2015/16 Final Results Announcement for the 15 Months Ended 31 Mar 2016

Analyst Meeting Jun 15, 2016

Key Financial Highlights

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• First quarter of the year is typically a loss making quarter; this set of 15 months results is not indicative of FY 2016/17

• Revenue of 2016 1Q was approxUS$695m, increased by 11% as compared to the same period last year

• 2016 1Q total margin percentage decreased slightly by approx. 1.5% from the same period last year due to higher degree of discounting and product mix

• Operating costs increased approx. US$40m in 2016 1Q due to investment in key brands and the addition of new licenses, gearing up for FY 2016/17

12 Months Ended31 Dec

15 Months Ended31 Mar

(US$m) 2015 2015/16

Revenue 3,423 4,118

Total Margin 1,170 1,379% of Revenue 34.2% 33.5%

Operating Costs 1,000 1,304

Core Operating Profit 170 75

Change of year end date has resulted in this 15-month reporting period, i.e. including one additional quarter of Jan – Mar 2016 (“2016 1Q”)

Net Profit Analysis

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12 Months Ended 31 Dec 15 Months Ended 31 Mar

(US$m) 2015 2015/16Core Operating Profit 170 75

Gain on Remeasurement of Contingent Consideration Payable 90 96

Amortization of Other Intangible Assets (60) (78)

Other Non-core Operating Expenses (18) (19)

Non-cash Interest Expenses (14) (18)

Cash Interest Expenses (47) (58)

Share of Profits of Joint Ventures 6 6

Tax (10) 21

Net Profit for the Period 117 25Non-controlling Interest (7) (8)

Net Profit Attributable to Shareholders 110 17Adjusted Net Profit (1) Attributable to Shareholders 112 36EBITDA (2) 354 306

(1) Adjusted Net Profit: Excluding merger & acquisition costs, non-cash items and non-operational expenses, such as gain on remeasurement of contingent consideration payable, amortization of other intangible assets, non-cash interest expenses and non-operational expenses

(2) EBITDA is defined as net profit before net interest expenses, tax, depreciation and amortization. This also excludes share of results of joint ventures, material gains or losses which are of capital nature or non-operational related, acquisition related costs and non-cash gain on remeasurement of contingent consideration payable

Segment Highlights

Licensed Brands

12 Months Ended31 Dec

15 Months Ended31 Mar

(US$m)2015 2015/16

Revenue 2,688 3,214

Total Margin 876 1,026% of Revenue 32.6% 31.9%

Operating Costs 765 982

Core Operating Profit 111 45

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Controlled Brands

12 Months Ended31 Dec

15 Months Ended31 Mar

2015 2015/16

735 905

294 35339.9% 39.0%

235 323

59 30

Balance Sheet Highlights

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• Generated over US$119m of cash from operating activities

• Over US$200m of availability under existing long-term committed syndicated loan

• Uncommitted short-term lines undrawn – approximately US$125m of availability

• Total available capacity in excess of US$325m

• Gearing ratio(1) is 26.6% which is slightly elevated due to decline in equity from extra quarter in results and higher debt from new businesses

(1) Net debt divided by total capital (net debt plus total equity)

Balance Sheet Highlights

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(1) Total debt includes bank loan

(US$m) Dec 2015 Mar 2016

Total Debt (1) 952 996

Cash 78 99

Net Debt 874 897

Brand Management

Footwear and Accessories

Men’s and Women’s Fashion

Kids

4 Operating Verticals

Business Segments and Operating Verticals

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2 Business Segments

Starting from our FY 2016/17 Interim Results announcement in Nov 2016, our segmental information will be disclosed as follows:

Controlled BrandsLicensed Brands

Segmental Reporting Going Forward

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• These are operating verticals for our three core product categories

• For the 15-month period ended 31 Mar 2016, revenue for Kids was approx. 45%, Men’s and Women’s Fashion was approx. 17%, and Footwear and Accessories was approx. 35%.

Kids

Men’s and Women’s Fashion Footwear and Accessories

Segmental Reporting Going Forward

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• We advise on and manage all aspects of bringing brand extension products to market

• More than 100 clients across lifestyle, corporate and entertainment

• This includes developing creative inspiration, market targeting, licensee acquisition, product development, marketing and product launches, thereby expanding branding opportunities for clients across a wide range of consumer products

• The brand management business also creates opportunities through identifying potential brands which we may license

Brand Management

Example:

Brand Management Kids

• Revenue comes from taking a portion of the license fee or royalty paid by the licensees to the brand owner

• For the 15-month period ended 31 Mar 2016, revenue for Brand Management was approx. 3%

Includes accessories, footwear, bags, luggage, and bicycles etc.

Licensing of kids apparel products

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• Today we announced the launch of CAA-GBG, a joint venture between Global Brands and the licensing division of Creative Artists Agency (CAA). It will be a subsidiary of Global Brands and the operating vertical for our brand management business.

• Based in Los Angeles, CAA is widely viewed as the world’s leading talent agency, and manages numerous A-list clients in the entertainment, sports, and corporate world.

• CAA’s long list of A-list clients includes Tom Cruise, Lady Gaga, Brad Pitt, George Clooney, Jessica Alba, Norah Jones, Will Smith and many more.

Joint Venture: CAA-GBG

• A powerful combination between Global Brands’ international brand management operations and CAA’s strong media/marketing platforms in the US

• The joint venture will be a world’s largest brand management company across all consumer product categories

• Clients will include some of the world’s leading corporate brands such as Coca Cola and Hershey’s; renowned artists including Jennifer Lopez, Eva Longoria, and the Bob Marley Estate; and other prominent lifestyle brands and entertainment power houses

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Corporate Brands

Entertainment Brands

Celebrity & Lifestyle Brands

Joint Venture: CAA-GBG

• Macro environment for FY 2016/17 expected to remain mixed

- US bumping along after soft start to the year

- Europe facing ongoing political and economic structural challenges

- In Asia, including China, overall underlying trends (i.e. expanding middle class, rising disposable incomes) bode well for affordable luxury

• Retail and consumer industry is going through structural and cyclical changes

- Technology driving changes in consumer buying patterns

- Traditional retail shifting to e-commerce and omni-channel  

- Consumers are currently spending more on experiences and other high value goods and less on apparel

- All of this means that brands must evolve and innovate – from store presence/formats to products to sales channels  to consumer experience

Macro/Industry Overview

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• Despite the challenging environment, we remain committed to growth

- Increasing market share across retailers and e-tailers in all distribution channels globally

- Expanding our footprint in Europe and in Asia

- Continually adding new licenses and expanding existing relationships across our categories

- Focusing on growing key brands and expanding direct reach to consumers

- Investing in e-commerce to capture digital opportunities

• Next reporting to be in November 2016 for the six months from April to September 2016, after changing our year end date to tie in more seamlessly with the natural retail cycle

- Expecting positive impact on revenue from the considerable contribution of new brands and licenses

- Margin to continue to trend up due to a better portfolio mix of higher-margin business, and better sourcing

- Expanding segmental reporting by providing additional disclosure of our four operating verticals

Outlook

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Disclaimer

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2015/16 Final Results Announcement for the 15 Months Ended 31 Mar 2016

Analyst Meeting Jun 15, 2016