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TPG’s New Billabong Purchase Offer

Private equity firm TPG has submitted an updated purchase proposal for Billabong for $3 per share despite its partial sale of Nixon.

At this time, Billabong stock is trading at $2.83, up $.21 today.

Billabong, which said it was open to keeping all options on the table in its conference call last week, filed the following statement with the Australian Securities Exchange.

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.

MARIA MANNING

COMPANY SECRETARY