Howard McDonaldManaging Director

Jason MurrayChief Financial Officer

14 September, 2005

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 thefull year dividend to 13.5 cents per share as per our prospectus

Strong performances from Womens fashion businesses

Successful integration of Dotti

Record Profit after Tax

15

20

25

30

35

40

45

50

Actual 03 Actual 04 Prospectus 05 Actual 05 Adjusted 05(53 Weeks) (52 Weeks) (53 Weeks)

$ m

illio

ns

22.6

41.644.1

40.440.0

(52 Weeks)

2.5% ahead of prospectus

10.4% ahead of last year

(52 Weeks)

300

350

400

450

500

550

600

650

700

FY 2001* FY 2002* FY 2003 FY 2004 Actual FY2005

Adjusted FY2005

Sales

(53 Weeks) (52 Weeks) (53 Weeks)*Adjusted historical per prospectus 2004

3.7% ahead of LY

$ m

illio

ns

378.8

442.6

562.2

619.8 632.8 642.5

Segment Sales

Casualwear

+11.0%217.2214.0195.5Total

+20.3%16.616.513.8Peter Alexander

+11.1%83.181.874.8Jacqui E

+9.9%117.5115.7106.9Portmans

Womenswear

+2.5%418.2411.8408.0Total

-12.012.0-Dotti

+10.5%183.0180.4165.6Jay Jays

-7.9%223.2219.4242.4Just Jeans

Change 05 Adjusted

FY 2005 Adjusted (53 Weeks)

FY 2005(52 Weeks)

FY 2004(52 Weeks)

SALES ($m)

EBITA Summary

Change 05 Adjusted

FY 2005 Adjusted(53 weeks)

FY 2005 Actual

(52 weeks)

FY 2004

(53 weeks)

EBITA ($m)

+2.1%

+29.2%

-8.3%

76.973.175.3Total

27.025.620.9Womenswear

49.947.554.4Casualwear

EBITA Margin

5

6

7

8

9

10

11

12

13

FY 2001* FY 2002* Actual FY2003

Actual FY2004

Actual FY2005

Adjusted FY2005

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

6.1%

7.2%

8.7%

12.1%11.6%

12.0%

*Adjusted historical per prospectus 2004

Inventory Stockturn

3.5

4

4.5

5

FY 2001* FY 2002* Actual FY2003

Actual FY2004

Actual FY2005

Adjusted FY2005

*Adjusted historical per prospectus 2004

4.4x 4.4x 4.4x 4.4x4.5x

4.6x

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

Industry leading

stockturns

Return on Capital Employed

20

25

30

35

40

45

50

55

60

FY 2001* FY 2002* Actual FY2003

Actual FY2004

Actual FY2005

Adjusted FY2005

*Adjusted historical per prospectus 2004. ROCE defined as EBITA / (Total Assets less cash and non-interest bearing liabilities)

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

33.5%

29.6%

34.1%

56.2%55.0%

57.8%

6

--

Store Numbers

Total VICTAS

NSWACT

QLDNT

SA WA NZ

Just Jeans 284 56 85 55 17 27 44

Jay Jays 212 43 64 40 16 16 33

Jacqui E 94 25 23 14 7 19

Portmans 107 27 35 17 7 9 12

Peter Alexander 3 2 -

Dotti 7 7 5 1 1 4

-5

25

Total* 161 216 131 47 60 112727

* Plus 2 group stores

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 thedrop 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

Just Jeans

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

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 andNew Zealand

Excellent profitability growth with increased EBITA margin

Core demographic (32 year old women) has been the most resilientin terms of spending through the downturn

Focussed marketing formula emphasising personal contact and print media

New store design successfully enhancing the brand position

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 storesin 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

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 stockturnswithin reach

Store design well accepted and generating strong profits in each new site

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

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

Hong Kong

China

ShanghaiNingbo

Nanjing

Hangzhou

Dongguan Shenzhen

Li & Fung

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

Key Operating Metrics for 2005

-$16,45564,97964,97981,434Net Debt ($,000)

+3.08x10.89x10.36x7.81xInterest Cover (x)

+0.22x4.60x4.53x4.38xAnnualised Stock Turns

-18bp12.0%11.6%12.1%EBITA Margin (%)

- 57bp57.4%57.4%58.0%GP (%)

+10.4%44,12941,58939,961NPAT ($,000)

+3.5%71,74968,02569,311EBIT ($,000)

+2.1%76,86173,13775,270EBITA ($,000)

-3.3%91,02688,81594,147EBITDA ($,000)

+2.6%368,637363,046359,166Gross Profit ($,000)

+3.7%642,475632,785619,821Sales ($,000)

535253No. Weeks

Change05 Adjusted

FY2005 Adjusted

FY2005

FY2004

Cashflow

14.014.4Surplus Cashflow

(24.0)(26.4)Dividends Paid

(24.8)(16.5)Income Tax Paid

(7.0)(12.3)Interest Paid

69.869.6Operating Cashflows After Capex

(19.6)(25.5)Capital Expenditure

89.495.1Operating Cashflows

0.61.0Change in Working Capital*

88.894.1EBITDA

FY05

($m)

FY04

($m)

* Includes inventory, trade creditors, trade debtors, prepayments and income taxes payable.

Balance Sheet

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

87.3Total Current Assets

2.8Other

59.3Inventories

25.2Cash

Current Assets

30-Jul-05

129.4Total Non-Current Assets

216.7Total Assets

7.2Other

74.3Intangibles

47.9Property, Plant & Equipment

Non-Current Assets

0.1Interest Bearing Liabilities

51.0Total Current Liabilities

15.5Other

35.4Payables

Current Liabilities

30-Jul-05

148.2Total Liabilities

97.2Total Non-Current Liabilities

68.4Net Assets

7.1Other

90.1Interest Bearing Liabilities

Non-Current Liabilities

68.4Total Shareholders’ Funds

52.0Retained Profits

1.0Reserves

15.4Contributed Equity

Shareholders’ Funds

($m)($m)

0

2

4

6

8

10

12

14

FY2005 Interim FY2005 Final FY2005 Total

Dividends per Share

As promised in prospectusDividend yield of over 6%100% fully franked

Record date October 26Payment date November 16

7.5 cents

6.0 cents 13.5 cents

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

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

Howard McDonaldManaging Director

Jason MurrayChief Financial Officer

14 September, 2005