1. 2005 Annual Results Presentation Member of Li & Fung Group 9 March 2006

2. 2005 Annual Result Presentation Agenda  Overall Hong Kong & Guangzhou Retail Markets  2005 Financial Results Highlights  2006 Update & Outlook  Questions & Answers

3. 2005 Hong Kong Consumer Price Index Year-on-year % Change Source: Census and Statistics Department, HKSAR

4. ACNielsen Economic Confidence Index Period 1994199519961997199919982000200120022003200420052006 Base: January 1985 = 100 Source: ACNielsen Confidence Index

5. 2005 Hong Kong Retail Sales Value Year-on-year % Change Source: Census and Statistics Department, HKSAR

6. 2005 Guangzhou City Consumer Price Index Year-on-year % Change Source: Bureau of Statistics, Guangzhou

7. 2005 Guangzhou Retail Sales Value Year-on-year % Change Source: Bureau of Statistics, Guangzhou

8. 2005 Financial Results Highlights Group Turnover No. of store – HK 166186205230 No. of store - China 272045 +15% * Restated * * *

9. 2005 Financial Results Highlights Group Net Profit +11% * Restated * **

10. 2005 Financial Results Highlights Net Profit as % of Turnover - 0.1% * Restated * * *

11. 2005 Financial Results Highlights Strong Promotions & Turnover McmugMiffy Lucky Star Tissue Garfield

12. 2005 Financial Results Highlights Gross Margin / Other Income * Restated * * *

13. 2005 Financial Results Highlights Store Operating Expenses 22.2%* 23.2%* 22.7%* 24.5% * Restated

14. 2005 Financial Results Highlights Basic Earnings Per Share + 1 Cent * Restated * * *

15. 2005 Financial Results Highlights 20052004Change Number of Stores 275225 + 50 Group Turnover (HK$M) 1,995.21,736.5* + 15% Group Net Profit (HK$M) 73.666.3* + 11% Net Profit as % of Turnover 3.7%3.8%* - 0.1% Basic Earnings Per Share 10.9 Cents 9.9 Cents* + 1 Cent Total Dividend Per Share  Paid Mid Year  To Be Paid 1.5 Cents 4.5 Cents 1.25 Cents 3.75 Cents * Restated

16. 2005 Financial Results Highlights 4 th Quarter 20052004Change Group Turnover (HK$M) 524.2442.9* + 18% Group Net Profit (HK$M) 20.919.4* + 8% Net Profit as % of Turnover 4.0%4.4%* - 0.4% Basic Earnings Per Share 3.1 Cents 2.9 Cents* + 0.2 Cent * Restated

17. Year-On-Year Profitability Growth * * Restated * *

18. 2005 Achievements – New Markets Circle K Macau Circle K Zhuhai Circle K Dongguan Market office set up in Shenzhen

19. 2005 Achievements Caring Company Award 2005/2006 Best Employers in Asia 2005 by Hewitt Associates LLC

20. 2006 Update & Outlook

21. 2006 Hong Kong Market Outlook  Local consumer spending continues to increase gradually  Pressure on store operating expenses  Rising rental for stores up for renewal

22. Retail Rental Changes By Area Index (Q1 1996=100) Source: CB Richard Ellis

23. 2006 Hong Kong Market Outlook  Local consumer spending continues to increase gradually  Pressure on store operating expenses  Rising rental for stores up for renewal  Inflation on labour and utility expenses  Free newspapers and price war still developing  Fierce competition  Strong promotions to drive comparable store sales growth  Consistent increase in store number sales and profitability

24. 2006 Pearl River Delta Market Outlook  Income per capita and retail spending continue to increase  Upward movements in raw material, energy and logistics costing  Stable rental but upward pressure on labour and utility costs  First full year of multi-city growth in Guangzhou, Dongguan, Shenzhen, Zhuhai – focus on increasing number of stores  Macau to grow at consistent pace  Sun-High Chain acquisition application – finally moving through  Peak investment year for the Pearl River Delta market

25. 2006 Market Outlook To Summarize  Better market conditions but inflation pressure on operating expenses in Hong Kong  Priority of opening stores throughout the PRD  First full year of multi-city expedited growth  Peak investment year for the Pearl River Delta market  Impact on CRA’s profitability growth trend  Solid cash-flow and balance sheet  M&A opportunities

26. 2005 Annual Results Presentation Member of Li & Fung Group 9 March 2006