Director of Billabong Paul Naude to step down

During Mr. Naude's absence, his executive responsibilities will be addressed by Peter Bryant (CFO for the Americas) for general business and wholesale, and Colin Haggerty (Group Executive – Retail) for retail, both supported by CEO Launa Inman.

The Board of Billabong wishes to advise that there is no guarantee that, following discussions held by Mr. Naude, a proposal which is able to be considered by the Board will be forthcoming nor, even if such a proposal is forthcoming, that it will be deemed by the Board to justify the granting of due diligence.

If at the end of the six week period the Company has not received a proposal from Mr. Naude, the Board will discuss with Mr. Naude the appropriate undertakings required for him to resume his roles.

Billabong International Limited