Howard McDonaldManaging Director

Full Year Results 2006

13 September 2006

Jason MurrayChief Financial Officer

Managing Director Designate

Highlights

• Record net profit of $57.2 million - up 24.6%• EBITA of $88.3 million - up 21.2%• Sales of $698 million – up 10.3%• Fully franked final dividend of 8.5 cents per share, bringing full

year dividend to 17.0 cents – up 25.9%• Increased margins, operating cashflow and stockturns• Both Casualwear and Womenswear performed well• Strong result in New Zealand and successful pilot of Jay Jays

format in South Africa• Net 47 new stores opened bringing total to 775

Well balanced result with strong performances against all key measures

24.6% ahead of last year with strong contributions from both Casualwear and Womenswear

Record Profit after Tax

20

40

60

FY 2003 FY 2004 FY 2005 FY 2006(53 Weeks) (52 Weeks) (52 Weeks)

$ m

illio

ns

34.9

57.2

45.9

39.9

(52 Weeks)

500

550

600

650

700

FY 2003 FY 2004 FY 2005 FY 2006

Record Sales

(52 Weeks) (52 Weeks) (52 Weeks)

$ m

illio

ns

562.1

619.8632.8

698.0

(53 Weeks)

10.3% above last year with excellent contribution from New Zealand

Geographic Portfolio

Well balanced Australian portfolio with significant New Zealand presence

Jacqui E12%

Peter Alexander4%

Portmans20%

Dotti5%

Just Jeans30%

Jay Jays29%

Australia85%

NewZealand

15%

CasualWomens

Casual

Just Jeans36%

Jay Jays34%

Jacqui E15%

Portmans12%

Dotti3%

Womens

Australian Sales New Zealand Sales

Casualwear Sales

+10.7%455.9411.7Total continuing brands

-97.6%0.17.0Urban Brands

+8.9%456.0418.7Total

+159.4%31.011.9Dotti*

+15.1%207.7180.4Jay Jays

-1.0%217.2219.4Just Jeans

ChangeFY 2006FY 2005SALES ($m)

* FY 2005 comprises 40 weeks for Dotti

Better Winter for Just Jeans, up 4.1%, and strong momentum for Jay Jays

Womenswear Sales

+13.0%241.9214.0Total

+40.3%23.216.5Peter Alexander

+8.8%89.081.8Jacqui E

+12.1%129.7115.7Portmans

ChangeFY 2006FY 2005SALES ($m)

Good sales growth continues for each brand

EBITA Growth

ChangeFY 2006FY 2005EBITA ($m)

+21.2%

+30.8%

+15.9%

88.372.9Total

33.625.7Womenswear

54.747.2Casualwear

Improved profitability for Casualwear and a strong performance from Womenswear

EBITA Margin

5

7

9

11

13

FY 2003 FY 2004 FY 2005 FY 2006(53 Weeks) (52 Weeks) (52 Weeks)

8.7%

12.1%11.5%

12.7%

(52 Weeks)

Perc

enta

ge

Improvement in margin of 113 basis points

Inventory Stockturn

4

4.5

5

FY 2003 FY 2004 FY 2005 FY 2006

4.36x 4.38x

4.53x

4.73x

(52 Weeks) (52Weeks) (52Weeks)(53Weeks)

Tim

es

Continuing emphasis on supply chain efficiencies

Excellent returns continue to be generated

Return on Capital Employed

0

10

20

30

40

50

60

FY 2003 FY 2004 FY 2005 FY 2006

* ROCE defined as EBITA / (Total Assets less cash and non-interest bearing liabilities)

(52 Weeks) (52 Weeks) (52 Weeks)

34.1%

56.7% 55.0% 53.6%

(53 Weeks)

Perc

enta

ge

Store Numbers

Just Jeans

Jay Jays

Jacqui E

Portmans

Peter Alexander

Dotti

Total

Change

-2

+10

+4

+9

+23

+47*

Total

282

222

98

116

9

48

775

7

--

NSWACT

QLDNT

SA WA NZ

71 63 17 27 45

53 51 16 19 37

25 16 6 20

35 18 8 10 15

4 -

11 9 4 5 6

-

199 157 52 67 123

VIC

59

46

24

30

5

13

177

64 stores opened during the year and 17 closed. Group stores expected to be around 800 by Christmas

+4

* Allowing for the closure of the Levis store

• Good sales growth achieved in Winter with positive same store sales growth

• New store concept rolled out to ten stores

• New advertising and marketing gave strong brand support

• Just Shop loyalty program attracted over 200,000 members in six months

• Denim now represents 34% of sales with improved performance from branded area

• Full year sales growth of 15.1% with even stronger Winter

• Brand re-aligned in price points and product offer after difficult first quarter in FY2006

• Strong momentum continues

• Five stores opened in South Africa with positive customer feedback

• 14 stores opened and four closed in Australia and New Zealand bringing total to 222

• Improving sales performance with strong same store sales growth

• Product offer further refined with major appeal to girls aged 16 to 18 years

• Over next two years Dotti brand will achieve required scale to generate excellent returns

• 23 new stores opened bringing total to 48

• Sales growth of 12.1% for the year

• Record profit result, delivering everything expected since first acquired in 2002

• Even greater emphasis on fashionability going forward

• Exclusive range of Kit Willow designs being delivered for Spring Racing Carnival

• 12 new Portmans stores opened bringing total to 116

• Good sales growth of 8.8% with strong emphasis on career wear

• New store format with boutique feel currently rolling out

• Premium range being introduced this Spring

• Kirsty Hume remains the face of Jacqui E brand

• Seven new stores opened and four closed bringing total to 98

• Australia’s premier lifestyle / sleepwear brand

• Unique concept with multi channel strength – catalogue, internet, wholesale and retail stores

• All sales channels performed strongly

• Four new stores opened bringing total to nine with potential expected to be 25 to 30 stores

Portfolio of brands…

Largest portfolio of apparel stores in Australasia…

Expanding portfolio of countries…

South Africa Australia New Zealand

5 Stores 652 Stores 123 Stores

Clear demographic focus by brand enabling wide portfolio of product…

$29.00 $59.95 $69.95 $79.95 $129.95 $179.00

Key Operating Metrics

-$5.4m59.665.081.4Net Debt ($m)

+4.0x14.3x10.3x7.8xInterest Cover (x)

+0.20x4.73x4.53x4.38xAnnualised Stockturns (x)

+113bp12.7%11.5%12.1%EBITA Margin (%)

+25bp57.6%57.4%57.9%GP (%)

+24.6%57.245.940.0NPAT ($m)

+21.2%88.072.669.3EBIT ($m)

+21.2%88.372.975.3EBITA ($m)

+19.0%105.488.694.1EBITDA ($m)

+10.8%402.2363.0359.2Gross Profit ($m)

+10.3%698.0632.8619.8Sales ($m)

525253No. Weeks

Change05 to 06

FY2006

FY2005

FY2004

Strong performance in all key areas resulting in strong operating cashflow, reduced net debt and increased dividend

Impact of Adopting Equivalents to International Reporting Standards

24.7%51.941.6AGAAP

EBITA

AIFRS

NPAT

AIFRS

AGAAP

24.6%57.245.9

21.2%88.372.9

20.1%87.873.1

ChangeFY 2006 ($m)FY 2005 ($m)

* Retained earnings decreased by $1.2m as at July 2004 and increased by $3.2m as at July 2005

Key factors:• No amortisation of goodwill• Recognition of derivative financial instruments• Recognition of share based payments• Recognition of fixed lease escalation clauses

Shift to AIFRS has had slightly positive impact on earnings growth

Potential impacts on FY2007reported profits

• Potential gain if Colorado shares sold

Positive

• Translation of New Zealand dollar result

• Recognition under AIFRS of share based payments

• Recognition under AIFRS of fixed lease escalation clauses

Negative

Current Trading and Outlook

• Portfolio is well positioned to win growing share of consumer spending

• Sales for first six weeks of new financial year are ahead of corresponding period last year

• Just Group is committed to maintaining the momentum of previous years

Howard McDonaldManaging Director

Full Year Results 2006

13 September 2006

Jason MurrayChief Financial Officer

Managing Director Designate