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

2 3 4 6 10 14 19 21 22 23 44

Paul Edward SELWAY-SWIFT* * Franklin Warren McFARLAN* * * Bruce Philip ROCKOWITZ 10 16 19 Canon s Court, 22 Victoria Street Hamilton HM 12, Bermuda 888 11 22

, 37,772 +% 1, 1,179 +0%.% 3.12% 1, 1,051 +1%.0 30.8 +1% 21 +1%

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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%

" "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

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

14,1643,703 10,461 85 25

% 100% * * 10

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

2931 (www.lifung.com) 12

Business for Social Responsibility BSR BSR BSR Global CompactGlobal Compact (SAM)Sustainability Yearbook 2008 FTSE4Good Index 3233 (www.lifung.com) 35 3637 13

352 XV0.025 (A) 1,128,545,880 1 55,825,000 2 1,184,370,880 34.21% 68,651,330 1,140,703,080 3 4,400 3,520,000 4 1,212,878,810 35.03% Bruce Philip Rockowitz 2,032,800 21,411,510 5 35,175,880 6 58,620,190 1.69% 3,954,000 2,670,000 4 6,624,000 0.19% 7,914,000 2,230,000 4 10,144,000 0.29% 4,306,000 2,230,000 4 6,536,000 0.19% Franklin Warren McFarlan 57,200 7 57,200 0.00% 14

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

(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 32,945,880 0.95%King Lun HMHL King Lun HMHL King Lun 352 XV (C) 16

153,657,000 1/1/00 0//00 880,000 (880,000 ) 13.45 20/6/2005 20/6/2008 19/6/2011 880,000 880,000 13.45 20/6/2005 20/6/2009 19/6/2012 880,000 2 880,000 25.55 24/1/2008 01/3/2009 28/2/2011 880,000 2 880,000 25.55 24/1/2008 01/3/2010 29/2/2012 880,000 2 880,000 25.55 24/1/2008 01/3/2011 28/2/2013 Bruce Philip Rockowitz 440,000 (440,000 ) 8.36 23/5/2003 23/5/2005 22/5/2008 440,000 (440,000 ) 8.36 23/5/2003 23/5/2006 22/5/2009 440,000 (440,000 ) 13.45 20/6/2005 20/6/2007 19/6/2010 440,000 440,000 13.45 20/6/2005 20/6/2008 19/6/2011 440,000 440,000 13.45 20/6/2005 20/6/2009 19/6/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2009 28/2/2011 450,000 2 450,000 25.55 24/1/2008 01/3/2010 29/2/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2011 28/2/2013 440,000 (440,000 ) 8.36 23/5/2003 23/5/2006 22/5/2009 440,000 440,000 13.45 20/6/2005 20/6/2007 19/6/2010 440,000 440,000 13.45 20/6/2005 20/6/2008 19/6/2011 440,000 440,000 13.45 20/6/2005 20/6/2009 19/6/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2009 28/2/2011 450,000 2 450,000 25.55 24/1/2008 01/3/2010 29/2/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2011 28/2/2013 440,000 (440,000 ) 13.45 20/6/2005 20/6/2007 19/6/2010 440,000 440,000 13.45 20/6/2005 20/6/2008 19/6/2011 440,000 440,000 13.45 20/6/2005 20/6/2009 19/6/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2009 28/2/2011 450,000 2 450,000 25.55 24/1/2008 01/3/2010 29/2/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2011 28/2/2013 440,000 440,000 13.45 20/6/2005 20/6/2008 19/6/2011 440,000 440,000 13.45 20/6/2005 20/6/2009 19/6/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2009 28/2/2011 450,000 2 450,000 25.55 24/1/2008 01/3/2010 29/2/2012 450,000 2 450,000 25.55 24/1/2008 01/3/2011 28/2/2013 17

1/1/00 0//00 684,500 (629,500 ) (55,000 ) 8.36 23/5/2003 23/5/2005 22/5/2008 2,059,000 (812,000 ) 1,247,000 8.36 23/5/2003 23/5/2006 22/5/2009 148,400 (33,000 ) 115,400 9.00 20/8/2004 20/8/2006 19/8/2009 8,580,600 (2,533,200 ) 6,047,400 13.45 20/6/2005 20/6/2007 19/6/2010 20,114,000 (3,444,000 ) (365,000 ) 16,305,000 13.45 20/6/2005 20/6/2008 19/6/2011 19,910,000 (239,000 ) (616,000 ) 19,055,000 13.45 20/6/2005 20/6/2009 19/6/2012 251,400 (29,200 ) 222,200 13.72 23/1/2006 20/6/2007 19/6/2010 1,212,000 (280,000 ) (35,000 ) 897,000 13.72 23/1/2006 20/6/2008 19/6/2011 1,287,000 (115,000 ) (55,000 ) 1,117,000 13.72 23/1/2006 20/6/2009 19/6/2012 48,000 (12,000 ) 36,000 15.65 19/6/2006 20/6/2007 19/6/2010 2,002,000 (430,000 ) 1,572,000 15.65 19/6/2006 20/6/2008 19/6/2011 2,090,000 (55,000 ) 2,035,000 15.65 19/6/2006 20/6/2009 19/6/2012 2,028,000 (11,000 ) 2,017,000 25.50 02/2/2007 20/6/2008 19/6/2011 7,205,000 (375,000 ) (55,000 ) 6,775,000 25.50 02/2/2007 20/6/2009 19/6/2012 1,593,000 (30,000 ) 1,563,000 29.93 13/7/2007 20/6/2009 19/6/2012 25,136,000 2 (88,000 ) 25,048,000 25.55 24/1/2008 01/3/2009 28/2/2011 25,136,000 2 (88,000 ) 25,048,000 25.55 24/1/2008 01/3/2010 29/2/2012 25,136,000 2 (88,000 ) 25,048,000 25.55 24/1/2008 01/3/2011 28/2/2013 2,705,000 3 2,705,000 30.00 21/5/2008 01/3/2009 28/2/2011 1,962,000 3 1,962,000 30.00 21/5/2008 01/3/2010 29/2/2012 1,962,000 3 1,962,000 30.00 21/5/2008 01/3/2011 28/2/2013 (1) 27.55 (2) 24.95 (3) 29.10 (4) 12 18

336 King Lun Holdings Limited (32,945,880) 1,128,545,880 2 32.60% (1,095,600,000) 1 J.P. Morgan Trust Company (55,825,000) 1,184,370,880 3 34.21% (Jersey) Limited (1,128,545,880) 2 Janus Capital Management LLC 283,078,060 8.18% Allianz SE 19,111,900 0.55% King Lun Holdings Limited 32,945,880 4 0.95% J.P. Morgan Trust Company 32,945,880 5 0.95% (Jersey) Limited Allianz SE 265,557,445 7.67% (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

(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

21

23 43 34 34 2410 34 22

29 1 29 2 30 3 31 4 32 5 32 6 33 7 33 8 34 9 34 10 35 11 35 12 37 13 38 14 40 15 40 16 41 17 41 18 43 19 43 20 23

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 1,051,447 548 1,,0 1,051,995 6 1, 719,520 7.0 30.8. 30.4 24

8 11,,1 11,374,637 8 1,,0 1,130,002,1 2,554,1 14,575 1, 85,465 111,0 115,604 1,0, 12,722,837,,00 2,059,618, 71,689 9 1,101,0 13,716,146,11, 1,746,722 1,,1 1,472,365 1,, 19,066,540 1, 21,809 10 11,1,0 11,231,148,0, 2,394,858 11, 1,257,254 0,0 465,765 9 1,0 328,175 1,0, 441,796 10, 205,261 1,, 16,346,066,,0 2,720,474 1,, 15,443,311 25

12,0 86,268,,00 8,082,371 1, 1,726,678 13,1, 9,809,049,,1 9,895,317 13 (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

,, 8,266,845 13, 58,911 13 (,0 ) 13 (1,1 ) 24,698 13,11 2,657, 86,266 13 1,,0 1,051,995 1,, 1,138,261 13 (1,, ) (1,331,338 ) 13, 51,060 12 206 13 1, 85,180,1,100 8,210,214 27

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

1 Canon's Court, 22 Victoria Street, Hamilton HM 12, Bermuda 34 11 12 14 2 19 88 14 23 29

2 32728 31 1 ( 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

(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 9,528 111,0 90,582,1 (231), 51,060 31

16.5%17.5%, 80,227, 31,441, (25,903) 11,00 85,765 1992/1993 2006/2007 1, 719,520 1,727,959,000 1,331,388,000 32

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 40,939 259,087 210,257 210,257 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

1,,,001 1, 0,1 1,101,0 12,509,235 980,865 192,938 33,108 13,716,146 231,086,000 : 328,175,000 67,678,000 : 372,280,000 10 10,,0,,,1 11,1,0 10,685,357 430,439 66,046 49,306 11,231,148 34

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),, 5,527,636 1 0.025 4,000,000 100,000 0.025 4,000,000 100,000 0.025 3,450,706 86,268 11,283 282 0.025 3,461,989 86,550 35

1 1/1/00 0//00 23/5/2003 8.36 23/5/2005 22/5/2008 1,124,500 (1,069,500 ) (55,000 ) 23/5/2003 8.36 23/5/2006 22/5/2009 2,939,000 (1,692,000 ) 1,247,000 20/8/2004 9.00 20/8/2006 19/8/2009 148,400 (33,000 ) 115,400 20/6/2005 13.45 20/6/2007 19/6/2010 9,900,600 (3,413,200 ) 6,487,400 20/6/2005 13.45 20/6/2008 19/6/2011 22,754,000 (4,324,000 ) (365,000 ) 18,065,000 20/6/2005 13.45 20/6/2009 19/6/2012 22,550,000 (616,000 ) (239,000 ) 21,695,000 23/1/2006 13.72 20/6/2007 19/6/2010 251,400 (29,200 ) 222,200 23/1/2006 13.72 20/6/2008 19/6/2011 1,212,000 (280,000 ) (35,000 ) 897,000 23/1/2006 13.72 20/6/2009 19/6/2012 1,287,000 (55,000 ) (115,000 ) 1,117,000 19/6/2006 15.65 20/6/2007 19/6/2010 48,000 (12,000 ) 36,000 19/6/2006 15.65 20/6/2008 19/6/2011 2,002,000 (430,000 ) 1,572,000 19/6/2006 15.65 20/6/2009 19/6/2012 2,090,000 (55,000 ) 2,035,000 02/2/2007 25.50 20/6/2008 19/6/2011 2,028,000 (11,000 ) 2,017,000 02/2/2007 25.50 20/6/2009 19/6/2012 7,205,000 (55,000 ) (375,000 ) 6,775,000 13/7/2007 29.93 20/6/2009 19/6/2012 1,593,000 (30,000 ) 1,563,000 24/1/2008 25.55 01/3/2009 28/2/2011 27,816,000 (88,000 ) 27,728,000 24/1/2008 25.55 01/3/2010 29/2/2012 27,816,000 (88,000 ) 27,728,000 24/1/2008 25.55 01/3/2011 28/2/2013 27,816,000 (88,000 ) 27,728,000 21/5/2008 30.00 01/3/2009 28/2/2011 2,705,000 2,705,000 21/5/2008 30.00 01/3/2010 29/2/2012 1,962,000 1,962,000 21/5/2008 30.00 01/3/2011 28/2/2013 1,962,000 1,962,000 3,279,600 36

1 13/8/2008 26.20 01/3/2009 28/2/2011 269,100 13/8/2008 26.20 01/3/2010 29/2/2012 1,490,700 13/8/2008 26.20 01/3/2011 28/2/2013 3,367,100 1 6,247,762 22,591 130,028 (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 ) 175,744 175,744 370 176,114 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 3,060,036 940 3,060,976 111,756 111,756 111,756 274,716 274,716 274,716 51,374 (51,374 ) (719,847 ) (719,847 ) (719,847 ) 7,037,463 (464,050 ) 23,823 190,410 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 ) 23,823 190,410 27,135 (7,731 ) 175,406 2,826,593 9,809,049 (31,053 ) 9,777,996 37

1 7,037,463 (464,050 ) 23,823 190,410 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 59,195 153 59,348 (32,077 ) (32,077 ) (32,077 ) (1,163 ) (1,163 ) (1,163 ) 2,119 2,119 2,119 1,237,951 1,237,951 86 1,238,037 75,923 75,923 75,923 138,326 138,326 138,326 25,342 (25,342 ) 7,201,131 (464,050 ) 23,823 240,991 (6,105 ) (5,612 ) 234,601 1,504,921 8,729,700 (30,814 ) 8,698,886 831,664 831,664 831,664,01,11 (,00 ), 0,1 (,10 ) (,1 ),01,,,1, (0,1 ),0,0 1 207,706,000 C.D.P. Asia Limited ImagineImagine Imagine 31,740,000 Silvereed Group Giant Merchandising T Imagine Silvereed Group Giant Merchandising T 38

1 207,706 11,796 219,502 (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

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

1 40,707,000 3,946,000 (1937) 38,610,000 14Imagine 1 (A) (i) 1 7.75 7.85 (ii) 41

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

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

494 0494.HK 494 HK Equity MSCI FTSE4Good 2,000 3,461,988,986 81,356,741,171 36 24 (852) 2300 2300 (852) 2300 2020 ir@lifung.com.hk The Bank of Bermuda Limited 6 Front Street, Hamilton HM 11, Bermuda 888 11 www.lifung.com www.irasia.com/listco/hk/lifung 44

LIFUNG TOWER 888 Cheung Sha Wan Road Kowloon, Hong Kong Tel. (852) 2300 2300 www.lifung.com PRINTED ON 100% POST CONSUMER FIBER