Specialty Fashion Group Limited (SFH) refers to recent media speculation in the Australian Financial Review and The Australian regarding a potential change of control transaction for the group. As communicated at the annual general meeting on November 21, 2017, the Board has been undertaking a comprehensive structural review and assessment of all options and opportunities to improve shareholder value. One of the proposals received is from a consortium including Mr. Gary Perlstein.

Accordingly, an independent review committee (IRC), comprising the Directors of SFH, excluding Mr. Perlstein, has been established to assess the proposals received. Mr. Perlstein is currently on leave and will step down as Chief Executive Officer and Managing Director on February 15, 2018.