KMD BRANDS LIMITED — M&A Activity 2015

Aug 9, 2015

KATHMANDU HOLDINGS LIMITED ASX/NZX/MEDIA ANNOUNCEMENT 10 August 2015

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STATEMENT FROM GOLDMAN SACHS ASSET MANAGEMENT

Consistent with its standard practice the Takeovers Panel has asked Goldman Sachs Asset Management Australia Pty Ltd to publish a statement clarifying its position in respect of its rejection of the Briscoe Offer.

Please find following the announcement.

For further information please contact:

MEDIA Investors Helen McCombie Reuben Casey Citadel‐MAGNUS Chief Financial Officer +61 2 9290 3033 +64 27 272 7573

Kathmandu Holdings Ltd

249 Park Street, South Melbourne, Victoria 3205 PO Box 984, South Melbourne, Victoria 3205, Australia Phone: +61 3 9267 9999 Fax: +61 3 9267 9933 kathmandu.com.au

11 Mary Muller Drive, Heathcote 8022 PO Box 1234, Christchurch 8140, New Zealand Phone: +64 3 373 6110 Fax: +64 3 373 6116 kathmandu.co.nz

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Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681 Level 17 101 Collins Street Melbourne Victoria 3000 GPO Box 4898 Melbourne Victoria 3001 Telephone +61 3 9679 1444 Facsimile +61 2 8262 5461

10 August 2015

To: NZX Limited

On 6 August 2015, a number of articles were published (including in the Australian Financial Review, The Australian, and The New Zealand Herald) quoting Goldman Sachs Asset Management Australia Pty Ltd’s ( GSAMA ) head of Australian Equities, Dion Hershan, stating that GSAMA, as a holder of shares in Kathmandu Holdings Limited, will be rejecting the offer made by Briscoe Group Limited for 100% of the shares in Kathmandu (the Offer ). Those statements are an accurate reflection of GSAMA’s current intentions. However, GSAMA will continue to be guided by what it considers to be in the best interests of its clients and reserves all of its rights to change its position in respect of the Offer, whether on its current terms or otherwise.

GSAMA is a wholly-owned subsidiary of The Goldman Sachs Group, Inc. ( GSG Inc ). Other whollyowned subsidiaries of GSG Inc have interests in shares in Kathmandu Holdings Limited. Neither Mr Hershan nor GSAMA purports to make any statement in respect of the intentions of GSG Inc or any of its other subsidiaries.

Media Contacts:

Hayley Morris Tel: +612 9321 8825

Goldman Sachs Asset Management Australia Pty Ltd and its related bodies corporate distributing this document and each of their respective directors, officers and agents (“Goldman Sachs Group”) believe that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) or other information contained in this document and to the maximum extent permitted by law, Goldman Sachs Group disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document.