Myer Holdings Limited : Myer Store Network Update

ASX & Media Release Myer store network update 16 December 2011

Myer Holdings Limited (MYR) today announced that it will not renew the lease at its Tuggeranong
(ACT) store.
Myer continues to review the merits of its new and existing store portfolio as a normal part of doing business, particularly in the context of lease renewal discussions.
The Tuggeranong store represents less than one percent of total group sales and MYER one data indicates that the majority of Tuggeranong customers were also choosing to shop at the recently refurbished Canberra City store. Continuing communication with our customers in the area will further encourage them to visit alternative nearby stores.
The timeline for the store closure is being finalised but the store is expected to close by May
2012. Myer will redeploy all permanent employees with new positions for these loyal team members at the nearby Canberra City and Belconnen stores.
A new Myer store at Townsville (QLD) is scheduled to open in 2012, with Shell Harbour (NSW) and Fountain Gate (VIC) also under construction and due to open in FY2013. For the ACT, a new store is planned to open in FY2014 at Woden, one of the largest shopping centres in the ACT.
For further information please contact:

Investors:

Davina Gunn, Investor Relations Manager, [phone]

Media:

Jo Lynch, General Manager Corporate Affairs, [phone]

This release includes "forward-looking statements". Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Myer, and its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and Myer assumes no obligation to update such information.

Myer Holdings Ltd. ABN 14 119 085 602