Appointment of Administrators

• Toys'R'US ANZ Ltd has appointed voluntary administrators
• Recapitalisation plan no longer viable, company likely insolvent
• Administrators to assess affairs and explore restructuring or sale options
• Company to continue operating on 'business as usual' basis

Toys'R'US ANZ Ltd (the Company) has announced the appointment of voluntary administrators, Luke Andrews and Duncan Clubb of BDO Business Restructuring Pty Ltd, effective immediately. The Board of Directors has determined that the Company is, or is likely to become, insolvent, and that the appointment of an administrator is in the best interests of the Company. This decision comes after the Company had been pursuing a recapitalisation plan with the support of its primary stakeholders, which is no longer viable. During the administration process, the Company will continue to operate on a 'business as usual' basis where possible, while the administrators undertake an independent assessment of its affairs and explore options for restructuring or sale. The primary stakeholders have indicated their willingness to work with the administrators on any restructuring proposal that may be put to creditors. The first meeting of creditors is expected to be held within 8 business days, in accordance with the Corporations Act requirements. The Company's securities will be suspended from trading on the ASX effective immediately, pending further announcements.