16 May 2017

Officeworks strategic review - update

As announced on 15 February 2017, the Group has been undertaking a strategic review of Officeworks, which included a potential initial public offering (IPO) of the business. In light of current equity market conditions, Wesfarmers has determined that an IPO of Officeworks at this point in time would not realise appropriate value and would not be in the best interests of its shareholders.

Since acquiring the business in 2007, Officeworks has more than doubled its earnings and improved its return on capital from 5.7 per cent in the 2009 financial year to 13.9 per cent in the first half of the 2017 financial year. Officeworks is well positioned for future growth with a strong, competitive market position and ongoing initiatives to grow its addressable market. Wesfarmers Managing Director Richard Goyder reiterated the Group was comfortable retaining Officeworks in its portfolio and the business would be divested only if it was considered to be in the best interests of Wesfarmers' shareholders.

For more information: Investors Media

Aleksandra Spaseska Cathy Bolt

General Manager, Investor Relations Media and External Affairs Manager

+61 8 9327 4416 or +61 488 911 678 +61 8 9327 4423 or +61 417 813 804

as pas es k a@wes f arm ers .com .au c bolt @ wes f arm ers .c om .au

Wesfarmers Ltd. published this content on 17 May 2017 and is solely responsible for the information contained herein.
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