On August 6 a number of articles were published (including in The New Zealand Herald, the Australian Financial Review, and The Australian) quoting Goldman Sachs Asset Management Australia’s (GSAMA) head of Australian Equities, Dion Hershan, stating that GSAMA, as a holder of shares in Kathmandu Holdings , will be rejecting the offer made by Briscoe Group for 100 per cent of the shares in Kathmandu.

Those statements are an accurate reflection of GSAMA’s current intentions.

However, GSAMA will continue to be guided by what it considers to be in the best interests of its clients and reserves all of its rights to change its position in respect of the offer, whether on its current terms or otherwise.

GSAMA is a wholly owned subsidiary of The Goldman Sachs Group.

Other wholly owned subsidiaries of GSG Inc have interests in shares in Kathmandu Holdings. Neither Hershan nor GSAMA purports to make any statement in respect of the intentions of GSG Inc or any of its other subsidiaries.