WESFARMERS LIMITED — M&A Activity 2007

Aug 8, 2007

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Thursday, 9 August 2007

Ownership Review Update

Coles Group today noted Wesfarmers’ initiative to provide further information in relation to its proposal to acquire the Company.

Coles Group Chairman Rick Allert said that Wesfarmers’ announcement confirmed the dividend uplift available to Coles shareholders as a consequence of the proposed transaction. Wesfarmers’ intention to pay fully franked dividends in excess of $2 per share for the 2008 and 2009 financial years represents a significant uplift in prospective annual dividend income for Coles shareholders.

Mr Allert said that the Board would consider the proposal put forward by Wesfarmers to enable shareholders to mix and match scrip and cash components of the offer as part of its overall assessment of the scheme of arrangement.

Mr Allert said that the Board would continue to monitor the impact of Wesfarmers’ share price on the value of the proposal before finalising its advice to Coles shareholders.

The scheme implementation process is progressing to schedule with the release of the scheme booklet expected by mid September. It is currently anticipated that the shareholder meeting will take place on 25 October 2007.

further information Media inquiries: Scott Whiffin (03) 9829 5548 Analyst inquiries: Anastasia Crisafi (03) 9829 5074

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