2006Annual General Meeting

Jonathan PinshawChairman

22 November 2006

Highlights

Well balanced result with strong performances against all key measures

• 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

2006Annual General Meeting

Jason MurrayManaging Director andChief Financial Officer

22 November 2006

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

• New store concept rolled out to ten stores

• Strong denim sales with increased sales of Levi’s

• Sales growth continues

• Just Shop loyalty program has now attracted over 270,000 members in nine months

• 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

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

• 11 further stores to open prior to Christmas and robust sales momentum continues

• Record profit result

• Even greater emphasis on fashionability going forward

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

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

• New store format with boutique feel currently rolling out

• Premium range has been introduced this Spring

• Tougher winter trading has continued into summer affecting sales growth and margin

• 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 during the year and a further ten planned before Christmas, bringing total to 58

• 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 during the year with a further seven opening before Christmas, bringing total to sixteen

South Africa

5 Stores• Jay Jays trial performing

to expectations

• Joint venture discussions proceeding well

• Ten stores will be open by Christmas 2006

•Stellenbosch•N1 City•TygerValley

Vanderbijlpark

Northgate

Hatfield

Open Stores as at November 2006

Store Portfolio64 stores opened during the year and 17 closed. Another net 28 new stores by Christmas, 2006

ClosuresFY06

OpeningsFY06

ExpansionsFY06

RelocationsFY06

Total New Sites FY06

Just Jeans 6 4 3 9 16

Jay Jays 4 14 2 6 22

Portmans 3 12 5 17

Jacqui E 3 7 3 10

Dotti 0 23 23

PeterAlexander 0 4 4

Total 16 64 5 23 92

Movement Jul-Dec 06 8 36 3 6 45

Retail Machine

LogisticsLogistics MediaMedia

People & CulturePeople & CultureInformation TechnologyInformation Technology

ProductionProduction

Leasing & Store Development

Leasing & Store Development

JUST GROUP ‘RETAIL MACHINE’

Current Trading and Outlook

• Quarter 1 same-store sales growth of 4.1% with some margin pressure, especially in womenswear

• Sales and margin negatively impacted in November by recent interest rate rise and unseasonably cold weather

• Inventory well controlled

• Upcoming Christmas and trans-seasonal period is the key determinate of our half year result

2006Annual General Meeting

22 November 2006