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1 LI & FUNG LIMITED (Incorporated in Bermuda with limited liability) Stock Code: 494 INTERIM REPORT 08 中期業績報告

2

3

4 Paul Edward SELWAY-SWIFT* * Franklin Warren McFARLAN* * * Bruce Philip ROCKOWITZ Canon s Court, 22 Victoria Street Hamilton HM 12, Bermuda

5 , 37,772 +% 1, 1,179 +0%.% 3.12% 1, 1,051 +1% % 21 +1%

6 HBC 25% 18%

7

8 25% 30% 3.23% Regatta American Marketing Enterprises 18% " "Sanrio Timberland Kellwood 34%10.81%11.50% 70% 30% 24% 28% 29% 43% 60%68% 12% 28% 23% 30%68% 45%Arcandor Group Tommy Hilfiger 3% 1% 3% 16% 19% 28%13% 14% 10% 2%32% 27%

9 " "Sanrio Timberland Kellwood Toys R Us Delaware, Inc Sanrio Co., Ltd. Hello Kitty Sanrio Timberland Kellwood Holding Corp. Silvereed Group Imagine RT Sourcing ImagineRT Sourcing Giant Merchandising T Van Zeeland, Inc. Kathy Van Zeeland Handbags B. Makowsky Tignanello 1,300 Macy s JC Penney () Kathy Van Zeeland Bruce Makowsky Van Zeeland

10 2010 i) ii) iii) CGroup PB Beauty Regatta 32% 1.2

11 14,1643,703 10,

12 % 100% * * 10

13 100% * * Franklin Warren McFARLAN * * 100% Bruce Philip ROCKOWITZ Chen Kuan JEANG 100% * Franklin Warren McFARLAN * * 11

14 2931 ( 12

15 Business for Social Responsibility BSR BSR BSR Global CompactGlobal Compact (SAM)Sustainability Yearbook 2008 FTSE4Good Index 3233 (

16 352 XV0.025 (A) 1,128,545, ,825, ,184,370, % 68,651,330 1,140,703, ,400 3,520, ,212,878, % Bruce Philip Rockowitz 2,032,800 21,411, ,175, ,620, % 3,954,000 2,670, ,624, % 7,914,000 2,230, ,144, % 4,306,000 2,230, ,536, % Franklin Warren McFarlan 57, , % 14

17 J.P. MORGAN TRUST COMPANY (JERSEY) LIMITED 2 50% KING LUN HOLDINGS LIMITED 1(a) 50%.% 100% 1.61% (1937) 1(b) 0.% 1.% (36.64%) (1) (a) King Lun Holdings Limited King Lun32,945,880 (b) King Lun(1937) 1,095,600,000 King Lun 1,128,545,880 (1)(a) (b) (i) J.P. Morgan Trust Company (Jersey) Limited 1,332,840 King Lun King Lun 50% (ii) 1,332,840 King Lun King Lun 50% (2) J.P. Morgan Trust Company (Jersey) Limited 55,825,000 (3) 1,140,703,080 12,157,200 Golden Step Limited 1,128,545,880 King Lun (1) (4) (5) Hurricane Millennium Holdings Limited HMHL21,411,510 Bruce Philip Rockowitz 15

18 (6) (a) Bruce Philip Rockowitz 2,230,000 (b) King Lun HMHL King Lun HMHL 32,945,880 Bruce Philip Rockowitz 32,945,880 (7) Franklin Warren McFarlan 57,200 (B) King Lun King Lun 32,945, %King Lun HMHL King Lun HMHL King Lun 352 XV (C) 16

19 153,657,000 1/1/00 0//00 880,000 (880,000 ) /6/ /6/ /6/ , , /6/ /6/ /6/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ , , /1/ /3/ /2/2013 Bruce Philip Rockowitz 440,000 (440,000 ) /5/ /5/ /5/ ,000 (440,000 ) /5/ /5/ /5/ ,000 (440,000 ) /6/ /6/ /6/ , , /6/ /6/ /6/ , , /6/ /6/ /6/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ ,000 (440,000 ) /5/ /5/ /5/ , , /6/ /6/ /6/ , , /6/ /6/ /6/ , , /6/ /6/ /6/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ ,000 (440,000 ) /6/ /6/ /6/ , , /6/ /6/ /6/ , , /6/ /6/ /6/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ , , /6/ /6/ /6/ , , /6/ /6/ /6/ , , /1/ /3/ /2/ , , /1/ /3/ /2/ , , /1/ /3/ /2/

20 1/1/00 0//00 684,500 (629,500 ) (55,000 ) /5/ /5/ /5/2008 2,059,000 (812,000 ) 1,247, /5/ /5/ /5/ ,400 (33,000 ) 115, /8/ /8/ /8/2009 8,580,600 (2,533,200 ) 6,047, /6/ /6/ /6/ ,114,000 (3,444,000 ) (365,000 ) 16,305, /6/ /6/ /6/ ,910,000 (239,000 ) (616,000 ) 19,055, /6/ /6/ /6/ ,400 (29,200 ) 222, /1/ /6/ /6/2010 1,212,000 (280,000 ) (35,000 ) 897, /1/ /6/ /6/2011 1,287,000 (115,000 ) (55,000 ) 1,117, /1/ /6/ /6/ ,000 (12,000 ) 36, /6/ /6/ /6/2010 2,002,000 (430,000 ) 1,572, /6/ /6/ /6/2011 2,090,000 (55,000 ) 2,035, /6/ /6/ /6/2012 2,028,000 (11,000 ) 2,017, /2/ /6/ /6/2011 7,205,000 (375,000 ) (55,000 ) 6,775, /2/ /6/ /6/2012 1,593,000 (30,000 ) 1,563, /7/ /6/ /6/ ,136,000 2 (88,000 ) 25,048, /1/ /3/ /2/ ,136,000 2 (88,000 ) 25,048, /1/ /3/ /2/ ,136,000 2 (88,000 ) 25,048, /1/ /3/ /2/2013 2,705, ,705, /5/ /3/ /2/2011 1,962, ,962, /5/ /3/ /2/2012 1,962, ,962, /5/ /3/ /2/2013 (1) (2) (3) (4) 12 18

21 336 King Lun Holdings Limited (32,945,880) 1,128,545, % (1,095,600,000) 1 J.P. Morgan Trust Company (55,825,000) 1,184,370, % (Jersey) Limited (1,128,545,880) 2 Janus Capital Management LLC 283,078, % Allianz SE 19,111, % King Lun Holdings Limited 32,945, % J.P. Morgan Trust Company 32,945, % (Jersey) Limited Allianz SE 265,557, % (1) King Lun(1937) 1,095,600,000 (2) (a) J.P. Morgan Trust Company (Jersey) Limited King Lun 50% King Lun 1,128,545,880 J.P. Morgan Trust Company (Jersey) Limited (b) King Lun 1,128,545,880 (1) 19

22 (3) J.P. Morgan Trust Company (Jersey) Limited J.P. Morgan Trust Company (Jersey) Limited 1,184,370,880 (4) King Lun 32,945,880 (5) J.P. Morgan Trust Company (Jersey) Limited King Lun 20

23 21

24

25

26 3,,1 37,771,538 (,10,) (33,858,537),, 3,913,001 1, 169,461,,10 4,082,462 (,) (683,244) (,,) (1,923,473) (1,1) (296,618) 1,,11 1,179,127, (4,007) 3 4 1,, 1,175,120,0 130,265 (,) (175,980) 10,0 8,355 1,,0 1,137,760 5 (11,00) (85,765) 1,,0 1,051,995 1,,1 1,051, ,,0 1,051, , 719,

27 8 11,,1 11,374, ,,0 1,130,002,1 2,554,1 14,575 1, 85, ,0 115,604 1,0, 12,722,837,,00 2,059,618, 71, ,101,0 13,716,146,11, 1,746,722 1,,1 1,472,365 1,, 19,066,540 1, 21, ,1,0 11,231,148,0, 2,394,858 11, 1,257,254 0,0 465, ,0 328,175 1,0, 441,796 10, 205,261 1,, 16,346,066,,0 2,720,474 1,, 15,443,311 25

28 12,0 86,268,,00 8,082,371 1, 1,726,678 13,1, 9,809,049,,1 9,895, (0,1) (31,053),1,100 9,864,264 11,, 5,063,586 11,00 464,050 1, 30,335 0, 21,076 1,, 15,443,311 26

29 ,, 8,266,845 13, 58, (,0 ) 13 (1,1 ) 24,698 13,11 2,657, 86, ,,0 1,051,995 1,, 1,138, (1,, ) (1,331,338 ) 13, 51, , 85,180,1,100 8,210,214 27

30 1,0,1 1,324,263 (,1) (2,842,537) 1, (1,518,274) (10,) 2,466,952, 948,678 1,,10 3,302,341 1,1 18,397 1,1,1 4,269,416 1,,1 4,295,906 (10,) (26,490) 1,1,1 4,269,416 28

31 1 Canon's Court, 22 Victoria Street, Hamilton HM 12, Bermuda

32 ( 32 : 1 13 (A),, 25,609,215 1,01, 805,619 1,, 8,582,674, 242,137 1,0,0 1,326,351, 50,091 1,1, 954,867, 38,761 0, 565,430,0 20,654 0, 733,001, 21,865,,1 37,771,538 1,,11 1,179,127, (4,007 ) 1,, 1,175,120 30

33 (B),,01 26,630,824 1,, 1,002,402 1,10, 11,140,714, 176,725,,1 37,771,538 1,,11 1,179,127, (4,007 ) 1,, 1,175,120 (1,0),0 4,837, 4,007 0,01 9, ,0 90,582,1 (231), 51,060 31

34 16.5%17.5%, 80,227, 31,441, (25,903) 11,00 85, / /2007 1, 719,520 1,727,959,000 1,331,388,000 32

35 1,237,951,000 1,051,447,000 3,436,596,0003,412,440,000 42,121,00043,612,000 3,436,596,0003,412,440,000 11,234,794 91,733 48,110 11,374,637 1,130,002 12,675 12,675 40,939 40, , , ,257 2,158 23,705 23,705 (17,262) (25,245) (40,019) (6,094) (71,358) (111,082) 51,901 (15) 51,886 5,727 11,,1,, 11,,1 1,,0 33

36 1,,,001 1, 0,1 1,101,0 12,509, , ,938 33,108 13,716, ,086,000 : 328,175,000 67,678,000 : 372,280, ,,0,,,1 11,1,0 10,685, ,439 66,046 49,306 11,231,148 34

37 11, 38,867,00,0 2,382,084,, 3,864,822,000, 93,522,00 464,050,1,0 6,843,345 (,) (1,257,254) (,) (58,455),, 5,527, ,000, , ,000, , ,450,706 86,268 11, ,461,989 86,550 35

38 1 1/1/00 0//00 23/5/ /5/ /5/2008 1,124,500 (1,069,500 ) (55,000 ) 23/5/ /5/ /5/2009 2,939,000 (1,692,000 ) 1,247,000 20/8/ /8/ /8/ ,400 (33,000 ) 115,400 20/6/ /6/ /6/2010 9,900,600 (3,413,200 ) 6,487,400 20/6/ /6/ /6/ ,754,000 (4,324,000 ) (365,000 ) 18,065,000 20/6/ /6/ /6/ ,550,000 (616,000 ) (239,000 ) 21,695,000 23/1/ /6/ /6/ ,400 (29,200 ) 222,200 23/1/ /6/ /6/2011 1,212,000 (280,000 ) (35,000 ) 897,000 23/1/ /6/ /6/2012 1,287,000 (55,000 ) (115,000 ) 1,117,000 19/6/ /6/ /6/ ,000 (12,000 ) 36,000 19/6/ /6/ /6/2011 2,002,000 (430,000 ) 1,572,000 19/6/ /6/ /6/2012 2,090,000 (55,000 ) 2,035,000 02/2/ /6/ /6/2011 2,028,000 (11,000 ) 2,017,000 02/2/ /6/ /6/2012 7,205,000 (55,000 ) (375,000 ) 6,775,000 13/7/ /6/ /6/2012 1,593,000 (30,000 ) 1,563,000 24/1/ /3/ /2/ ,816,000 (88,000 ) 27,728,000 24/1/ /3/ /2/ ,816,000 (88,000 ) 27,728,000 24/1/ /3/ /2/ ,816,000 (88,000 ) 27,728,000 21/5/ /3/ /2/2011 2,705,000 2,705,000 21/5/ /3/ /2/2012 1,962,000 1,962,000 21/5/ /3/ /2/2013 1,962,000 1,962,000 3,279,600 36

39 1 13/8/ /3/ /2/ ,100 13/8/ /3/ /2/2012 1,490,700 13/8/ /3/ /2/2013 3,367, ,247,762 22, ,028 (1,127 ) (3,921 ) (338 ) 1,818,974 8,213,969 (32,363 ) 8,181,606 (1,331,338 ) (1,331,338 ) (1,331,338 ) 175, , ,114 1,232 (1,232 ) 463,611 (464,050 ) (439 ) (439 ) 28,262 28,262 28,262 (3,810 ) (3,810 ) (3,810 ) 3,060,036 3,060, ,060, , , , , , ,716 51,374 (51,374 ) (719,847 ) (719,847 ) (719,847 ) 7,037,463 (464,050 ) 23, ,410 27,135 (7,731 ) 175,406 1,099,915 8,082,371 (31,053 ) 8,051,318 1,726,678 1,726,678 1,726,678 7,037,463 (464,050 ) 23, ,410 27,135 (7,731 ) 175,406 2,826,593 9,809,049 (31,053 ) 9,777,996 37

40 1 7,037,463 (464,050 ) 23, ,410 27,135 (7,731 ) 175,406 2,826,593 9,809,049 (31,053 ) 9,777,996 (1,727,959 ) (1,727,959 ) (1,727,959 ) 59,195 59, ,348 (32,077 ) (32,077 ) (32,077 ) (1,163 ) (1,163 ) (1,163 ) 2,119 2,119 2,119 1,237,951 1,237, ,238,037 75,923 75,923 75, , , ,326 25,342 (25,342 ) 7,201,131 (464,050 ) 23, ,991 (6,105 ) (5,612 ) 234,601 1,504,921 8,729,700 (30,814 ) 8,698, , , ,664,01,11 (,00 ), 0,1 (,10 ) (,1 ),01,,,1, (0,1 ),0, ,706,000 C.D.P. Asia Limited ImagineImagine Imagine 31,740,000 Silvereed Group Giant Merchandising T Imagine Silvereed Group Giant Merchandising T 38

41 1 207,706 11, ,502 (31,350 ) 188,152 22,105 2,158 29,343 40,192 6,433 1,523 1,465 (205 ) (30,953 ) (36,760 ) (133 ) (3,818 ) 31,350 39

42 1,0 5,850 1 (A),0 288,099,1 705,436,0 500,533 1,,0 1,494,068 (B) 1, 116,724 40

43 1 40,707,000 3,946,000 (1937) 38,610,000 14Imagine 1 (A) (i) (ii) 41

44 1 (A) (iii) (B) (C) 42

45 1 Van Zeeland Inc. 2,574,000,000 RT SourcingRT Sourcing 0 43

46 HK 494 HK Equity MSCI FTSE4Good 2,000 3,461,988,986 81,356,741, (852) (852) The Bank of Bermuda Limited 6 Front Street, Hamilton HM 11, Bermuda

47

48 LIFUNG TOWER 888 Cheung Sha Wan Road Kowloon, Hong Kong Tel. (852) PRINTED ON 100% POST CONSUMER FIBER

HONG KONG HEALTH CHECK AND LABORATORY HOLDINGS COMPANY LIMITED * 397 3 9 * ................................................................ 1.......................................................... 3......................................................

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