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Huaian New Store Opening

(21 October 2008 ¨C Hong Kong) Golden Eagle Retail Group Limited ("Golden Eagle" or the "Company", together with its subsidiaries as the "Group; HKEx Stock Code: 3308"), a premium department store chain operator in the PRC, announced the grand opening of Golden Eagle Huai'an Store on 18 October 2008. This represented the Group's further consolidation of its leading position in Jiangsu Province. In the first weekend upon the grand opening, Huai'an Store recorded gross sales proceeds of RMB2.54 million, with a total of 3,946 transactions. Since its soft opening on 28 August to 19 October, gross sales proceeds amounted to RMB23.56 million and per ticket sales was RMB 432.

Located in Huai'an City in northern Jiangsu Province, "Golden Eagle Huai'an Store" is situated at the urban business centre in Huai Hai Dong Lu. The area is also the political, transportation, business and trading as well as cultural hub of the city. In 2007, total retail sales of consumer goods and disposable income per capita in Huai'an city posted year-on-year growth of 17.1% and 16.4% respectively. Both the consuming power per capita and progress of economic development outperformed the national average.

"Golden Eagle Huai'an Store" has a gross floor area ("GFA") of 48,000 sq. m, accommodating department store, restaurant and beauty treatment center etc. It has also attracted a number of international and domestic fashion brands. The high-end new store and its diversified merchandise mix will bring brand new lifestyle and shopping experience to people in Huai'an.

"Golden Eagle Huai'an Store" will increase the Group's GFA to 338,000 sq. m. Total operating area will be added by 36,000 sq. m to 240,000 sq. m.

Commenting on the store opening, Mr. Roger Wang, Chairman of the Group, said, "The opening of Huai'an Store, together with the Yancheng Store that scheduled to open by the end of 2008, the Group¡¯s retail network will be further expanded to cover eight cities in Jiangsu. This will help reinforcing our regional brand presence in the province. Looking ahead, the Group is dedicated to establishing a nationwide chain store network and maximizing shareholders¡¯ returns via creating long-term corporate values."

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