March 21, Final Results - Giordano1

March 21, Final Results - Giordano2 Group Financial Highlights For the Year Ended December 31, 2005 YOY change (%) Turnover (HK$M)4,4134, Gross profit (HK$M)2,2432, EBITDA (HK$M) Operating profit (HK$M) Profit attributable to shareholders (HK$M) Earnings per share (HK cents) Dividend per share - interim (HK cents) - special interim (HK cents) - final (HK cents) - special final (HK cents) - total for year (HK cents) Dividend payout ratio (%)

March 21, Final Results - Giordano3 Selected Financial Highlights & Ratios Selected Financial Highlights & Ratios For the Year Ended December 31, Net cash & bank balances (HK$M) Cash inflow from operating activities (HK$M) Inventory turnover on sales (days)3130 Current ratio (x) Gross margin (%)50.8 Operating margin (%) Net margin (%)9.29.7

March 21, Final Results - Giordano4 Divisional Highlights Divisional Highlights For the Year Ended December 31, 2005 TurnoverOperating Profit Division2005 (In HK$M) 2004 (In HK$M) YOY % Change 2005 (In HK$M) 2004 (In HK$M) YOY % Change Retail & Distribution 4,0023, Garment Trading & Manufacturing 1, Intra-division Elimination (632)(560) Total4,4134,

March 21, Final Results - Giordano5 Retail & Distribution Division For the Year Ended December 31, 2005 Retail & Distribution Turnover Composition by Market Mainland China 25% (25%) Hong Kong 22% (22%) Taiwan 18% (19%) Singapore 10% (10%) Others 19% (19%) Australia 6% (5%) Note: 2004 figures in brackets

March 21, Final Results - Giordano6 Retail & Distribution Division For the Year Ended December 31, 2005 Retail & Distribution Turnover Composition by Brand Giordano Ladies 5% (4%) Bluestar Exchange 8% (8%) Giordano core line + Junior 87% (88%) Note: 2004 figures in brackets

March 21, Final Results - Giordano7 Retail & Distribution Division For the Year Ended December 31, 2005 Total comparable store sales- 0.5% Total comparable store gross profit+ 0.9% ASP increased for all three brands Brand Statistics Giordano core line + Junior Giordano Ladies Bluestar Exchange Retail & Distribution Total 2005 Turnover (HK$ M) 3, ,002 Turnover Growth (YOY % Change) Gross Margin (YOY Basis Point Change)

March 21, Final Results - Giordano8 Retail & Distribution Division Market Review – Mainland China Late winter hurt sales in 4Q05. Full year sales up 4%; sales per sq. ft. held constant. Overall ASP increased. All brands posted gross margin improvements. Added 35 outlets in Plans to add about 40 outlets in 2006 (30 Giordano and 10 Bluestar). * Includes all outlets ** Includes directly managed outlets only Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area (ft 2 ) No. of Outlets *2,400 **+ 6% **585,600 *706 * *2,400 **+ 7% **557,800 *671 *

March 21, Final Results - Giordano9 Sales up 7%; sales per sq. ft. grow 4%. All three brands achieved ASP increases. Overall gross margins stayed relatively unchanged. Added nine outlets in Planning to add image store in Mongkok and renovate Causeway Bay flagship. Also planning first Giordano Ladies airport store. Retail & Distribution Division Market Review – Hong Kong Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area (ft 2 ) No. of Outlets ,400+ 4%119, , %113,70092

March 21, Final Results - Giordano10 Sales up 4%; sales per sq. ft. up 3%. Deteriorating consumer confidence hurt sales. 2H05 sales down 6.8% YOY. All brands showed gross margin and ASP improvements. Net addition of one outlet in Consumer sentiment remains weak due to negative household income growth and consumer credit crunch. Retail & Distribution Division Market Review – Taiwan Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area(ft 2 ) No. of Outlets ,000- 6%243, ,900+ 1%245,800236

March 21, Final Results - Giordano11 Sales up 3%; sales per sq. ft. down 5% and comp store sales down 1%. Gross Margins and ASP held steady. Added one store in Plans to open second Giordano Ladies store in Retail & Distribution Division Market Review – Singapore Sales (HK$M) Sales per Sq. ft. (HK$) Comp. Store Sales Chg. Retail Floor area(ft 2 ) No. of Outlets ,300- 1%50, , %48,60047

March 21, Final Results - Giordano12 As a group, these markets achieved the 12% YOY sales growth, better than our main markets. Australia sales up 18% with 10 stores added, including first Bluestar store. For Southeast Asia, sales growth mainly due to new store openings. Malaysia: 4; Indonesia: 17; Thailand: 11. Japan further narrowed its loss in Target to break even in Retail & Distribution Division Market Review – Other Group Markets (in HK$M)AustraliaMalaysiaIndonesiaThailandJapanTotal YOY Change + 18%-+ 17%8%+ 19%+ 12%

March 21, Final Results - Giordano13 Sales up 11.2% year-on-year in South Korea. Sales down 0.9% in local currency terms. 4 store closed in Middle East sales up 15.3% year-on-year in stores added in Retail & Distribution Division Market Review – Non-group Markets Sales (HK$M) Comp. Store Sales Chg. No. of Outlets South Korea Middle East

March 21, Final Results - Giordano14 Retail & Distribution Division Number of Outlets, by Region and by Brand As at December 31, 2005 As at December 31, 2004 YOY Change Giordano core line Giordano Ladies Giordano Junior Bluestar Exchange Total Australia Hong Kong Indonesia Japan Korea Mainland China Malaysia Middle East Philippines Singapore Taiwan Thailand Others Total 1, ,6941,

March 21, Final Results - Giordano15 Garment Trading & Manufacturing Division For the Year Ended December 31, YOY % change Sales including internal sales (HK$M)1, Sales to external customers (HK$M) Percentage of Retail & Distribution’s total purchase 29.7%28.0%NA Operating Margin (%)5.6%6.2%NA Contribution to the Group’s operating profit11.2%10.4%NA 60.6% of divisional sales to Group companies, down from 68.0% in Operating margin declined by 0.6% because of increased competition. Transitioning from an OEM to ODM model to cement customer relationships and grow sales and margins.

March 21, Outlook General Continuing concerns about high oil prices, rising interest rates and possible outbreak of avian flu. Erratic weather negatively affected sales in Feb Group turnover for the first two months of 2006 showed high single digit YOY decline. Situation improved in March, and inventory remains healthy. We will focus on enhancing merchandising and customer care. –Targeted merchandising to enhance comp store sales. –World Without Strangers global CRM program to enhance customer loyalty.

March 21, Final Results - Giordano17 Outlook Hong Kong Strategic new store openings (HK Airport, Mongkok and Macau) and refurbishment of Causeway Bay flagship to strengthen market presence. Sponsorship of 30th HKIFF to enhance brand image. Focus on organic growth Mainland China Growth through new store openings (40) and comp store sales growth Grow wholesale turnover with better merchandising

March 21, Final Results - Giordano18 Outlook Taiwan Consumer confidence weakened by negative household income growth and credit crunch Increased cross-strait tensions Focus on operations Singapore Second Giordano Ladies store planned for 2006

March 21, Final Results - Giordano19 Outlook South Korea Slow and erratic recovery of retail sector. Continued focus on gross margin enhancement and cost controls in light of uncertain prospects. Plans for 10 new stores in India Open first Giordano store in 2Q06 Measured store roll-out plan with 2-3 store openings in 2006 and a similar number in 2007 More aggressive roll-out after we have gained market knowledge and experience