Stella International Holdings Limited Incorporated in the Cayman Islands with limited liability Interim Report 2007 * for identification purpose only

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1 Stella International Holdings Limited Incorporated in the Cayman Islands with limited liability Interim Report 2007 * for identification purpose only Stock Code : 1836

2

3 3,357,000, ,300,000352,200, % 96,500, %21.0% 50,200,000 2,200,000 52,400, % Stella Luna

4 StellaStella Luna Stella Luna 68 What For What For14 3

5 Camper Clarks Deckers ECCO Merrell Rockport Timberland Cole Haan Kenneth Cole Nine West UGG Celine Christian Lacroix Donna Karan New York Emilio Pucci Enzo Angiolini Givenchy Kenzo Loewe Marc by Marc Jacobs Paul Smith Sigerson Morrison Via SpigaJ.C. Penney 417,300, % 96,500, % 23.1% %12.1% 21.0%50,200,000 2,200,000 52,400, % 4

6 22,200,00020,100, % % 35.8% 33.4%20.8% 4.3% 4.3% 3,800,0000.9% 57.8% 31.2% 2.5%4.3% 4.1% 300 3,100 23,000,000 5

7 Stella Luna Stella Luna7002,000 Stella Luna 41 39Stella Luna22 Stella LunaWhat For 272,000,000 35,000,000 8% 3,000,0006% 3,300,000 6

8 233,000,000 30,000,0007% 29 Stella Luna 68 Stella Luna What For Stella Luna What ForStella Luna What For 10 What For 1,800,000, ,000, ,000, ,250,000 3,357,000,000 32,200,000 73,700,000107,600, % 0% 28.5% 0% 7

9 462,500, ,300, ,600,000123,700, ,600,0008,400,000200,000 25,30622,539 8

10

11

12 3 417, ,221 (320,796) (272,431) 96,529 79,790 4,317 5,568 (16,101) (13,114) (17,637) (16,072) (14,815) (13,446) (80) (4) 52,213 42,722 4 (2,058) (1,250) 5 50,155 41,472 50,193 41,472 (38) 50,155 41, ,

13 8 148, ,647 9,474 9, , , ,921 77, , , ,174 78,653 43,428 49,850 32,236 73, , , , , , ,000 5,056 3, , , , , , , , , , , , , ,321 12

14 i ii 45,440 7, , , ,018 (1,756) (1,756) (1,756) 41,472 41,472 41,472 (1,756) 41,472 39,716 34,716 45,440 5, , , ,734 (4,528) (4,528) (4,528) 49,902 49,902 49,902 (4,528) 49,902 45,374 45,374 (21,787) (21,787) (21,787) 45,440 1, , , ,321 (6,149) (6,149) (6,149) 50,193 50,193 (38) 50,155 (6,149) 50,193 44,044 (38) 44, (45,440) 45, ,003 1,003 1,003 (220,000) (220,000) (220,000) 13 45,427 1,003 (4,815) 222, , ,518 (i) (i) Stella International Limited ( Stella International ) (ii) Stella International Marketing Company Limited (iii) Stella Luna Sol Limited (ii) Stella InternationalStella International 0.2% 13

15 (58,130) (10,064) (43,606) (49,083) (8,648) (10,417) 49,354 34,261 1,682 2,728 (1,218) (22,511) 107, (90,000) (80) 17,658 (41,690) (32,575) 73,673 63, ,236 30,983 20,779 25,400 11,457 5,583 32,236 30,983 14

16 1. Cordwalner Bonaventure Inc. Stella International Limited Stella International N.O.I. Holding Company Limited Stella International Marketing Company Limited Stella Luna Sol Limited

17

18 3. 168, ,050 3, ,325 1,222 (1,222) 168, ,272 3,846 (1,222) 417,325 29,461 52,554 (351) 81,664 2,455 (31,826) (80) 52,213 (2,058) 50,155 17

19 3. 135, , , (449) 135, , (449) 352,221 22,275 47,088 (520) 68,843 1,625 (27,742) (4) 42,722 (1,250) 41, ,058 1,250 18

20 % [1992] % 2+3 0% 12% 33% Stella International Selena Footwear Inc. 33% 5. 7,748 6,503 (96) (73) (1,571) (757) (546) (737) , ,000,

21 7. 50,193,000 41,472,000585,000, ,000, ,000, ,000, ,496, ,503 75, ,854 25, ,313 4, ,205 3, , ,439 20,642 18, , ,

22 ,477 31, ,152 26, ,754 9,469 67,383 67,474 46,643 38, , , ,550, % 5.83% 103,800, (i) 3,800, (ii) 4,996,200, ,620 5,000,000, ,000 (i) 1 (iii) 999, ,000,

23 14. (i) 380,000 3,800, (ii) 4,996,200, ,000500,000,000 (iii) 999, (i) Stella International (ii) Stella International Marketing Company Limited (iii) Stella Luna Sol Limited Stella International 15. 1,206 1, Simona Tanning Inc. 10,000,000 22

24 17. (I) () 1 10,866 2,320 Sincerely International Limited 2 1, Sanford International Limited 2 4,212 3, ,834 11, , ,487 1, , Sanford International Limited 530,000 Sanford International Limited (II) (III) Simona Tanning Inc. 20,000, ,000,000 Simona Tanning Inc ,800,000 23

25 17. (IV) a) 584,000, ,400, ,000, ,250, b) 130,000,000(i) (ii) 24

26 352 XV 352 Cordwalner Bonaventure Inc. 139, % 1 Cordwalner Bonaventure Inc. 113, % 2 Cordwalner Bonaventure Inc. 76, % Cordwalner Bonaventure Inc. 37, % CHI Lo-Jen, Stephen Cordwalner Bonaventure Inc. 23, % SHIH Takuen, Daniel Cordwalner Bonaventure Inc. 6, % 1. Cordwalner Bonaventure Inc.6.33% XV 2. CHAO Tracy Cordwalner Bonaventure Inc.3.77% XV 25

27 Cordwalner Bonaventure Inc. 585,000, % 26

28 3.21 SBS SHIH Takuen, Daniel SBS SHIH Takuen, Daniel SBS SHIH Takuen, Daniel SBSSHIH Takuen, Daniel 27

29 (i) (ii) (iii) 30% 12 1% 12 (i) 0.1%(ii)5,000,000 28

30 29

31 CHI Lo-Jen, Stephen SHIH Takuen, Daniel SBS SBS SHIH Takuen, Daniel SBS SHIH Takuen, Daniel SHIH Takuen, Daniel, SBS Butterfield Fund Services (Cayman) Limited Butterfield House, 68 Fort Street, P.O. Box 705 Grand Cayman KY1-1107, Cayman Islands Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands

32 Stella International Holdings Limited Stella International Holdings Limited Suites , 30/F., Tower 2, The Gateway, 25 Canton Road, Kowloon, Hong Kong

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