WOOLWORTHS GROUP LIMITED — Capital/Financing Update 2014

May 27, 2014

Wednesday,
28
May
2014

**Woolworths

investigating
property
divestments**

There
has
been
speculation
in
the
media
this
morning
regarding
a
potential
divestment
of freehold
property
assets
of
ALH
Group,
which
is
75%
owned
by
Woolworths
Limited ( Woolworths ).
Woolworths
has
previously
stated
its
strategy
of
acting
on
the
Company’s portfolio
to
maximise
shareholder
value,
including
looking
at
options
to
sell
property
assets
in order
to
optimise
its
balance
sheet.
In
line
with
that
strategy,
Woolworths
is
currently investigating
options
to
divest
a
further
part
of
its
property
portfolio,
including
its
property holdings
in
hotels
and
co-­‐located
retail
liquor
stores.
These
options
include
single
property sales,
portfolio
property
sales
and
the
creation
of
separate
vehicles
to
own
the
assets.
Any divestment
would
involve
the
relevant
Woolworths
group
business
retaining
operational
control of
the
properties
through
a
leasehold
interest
in
the
relevant
premises.

Since
1
July
2010,
Woolworths
has
divested
approximately
$2
billion
of
property
assets,
including Shopping
Centres
Australasia
Property
Group
in
December
2012.

While
Woolworths
continually
looks
at
options,
no
decision
has
been
taken
on
the
divestment
of property
assets
in
hotels
and
co-­‐located
retail
liquor
stores
at
this
stage.
Any
decision Woolworths
makes
will
be
shaped
by
the
objective
of
delivering
value
to
our
shareholders.

==> picture [38 x 358] intentionally omitted <==

Woolworths
Limited
Press
Office
ph
02
8885
1033