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Golden Eagle Opens Second Store in Yangzhou

(24 December, 2008 - Hong Kong) Golden Eagle Retail Group Limited ("Golden Eagle" or the "Company", together with its subsidiaries, the "Group"; Stock code: 3308), a premium department store chain in the PRC, announced today that it has entered into a lease agreement with Yangzhou Jingguo RealEstate Company Limited. The Group agreed to rent Level 1-3 of Cpcity Living Mall, a shopping mall under Yangzhou Jingguo Real Estate Company Limited, to open Yangzhou Cpcity Store, its second store in Yangzhou. The lease term is of 20 years and the rental fee will be charged as a percentage of the annual revenue of Yangzhou Cpcity Store. This project will strengthen the presence of Golden Eagle in middle Jiangsu and further consolidate its market leading position.
Yangzhou Cpcity Store is located at the western district of Yangzhou City, the newly emerged urban cluster in Yangzhou. In 2007, Yangzhou City recorded a GDP of RMB131.1 billion and total retail sales of consumer goods of RMB41.89 billion, representing year-on-year growth of 15.7% and 17.7% respectively, disposable income per capita reached RMB15,057 for the year, which are higher than the average level of Jiangsu Province. Yangzhou Cpcity Store is expected to commence operation in May 2009 and the Group's gross floor area will increase by approximately 30,000 sq. m.
In regard to the store opening plan, Mr. Roger Wang, Chairman of the Group, said, "Following the grand opening of Huai'an store in the end of October, this store opening plan will enhance the coverage of our retail network in middle Jiangsu. Our first store in Yangzhou has been posting encouraging growth since opening and has secured a leading market position. With the optimistic economic prospects of Yangzhou, the Group is confident that the two stores will generate remarkable synergies and further uphold our market leadership. Looking ahead, the Group is dedicated to establishing a nationwide chain store network and creating lucrative returns to shareholders via enhancing long-term corporate value."

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