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Financial Highlights for the Year Ended December 31, 2004

This report provides the group's financial highlights and ratios for the year ended December 31, 2004, including divisional highlights and turnover composition by market and brand. It also includes market reviews for different regions and the outlook for the coming year.

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Financial Highlights for the Year Ended December 31, 2004

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  1. RESULT HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2004

  2. Group Financial Highlights For the Year Ended December 31

  3. Selected Financial Highlights & RatiosFor the Year Ended December 31

  4. Divisional HighlightsFor the Year Ended December 31 * Net of inter-segment sales ** Intra-division eliminations

  5. Retail and Distribution Division For the Year Ended December 31, 2004 Singapore 10% (11%) Taiwan 19% (19%) Malaysia 3% (4%) Hong Kong 22% (22%) Others 16% (14%) Mainland China 25% (25%) Australia 5% (5%) Note: 2003 figures in brackets Retail and Distribution Turnover Composition by Market

  6. Retail and Distribution Division For the Year Ended December 31, 2004 Bluestar Exchange 8% (7%) Giordano Ladies 4% (4%) Giordano core line + Junior 88% (89%) Note: 2003 figures in brackets Retail and Distribution Turnover Composition by Brand

  7. Retail and Distribution Division Brand Statistics • Total comparable store sales +7.2% • Total comparable store gross profit +10.4%

  8. Market Review Mainland China • Sales up 17%; sales per sq. ft. fell 20% • During 2004, we took over certain authorized dealers’ operations. • All brands posted gross margin improvements. • Warm weather dampened sales in 4Q 04. • Completed major refurbishment of Shanghai flagship in April. • Added 74 core line, 2 Ladies and 15 Bluestar outlets. Closed 1 Junior outlet. • * Includes all outlets • ** Includes directly managed outlets only

  9. Market Review Hong Kong • Sales up 16%; sales per sq. ft. grow15% • All brands posted higher gross margins. • Renovated core line stores using new store concept. • Added nine core line and eight Bluestar outlets.

  10. Market Review Taiwan • Sales up 17%; sales per sq. ft. up12% • Short sales disruption in March and April due to presidential election controversy. • All brands showed gross margin improvements. • Highest gross margin increase among our major markets. • Added 29 core line and 12 Bluestar outlets. • Current recovery in performance sustainable

  11. Market Review Singapore • Sales up 12%; sales per sq. ft. up 13% • Launched Giordano Ladies with first store opening on Orchard Road in 4Q 04. • Added one core line and two Junior outlets.

  12. Market Review Other Markets • Above territories account for 15% of total retail & distribution turnover (2003:14%) • Australia accounts for 5% of turnover. Eight new stores added in 2004, seven new stores planned for 2005. • Japan saw the best sales and gross margin growth. Sales per sq. ft. rose 45.0%. Eleven outlets added in 2004 and ten outlets planned for 2005. • Sales in Indonesia and Thailand both grew by over 30%.

  13. Market Review Korea and the Middle East • Korea • Consumer spending continued to be weak, sales fell by 11% YOY • Gross margins improved due to better discipline on pricing and discounts. Net profits almost tripled as a result. • Middle East • Sales grew by 23% YOY and 14 new outlets were added in 2004. Ten new outlets planned for 2005.

  14. Number of Outlets, by Region and by Brand (as at December 31, 2004)

  15. Manufacturing Division • Accounted for 7% of consolidated turnover • Supplied 27% of retail division’s requirement • Turnover before elimination up20% • Intra-group sales declined to 68% of turnover • Gross margins remained almost unchanged • Operating profit up 21.4% • New clients in Europe and America

  16. Outlook • Positive medium term global economic outlook • Aim for higher sales and profits growth in 2005 • Focus on brand building worldwide • YTD sales have been encouraging • Mainland China • Medium term earnings driver • Nation-wide store renovation program to include company-operated and authorized dealer stores • Guangzhou flagship to be renovated • Plans to open 80 core line and 20 Bluestar Exchange outlets in 2005

  17. Outlook • Hong Kong • Upbeat economic outlook tempered by increased cost pressure, especially in rental • Focus on brand building • Just completed refurbishment of TST flagship • Seven new outlets planned for 2005 • Taiwan • Sales and profits driver in 2005 • Focus on branding and operations • Plans to add eight outlets in 2005 • Singapore • Plans to add two Giordano Ladies outlets in 2005

  18. Outlook • Korea • Outlook for 2005 unclear; still worst seems to be over • Focus on operations • Japan • Started to break even in 4Q 04 • Continue to focus on operations • Ten new stores planned for 2005 • Aims to be profitable in 2005

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