Howard McDonaldChief Executive Officer

October 2004

Portfolio of Leading Apparel Brands

Portfolio Performance

Sales $620mPeter Alexander

2%

Jacqui E12%

Portmans17%

Urban Brands3%

Just Jeans39%

Jay Jays27%

Casual

Womens

686 Stores

NSW / ACT213

VIC / TAS152

QLD / NT118

SA 44

WA 56

NZ 103

Brand Map –Affordable Fast Fashion

Fashion +

Fashion -

Price - Price +

Surf Shops

DepartmentStores

DiscountDepartment

StoresDiscountSpecialtyChains

0

50

100

150

200

1997 1998 1999 2000 2001 2002 2003 2004F 2005F

Sale

s ($

m)

0255075100125150175200

Store No.'s

Stores Sales

Driving Jay Jays Growth

35 year old CustomerDiscountDenim

Targeting of Youth MarketSplit DemographicsWeekday versus WeekendGood Fun, Great Value

18 year old CustomerNew Brand Qualities– Irreverent / CoolProgressive Store Fit-out

Capturing Value from the Portmans Acquisition

Prominent Brand but Tired

86 Stores and Under Represented

High Gross Profit Margin

High Cost Structure

Limited Data

Portmans Acquired in June 2002

Year One Year Two

Managed Costs

Progressively Built Data Set

Integrated Fully

Reduced Store Labour Cost

Reviewed Leases

Developed New Store Format

Repositioned Brand to Younger Demographic

Re-launched Brand on TV

Began Roll-out of New Store Format

Driving Sales and Profit

Now

Store Roll-out

New Zealand Expansion

New Sales Structure

Increasing Advertising Investment

Costs Brand Growth

Balanced Portfolio, Profitable Growth

Casual

Womens

OptimiseCash Generators

DriveGrowth Engines

Develop NextGrowth Options

ExploreNew Concepts

Supply Chain Speed is Critical

2 Weeks 4-6 Weeks 4-6 Weeks

Range Reviews

PatternMaking &

Placement

Development

Fabric Production

Garment Production

Shipping

12-14 Weeksto DC

OffshoreRe-order Cycle

LocalRe-make Cycle

2-4 Weeks

2-3 Weeks

2004ROCE 56%

Strong Financial Performance

378.8

442.6

559.4

619.8

0

100

200

300

400

500

600

700

2001A 2002A 2003A 2004A

Sale

s $m

450

500

550

600

650

700

750

Store No's

Sales Store Numbers

Sales & Store No.’s

23.1

31.9

49.2

75.3

0

10

20

30

40

50

60

70

80

2001A 2002A 2003A 2004A

EBIT

A $

m

0

2

4

6

8

10

12

14

EBITA

Margin %

EBITA EBITA Margin

EBITA

Key Operating Metrics

+22.6%+77.0%40.032.622.6NPAT (post amortisation)

ActualProspectus Forecast

+0.1x

+150bp

+80bp

+20.5%

+17.2%

+16.6%

+18.1%

+2.8%

+1.6%

Growth vsProspectus

+330bp12.1%10.6%8.8%EBITA Margin (%)

Growth vs2003

Adjusted Actual

+0.1x

+250bp

+64.9%

+57.8%

+53.0%

+37.2%

+15.6%

+10.8%

4.4x4.3x4.3xStock turns (x)

57.9%57.2%55.5%Gross Profit Margin (%)

45.938.127.9NPAT (pre amortisation)

69.359.143.9EBIT

75.364.649.2EBITA

94.179.768.6EBITDA

359.1349.3310.7Gross Profit

619.8610.4559.4Sales Revenue

200420042003Year to July (A$ million)