FY2017 Annual Results &Three-Year PlanAnnouncement

Analyst Meeting June 14, 2017

2

Key Financial Highlights - FY2017• Strong revenue growth of 11.6%

despite tough market environment

• Total margin continued to trend up as a result of improving business mix in favour of higher-margin businesses and sourcing

optimization

• Operating costs increased mainly due to investment in key brands and the additon of new licenses

• Core operating profit up 64.5%

• Net profit attributable to shareholders increased by 89.4%

(US$m)FY2016 FY2017 Change

Revenue 3,486 3,891 11.6%

Total Margin 1,181 1,416 19.8%% of Revenue 33.9% 36.4%

Operating Costs 1,076 1,242 15.5%

Core Operating Profit 105 173 64.5%% of Revenue 3.0% 4.4%

EBITDA (1) 301 380 26.3%% of Revenue 8.6% 9.8%

Net Profit for the Year 55 95 71.6%

Net Profit Attributable to Shareholders 47 90 89.4%% of Revenue 1.4% 2.3%

Adjusted Net Profit (2) Attributable to Shareholders 48 72 49.4%

(1) 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

(2) 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

3

(US$m) FY2016 FY2017 Change

Core Operating Profit 105 173 64.5%Gain on Remeasurement of Contingent Consideration Payable 96 20Amortization of Other Intangible Assets (64) (81)

Gain on Disposal of Interest in a Subsidiary - 96Other Non-core Operating Expenses (19) (11)

Operating Profit 118 197 67.0%Interest Income 1 2Non-cash Interest Expenses (14) (14)Cash Interest Expenses (51) (65)

Share of Profits of Joint Ventures 5 4

Profit Before Taxation 59 124 108.8%Taxation (4) (29)

Net Profit for the Year 55 95 71.6%Non-Controlling Interest (8) (5)

Net Profit Attributable to Shareholders 47 90 89.4%

Adjusted Net Profit(1) Attributable to Shareholders 48 72 49.4%(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

Net Profit Analysis - FY2017

Vertical Highlights - FY2017Kids

(US$m)FY2016 FY2017 Change

Revenue 1,542 1,603 3.9%

Total Margin 531 584 9.9%% of Revenue 34.5% 36.4%Operating

Costs 485 508 4.9%

COP 47 76 62.2%% of Revenue 3.0% 4.7%

Men’s and Women’s Fashion

FY2016 FY2017 Change

623 820 31.5%

239 353 47.8%

38.3% 43.1%

198 281 41.4%

41 73 78.6%6.5% 8.9%

Footwear and Accessories

FY2016 FY2017 Change

1,214 1,281 5.6%

377 428 13.6%

31.1% 33.4%

364 421 15.4%

13 8 -39.5%1.0% 0.6%

Brand Management

FY2016 FY2017 Change

107 188 75.7%

34 50 49.0%

31.4% 26.6%

28 33 15.8%

5 17 229.7%4.9% 9.1%

• A global leader both in terms of scale and footprint

• Strong performance on a consistent basis for both characters and kids fashion businesses

• Continuous expansion of business e.g. Under Armour expanded from kids fashion to boys and girls swimwear, outerwear, and underwear

• A fast growing business; focus on strategically positioning the brands and growing them across multiple products and geographies

• Addition of new licenses and strategic investment in key brands impacted operating costs

• Looking to grow this into a scalable platform like Kids

• Continued revenue growth and total margin improvement

• Total margin improved due to new licenses and better mix of businesses

• Addition of new licenses and investment in Frye and Aquatalia impacted operating costs

• Formed a partnership in July 2016 with Creative Artists Agency (“CAA”) called CAA-GBG

• This combination created tremendous strategic value to our brand management business

• The partnership is now the world’s largest business in this space

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(1) Total debt represents bank loan ; (2) Sum of net debt and total equity; (3) Net debt divided by total capital ; (4) Current assets divided by current liabilities

Balance Sheet Highlights - FY2017

(US$m) Mar 2016 Sep 2016 Mar 2017

Total Debt (1) 996 996 1,118

Cash 99 208 174

Net Debt 897 788 944

Total Equity 2,476 2,362 2,456

Total Capital (2) 3,373 3,150 3,400

Gearing Ratio (3) 26.6% 25.0% 27.8%

Current Ratio (4) 1.11 1.05 1.18

• Net debt slightly higher due to various new licenses and acquisitions. Focus is to reduce over time as contingent consideration payables decrease

• Gearing ratio was up due to additional cash required for acquisitions and new licenses

• Current asset ratio continued to improve as cash increased and contingent consideration payables decreased

0

250

500

750

1000

179

143

165

441 275

273

944897

564

Net Debt at Spin-off

(Jun 30, 2014)

Cumulative cash from operating activities

Other uses of cash

Net Debt at March 31,

2016

Cumulative cash from operating activities

Other uses of cash

Net Debt at March 31,

2017

Cashpayment foracquisitions*

Cashpayment foracquisitions*

(US$m)

6

Ability to Reduce Leverage

* Cash payment for acquisitions includes upfront payment at close of current transactions as well as earn-up and earn-out payments for prior transactions

Three-Year Plan

Crystalized our business model as the go-to brand licensing and operating partner on a global basis

Further refined and strengthened our brand portfolio

Sharpened focus on our product verticals

Invested in building a strong management team to drive our business into the future

Last Three-Year Plan - Laid Solid Foundation for Growth

8

* 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

30.7%

FY2013 FY2017

1,416

1,010

36.4%

% of Revenue

EBITDA*(US$m)

Core Operating Profit(US$m)

CAGR

5.8%increased

by over

500 basis points

Track Record

9

FY2013 FY2017

3,891

3,288

Revenue(US$m)

% of Revenue

FY2013 FY2017

173

134

4.1%4.4% 9.8%

FY2013 FY2017

380

296

9.0%% of Revenue

Total Margin(US$m)

CAGR

9.0%CAGR

8.7%

10

Trend of U.S. Retail Sales (1992-2016)

Source: US Census Bureau

0

100,000

200,000

300,000

400,000

500,000

19921994

19961998

20002002

20042006

20082010

20122014

2016

(US$m)

4.2% CAGR

11

Changing Retail Environment

Source: Goldman Sachs research

Department Store Specialty Off-price Discount Fast Fashion EcommercePure Play

42.9%

18.0%15.4%11.9%0.2%

-5.2%

• Traditional retail model is no longer sustainable

• We have seen retail store closures and a shift from traditional retail model to omni-channel approach

• In a world of heightened transparency, quality of product and speed of response to consumer preference are both vital

Change in U.S. apparel sales by channel, 2014-2016

12

Global Brands’ Unique Platform

Unique advantages to exploit retail transformation

‣ Diversified brand portfolio ‣ Flexible licensing model ‣ Multiple product categories ‣ Multi-channel distribution ‣ Truly global

Trend: brand operation separating from

IP ownership

Global Brands has become thego-to operating partner for IP owners

Growth Pillars:

EBITDA*

US$5bn

Revenuereaching increase by

150 basis points

13

Total margin

Targets of New Three-Year Plan - FY2020

* 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

increase by

50%

14

Cash Strategy Over Next Three Years

• Focus on organic growth with the addition of new licenses

• Acquisitions will be small tuck-ins for strategic purpose

• Excess cash will be used to pay down debt

• As leverage decreases, the company will continue to evaluate paying a dividend

Looking Ahead

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• In the U.S., despite a steady start to the year, we remain vigilant about the policies of the new US administration and their potential long-term implications for the American and global economy

•Outlook in Europe remains uncertain, with the full impact on global markets of Brexit yet to be seen, and other unresolved geopolitical and social tensions in the region. Asia continues to be promising with the expansion of the middle class delivering solid economic growth

• Transformational changes in the industry mean tremendous growth opportunities for Global Brands -- given our platform of scale, flexible licensing model, a diversified brand portfolio, and strong access to all channels of distribution

•A strong management team is in place to drive our businesses into the future

Looking Ahead

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FY2017 Annual Results &Three-Year PlanAnnouncement

Analyst Meeting June 14, 2017