1. 2 nd Quarter 2002 Results Presentation A member of the Li & Fung (Retailing) Group CRA Website: www.cr-asia.com 29 July 2002

2. 2 2 nd Quarter 2002 Results Presentation Agenda  2 nd Quarter 2002 Financial Results Highlights  2002 Update & Outlook  Questions & Answers

3. 3 2 nd Quarter 2002 Financial Results Highlights Group Turnover – 2 nd Quarter 2002 No. of Stores: 114 123 146 132 151 + 5%

4. 4 2 nd Quarter 2002 Financial Results Highlights 121 Stores Comparative Sales - 6%

5. 5 2 nd Quarter 2002 Financial Results Highlights Group Turnover – June YTD 2002 No. of Stores: 114 123 146 132 151 + 6% 628.4 666.0

6. 6 2 nd Quarter 2002 Financial Results Highlights Group Net Profit – 2 nd Quarter 2002 + 9%

7. 7 2 nd Quarter 2002 Financial Results Highlights Group Net Profit – June YTD 2002 + 8% 29.3 31.8

8. 8 2 nd Quarter 2002 Financial Results Highlights Net Profit as % of Sales – 2 nd Quarter 2002 + 0.3%

9. 9 2 nd Quarter 2002 Financial Results Highlights Net Profit as % of Sales – June YTD 2002 + 0.1%

10. 10 2 nd Quarter 2002 Financial Results Highlights Basic Earnings Per Share – 2 nd Quarter 2002 + 7%

11. 11 2 nd Quarter 2002 Financial Results Highlights Basic Earnings Per Share – June YTD 2002 + 4% 4.84.6

12. 12 Why 2 nd Quarter 2002 Favorable Results? Higher at Gross Margin/Other Income + 1.9%

13. 13 Why 2 nd Quarter 2002 Favorable Results? Offset By Higher Expenses as % of Sales Expenses as % of Sales2002 vs 2001  Store Operating Expenses(1.2%)Higher  China Start-up Expenses(0.1%)Higher

14. 14 2 nd Quarter 2002 Financial Results Highlights 2 nd Qtr 20012 nd Qtr 2002 2 nd Qtr 20012 nd Qtr 2002 Group Turnover (HK$ Million)$326.5$343.4+ 5% Group Net Profit (HK$ Million) $18.1 $19.8+ 9% Net Profit as % of Turnover5.5%5.8%+ 0.3% Basic Earnings Per Share 2.8 Cents3.0 Cents+ 7%

15. 15 June YTD 2002 Financial Results Highlights June YTD 2001June YTD 2002 June YTD 2001June YTD 2002 Group Turnover (HK$ Million)$628.4$666.0+ 6% Group Net Profit (HK$ Million) $29.3 $31.8+ 8% Net Profit as % of Turnover4.7%4.8%+ 0.1% Basic Earnings Per Share 4.6 Cents4.8 Cents+ 4%

16. 16 2002 Update & Outlook

17. 17 2002 Update & Outlook Circle K Hong Kong  Rising Unemployment, Continuing Deflation, Declining Consumer Confidence  No Signs of Recovery  Tough 2 nd Half 2002

18. 18 2002 Update & Outlook Circle K Hong Kong – Store Growth  Beginning of Year:146  Opened So Far: + 5  In Progress:+10  Target Store Number:170 at End of the Year

19. 19 2002 Update & Outlook Circle K Hong Kong Tactics  Focus on Managing Pricing, Gross Profit & Controlling Expenses  Aggressive Promotions Targeted at Youngsters  Develop Fast-growth Product Categories – Food Services, Phone Cards and Store Services

20. 20 2002 Update & Outlook Circle K China  Notification of Approval from Beijing SETC, MOFTEC & SAIC  Awaiting Written Approval  Taking Possession of Sites in August  Very Likely Store Openings in Sep/Oct 2002

21. 21 2002 Update & Outlook To Summarise  Tough Hong Kong Market Slowing Profit Growth  About to Commence Business in Southern China  China Start-up Cost to Increase  Volatility in Rate of Profit Growth in 2 nd Half 2002

22. 2 nd Quarter 2002 Results Presentation A member of the Li & Fung (Retailing) Group CRA Website: www.cr-asia.com 29 July 2002