pty Ltd 100% Powel Hotel Footscray (BMG) Pty Ltd 100% Preston Hotel (BMG) Pty Ltd 100% Progressive Enterprises Holdings Limited 100% DRUMSTAR PTY LTD 100% PEH (NZ IP) PTY LTD 100% Progressive Enterprises Limited 100% QFD Pty. LTD. 100% Weetah Pty.31 - . 100% The Common Link Pty Ltd 100% The Second P Pty Ltd 100% The Supplychain Limited 100% UNIVERSAL WHOLESALERS PTY LIMITED 100% Vicpoint Pty Ltd 100% VINCENTIA NOMINEES PTY LTD 100% VOTRAINT NO. FUNCTIONS PTY. Limited 100% WERRIBEE PLAZA TAVERN PTY. LTD. Limited 100% Shellbelt Pty. LTD. LTD. LIMITED 100% THE COMMON LINK PTY LTD 100% THE SECOND P PTY LTD 100% WARM AUTUMN PTY.

LIMITED 100% Woolworths (HK) Procurement Limited 100% Woolworths (HK) Sales Limited 100% WOOLWORTHS (INTERNATIONAL) PTY LIMITED 100% WOOLWORTHS (PROJECT FINANCE) PTY. LIMITED 100% QFD PTY.100% Wholesale Distributors Limited 100% Wholesale Services Limited 100% WOOLIES LIQUOR STORES PTY.A.) PTY LIMITED 100% Woolworths (W.com.company360. 2 PTY LIMITED 100% Woolworths Wholesale (India) Private Limited 99.) Pty Limited 100% WOOLWORTHS AUSTRALIAN COMMUNITIES FOUNDATION PTY LIMITED 100% WOOLWORTHS CUSTODIAN PTY LTD 100% WOOLWORTHS EXECUTIVE SUPERANNUATION SCHEME PTY LIMITED 100% WOOLWORTHS GROUP SUPERANNUATION SCHEME PTY LTD 100% Woolworths Insurance Pte Limited 100% WOOLWORTHS LTD 100% WOOLWORTHS MANAGEMENT PTY LTD 100% Woolworths New Zealand Group Limited 100% WOOLWORTHS PROPERTIES PTY LIMITED 100% DENTRA PTY. LTD.9% WOOLWORTHS (VICTORIA) PTY LIMITED 99.32 - . LIMITED 100% WOOLWORTHS (PUBLISHING) PTY LTD 100% WOOLWORTHS (Q'LAND) PTY LIMITED 100% WOOLWORTHS (R & D) PTY LIMITED 100% WOOLWORTHS (SOUTH AUSTRALIA) PTY LIMITED 100% WOOLWORTHS (W. 100% Woolstar Investments Limited 100% WOOLSTAR PTY.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED .99% DICK SMITH (WHOLESALE) PTY LTD 75% ALH GROUP PTY LTD 100% ALBION CHARLES HOTEL (BMG) PTY LTD 100% ALH GROUP PROPERTY HOLDINGS PTY LTD 100% AUSTRALIAN LEISURE AND HOSPITALITY GROUP PTY LIMITED 100% BALACLAVA HOTEL (BMG) PTY LTD 100% CHELSEA HEIGHTS HOTEL (BMG) PTY LTD 100% CHERRY HILL TAVERN (BMG) PTY LTD 100% CLUB MANAGEMENT (BMG) PTY LTD 100% COURTHOUSE BRUNSWICK HOTEL (BMG) PTY LTD 100% COURTHOUSE HOTEL FOOTSCRAY (BMG) PTY LTD 100% CROXTON PARK HOTEL (BMG) PTY LTD 100% DAISEY'S CLUB HOTEL (BMG) PTY LTD 100% EXCELSIOR HOTEL (BMG) PTY LTD 100% FIRST AND LAST HOTEL (BMG) PTY LTD 100% GLENGALA HOTEL (BMG) PTY LTD 100% LYNDHURST CLUB HOTEL (BMG) PTY LTD 100% MANAGEMENT (BMG) PTY LTD 100% MANNINGHAM HOTEL (BMG) PTY LTD 100% MGW HOTELS PTY LTD www.6% GROCERY WHOLESALERS PTY LTD 98% DSE HOLDINGS PTY LIMITED 100% DICK SMITH ELECTRONICS FRANCHISING PTY LTD 100% DICK SMITH ELECTRONICS PTY LIMITED 100% DICK SMITH MANAGEMENT PTY LTD 100% INTERTAN AUSTRALIA PTY LTD 99.A. LIMITED 100% WOOLWORTHS TOWNSVILLE NOMINEE PTY LTD 100% WOOLWORTHS TRUST MANAGEMENT PTY LIMITED 100% WOOLWORTHS TRUSTEE NO.

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