Howard McDonald Managing Director. Jason Murray Chief Financial Officer. 14 September, 2005

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Erik Samuelsson
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1 Howard McDonald Managing Director Jason Murray Chief Financial Officer 14 September, 2005

2 Highlights Record NPAT up 10.4% on a 53 week comparable basis EBITA of $73.1m achieving prospectus forecast of $73.0m Sales up 3.7% on 53 week comparable basis Cashflow from operating activities of $65.8m Inventory stockturn of 4.6 times versus last year of 4.4 times and prospectus forecast of 4.3 times A fully franked final dividend of 6 cents per share bringing the full year dividend to 13.5 cents per share as per our prospectus Strong performances from Womens fashion businesses Successful integration of Dotti

3 Record Profit after Tax % ahead of prospectus 10.4% ahead of last year $ millions Actual 03 Actual 04 Prospectus 05 Actual 05 Adjusted 05 (52 Weeks) (53 Weeks) (52 Weeks) (52 Weeks) (53 Weeks)

4 Sales 3.7% ahead of LY $ millions FY 2001* FY 2002* FY 2003 FY 2004 Actual FY 2005 *Adjusted historical per prospectus 2004 Adjusted FY 2005 (53 Weeks) (52 Weeks) (53 Weeks)

5 Segment Sales SALES ($m) FY 2004 (52 Weeks) FY 2005 (52 Weeks) FY 2005 Adjusted (53 Weeks) Change 05 Adjusted Casualwear Just Jeans % Jay Jays % Dotti Total % Womenswear Portmans % Jacqui E % Peter Alexander % Total %

6 EBITA Summary EBITA ($m) FY 2004 (53 weeks) FY 2005 Actual (52 weeks) FY 2005 Adjusted (53 weeks) Change 05 Adjusted Casualwear % Womenswear % Total %

7 EBITA Margin % 11.6% 12.0% % % 7.2% 5 FY 2001* FY 2002* Actual FY 2003 *Adjusted historical per prospectus 2004 Actual FY 2004 Actual FY 2005 Adjusted FY 2005 (53 Weeks) (52 Weeks) (53 Weeks)

8 Inventory Stockturn 5 Industry leading stockturns x 4.4x 4.4x 4.4x 4.5x 4.6x FY 2001* FY 2002* Actual FY 2003 *Adjusted historical per prospectus 2004 Actual FY 2004 Actual FY 2005 Adjusted FY 2005 (53 Weeks) (52 Weeks) (53 Weeks)

9 Return on Capital Employed % 55.0% 57.8% % 34.1% % FY 2001* FY 2002* Actual FY 2003 Actual FY 2004 Actual FY 2005 Adjusted FY 2005 (53 Weeks) (52 Weeks) (53 Weeks) *Adjusted historical per prospectus ROCE defined as EBITA / (Total Assets less cash and non-interest bearing liabilities)

10 Store Numbers Total VIC TAS NSW ACT QLD NT SA WA NZ Just Jeans Jay Jays Jacqui E Portmans Peter Alexander Dotti Total* * Plus 2 group stores

11 Just Jeans Tough second half has affected results although promising signs beginning to emerge Total sales down 7.9% on comparable 53 week basis. Over half the drop in winter due to lower Levis and jacket sales Closed 6 stores giving a total (after one opening) of 284 stores in Australia and New Zealand Profitability and cashflow remain strong despite marginal decline in EBITA margin New store design developed and due for roll-out in late September Seven7 arrangement restructured to achieve use of Just Group supply chain Denim brand architecture realigned with strong initial response

12 Just Jeans

13 Jay Jays Sales growth underpinned by continuing store roll-out and re-alignment of prices and ranges Total sales up 10.5% on 53 week comparable basis with flat second half due to tight trading conditions Opened 26 new stores (and closed 3) giving a total of 212 stores in Australia and New Zealand Double digit EBITA margin Customer offer underpinned by sharp prices (e.g. $39 denim) and strong basics range Jay Jays voted retailer of the year by Lend Lease and Ragtrader Magazine

14 Jacqui E Outstanding result in Australia and New Zealand Total sales up 11.1% on 53 week comparable basis Opened 7 new stores giving a total of 94 stores in Australia and New Zealand Excellent profitability growth with increased EBITA margin Core demographic (32 year old women) has been the most resilient in terms of spending through the downturn Focussed marketing formula emphasising personal contact and print media New store design successfully enhancing the brand position

16 Portmans Across-the-board delivery from the Portmans brand Total sales up 9.9% on 53 week comparable basis Opened 13 new stores (and closed 3) giving a total of 107 stores in Australia and New Zealand EBITA margins approaching double digits with more expected in FY2006 Brand relaunched in July 2005 with encouraging results New Zealand business close to efficient economic scale with 12 stores Accessories category growing strongly at high margins

18 Dotti Integration of the business well on track Total Dotti sales of $12.0m for first 9 months of operation Chain expanded to 25 stores from the 10 stores originally acquired Will generate profit for the group from Summer 2005 Excellent brand recognition fuelled by PR and advertorials Supply chain still sub-scale although target of 7 times stockturns within reach Store design well accepted and generating strong profits in each new site

20 Peter Alexander Shift to multi-channel business progressing ahead of plan Total sales up 20% Opened 4 new stores with remarkable success, giving a total of 5 stores in Australia EBITA margin remains the best in the group Active direct customer base has grown to 125,000 40% of direct sales through the internet Concept spaces opened in 2 David Jones stores to complement wholesale range

22 China Offshore sourcing remains a key strength of our business Dedicated Li & Fung resources for Just Group now 52 people Tariff reduction occurred in January 2005 with net benefit to cost prices despite export taxes and increased freight costs Capture of tariff benefits limited due to market softness and unseasonal weather Appreciation of RMB has not flowed into product costs Overall conditions tight but no threat to supply Dongguan Nanjing Hangzhou Shenzhen Hong Kong Shanghai Ningbo Li & Fung

23 People Labour market conditions are tight but Just Group is well placed Total staff of 5,500 with around 1/3 holding equity in the company Workplace based training continuously upgraded with new store manual and induction process and emphasis on building skills in head office Six brands offer unique career opportunities in retail Over 1,500 employees attend our annual awards night Hewitt engagement score of 60 (in high performance zone) with top scores for rewarding customer relationships and exceeding customer expectations

24 Key Operating Metrics for 2005 FY 2004 FY 2005 FY 2005 Adjusted Change 05 Adjusted No. Weeks Sales ($,000) 619, , , % Gross Profit ($,000) 359, , , % EBITDA ($,000) 94,147 88,815 91, % EBITA ($,000) 75,270 73,137 76, % EBIT ($,000) 69,311 68,025 71, % NPAT ($,000) 39,961 41,589 44, % GP (%) 58.0% 57.4% 57.4% - 57bp EBITA Margin (%) 12.1% 11.6% 12.0% -18bp Annualised Stock Turns 4.38x 4.53x 4.60x +0.22x Net Debt ($,000) 81,434 64,979 64,979 -$16,455 Interest Cover (x) 7.81x 10.36x 10.89x +3.08x

25 Cashflow EBITDA Change in Working Capital* Operating Cashflows Capital Expenditure Operating Cashflows After Capex Interest Paid Income Tax Paid Dividends Paid Surplus Cashflow FY04 ($m) (25.5) 69.6 (12.3) (16.5) (26.4) 14.4 FY05 ($m) (19.6) 69.8 (7.0) (24.8) (24.0) 14.0 * Includes inventory, trade creditors, trade debtors, prepayments and income taxes payable.

26 Balance Sheet Current Assets Cash Inventories Other Total Current Assets 30-Jul-05 ($m) Current Liabilities Payables Interest Bearing Liabilities Other Total Current Liabilities 30-Jul-05 ($m) Non-Current Assets Property, Plant & Equipment Intangibles Other Total Non-Current Assets Total Assets Net debt $65.0m, down $16.5m in the year and flat in second half despite tight trading conditions Net debt to EBITDA: 0.73x Interest cover: 10.4x Non-Current Liabilities Interest Bearing Liabilities Other Total Non-Current Liabilities Total Liabilities Net Assets Shareholders Funds Contributed Equity Reserves Retained Profits Total Shareholders Funds

27 Dividends per Share As promised in prospectus Dividend yield of over 6% 100% fully franked cents 13.5 cents cents FY2005 Interim FY2005 Final FY2005 Total Record date October 26 Payment date November 16

28 Growth Substantial opportunity for growth in sales and profits Increase sales per square metre in the existing estate Expand the footprint of the existing stores Rollout of new stores Leverage the existing infrastructure with acquisitions

29 Current Trading and Outlook Positive outlook despite subdued retail environment First indicators for summer give cause for confidence Sales for first six weeks of new season ahead of last year Continuing with strong investment in all our brands

30 Howard McDonald Managing Director Jason Murray Chief Financial Officer 14 September, 2005

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