Group sales 10% Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance

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1 2016 First Quarter Update 4 May 2016

2 Overview Group sales 1 Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance Gross margin 2.5pp; gross profit 6% CSGP 1% despite CSS 2% due to margin improvement ITOC 6 days to 78 days from year-end, 9 days from last Mar Unseasonably cooler March delayed sales of Spring merchandise Net cash and bank balances HK$116m from year-end, primarily attributed to cash flow from operations Number of outlets: 2,372 4 May 2016 Giordano First Quarter Update 2

3 Group Sales by Region (HKD millions) 1,600 1,445 1,400 1,306 1, (29%) Mainland China 16% / 12%* 353 (27%) 1,000 Mainland China (3) Hong Kong & Taiwan 6% / 4%* 411 (31%) Hong Kong & Taiwan Rest of Asia Pacific Middle East Group Wholesale to 3rd Parties (23%) Rest of Asia Pacific 1% / 7%* 341 (26%) % to group sales in brackets (11%) Middle East 12% / 12%* 137 (11%) 97 (7%) Group wholesale to 3 rd parties 64 (5%) 1Q15 34% 1Q16 * Sales growth translated at 2015 exchange rates 4 May 2016 Giordano First Quarter Update 3

4 Quarterly Global Brand Sales and YOY Change Net shop closure reduced brand sales (HKD millions) (%) 2,500 2,000 1,500 2% 1% 3% 2% 1% 1, ,044 1,940 1,639 1,737 1,542 1,644 1,528 1,668-4% -4% 504-6% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16 Brand Sales YOY Change -3% -4% -6% -7% 4 May 2016 Giordano First Quarter Update 4

5 Group CSS and CSGP Growth by Quarter GP$ focus, CSGP (red line) > CSS (blue line) 8% 6% 4% 2% 7% 4% 6% 5% 4% 4% 1% 2% 2% -4% -6% -3% -6% -8% -1-12% -9% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16 CSS Growth CSGP Growth 4 May 2016 Giordano First Quarter Update 5

6 CSS and CSGP Growth by Quarter Mainland China Positive CSGP; focus on franchise and e-business developments 16% 14% 12% 1 8% 6% 14% 1 9% 1 4% 2% -4% 4% 4% 2% 2% 1% 1% 1% 2% -3% -3% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16 CSS Growth CSGP Growth 4 May 2016 Giordano First Quarter Update 6

7 CSS and CSGP Growth by Quarter Hong Kong & Macau Positive CSGP despite tough retail environment Cooler March delayed sales of Spring merchandise 15% 1 12% 9% 12% 11% 5% 5% 4% 2% 1% -1 1% -3% -4% -4% -6% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16 CSS Growth CSGP Growth 4 May 2016 Giordano First Quarter Update 7

8 CSS and CSGP Growth by Quarter Taiwan High base in 2015; similar to HK, cooler March impacted sales 2 18% 15% 16% 1 5% 3% 6% 3% 5% 5% 7% 5% -3% -3% -4% -3% -1-15% -2 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16-13% -14% CSS Growth CSGP Growth 4 May 2016 Giordano First Quarter Update 8

9 CSS and CSGP Growth by Quarter Rest of Asia Pacific TH: Growth trend continues; ID: Volatile MY: Recovering; SG: Positive CSGP despite tough retail market 15% 1 5% -1-15% -2-9% -16% -1-15% 1% -6% 11% 7% 6% 6% 6% 6% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16 CSS Growth CSGP Growth SMIT SG 1% ID 1 MY 5% TH 15% 4% 4% SMIT SG ID 8% MY 3% TH 16% SMIT SG 7% ID 8% MY 1 TH 16% 3% SMIT SG 1% ID 12% MY 12% TH 15% 4 May 2016 Giordano First Quarter Update 9

10 CSS and CSGP Growth by Quarter Middle East Weak regional economic conditions 1 7% 7% 5% 4% 1% KSA 4% UAE 4% Others 9% -1-15% -2-6% -7% -9% -6% -11% -11% -12% -7% KSA 13% UAE 17% Others 16% KSA 11% UAE 1 Others 11% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16-11% -15% -7% KSA 3% UAE 1 Others 13% CSS Growth CSGP Growth 4 May 2016 Giordano First Quarter Update 10

11 CSS and CSGP Growth by Quarter South Korea Sign of gradual recovery 15% 1 9% 5% -1-15% -2 3% 2% 7% -3% -8% -7% -13% -11% -13% -15% -17% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Apr-16 CSS Growth CSGP Growth 4 May 2016 Giordano First Quarter Update 11

12 Global Retail Network Canada 1 outlet Georgia -3 to 8 outlets Saudi Arabia +1 to 91 outlets Zambia 1 outlet Armenia -1 to 2 outlets Bahrain 5 outlets Qatar 6 outlets U.A.E. -1 to 45 outlets Oman 3 outlets Kuwait +1 to 10 outlets Pakistan +1 to 9 outlets India -7 to 42 outlets Myanmar 112 outlets Thailand 153 outlets Nepal 1 outlet Sri Lanka 5 outlets Cambodia 1 outlet Australia 22 outlets Mainland China +3 to 894 outlets Hong Kong & Macau 71 outlets Philippines 68 outlets Brunei 2 outlets Indonesia +5 to 229 outlets Malaysia 90 outlets Singapore +1 to 48 outlets South Korea -1 to 197 outlets Japan 9 outlets Taiwan +6 to 211 outlets Vietnam 25 outlets Worldwide total: 2,372 as at 31 March 2016 Net openings: +1 in 1Q16 4 May 2016 Giordano First Quarter Update 12

13 Gross Profit Variance Analysis by Group and by Region (HKD millions) 1Q15 Gross profit Average product costs Average selling price Volume Exchange impact* Misc. 1Q16 Gross profit Mainland China (28) (8) 183 Hong Kong & Macau (15) 2 (2) 156 Taiwan (2) 1 (8) (1) 98 Rest of Asia Pacific 200 (9) 41 (10) (19) (3) 200 Middle East (11) (13) 7 91 Wholesale & Intercompany (8) (8) 26 Market mix variance (2) 22 (21) 1 Group (77) (35) Remark: The above variances include other mix impacts such as product mix and sales channel mix. Average product costs 7% lower raw material costs, expansion of strategic supplier network ASP 3% reduced pressure on inventory clearance Volume 1 subdued consumption sentiment 4 May 2016 Giordano First Quarter Update 13

14 Quarterly Group Gross Margin and YOY Change Gross margin (%) 7 6 YOY Change (%) 2.5% 3% 2% % 60.4% 57.9% % -1.8% -2.3% 0.8% 0.1% -0.9% 59.5% % 57.7% 1% -3% 1-4.4% -4% 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Quarterly Gross Margin Quarterly YOY Change 4 May 2016 Giordano First Quarter Update 14

15 Group Gross Margin Change 59% 58% 1. 57% 56% 1.1% 0.4% 0.4% 0.4% 55% 54% (0.8%) 57.7% 53% 52% 55.2% 51% 5 1Q15 Gross margin Increase in purchase costs due to currency depreciation Margin improvement in Mainland China Margin improvement in Hong Kong and Taiwan Margin improvement in Rest of Asia Pacific Margin improvement in Middle East Less contribution from wholesale 1Q16 Gross margin 4 May 2016 Giordano First Quarter Update 15

16 Free Cash Flow & Net Cash and Bank Balances (HKD millions) 1Q16 1Q15 Change Free cash flow from operations (54%) Net cash and bank balances as at quarter-end 1,192 1,149 4% Free cash flow 54%, mainly caused by changes in working capital (HKD millions) At Dec-15 1Q16 Changes in working capital At Mar-16 1Q15 Changes in working capital Inventory 491 (49) 442 (62) Accounts receivables 264 (36) 228 (53) Other receivables 170 (1) Accounts payables (232) 87 (145) (1) Other payables (325) 20 (305) (7) (100) As CNY fell earlier this year, inventory for sale in CNY was received before year end, but payments were made after year-end. This distorted the timing of receiving inventory and payment to suppliers. 4 May 2016 Giordano First Quarter Update 16

17 Inventory System Inventory (HKD millions) Inventory Mar 2015 Dec 2015 Mar 2016 Inventory Turnover days (Days) (HKD millions) Mar 2015 Dec 2015 Mar 2016 YOY change Inventory balance held by the Group (10) Inventory balance held by franchisees in China Finished goods at suppliers (not yet shipped) Total system inventory The unseasonably cooler weather in March delayed the deliveries of the spring/summer merchandise in Greater China, causing higher finished goods balance at suppliers. 15% 4 May 2016 Giordano First Quarter Update 17

18 Outlook Maintain/slightly improve GP% in the rest of the year through: enhancing suppliers production efficiency improving product quality for higher selling price eliminating unnecessary design details to mitigate fashion risks Mainland China: expect CSS and CSGP (in particular e-business) better than Group s averages with the improvements achieved towards franchising expansion and healthier margins Middle East: rectify the merchandising problem to improve sales and gross profit South Korea: yield better gross margin going forward under concerted sourcing efforts with the Group Sustain good cash balances by properly managing the working capital and cash flow generated from operations; no large CAPEX contemplated in the near term 4 May 2016 Giordano First Quarter Update 18

19

20 Summary of Total Sales, CSS and CSGP Growth (HKD millions) Total Sales CSS CSGP For the quarter ended Mar 31, Change Mainland China % -3% +14% +2% +1 Hong Kong & Macau % +1% +12% +2% +9% Taiwan Flat -4% +18% -3% +16% Rest of Asia Pacific % +4% +11% +4% +7% Singapore % +18% Flat +15% Indonesia % +1 +1% +8% -6% Malaysia Flat -3% -3% Thailand % +15% +24% +16% +2 Australia % -14% +2-16% +19% India 5 5-3% -38% +9% -21% -13% Cambodia n/a +36% n/a Middle East % -15% -11% UAE % -17% -4% -1-4% Saudi Arabia % -13% Flat -11% Flat Others % -16% +6% -11% Flat Retail & Distribution 1,286 1,348 +7% +1% +4% Group wholesale to 3 rd parties % Total at 2015 exchange rates 1,350 1,445-7% Translation difference (44) Total 1,306 1, May 2016 Giordano First Quarter Update 20

21 Global Retail Network Number of outlets Giordano & Junior Giordano Ladies As at 31 March 2016 BSX Others Total As at Dec-15 Change Mainland China Indonesia Taiwan South Korea Middle East Thailand Myanmar Malaysia Hong Kong & Macau Philippines Singapore India Vietnam Australia Japan Other markets Total 2, ,372 2, May 2016 Giordano First Quarter Update 21

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