Outcome of board meeting of Liberty Shoes

Held on 23 January 2015

Liberty Shoes announced that the Board of Directors of the Company at its meeting held on 23 January 2015, inter alia, has considered and approved the following:

1. The existing business arrangements continuing with M/s. Liberty Enterprises & M/s. Liberty Group Marketing Division under which two manufacturing facilities at Gharaunda & Karnal including their Distribution Networks and License usage of Sub Brands, will be expiring after 12 years on 31 March 2015 and to formalize the process of acquisition of these assets by the Company, a leading business consulting firm M/s. KPMG & Associates has jointly been engaged by the parties. The consultant will submit their report within 6-8 weeks time for the consideration of the Board and will be made effective from 01 April 2015 subject to regulatory compliances. The Company will also pursue acquisition of remaining assets of footwear and related business held by the Promoter Family by 31 March 2016.

2. Authorization to the Company for initiating its fund raising exercise and appointment of Merchant Bankers and other agencies in this respect.

3. Appointment of Woman Director and Additional Director in compliance with the listing requirements.

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