Statement on Masters 12.09.12 PRESS RELEASE

Statement on Masters
A Madison Cross report being circulated to brokers and media by a consultant associated with Bunnings is further evidence of a dirty tricks campaign being waged against the Masters Home Improvement business. Since opening its first store in September last year, Masters is providing much‐needed competition in the destination home improvement sector against Bunnings who hold a market‐dominant position. Masters has created healthy competition, is winning market share and enjoying strong customer support. It appears this report is designed to generate negative, ill‐informed commentary about Masters. This report is incorrect in its assumptions and its projections, and can only be viewed as an attempt to damage the credibility of the Masters’ business strategy. The unreasonable nature of the assumptions makes the Madison Cross report misleading and Woolworths will refer it to the ACCC. CONTACT DETAILS: Claire Kimball 0432 696 650