Giordano International Limited 2004 Results 04/12/2018 RESULT HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2004 2018/12/4 World Without Strangers

Giordano International Limited 2004 Results 04/12/2018 Group Financial Highlights For the Year Ended December 31 YOY change (%) 2004 2003 Turnover (HK$M) 4,003 3,389 +18.1 Gross profit (HK$M) 2,035 1,634 +24.5 EBITDA (HK$M) 646 488 +32.4 Operating profit (HK$M) 497 364 +36.5 Profit attributable to shareholders (HK$M) 393 266 +47.7 Earnings per share (HK cents) 27.2 18.5 +47.0 Dividend per share - interim (HK cents) - interim special (HK cents) - final (HK cents) - final special (HK cents) - total for year (HK cents) 4.0 1.5 4.5 13.0 23.0 3.0 12.0 21.0 +166.7 -50.0 - +8.3 +9.5 Dividend payout ratio (%) 84.6 113.5 -25.5 2018/12/4 World Without Strangers

Selected Financial Highlights & Ratios For the Year Ended December 31 Giordano International Limited 2004 Results 04/12/2018 Selected Financial Highlights & Ratios For the Year Ended December 31 2004 2003 Net cash & bank balances HK$689M HK$784M Cash inflow from operating activities HK$322M HK$498M Inventory turnover on sales 30 days 24 days Current ratio 2.7 times 2.5 times Gearing on shareholder’s equity 3.2% 3.7% Gross margin 50.8% 48.2% Operating margin 12.4% 10.7% Net margin 9.8% 7.8% Return on average equity 20.9% 14.8% 2018/12/4 World Without Strangers

Divisional Highlights For the Year Ended December 31 Turnover Operating Profit (In HK$M) 2004 2003 YOY Chg Retail and Distribution 3,739 3,221 +16.1% 443 319 +38.9% Manufacturing * 264 168 +57.1% 51 42 +21.4% Others ** - 3 Total 4,003 3,389 +18.1% 497 364 +36.5% * Net of inter-segment sales ** Intra-division eliminations 2018/12/4

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 2018/12/4

Retail and Distribution Division Giordano core line + Junior For the Year Ended December 31, 2004 Giordano Ladies 4% (4%) Bluestar Exchange 8% (7%) Giordano core line + Junior 88% (89%) Note: 2003 figures in brackets Retail and Distribution Turnover Composition by Brand 2018/12/4

Retail and Distribution Division Giordano core line + Junior Brand Statistics Giordano core line + Junior Giordano Ladies Bluestar Exchange Retail Turnover Growth (YOY % Chg) +16.0 +30.2 +32.5 Gross Margin (YOY Basis Point Chg) +310 +620 +100 Total comparable store sales +7.2% Total comparable store gross profit +10.4% 2018/12/4

Market Review Mainland China Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area (ft2) No. of Outlets 2004 952 * 2,400 ** +7% ** 557,800 * 671 * 2003 815 * 3,000 ** -13% ** 484,300 * 581 * 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 2018/12/4

Market Review Hong Kong Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area (ft2) No. of Outlets 2004 810 7,100 +11% 113,700 92 2003 697 6,200 -15% 112,100 75 Sales up 16%; sales per sq. ft. grow 15% All brands posted higher gross margins. Renovated core line stores using new store concept. Added nine core line and eight Bluestar outlets. 2018/12/4

Market Review Taiwan Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area(ft2) No. of Outlets 2004 707 2,900 +1% 245,800 236 2003 604 2,600 -13% 241,500 195 Sales up 17%; sales per sq. ft. up 12% 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 2018/12/4

Market Review Singapore Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area(ft2) No. of Outlets 2004 391 8,700 +13% 48,600 47 2003 348 7,700 -14% 43,600 43 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. 2018/12/4

Market Review Other Markets (in HK$M) Australia Malaysia Indonesia Thailand Japan Total 2004 188 126 119 84 53 570 2003 149 114 90 64 28 445 YOY Change +26% +11% +32% +31% +89% +28% 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%. 2018/12/4

Korea and the Middle East 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. 2018/12/4

Number of Outlets, by Region and by Brand (as at December 31, 2004) Total Giordano core line Giordano Ladies Giordano Junior (standalone) Bluestar Exchange Aruba 6 Australia 42 Brunei 3 Hong Kong 92 53 8 31 Indonesia 45 Japan 24 Korea 172 134 38 Mainland China 671 629 7 2 33 Malaysia 49 Middle East 89 Myanmar 18 Philippines 41 Singapore 47 37 1 9 Taiwan 236 164 57 Thailand 46 Vietnam 4 1,585 1,384 56 121 2018/12/4

Manufacturing Division Accounted for 7% of consolidated turnover Supplied 27% of retail division’s requirement Turnover before elimination up 20% Intra-group sales declined to 68% of turnover Gross margins remained almost unchanged Operating profit up 21.4% New clients in Europe and America 2018/12/4

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 2018/12/4

Outlook Hong Kong Taiwan Singapore 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 2018/12/4

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 2018/12/4