MEDIA

RELEASE AUCKLAND, 31st October 2012 Fox Rentals Limited-the owner of Thorn Rentals NZ Limited (trading as dtr) announced today it has acquired the assets of electronics retailer The Appliance Shed. The Appliance Shed operates three stores in the greater Auckland region Henderson, Manukau and Glenfield and has established a significant market share since commencing trading in 2002, specialising in selling manufacturer's seconds, ex-showroom demos, end-of-lines, and carton damaged and surplus stock. dtrs Managing Director, Mark Spring, says whilst operating in a different market space to dtr, The Appliance Shed shares many similar characteristics, including a common values base and significant capacity for growth. Spring says that since its purchase by Fox Rentals Ltd, dtr has achieved an EBIT Compound Annual Growth Rate of 27%. The Appliance Shed understands its business model and market very well, and like dtr, doesnt try to be all things to all people. We believe that we can help it achieve similar levels of growth, working with the existing management to see it fulfil its potential. Spring says dtr and The Appliance Shed will remain separately managed companies, but he looks forward to the two businesses connecting wherever synergies may exist, and leveraging each others competitive relationships where appropriate. We are delighted that the existing management team have committed to remain with the business, and that General Manager, Cherie Kerrison will take a 10% shareholding in the new entity. We will especially be looking to harmonise the purchasing power of the two companies combined annual revenue of $70m, and expect that over time both entities will enjoy the benefits of a better mutual understanding of their customers needs and supplier relationships. Whilst now unconditional, the acquisition does not become effective until 1st December 2012.

Fox Rentals Limited purchases The Appliance Shed

 ENDS For more information, contact: Mark Spring Managing Director, dtr Phone: 027 431 7157 Email: mark.spring@dtr.co.nz Brendan Boughen Bullet PR Phone: 021 903 181 Email: brendanb@bulletpr.co.nz