Disposal of David Jones

On 27 March 2023, the Group disposed of its entire shareholding in its Australian subsidiary, David Jones, to Anchorage
Capital Partners, an Australian private equity fund. As part of the transaction, WHL has retained ownership of the flagship
property asset in Bourke Street, Melbourne, which has been leased to David Jones on a long-term basis on market-related
terms. A transitional services agreement will remain in place for a period of time to ensure an orderly separation of
David Jones from the Group.
The legal completion of the sale was successfully concluded on 27 March 2023, with the receipt of an initial purchase
consideration of R910 million (A$75 million) in cash. The final consideration amount of R219 million (A$17.5 million) was contingent on
the finalisation of the completion accounts, in accordance with the Share Sale and Purchase Agreement (“SSA”), at the effective
date, and which was concluded on 24 August 2023. A receivable for the final consideration has been raised and is measured at
its transaction price, which best represents its fair value in accordance with IFRS 13 Fair Value Measurement. This brings the total
proceeds on disposal to R1 129 million (A$92.5 million). The determination of the profit on disposal of David Jones has been based
on the total purchase consideration, less costs to sell, being costs directly attributable to the disposal of the investment,
in accordance with IFRS 5 Non-current Assets Held for Sale