City Chic Collective : 1HFY21 Results Presentation

1H FY21 RESULT HIGHLIGHTS

$23.3m 21.8%

• 1. Excludes the period Victorian stores were closed due to COVID-19 restrictions (July - October 2020). Including Victorian store closures the CSG was 12.7%. In both calculations, CSG excludes Wholesale and Online Marketplaces and includes Avenue from mid-October 2020 (one year since acquisition)

• 2. Active customers include customers who have shopped online, in stores and omni-channel in the last 12 months; excludes wholesale and dropship customers

• 3. Online represents websites and online marketplace sales

• 4. Based on last 12 months revenue to remove seasonality impacts

• 5. Underlying EBITDA adjusted for net expenses of $0.6m, which include transaction costs associated with the July-August 2020 equity raise and the acquisition of Evans, as well as other adjustments. Underlying EBITDA is on a pre-AASB16 basis in order to present earnings on a like-for-like basis to prior periods.

2

CONTENTS

• 1 City Chic Collective

• 2 1H FY21 Result Overview

• 3 1H FY21 Financial Review

• 4 Outlook

Phil Ryan, CEO

Munraj Dhaliwal, CFO

1

CITY CHIC COLLECTIVE

4

CUSTOMER-CENTRIC OPERATING MODEL

Geographically	Customer-led	Executive team
Diversified Product
diverse operations	supply chain	that knows the
Range
customer

Long-standing

5

GLOBAL BUSINESS OVERVIEW

GLOBAL CHANNEL

CONTRIBUTION1

GLOBAL REGION CONTRIBUTION1

• • $209m global revenue (LTM)1

• • 73% global online penetration (LTM)2

• • 801k global active customers3

• • 42m global online annual traffic (LTM)4

• • 3 key operating regions. Established in ANZ and USA; newly entered the UK

Note: All figures above and in charts exclude Evans

• 1. Based on 12 months to 27 December 2020 to remove seasonality impacts; revenue in AUD

• 2. Online represents websites and online marketplace sales based on 12 months to 27 December 2020

• 3. Active customers include customers who have shopped online, in stores and omni-channel in the last 12 months; excludes wholesale and marketplace customers

  7

• 4. Traffic to our own global sites City Chic ANZ and USA, Avenue and Hips & Curves; excludes stores and partner marketplace websites

GLOBAL BUSINESS OVERVIEW

• 1. Based on 12 months to 27 December 2020 to remove seasonality impacts; revenue in AUD

• 2. Active customers includes customers who have shopped in online, stores and omni-channel; excludes wholesale and marketplace customers

• 3. Average annual spend excludes wholesale and marketplace customers

  8

• 4. Includes pro-forma Evans revenue and metrics based on FY20, which was a period prior to acquisition by the City Chic Collective (acquired on 23 December 2020)

SIZE

GROWTH

• • Current market addressed by CCX valued at US$58bn+1 annually

  - Up from previously disclosed $50bn+ based on 2019 research for ANZ2, USA & UK

• • The global plus-size market is valued at US$180bn+1 annually

ONLINE

• • Plus-size women have embraced shopping online

• • Current online sales represent one quarter1 of total plus-size sales globally

• • Strong forecast growth in online channels in the global plus-size market

The plus-size market is forecast to grow at c.7% 1 annually

• • Avg annual spend in plus-size is currently significantly less than the rest of the women's apparel market

• • Curvy women increasingly gaining confidence

• • Increasing rates of plus-size women globally

  UNDERSERVED

• • Traditionally, plus-sized women's clothing has been serviced by department stores or select retailers with extended sizing

• • Few independent plus-sized brands

• 1. Source Credence Research, Inc. - engaged in 2021 for detailed market research for global plus-size market

• 2. Estimate for ANZ market now at $2bn, up from $1bn+ previously disclosed based on 2018 research

9

CURRENT BRAND PORTFOLIO & STRATEGIC OPPORTUNITY

Current brand footprint around the globe. Opportunity to address global market with our portfolio of brandsFASHION / YOUTHCONSERVATIVE VALUE

INTIMATES

KEY INITIATIVES TO LEAD A WORLD OF CURVES

• • Significant market share opportunity in the US$49bn1 market

  MARKET SHARE EXPANSION IN THE USA

• • Cross selling of City Chic product to the Avenue customer is tracking well

• • Expand marketing campaigns to grow customer base and to re-engage customers

• • Expand existing and enter new marketplace and wholesale partnerships

• • Significant market share opportunity in the US$7bn1 market

  MARKET SHARE EXPANSION IN THE UK

• • Evans acquisition accelerates entry into the UK

• • Key priorities outlined on slide 12

  MARKET ENTRY FOR 'CONSERVATIVE VALUE' IN ANZ

• • Website build underway; targeting mid/end-2021 launch

• • Leverage product stream already produced

• • Leverage existing infrastructure in ANZ; significant reach in current market

• • Significant market share opportunity in the US$45bn1 market

  MARKET ENTRY IN EUROPE

• • Currently trialing in Europe through wholesale channel

• • Partner marketplace strategy in Europe well-progressed with launch expected mid-2021

WORLD OF CURVES SOCIAL COMMUNITY

EXPAND FASHION / YOUTH OFFERING GLOBALLY

1.

Source Credence Research, Inc.

EXPANDED STORE FOOTPRINT IN ANZ

INTRODUCING

ACQUISITION HIGHLIGHTS

Strong position in underpenetrated UK plus-size market valued at US$7bn1 with high online penetration

Provides scale and profitability in new market and platform to expand further in the region

Aligned to existing City Chic Collective product

Leverage existing traffic and customer base to introduce wider range of product and lifestyles

Opportunity to improve profitability by overlaying lean, customer-centric operating model

• • £23 annual online revenue2

• • £3m annual wholesale revenue2

• • 19m annual online traffic2

Evans is a well-recognised specialty retailer of plus-size apparel and footwear; established in 1930 in the United Kingdom

Targeting a broad customer base across the conservative and fashion segments in the curvy market, the independent website sells the Evans brands as well as other plus-size brands

• 1. Source Credence Research, Inc

• 2. Financial year to August 2020 (12 months)

ACQUISITION UPDATE

• • Completed acquisition of UK-based Evans eCommerce and wholesale business on 23 December 2020 for £23.1m (A$41.0m)

• • Operating under transitional services agreement until end of April 2021

• • Secured third party logistics provider based in the UK

• • Website build well-progressed

POST ACQUISITION PRIORITIES

• • Introduce a wider range of product and lifestyles

• • Optimise as a digitally led business

• • Expand wholesale and marketplace relationships

• • Implement customer-centric operating model for UK operations

• • Integrate supply chain, logistics and eCommerce platform

A YEAR OF

• • Earnings accretive and trading profitably; exceeding sales and earnings expectations

• • Store customer re-engagement underway through increasing our spend in direct mail and digital retargeting, with pleasing early signs

• • City Chic product received well by the Avenue customer

• • New eCommerce experience with new website and improved customer service

• • Integrated supply chain and logistics to support cross selling across brands

• • Introducing consistency in extended lifestyles including sleep and intimates

• • Cloudwalker shoe brand trading well with supply and design capabilities established

• • Built inventory to drive growth, aligned to elevated marketing campaign

2

1H FY21 RESULT OVERVIEW

1H FY21 RESULTS & OPERATIONAL HIGHLIGHTS

• 1. Excludes the period Victorian stores were closed due to COVID-19 restrictions (July - October 2020). Including Victorian store closures the CSG was 12.7%. In both calculations, CSG excludes Wholesale and Online Marketplaces and includes Avenue from mid-October 2020 (one year since acquisition)

• 2. Gross Trading Margin represents Sales Revenue less purchase and inbound-related costs of inventory

• 3. CODB represents all costs after Gross Trading Margin and before EBITDA, net of other income. From this period onwards CODB will include Fulfilment Costs, which represent warehousing and freight costs to deliver online sales. In prior periods, Fulfilment Costs were included in the calculation of Gross Margin.

  In 1H FY21 CODB includes $1.5m non-cash share-based payments expense (1H FY20: $1.5m)

• 4. Underlying EBITDA excludes transaction costs associated with the July-August 2020 equity raise and the acquisition of Evans and adjusts for accounting changes relating to AASB16 Leases which were effective from 1 July 2019, in order to present Underlying EBITDA on a like-for-like basis to the prior periods.

FINANCIAL HIGHLIGHTS

1H FY21 sales revenue of $119.0m, representing 13.5% YoY total sales growth and 20.8% comparable sales growth1

Gross trading margin2 of 61.2% vs 61.9% in 1H FY20; driven by shift in mix to lower GM% online channel (but higher earnings margin)Underlying CODB3 % of sales decreased to 41.6% from 43.7% in prior corresponding period (pcp); shift in mix to lower cost online channelStatutory Net Profit After Tax of $13.1m representing 24.8% growthCompleted Equity Raise of $111m to support future growthStrong balance sheet with net cash of $83.0m at 27 December 2020

OPERATIONAL HIGHLIGHTS

SALES PERFORMANCE BY CHANNEL & REGION

REVENUE BY CHANNEL

5% 6%

1H19

1H20

1H21

Online WebsitesStores

REVENUE BY REGIONCHANNEL: CONTIBUTION1

12 months to Dec 20

2%

2%

Online Marketplace

REGION: CONTRIBUTION1

12 months to Dec 20

1H19

1H20

12 months to Dec 19

Wholesale

47%

12 months to Dec 19

1H21

Southern HemisphereNorthern Hemisphere

• • Online represents 73% of total sales1,2

  - Strong active customer base growth

  - Avenue contribution represents 26 weeks for 1H FY21 vs 11 weeks for 1H FY20

• • Online website sales growth of 52% globally

• • Like-for-like store growth positive; total store sales impacted by temporary store closures due to COVID-19 restrictions and permanent closure of 14 holdover stores in June 2020

• • Marketplace and wholesale down in 1H FY21 due to COVID-19 impact on key US partners

• • Southern Hemisphere sales growth of 1% for 1H FY21; impact of temporary store closures offset by strong online growth of 30%

• • Northern Hemisphere growth of 38%; strong growth from Avenue, whilst COVID-19 impacted CC USA website (major dress category) and US partners

• • Northern Hemisphere contribution increased to 45% of total sales for the 12 months to Dec 2020 compared to 29% for pcp

• 1. Based on last 12 months revenue to remove seasonality impacts

• 2. Includes Online Website and Online Marketplace sales

CUSTOMER-FOCUSED GROWTH STRATEGY

Plus-size focus, global customer base growth, digitalGLOBAL CUSTOMER BASE GROWTH

INCREASED ONLINE PENETRATION

Dec-18

Rolling 12-month Global Online Sales2 $m

Jun-19

Dec-19

Jun-20

Dec-20

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

• • Active customers increased from 515k to 801k in the last 12 months representing a 56% increase compared to December 2019

• • Active customer growth driven primarily by the northern hemisphere; growth in southern hemisphere driven primarily by average annual spend

• • Online penetration has increased from 53% to 73% in the last 12 months

• • Strong online growth in both northern and southern hemispheres

• 1. Active customers include customers who have shopped in online, stores and omni-channel in the last 12 months; excludes wholesale and marketplace customers

• 2. Defined as transacted and sales in last 12 months. Online represents websites and online marketplace sales

3

1H FY21 FINANCIAL REVIEW

FINANCIAL PERFORMANCE

• • Strong comp sales growth1 in 1H FY21 driven by online growth in ANZ and the US, as well as buoyant trading in stores

  A$m: Continuing Operations Sales Revenue

  1H FY19 75.4

  1H FY20 104.8

  1H FY21 119.0

  Revenue Growth vs PCP Comparable Sales Growth1 Online % of Sales Revenue

  7.1% 11.4%

  39.0% 11.3%

  13.5% 20.8%

  41%

  56%

  71%

  Gross Trading Margin2

  Gross Trading Margin %

  49.9 66.1%

  64.9 61.9%

  72.8 61.2%

  Fulfilment costs3 Employee Benefits Expense

  (4.3) (14.4)

  (8.1) (17.1)

  (14.8) (15.3)

  Marketing Expenses

  Rent (pre AASB 16)

  (2.5) (7.7)

  (4.6) (7.4)

  (6.9) (5.4)Other

  Underlying Cost of Doing Business4

  (5.2) (34.0)

  (8.6) (45.8)

  (7.1) (49.5)

  CODB %

  Underlying EBITDA4 Underlying EBITDA Margin Underlying EBITDA Growth Underlying EBITDA Margin (excl SBP)

  45.1% 15.8

  43.7% 19.1

  41.6% 23.3

  21.0%

  18.2%

  19.6%

  21.5% 21.2%

  20.8% 19.7%

  21.8% 20.8%

  Statutory NPAT

  Statutory NPAT Growth %

  9.9 34.5%

  10.5 6.3%

  13.1 24.8%

• • Impact on topline sales set out on following slide

• • Gross trading margin % reflects the shift to the lower GM% online channel, including an additional 15 weeks of Avenue in 1H FY21

  • - In ANZ the higher levels of discounting in July and August due to COVID restrictions was offset by stronger gross margins in December 2020

  • - Store gross margins over the period were in line with PCP

  • - Smaller contribution from lower margin wholesale and marketplace channels

• • Reduced Underlying CODB as % of sales from 43.7% to 41.6% - Driven by shift in mix to the lower CODB online channel - Relatively low fixed cost base; early action to realise cost efficiencies including rental reductions through COVID-19

• • Higher US fulfilment costs due to disruptions caused by COVID-19 and freight surcharges; in order to address significant delays in shipping, faster freight was offered to customers at a materially higher cost to the group

• • Additional investment in digital and physical direct marketing in the US

  -

  First direct mail campaign to the store and lapsed Avenue customer base in November delivered a positive result and strong sales growth

• • Underlying EBITDA growth of 21.8%

-

Adjusting for AASB16 impact (negative $0.6m), transaction costs associated with executing the Evans acquisition (negative $0.9m), costs associated issue of shares in equity raising (negative $0.2m) and other adjustments5 (positive $0.4m)

• 1. Excludes the period Victorian stores were closed due to COVID-19 restrictions (July - October 2020). Including Victorian store closures the CSG was 12.7%. In both calculations, CSG excludes Wholesale and Online Marketplaces and includes Avenue from mid-October 2020 (one year since acquisition)

• 2. Gross Trading Margin represents Sales Revenue less purchase and inbound-related costs of inventory

• 3. Fulfilment Costs represent warehousing and freight costs to deliver online sales

• 4. Underlying EBITDA excludes transaction costs, costs associated with equity raise in July-August 2020 and foreign currency gains from settling intercompany balances within the group, and adjusts for accounting changes relating to AASB16 Leases which were effective from 1 July 2019

  Underlying EBITDA includes the non-cash long term incentive share-based expense of $1.5m in 1H FY21 ($1.5m in 1H FY20; $0.2m in 1H FY19)

• 5. Other includes FX gains on intercompany balances and a settlement and subsequent release of a provision on Avenue acquisition

1H FY21 PROFIT & LOSS IMPACTS

Sales

Additional 15 weeks contribution from Avenue vs 1HFY201

Government directed temporary closure of Victorian stores for up to 17 weeks and NZ stores for 3 weeks; over the corresponding period in FY20 these stores contributed $4.7m in sales

US marketplace and wholesale partner sales temporarily lost while partners managed through the pandemic; $6.4m fall in sales vs 1HFY20

14 holdover stores permanently closed in June 2020 as City Chic was unable to reach agreement with landlords on appropriate rents

Costs of Doing Business

Increased freight costs, particularly in the US, due to large temporary freight surcharges and disruption caused by COVID-19

Additional investment in marketing with spend of $6.9m vs $4.6m in PCP, across both digital and physical direct marketing

Early action to realise cost efficiencies during COVID-19

JobKeeper received from Australian Government for July - September2

Appreciation of AUD during 1H FY21 reduced AUD equivalent sales for the US operations and reduced AUD equivalent costs paid in USD for AU and US operations

The natural hedge with USD inflows and outflows resulted in no material FX impact on the group's earnings

• 1. Avenue acquired mid-October 2019; 1H FY21 Avenue contribution represents 26 weeks vs 11 weeks for 1H FY20 (which included Black Friday)

• 2. $3.5m received from the Australian Government which was passed on in its entirety to employees; $1.3m paid in relation to unworked hours

CASH FLOW

Receipts from customers

82.2

114.8

126.4

Payments to suppliers

(90.2)

(95.6)

(103.9)

Net interest, other revenue, grants

0.2

0.0

4.9

Income taxes

(1.0)

(4.0)

(6.1)

Operating Cash Flows

(8.7)

15.2

21.3

Capex (pre landlord contribution)

(3.5)

(4.0)

(2.6)

Payment for purchase, net of cash acquired

-

(25.7)

(41.0)

Sale Proceeds

31.1

-

-

Investing Cash Flows

27.6

(29.7)

(43.6)

Repayment of lease liabilities2

-

(7.2)

(5.7)

Proceeds from / (Repayment) of borrowings

(12.9)

17.5

(17.5)

Dividends Paid

-

(2.9)

-

Net Proceeds from issue of shares

-

-

108.6

Financing Cash Flows

(12.9)

7.4

85.5

• • Normalised Operating Cash Flow of $21.5m for 1H FY21 vs $17.1m in 1H FY20. Net normalisation adjustments of $0.2m to the 1H FY21 Statutory Operating Cash Flow includes:

  • - Reclassification of rental payments to financing cash flows in relation to AASB16 ($5.7m)

  • - JobKeeper grant received relating to prior period FY20 ($1.4m)

  • - Victorian store rents temporarily deferred ($1.3m)

  • + Repaid deferred tax payments of $3.7m from prior period (relief received due to COVID-19 in FY20)

  • + Cash outflows related to transaction costs of $1.0m1

  • + Working capital adjustment and finalisation of income tax associated with the 2018 divestment $3.8m

• • Investment in the business and organic growth initiatives funded by strong operating cash flow

• • Government JobKeeper grant of $4.9m includes $1.4m relating to FY20 and $3.5m relating to 1H FY21

• • Capex primarily relates to IT investment and new store roll-out - Capex presented does not include landlord contributions; capex net of landlord contributions was $1.7m for 1H FY21

• • Equity raising of $108.6m (net of costs) in July-August 2020 to strengthen the balance sheet and accelerate the company's global growth ambitions, both organically and inorganically

• • Repaid borrowings of $17.5m; $40m debt facility remains undrawn

• • Cash consideration paid for the acquisition of Evans in December 2020 for £23.1m (A$41.0m) was funded with cash raised earlier in the period

• • No dividend declared for FY20 period (and therefore no dividend payment during 1H FY21)

  • 1. Transaction costs associated with the July-August 2020 equity raise and the acquisition of Evans

  • 2. AASB16 Leases which were effective from 1 July 2019; prior year not re-stated

FINANCIAL POSITION

A$m

29 Dec 19

28 Jun 20

27 Dec 20

Cash and cash equivalents Inventories

14.9

21.4

83.0

36.8

38.1

48.7

Other

14.4

7.3

9.2

• • Cash position as at 27 Dec 2020 of $83.0m and nil borrowings. Since 28 June 20, key non-operating movements in the cash balance include:

  • - Received net proceeds from the Placement and SPP of $108.6m

  • - Acquired Evans eCommerce and wholesale business £23.1m (A$41.0m)

  • - Repaid debt of $17.5m; $40m debt facility fully paid down

  • - Repaid deferred tax payments from FY20 of $3.7m from prior year

  • - Cash associated with working capital adjustment and finalisation of income tax associated with the 2018 divestment $3.8m

• • Increase in inventory to drive global digital growth; driven primarily by acquisitions of Avenue and Evans

  • - Avenue stock was not at commercial levels shortly after acquisition in December 2019

  • - Acquired $4.2m of stock with the Evans acquisition in Dec 2020

  • - Inventory in stores lower vs prior corresponding period

  • - Materially higher goods in transit in order to re-stock well ahead of Chinese New Year and avoid delays in deliveries

• • Intangibles include acquisition of Evans in December 2020; allocated to goodwill on a provisional basis (to be finalised in full year accounts)

• • Right of Use Assets and Lease Liabilities relates to adoption of AASB 16 - Reduction in balance in 1H FY21 due to amortisation of leases

• • Current liabilities include trade payables for additional goods in transit and $3m of provisions and payables relating to Evans

• • Given the potential organic and inorganic opportunities to accelerate growth and the ongoing uncertainty caused by COVID-19, the Board has not declared a dividend for the period

4

OUTLOOK

FY21 UPDATE AND OUTLOOK

5

APPENDIX

IMPACT OF AASB16

AASB16 adopted from 1 July 2019

Profit & Loss (Continuing Operations1)

A$ million	1H FY21 Statutory Post AASB16	AASB 16 Impact	1H FY21 Pre AASB16	Underlying Adjustments2	1H FY21 Underlying Pre AASB162	1H FY20 Underlying Pre AASB162	Variance $	Variance %
Sales	119.0	-	119.0	-	119.0	104.8	14.2	13.5%
Purchase & Inbound-related Costs of Inventory	(46.2)	-	(46.2)	-	(46.2)	(39.9)	(6.3)	(15.7%)
Gross Trading Profit	72.8	-	72.8	-	72.8	64.9	7.9	12.2%
Cost of Doing Business	(46.3)	(3.9)	(50.2)	0.6	(49.5)	(45.8)	(3.7)	8.1%
EBITDA	26.5	(3.9)	22.7	0.6	23.3	19.1	4.2	21.8%
Depreciation & Amortisation	(7.2)	4.1	(3.1)	-	(3.1)	(2.3)	(0.8)	(35.0%)
EBIT	19.4	0.2	19.6	0.6	20.2	16.8	3.4	20.0%
Net Finance Cost	(0.5)	0.3	(0.2)	-	(0.2)	(0.1)	(0.1)	57.1%
Profit Before Tax	18.8	0.6	19.4	0.6	20.0	16.7	3.3	19.7%
Income Tax Expense	(5.8)	-	(5.8)	Underlyin	g EBITDA
Net Profit After Tax	13.1	0.6	13.6

Balance Sheet

Recognised Right of Use Assets of $18.4m and Lease Liabilities of $23.0m as at 27 December 2020

Cash Flow

No impact on net cash flow. Rental payments previously captured in operating cash flow replaced with repayment of lease liability in financing cash flow.

• 1. Continuing operations exclude profit and loss impact of discontinued operations divested to Noni B in July 2018

• 2. Underlying EBITDA adjusted for net expenses of $0.6m, which include transaction costs associated with the equity raise and the acquisition of Evans, as well as other adjustments

EARNINGS RECONCILIATION

Continuing

A$ million	1H FY20	1H FY21	1H FY20	1H FY21	1H FY20	1H FY21
Underlying EBITDA	19.1	23.3	-	-	19.1	23.3
Depreciation & amortisation	(2.3)	(3.1)	-	-	(2.3)	(3.1)
Underlying EBIT	16.8	20.2	-	-	16.8	20.2
Net Interest expense1	(0.1)	(0.2)	-	-	(0.1)	(0.2)
Underlying NPBT	16.7	20.0	-	-	16.7	20.0
Transaction-related items & adjustments	(1.8)	(0.9)	2.7	-	0.9	(0.9)
Share issue	-	(0.2)	-	-	-	(0.2)
AASB 16 impact2	1.1	(0.6)	-	-	1.1	(0.6)
Other3	-	0.4	-	-	-	0.4
Underlying Adjustments	(0.7)	(1.2)	-	-	2.0	(1.2)
Statutory NPBT	16.0	18.8	-	-	18.6	18.8
Taxation	(5.5)	(5.8)	(2.5)	-	(8.0)	(5.8)
Statutory NPAT	10.5	13.1	0.1	-	10.6	13.1

Discontinued

• 1. Group net interest expense allocated to continuing operations

• 2. Detailed reconciliation on slide 26

• 3. Other includes FX gains on intercompany settlement and subsequent release of a provision relating to the Avenue acquisition

Group

ETHICAL TRADE UPDATE

Right of every worker in our supply chain to enjoy safe and healthy working conditions in an environment where they are not exploited

As part of our worker voice program, we were excited to launch our worker survey tool out to factory workers as a pilot, with support from our participating factories. The survey is in addition to our worker hotline and grievance mechanism and designed to provide another channel to talk to factory workers.

As part of phase 1, the survey was rolled out across 24 factories and touched ~4300 workers to seek their feedback across the following areas with the following results:

Enhancing our worker voice tools is a key initiative to help support us in gaining a more direct line to all workers and to help inform areas for improvement. It also gives us the ability to contact workers by sending them surveys, training materials and information designed to empower workers to have a voice about their individual working conditions.

"As we navigate through this global pandemic, we continue to place great importance on all our ethical trade policies and responsible sourcing practices"

Our COVID-19 Fashion Commitment Scorecard

City Chic was rated as GREEN as part of the Covid-19 Fashion Report published in Oct 2020, reflecting that City Chic provided evidence of actions and initiatives that cover all areas covered as part of the Covid-19 Fashion Commitments.

We believe these commitments are an extension to the ethical trade policies we already have in place. We also recognise there is room for further sustainable improvement and we continue to review our policies and how we should act and respond.

Working with factories to recognise that a minimum wage does not always equal a living wage

We partner with our factories to implement a plan to work towards paying a living wage so that workers are on a path to earning an income that covers their basic family living expenses.

We seek to partner with suppliers that share our commitment to providing safe and healthy working conditions for workers.

As part of the audits and factory visits conducted by our third-party auditors, we check that working conditions are clean and safe and workers are not performing any unsafe work.

When we audit factories, we assign a risk rating to help prioritise corrective actions required, and we monitor their progress implementing these improvements.

We understand that not all factories will be at the same stage in their ethical trade journey, however we are committed to partnering with factories who also are committed to coming on this journey with us.

We seek to ensure that all textile processing and waste management is in line with the legislation of the manufacturing country by collaborating with our factories.

Our audits include Environmental and Waste Management checks for

• 1. Legal Authorisations - such as the EIA

• 2. Solid & Hazardous wastes

• 3. Wastewater, Air Emissions and Noise

• 4. Energy & Water reductions

In China, the factories we work with provide an Environmental Impact Assessment (EIA) of their factory, and in the other regions we are developing, we request factories provide equivalent assessments where mandated by local requirements

STORE NETWORK

• • 96 stores as at the end of December 2020

• • Portfolio rotation to newer fit-outs in 1H FY21: 7 new stores opened, 4 closures; 1 relocation to a larger format site

• • 6 larger format flagship stores with average footprint of 213 sqm

• • 18 newer stores in the 'Gold' look design and with a larger footprint of 147sqm on average compared to historic smaller format stores of approx. 100-120sqm

• • Focus on in-store experience with enhanced store environments and migration to larger footprint sites - stores that are representative of the City Chic brand and support the omni-channel experience for the loyal customer base

• • Very few old fit-outs remaining in the portfolio

• • Approximately one third of our portfolio has been recently renewed including new fit-outs and more favourable terms

• • Approximately one third of portfolio is in holdover

• • 6 stores planned to open or relocate to improved sites before the end of FY21

• • 5 stores closed in 2H FY21 to date where appropriate rent deals could not be agreed with view to re-locate to more favourable sites with new 'Gold' fit-out

IMPORTANT NOTICE & DISCLAIMER

This presentation has been prepared by City Chic Collective Limited (the "Company"). It contains general background information about the Company's activities and does not purport to be complete. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements.

The Company has prepared this presentation based on information available to it, including information derived from publicly available sources that have not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness or reliability of the information, opinions and conclusions expressed.

This presentation contains forward-looking statements. Forward-looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "project", "should", "could", "would", "target", "aim", "forecast", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar expressions, as well as indications of and guidance on future earnings and financial position and performance. Forward-looking statements are not guarantees or predictions of future performance. They are prepared in good faith and are based on the Company's best estimates and information at the time of preparing the presentation. They are nonetheless subject to significant uncertainties and contingencies many of which are understandably beyond the Company's control. Unanticipated events will occur, and actual future events may differ materially from current expectations for many reasons including new business opportunities, as well as many other internal and external factors. Any of these factors may materially affect the Company's future business activities and financial results. This presentation should not be relied upon as a recommendation or forecast by the Company.

To the maximum extent permitted by law, none of the Company, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.