Howard McDonaldManaging Director

Macquarie SecuritiesEmerging Leaders Conference

May 2005

-$42,18466,33166,331108,515Net Debt ($m)

+4.8x13.2x12.4x8.4xInterest Cover (x)

+0.42x4.93x4.90x4.51xAnnualised Stock Turns

+183bp14.44%13.93%12.61%EBITA Margin (%)

+62bp58.12%58.15%57.50%GP (%)

+46.3%30,86328,01821,097NPAT ($m)

+31.4%47,51144,66636,151EBIT ($m)

+26.7%50,01447,17039,469EBITA ($m)

+19.7%57,68154,83648,169EBITDA ($m)

+11.9%201,346196,861179,968Gross Profit ($m)

+10.7%346,457338,525312,995Sales ($m)

272627No. Weeks

Change05 Adjusted

H12005 Adjusted

H12005

H12004

Key operating Metrics for 20051st Half

Continued Sales and Profit Growth

378.8

442.6

559.4

338.5313.0

0

100

200

300

400

500

600

700

2001A 2002A 2003A 2004A 2005 H1

Sale

s $m

SALES

23.1

31.9

49.247.2

39.5

0

10

20

30

40

50

60

70

80

2001A 2002A 2003A 2004A 2005 H1

EBIT

A $

m

EBITA

’01-04CAGR 17.3%

8.2%GROWTH

’01-04CAGR 48.1%

19.6%GROWTH

610.475.0

Formidable Presence in Shopping Centres

Portfolio Focused on Affordable Fast Fashion

Surf Shops

DepartmentStores

DiscountDepartment

StoresDiscountSpecialtyChains

Fashion +

Fashion -

Price - Price +

DepartmentStores

DiscountDepartment

StoresDiscountSpecialtyChains

Focused Segments for Each Brand

40

10

Fashion Casual

JACQUI E

DOTTI

PORTMANS

JUST JEANS

JAY JAYS

PETER ALEXANDER

TAR

GET

AG

E

PRODUCT OFFER

Strong Denim 5 Stores Closed Profit Up

Solid Result in Just Jeans

TV Commercial – April 2005

Growth Continues in Jay Jays

Strong Growth 20 New Stores Retailer of the Year

TV Commercial – May 2005

Continued Profit Growth in Portmans

Increased Fashionability

Net 6 Stores Opened

EBITA Margins Increased

TV Commercial – May 2005

Outstanding Result in Jacqui E

New Store Refit Excellent Ranges

VIP Mailout – February 2005

5 New Stores

Store Strategy for Peter Alexander

Brand Health Strong 2 Stores Opened in Melbourne

Sydney Stores Opening

Catalogue – Winter 2005

Integration of Dotti on Track

Acquisition Completed in October

16 Stores up from 10 Strong Reaction to Stores and Ranges

Advertorial – May 2005

Supply Chain Speed is Critical

2 Weeks 4-6 Weeks 4-6 Weeks

12-14 Weeksto DC

Range Reviews

PatternMaking & Placement

Development

Fabric Production

Garment Production

Shipping

OffshoreRe-order Cycle

LocalRe-make Cycle

2-4 Weeks

2-3 Weeks

New Altona Distribution Centre

Record Investment in Retail Machine

• $6m in new POS

• New DC in Altona

• 53 new stores

• 161 stores refurbished

• Ongoing brand support

• Strong people development

• Faster supply chain

Hong Kong

Shanghai

Ningbo

Nanjing

Hangzhou

Dongguan Shenzhen

Li & Fung

China Sourcing Secure

• 34 years in China

• Li & Fung as agent

• Direct contact with all factories

• 13 key factories with Just Group as major customer

• Counter-seasonal buying

• Pressure on costs, but holding

• Tariffs reduced from 1 January 2005

Balanced Portfolio, Profitable Growth

Casual/Youth

Womens

OptimiseCash Generators

DriveGrowth Engines

Develop NextGrowth Options

ExploreNew Concepts

No net new stores

30-50 new stores

60-100 new stores

Ongoing Evaluation

Medium Term Store Growth