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Edcon prices €500,000,000 9 ½% Senior Secured Notes due 2018

23 February 2011

Edcon prices €500,000,000 9½% Senior Secured Notes due 2018
Edcon (Proprietary) Limited, a subsidiary of Edcon Holdings (Proprietary) Limited, is pleased to announce the pricing of €500,000,000 9½% Senior Secured Notes due 2018, comprising in a €317 million tranche and a $250 million tranche (the “Senior Secured Notes”). The Senior Secured Notes will be guaranteed on a senior secured basis by Edcon Holdings (Proprietary) Limited, Edcon Acquisition(Proprietary) Limited and Edgars Consolidated Stores Limited and secured by substantially all the assets of Edcon (Proprietary) Limited and the guarantors.

The Senior Secured Notes were rated B/B2 by Standard & Poors and Moody’s, respectively.

The net proceeds from the issuance and sale of the Senior Secured Notes will be used for general corporate purposes, including the refinancing of certain hedging obligations and existing indebtedness of Edcon.                                        
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