1 Shopper Research Aim, Logistics And Methodology Omnibus Interviews – n=1000 participants: year olds – which stores do people visit frequently? – who are our customers? – how often do they visit our stores? Stage 1 - Shopper Context - Stage 2 - Shopper Opinions & Behaviour - Stage 3 - Size & Value Of Shoppers - Qualitative Research – 12 group discussions: year olds mix male and female mix regular/occasional shopper Sydney and Melbourne – what do they buy and why? – what do they think of GP/SDS/JS? – what do they want from their shopping experience? Quantitative Research – n=900 online surveys: year olds Sydney, Melbourne, Adelaide representative of the Australian population all with access to one of our brands an additional n=163 ‘Our People’ members – how much do they spend with us and in fashion shopping? – what are the things to improve to make them spend more? To identify opportunities for the General Pants Group by understanding broad consumer attitudes and behaviours toward retail fashion shopping and retail fashion brands

2 Male Segment Summary Average Jo’s Chasers Princes* Individualists Size (% of men) – 7% – 15% – 21% – 43% Defined by... – high involvement, effort & desire for recognition – importance of brand & cautious choices – Low price sensitivity – High involvement and desire to stand out – Confident – On the lookout for a bargain – Fashion important & make a lot of effort – But not confident, looking for help – Brand v. important – Feeling a bit out of touch – But not negative – Find shopping stressful Profile – Young, dependent – But high spend on fashion – 25-34s, pre-family – Good income and fairly high spend on fashion – Young, Pre-co-habitation – Good incomes – Spread of ages – Average incomes Media/Brands – V heavy consumption – Love big brands – Less mainstream media – Quirky brands – V mainstream – ‘Blokey’ brands – Mainstream media – Less web usage Shopping Behaviour – Shop 9x a month – V large store repertoire – Most frequent GP visitors – Shop 5x a month – ‘Street’ stores, dept stores, Cotton On, Esprit, Marcs – Fairly frequent SDS/JS visitors – Shop 2x a month – City Beach, DJs, Just Jeans, Tarocash – Fairly frequent SDS/JS visitors – 2x a month – Few standout brands – Average GP/SDS/JS visit frequency Store Demands – The right brands, displayed well, all under one roof & with helpful, knowledgeable staff! – Quality clothes and an enjoyable experience – Feeling comfortable, reassured and inspired by well-known brands – Happy to go it alone, but would appreciate efforts to keep shopping painless

3 Female Segment Summary Average Jo’s* Individualists** Princesses** Size (% of women) – 17% – 18% – 42% Defined by... – High involvement, effort & desire for recognition – Importance of brand & cautious choices – Low price sensitivity though like a bargain – High involvement but a desire to stand out – Confident, not reliant on brands – Price/value conscious – Feeling a bit out of touch – Less concerned about brand – Stick to known brands and what partner likes Profile – Young, dependent though some part-time work – High spend on fashion – 25-34, lower income driving price consciousness – But high % of income goes on fashion – Older (35+) in family lifestage – Part-time worker or ‘housewife’ – Average incomes Media/Brands – V. heavy consumption – Pretty mainstream – Love big/aspirational brands – Slightly less mainstream, though like gossip mags – Like quirky brands – Mainstream choices – Less web interest Shopping Behaviour – Shop 8x a month – Large repertoire of stores – Most frequent female visitors to our brands – Shop 5x a month – Favour value fashion brands & Myer – Shop 4x a month – Fairly good usage of non-value fashion brands Store Demands – The right brands, displayed to give me inspiration – An enjoyable experience with VFM – Good quality, not necessarily lowest price Largely fashion princesses (43%), young, living with parents. Shop 7x a month on average and spend $908 p.a. at GP, 27% of their total wallet

4 Half Of General Pants’ Customers come From The Highly Involved Segments. Fashion Princes and Princesses shop more widely than any other group, so over-index in all our brands. We must not ignore ‘Average Jo’s’ - particularly in SDS. Segment Visitation Analysis Shopper Population (n=900) 12% 16% 10% 43% 19% Princes Princesses Individualists - Male Individualists - Female Chasers - Male Average Jo’s - Male Average Jo’s - Female Rejectors - Male Rejectors - Female F M F F M M F M M GP (n=358) 18% 19% 10% 39% 14% F M F F M M F M M JS (n=181) 16% 14% 12% 45% 13% F M F F M M F M M SDS (n=184) 18% 14% 8% 51% 10% F M F F M M F M M 31%

5 Princes And Princesses Account For 3 Out Of Every 10 Visits To GP, & Almost $4 Out Of Every $10 Spent. Males account for six in ten visits and 60% of spend. Room to boost female visit frequency and spend. General Pants - Segment Presence Base: Visitors to each store Segment Share of Spend for GP Individualists - Female Princes Princesses Individualists - Male Chasers - Male Average Jo’s - Male Average Jo’s - Female Rejectors - Male Rejectors - Female M F M F M F M M F Total Male= 61% Total Female= 39% Share Of Total $ In GP M F M F M F M F M Total Male= 61% Total Female= 39% $502 F M F F M M F M M Total Male= 51% Total Female= 49% F M F F M M F M M Total Male= 51% Total Female= 49% $586 $354 $155 $211 $250 $171 $270 $139 GP Visitors Share of GP Visits GP Visitors Visits per yr Av. Yrly GP spend

6 Average Jo’s Remain The Largest Group In Our Surf Stores, In Terms Of Share Of Visits And Spend However, our Individualists and Chasers are also important due to their spend levels in our stores. SDS/JS - Segment Presence Base: Visitors to each store Segment Share of Spend for Surf F M F F M M F M Total Male= 50% Total Female= 50% M M F M F M F M M F Total Male= 58% Total Female= 42% F M F M M F Total Male= 57% Total Female= 43% M F M Princes Princesses Individualists - Male Chasers - Male Average Jo’s - Male Average Jo’s - Female Rejectors - Male Rejectors - Female Share of SDS/JS VisitsShare Of Total $ In SDS/JSSDS/JS Visitors F M F F M M F M Total Male= 50% Total Female= 50% M $171 $155 $385 $317 $280 $160 $182 $70 $102 Visits per yr Av. Yrly SDS/JS spend

7 Our Street And Surf Brands Are Meeting Different Occasion Needs. Jetty Surf seems to be stronger on ‘casual daytime’ than SDS. Purchase Occasion Analysis Store Usage - Occasionality Casual daytime Evening/weekend casual Going out Beach Work Holiday Sports Wedding/races etc. Other Base: Visitors to each store General PantsSDSJS %% Average Of All Listed Stores

8 Our Street And Surf Brands Have Limited Overlap On The Key Categories. Jetty Surf seems to have a broader category profile than SDS. Purchase Category Analysis Store Usage - Categories T-shirts Jeans Shorts Casual Pants Singlets Shoes Thongs/sandals Collared Ts/Polos Boardies Jackets Sweaters/jumpers Skirts Smart Pants Bags Hoodies Hats Going out women's tops Sneakers Dresses Swimwear Collared going out shirts Sunglasses Jewellery Collared work shirts Other accessories Other clothes Base: Visitors to each store GSSDSJS  Jeans, pants, shoes  Shorts, thongs, boardies, hats, swimmers & sunglasses  As SDS plus singlets, shoes, sweaters, bags, hoodies, % Average Of All Listed Stores % %

9 5 Key Actions To Discuss Some common actions, but the detail differs by brand. – A bigger share of wallet from high spending Princes & Princesses – Get loyalty from the Chasers – Don’t ignore the Average Jo’s Key Segments – Focus on instore environment, partic. space & organisation – Consider expanding occasion suitability for our brands – Consider expanding the categories we’re famous for – Improve perceptions of uniqueness – Focus on communicating VFM – Improve visitation across the board, but partic. women and male Average Jo’s – Improve share of wallet from Male Individualists & Chasers – Improve visitation across the board – Improve share of wallet from Male Individualists & Chasers