Billabong - Non-binding indicative Proposal received

[ac2026]

Just out 10am

GOLD COAST, 20 February, 2012: The Board of Directors of Billabong announces that, before
market opening today, it received a non-binding, indicative proposal from TPG Capital to acquire
all of the shares in the company for $3.00 cash per share by way of a Scheme of Arrangement.
The proposal is subject to due diligence, subject to finance and conditional on a number of other
matters, but it does not preclude the Nixon transaction announced on Friday 17 February 2012.
The Board of Billabong will consider the proposal and advise shareholders of its views in due
course. In the meantime, Billabong shareholders do not need to take any action in response to
the proposal.

Billabong has appointed Goldman Sachs as financial advisors and Allens Arthur Robinson as
legal advisors.