The document summarizes the turnaround of TSL Presentation company from a traditional Hong Kong manufacturer to a modern luxury retailer in China. It discusses implementing clear corporate governance policies, modern management tools like SAP, focusing on customer service, and changing industry practices. Key achievements included opening new stores, product innovations, improved finances and dividends, and navigating the economic crisis successfully. The CEO also shared his personal journey of joining the family business and lessons learned.

1. The Turning Around: TSL Presentation at CU MBA class, Family Business by Erwin Huang, CEO, 11 th Aug 2009

4. Moving Forward!! Strictly Private & Confidential 1 st Generation HK Manufacturing Entrepreneur Modern Retailer for Chinese Low Cost High Value Skill and Knowhow in Production Design, Fashionable Branding Mass, Economy of Scale Targeted, Economy of Scope Vertically Integrated Manufacturer Quick Response Efficient Retailer Traditional Apprentices System Re-engineered Corp Governance Trusted Brand name Trusted Brand name Believe in Service, go the extra step Believe in Service, go the extra step Long term loyal customer Long term loyal customer Care and Love for the Customer Care and Love for the Customer

15. Store network – 168 stores （ as at 31th May 2009 ） Xinjiang 陔蔭 2 Gansu 裘顏 1 Sichuan 侐捶 8 Yunnan ? 鰍 2 Guizhou 惸笣 2 Guangdong  10 Hunan 綬鰍 1 Jiangxi 蔬昹 1 Fujian 腦膘 4 Zhejiang 涳蔬 6 Shanghai 奻漆 8 Jiangsu 蔬妶 5 Anhui 假閣 1 Hubei 綬控 1 Shandong 刓 2 Tianjian 毞踩 4 Henan 碩鰍 2 Shaanxi ? 昹 3 Hebei 碩控 3 Beijing 控儔 13 Liaoning 腶 ? 7 Jilin 憚輿 1 Heilongjiang 2 Xinjiang 新彊 2 Sichuan 四川 8 Yunnan 雲南 3 Guizhou 貴州 6 Guangdong 廣東 16 Hunan 湖南 Jiangxi 江西 2 Fujian 福建 Zhejiang 淅江 7 Shanghai 上海 15 Jiangsu 江蘇 19 Anhui 安徽 3 Hubei 湖北 2 Shandong 山東 7 Tianjian 天津 4 Henan 河南 6 Shaanxi 陝西 5 Hebei 河北 4 Beijing 北京 29 Liaoning 遼寧 6 Jilin 吉林 2 Heilongjiang 黑龍江 3 6 Guangxi 廣西 6 The wholly-own, Franchise and JV shops are grouped into 6 divisions and 3 regions. Hainan 海南 2 4 甘肅 Gansu 1 Regions Own shops JV shops Fran. shops Cities Northern PRC Division 4 Division 9 Southern PRC Division 7 Division 8 Central PRC Division 5 Division 6 Total 12 17 30 13 20 38 130 7 - - 3 - - 10 - 25 - - - 3 28 哈爾濱 , 長春 , 沈阳 , 抚顺 , 大連 , 青島 濟南 , 烟台 , 淄博 北京 , 天津 , 西安 , 石家莊 , 塘沽 廣州 , 深圳 , 海南 , 佛山 , 广西 , 廈門 , 福州 長沙 , 南昌 , 武漢 , 合肥 , 焦作 , 洛阳 , 郑州 兰州 , 成都 , 重慶 , 昆明 , 貴陽 , 新疆 上海 , 寧波 , 杭州 , 无锡 , 南京 , 昆山 , 苏州 , 常州 , 南通 , 温州 , 常熟

17. Cost / turnover under control and EBIT / turnover maintained stable FY 08-09 Results

18. Borrowings was HK$ 1 3 1 million & gearing decreased to 22.7 % Equity attributable to shareholders increased to $ 512 million Cash, Gearings and Equity Feb 07 Feb 08 Feb 09 HK$ m HK$ m HK$ m Borrowings 149.6 171.1 131.8 Cash, Bank& undrawn banking facilitiy 99.2 79.0 137.0 Total Assets 920.9 1,259.0 1,212.4 Equity attributable to shareholders 275.6 401.6 512.1 Total Equity 307.3 448.2 580.4 Gearing (Borrowings / Total Equity) 48.7% 38.2% 22.7%

19. Dividends (Final 3 cents/share + Interim 2 cents/share = 5 cents /share) Earnings per share increased to HK$ 0. 50 Net assets per share increased to HK$ 2.45 Dividends and Returns per share

20. 無鍚商廈 Wuxi 17 New Stores in PRC

21. Opened and expanded shops (HK)

22. Key Shop in Mongkok Mongkok Hollywood Plaza (MH) - Perspective

23. Exhibition later this week, 1 st at the HKCEC New Wing Hong Kong Premier Pavilion Jewellery Fair – 18th-21st June 2009

25. Amazon Segundo Collection

27. Summary: reborn into a new industry Strictly Private & Confidential 1 st Generation HK Manufacturing Entrepreneur Modern Retailer for Chinese Low Cost High Value Skill and Knowhow in Production Design, Fashionable Branding Mass, Economy of Scale Targeted, Economy of Scope Vertically Integrated Manufacturer Quick Response Efficient Retailer Traditional Apprentices System Re-engineered Corp Governance Trusted Brand name Trusted Brand name Believe in Service, go the extra step Believe in Service, go the extra step Long term loyal customer Long term loyal customer Care and Love for the Customer Care and Love for the Customer

30. Discussions Strictly Private & Confidential

33. Preparation Slide after these (Not used) Strictly Private & Confidential Page