1. 2003 Annual Results Presentation A member of the Li & Fung (Retailing) Group 3 March 2004

2. 2003 Hong Kong Retail Sales Value Year-on-Year % Change Total: $173 Billion - 2.3% Source: HKSAR, Census and Statistics Department

3. 2003 Annual Results Presentation Agenda  2003 Financial Results Highlights  2004 Outlook & Update  Questions & Answers

4. 2003 Financial Results Highlights Group Turnover No. of stores - HK 123146166186 No. of stores - China --27 HK Retail Sales + 3.8% - 1.2% - 4.1% - 2.3% + 9.5%

5. 2003 Financial Results Highlights Group Net Profit * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised) + 0.5% * * *

6. Net Profit By Market 20022003Change Hong Kong Market (HK$ Million) 61.669.27.6 China Market (HK$ Million) (1.2)(8.5)(7.3) Total (HK$ Million) 60.460.70.3

7. 2003 Financial Results Highlights Net Profit as % of Sales - 0.3% * * * * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised)

8. Total 2003 Sales Increased Yet Comparable Stores Sales Dropped Total 2003 + 9.5% Total 2003 - 1.1%

9. Slight Decline in Gross Margin / Other Income - 0.2%

10. Tight Control of Store Operating Expenses 22.022.2 22.7 23.3

11. 2003 Financial Results Highlights Basic Earnings Per Share * * * * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised)

12. 2003 Financial Results Highlights 20022003Change Number of Stores 168193 + 25 Group Turnover (HK$ Million) 1,393.51,526.1 + 9.5% Group Net Profit (HK$ Million) 60.4 * 60.7 + 0.5% Net Profit as % of Turnover 4.3% * 4.0% - 0.3% Basic Earnings Per Share 9.1 Cents * 9.1 Cents - Total Dividend Per Share  Paid Mid Year  To Be Paid - 4 Cents 1 Cent 3 Cents + 4 Cents * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised)

13. 4 th Quarter 2003 Financial Results Highlights 20022003Change Group Turnover (HK$ Million) 360.8394.0 + 9.2% Group Net Profit (HK$ Million) 17.1*18.6+9.1% Net Profit as % of Turnover 4.7%*4.7%- Basic Earnings Per Share 2.6 Cents* 2.8 Cents + 0.2 Cent * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised)

14. Year-On-Year Quarterly Profitability Growth * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised) * * * *

15. 2003 Achievements – Hong Kong 1.Excellence in Customer STF Services (Speed, Tidiness and Friendliness)

16. 2003 Achievements – Hong Kong 2.Customization of Store Types  Mega store with “Hot & In” counter  Mini store

17. 2003 Achievements – Hong Kong 3.Great Category Management Initiatives Microwave Lunch Boxes Premiums Redemption Weekend Specials

18. 2003 Achievements Winner of “Award for Excellence in Training 2003” organized by The Hong Kong Management Association – Silver Award Caring Company Award 2003/2004 Selected as a Case Study for the Citigroup International Case Competition 2003 jointly organized with the HKUST

19. 2003 Achievements Refining Store Model in China  Fresh and hot bakery and gourmet hot drinks  STF&F (Speed, Tidiness, Friendliness & Fun)  76% preferred Circle K  60 m 2 small store model  Reduced CAPEX per store by RMB200K  Positive store contribution in November and December 2003

20. 2004 Update & Outlook

21. 2004 Update & Outlook Circle K Hong Kong – Quality Growth  Overall consumer sentiment improving  Deflation and high unemployment will continue  Expect improvement in comparable store sales  Our quality strategies  Great customer experience  Efficiency and cost control  New product categories  Creative promotions  Quality and profitable new outlet growth  210 stores by year-end

22. 2004 Update & Outlook Circle K China – Aggressive Growth  Differentiation and customer preference strategies  Year of aggressive growth  40 stores by end of the year in Southern China  Evaluate option of acquisition  Expansion to Northern or Eastern China market

23. 2004 Update & Outlook To Summarize  Quality growth in Hong Kong  Aggressive growth in China  Building customer preference is the key  Good balance between top line and profitability