1. A member of the Li & Fung (Retailing) Group 3 March 2005 2004 Annual Results Presentation

2. 2004 Hong Kong Retail Sales Value Year-on-year % Change 2004 Total : + 10.8% Source: Census and Statistics Department, HKSAR

3. 2004 Guangzhou Retail Sales Value Year-on-year % Change 2004 Total : + 12% Source: Bureau of Statistics, Guangzhou

4. 2004 Annual Result Presentation Agenda  2004 Financial Results Highlights  2005 Update & Outlook  Questions & Answers

5. 2004 Financial Results Highlights Group Turnover No. of store – HK 146166186205 No. of store - China -2 720 + 15.2 %

6. 2004 Financial Results Highlights Group Net Profit + 10.3% * * * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised)

7. 2004 Financial Results Highlights Net Profit as % of Turnover - 0.2% * * Restated for income tax effect per SSAP No.12 (revised) and long service payment costs per SSAP No.34 (revised) *

8. 2004 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) * * + 0.9 Cent

9. 2004 Financial Results Highlights Gross Margin / Other Income* + 0.5% * Exclude Interest Income

10. 2004 Financial Results Highlights Store Operating Expenses 22.1 23.3 22.7 24.0

11. 2004 Advertising & Promotions Lucky Star Promotion Bidding Promotion OK200 Promotion Kung Fu Promotion

12. 2004 Achievements Total Distribution: 1,112,000 Tickets Period of Voting: 1 - 7 November 2004

13. 2004 Achievements Caring Company Award 2004/2005 Good People Management Award 2004 by Labour Department Service Category Leader of Supermarket / Convenience Stores Category (March – May 2004) of HKRMA Mystery Shoppers Programme Bronze Award of Good Housekeeping Plan 2004 by Occupational Safety & Health Council

14. 2004 Financial Results Highlights 20032004Change Number of Stores 193225 + 32 Group Turnover (HK$ M) 1,526.11,757.6 + 15.2% Group Net Profit (HK$ M) 60.767.0 + 10.3% Net Profit as % of Turnover 4.0%3.8% - 0.2% Basic Earnings Per Share 9.1 Cents 10 Cents + 0.9 Cent Total Dividend Per Share 4 Cents 5 Cents + 1 Cent  Paid Mid Year 1 Cent 1.25 Cents  To Be Paid 3 Cents 3.75 Cents

15. 2005 Update & Outlook

16. 2005 Hong Kong Retail Environment  Gradual improvement in local consumers’ spending  Increasing competition  Increasing rental cost pressure

17. Hong Kong Market – Key Strategies 1.Build competitive edge & store network 2.Efficiency and effectiveness of supply chain 3.Pillars to support China growth 4.245 stores, $2.0 billion sales, $48 million capex

18. Pearl River Delta 2005 Retail Environment  Income per capita and savings continue to increase  Inflation will continue to be driven by the pricing of primary materials, energy and logistics  Growth in internal consumption will remain healthy  Stable rental but upward pressure on labour and utility costs

19. China Market – Key Strategies 1.Major change in strategy – building store network as top priority and taking the risk 2.Dual brand, multiple cities within the Pearl River Delta to expedite growth 3.Focus on Pearl River Delta before expanding to other regions 4.Aggressively look for non-organic growth opportunities in Southern China market and other regions 5.80 stores, $100 million sales, $35 million capex

20. Dongguan Sun-High Convenience Store Chain  A chain of about 80 franchised convenience stores in Dongguan  Annualized sales of about RMB80 million  Signed investment agreement  CRA owns 60% of enlarged capital  Conditional on obtaining government approval  Certain conditions to be fulfilled by existing shareholders  Shorten learning curve on franchising in China  Additional brand to speed up network expansion  Little impact on 2005 profitability or cash flow

21. 2005 Update & Outlook To Summarize 1.Better consumer spending but upward pressure on operating expenses in HK 2.Change strategies for establishing market leadership in Southern China  Accept the risk  Fast growth of store network  Invest in infra-structure support & operating loss 3.Continue to evaluate non-organic growth opportunities