Disclaimer

This presentation and the accompanying slides (the “Presentation”) which have been prepared by Stella International Holdings Limited (“Stella” or the “Company”) do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. They are only being furnished to you and may not be photocopied, reproduced or distributed to any other persons at any time without the prior written consent of the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of or any omission from this Presentation is expressly excluded.

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any omission from this Presentation is expressly excluded.

Certain matters discussed in this presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation, including, amongst others: whether the Company can successfully penetrate new markets and the degree to which the Company gains traction in these new markets; the sustainability of recent growth rates; the anticipation of the growth of certain market segments; the positioning of the Company’s products and services in those segments; the competitive environment; and general market conditions. The Company assumes no obligation to update any forward-looking information contained in this presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

COMPANYOVERVIEW

Our Management Team

Strong senior management with in-depth industry knowledgeand an established track record

Name PositionYears of Relevant Experience

Years with Stella

Executive Directors:

Jack Chiang Chairman & Executive Director 33 33

Eric Chao Executive Director 34 34

Lawrence Chen Executive Director & Group CEO 31 31

Stephen ChiExecutive Director, CEO of the Women’s Footwear Business Division and Retail Business Division

21 21

Business Division:

Dermot Smowton Group COO 35 2

Ray Chen GM of Men’s Footwear Business Division 31 31

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Experienced Independent Non-Executive Boardwith diversified background and competencies

Mr. Johnny Chen, INED, over 20 years experience in China’s capital market and professional service sectors

Mr. Peter Bolliger, INED, over 30 years experience in footwear and retail

Mr. William Chan, INED, over 30 years experience in human resources profession

Mr. Thomas Yue, INED, over 35 years experience in accounting profession

Mr. Jie Lian, INED, over 15 years experience in investment banking and private equity

Ray Chen GM of Men’s Footwear Business Division 31 31

Steve Chu GM of Oversea’s Footwear Business Division 22 20

Roger Yang GM of Fashion Footwear Business Division 30 30

Jerry ChangGM of Sports Fashion Footwear Business Division

29 22

Corporate Division:

Don Lee Group CFO 33 11

Sean Chiu Operation Director 24 2

Corporate and Shareholder Structure

CordwalnerBonaventure Inc.

Directors Public

33.00% 11.52% 55.48%

STELLASTELLA

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Manufacturing Retailing

Contractualarrangement

Processingfactories

WFOEDistributor(Asia, GCC)

EuropeGreaterChina

1836

Employee Participation

Pre IPO Combat Team- 2011

Vesting Period 5-year (in 5 tranches) 5-year (one-time), KPI triggered

Arrangement Held under Cordwalner Bonaventure and several SPVs

Held under several Special Purpose Vehicles (SPVs)

Ownership 33% 6%

Background Around 500 senior managements and other employees shared 1/3 of the company. 30% already distributed to employees

Founding families distributed 50mn shares to 500 middle managements and supervisors

Considerations Employees contributed capital to build PRC factories

Discount to book value

Roughly more than 1000 employees own about 40% of the company, which ensures Stella’s long term sustainability

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Key Milestones

International outreachManufacturing focus Expansion to retail

1982: Established in Taiwan 2006: Opens first Stella Lunastore in Shanghai

2009: A global fashion brand –1982: Established in Taiwan

1991: Relocation to PRC

1998: First factory in Vietnam

2010: Diversified into inland China

2012: New Indonesian production line

2013: Invested in and developed our design and manufacturing capability for leather accessories, such as handbags

2014: Established footholds in Philippines and Myanmar

store in Shanghai

2007: Opens first What For store in Shanghai

2008: Opens 100th Stella Lunastore

2009: A global fashion brand –Stella Luna opens first non-East Asia store in Dubai

2011: Launches new men’s affordable luxury footwear brand –JKJY

2012: Opens first Stella Luna store in Paris

2013: Opens first What For store in Paris

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FINANCIAL SUMMARY

Financial Performance

For the six-months ended 30 June

US$ mn

2017

(unaudited)

2018

(unaudited) Change

Revenue 762.4 739.3 -3.0%

Gross Profit 140.9 121.8 -13.6%

EBIT 31.5 26.8 -14.9%

Net Profit 28.5 22.9 -19.6%

EPS (US¢) 3.6 2.9 -19.4%

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Adjusted EBIT 36.9 42.5 15.2%

Adjusted Net Profit 33.9 38.7 14.2%

Excluding one-off non-recurring items and impact from RMB appreciation in 1H 2018: US$15.8 million (2017: US$5.4 million)

Healthy Financial Position

For the six-months ended 30 June

US$ mn

2017

(unaudited)

2018

(unaudited) Change

Cash and cash equivalents 106.0 76.8 -27.6%

Inventory 227.1 200.3 -11.8%

Trade receivables 303.4 352.0 16.0%

Other receivables 124.3 141.8 14.1%

Trade and other payables 132.6 137.7 3.9%Trade and other payables 132.6 137.7 3.9%

Current assets 798.5 831.3 4.1%

Non-current assets 474.3 473.0 -0.3%

Current liabilities 303.4 348.0 14.7%

Bank borrowings 121.2 159.9 31.9%

Net assets 969.4 956.2 -1.4%

Quick ratio 1.8 1.8 0.0 ppt

Current ratio 2.6 2.4 -0.2 ppt

Return on invested capital 7.4% 6.2% -1.2 ppt

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Operating Margins

22.9%

21.0% 21.0%

18.5% 18.2% 18.6%18.1%

15.0%

20.0%

25.0%

Adjusted Gross Profit Margin

10.9% 10.7%

9.5%

7.8%8.1%

7.8%8.5%8.4% 8.2%

7.2%

5.2% 5.2%4.8%

5.7%8.0%7.3% 6.8%

5.1% 5.0% 4.4%5.2%

0.0%

5.0%

10.0%

2013 2014 2015 2016 2017 1H 2017 1H 2018

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Adjusted EBITDA Margin

Adjusted EBIT Margin

Adjusted Net Profit Margin

Operating Leverage

15.2% 11.8%

1.0% 0.6%2.9% 2.8%6.0% 6.5%

50%

75%

100%

Breakdown of Costs of Sale (as % of Revenue)

59.8% 62.7%

0%

25%

50%

1H 2017 1H 2018

Manufacture overhead Depreciation

Subcontracting costs Direct labour

Direct material/finished goods

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*Manufacturing only

Summary of Cash Flow

For the six months ended 30 June

US$ mn

2017

(unaudited)

2018

(unaudited) Change

Cash flow used in operating activities

(55.6) (45.8) 17.6%

Cash flow used in investing activities

(22.6) (29.9) -32.3%

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Capital Expenditure (23.5) (28.8) -22.6%

Others 0.9 (1.1) -222.2%

Cash flow from financing activities

76.7 64.8 -15.5%

Dividend paid (40.8) (30.4) 25.5%

Bank borrowings 117.7 96.7 17.8%

Others (0.2) (1.5) -650.0%

Net outflow of cash (1.5) (10.9) -626.7%

Interim Dividend in 2018

Earnings per share US 2.90 cents or HK 22.6 cents

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Earnings per share US 2.90 cents or HK 22.6 cents

Interim dividend HK 30 cents

People Index

67,000

62,000

60,000

70,000

Size of Labour Force (FTE)

50,000

As at 30 June 2017 As at 30 June 2018

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*Direct Labor Only; Annualized

For the six months ended 30 June

2017 2018

Turnover rate* 12.0% 16.8%

BUSINESS REVIEWManufacturing Business

World’s Leading Footwear Brand Customers

Our client base includes well-known global casual and high-fashion footwear brands

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1H 2017 Revenue

US$762.4 mn

Stable Geographic Breakdown

US$739.3 mn

1H 2018 Revenue

Asia (ex. PRC)7.6%

Other2.1%

PRC (inc. HK)

9.9%

Asia (ex. PRC)7.6%

Other2.9%

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North America47.1%

Europe29.7%

PRC (inc. HK)

13.5% North America48.7%

Europe30.9%

9.9%

Breakdown by Business Type by Revenue

1H 2017 1H 2018

Casual 29.3%

Stella Brands 5.9%

Casual 31.1%Fashion

33.8%

Stella Brands 3.0%

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Fashion Athletic 28.8%

Fashion 36.0%

Fashion Athletic 32.1%

33.8%

Stable Quantity & ASP Growth

Quantity • Higher shipment volume in 1H due to ongoing recovery in demand for fashion products, increased seasonal ordering activity for casual products and stabilisedordering activity

47.7 48.442.7

53.3 52.6 50.8 50.8 53.1 58.252.9 55.6

27.0 29.0

0

20

40

60

80

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 1H

(mn p

airs)

CAGR = 1.5%

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ASP

ordering activity for our fashion athletic products

• Fall in ASP attributable to changes to our product mix and our customers’ product mix

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2017

1H 2018

19.322.2 22.6 23.2

27.1 28.6 28.3 29.6 29.3 28.1 26.7 26.6 24.9

0

10

20

30

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2017

1H 2018

(US$/p

air)

CAGR = 3.3%

Our Factories

Hebei• BDF• Weiyuan

Guangxi

Hunan• Shuangfeng• Shaoyang Liantai• Dongkou Selena• Longhui Stella

Factory Locations Capacity by Locations

China46%43%11%2018

Guangxi• Rongxian• Beiliu• Lingshan Dongguan

• Selena• Stella• Longchuan

• Hai Phong• Quang Ninh• Taiping• Nike VN

• Surabaya

• Bay Footwear

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• Clark

Philippines

Bangladesh

Vietnam

Indonesia

58%31%11%2019 (planned)

Coastal China

Inland China Overseas

Labour Cost Index 2018

40

60

80

100 100

3639

71

53

28

22

Incentive 26 14 5 7 7 6

Fringe Benefits 19 15 3 9 2 5

Over Time 21 12 3 4 4 9

Basic 34 29 2533

14 20

Data as of 30 June 2018

-

20

DG Inland China Indonesia Vietnam Bangladesh Phillippines

BUSINESS REVIEWBranding Business

Our Retail Brand Positioning: Affordable Luxury

Basic Classic Modern Fashion

Luxury(US$400+)

Premium

Hig

her

En

d

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Premium(US$121-400)

Mid-price(US$51-120)

Value(below US$50)

Contemporary

MEDIA EXPOSUREUS CELEBRITY

Gigi Hadid, American fashion model while out in New York.

Jennifer Lawrence, American actress while out in New Orleans.

Taylor Swift, American top singer-songwriter for the fashion shooting of Harper's Bazaar

USA.

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MEDIA EXPOSUREINTERNATIONAL BLOGGER

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Julie Sarinana, American fashion blogger

Amiee Song, American fashion blogger

Irene Kim, Korean fashion influencer

MEDIA EXPOSUREASIA CELEBRITY

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Crystal Zhang, Chinese top actress Chiling Lin, Taiwanese top model Mi Yang, Chinese top actress

MEDIA EXPOSUREINTERNATIONAL MAGAZINE

ELLE FranceMarch Issue 2018

Madame FigaroMarch Issue 2018

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Madame FigaroFebruary Issue 2018

Madame FigaroApril Issue 2018

ELLE FranceMarch Issue 2018

MEDIA EXPOSUREINTERNATIONAL MAGAZINE

Harper's Bazaar USAMarch Issue 2018

29

Glamour SpainFebruary Issue 2018

MEDIA EXPOSUREINTERNATIONAL MAGAZINE

30

Holiday MagazineSpring Summer Issue 2018

Vogue Germany March Issue 2018

Vogue TurkeyFebruary Issue 2018

OUTLOOK

Challenges and Opportunities

• Currency movement of RMB against USD

• Counter-party risk control and management

• Rising labour costs, labour turnover and unstable labour supply

Challenges

• Continue to benefit from:• Increasing ordering activity for fashion

athletic products• Increasing seasonal demand for casual

products• Recovery in demand for fashion products• Strategic changes to production allocation

to align with market demand

• Focus on increasing operational efficiency to

Opportunities and Strategies

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• Unstable macro environment from political risks including the trade war between the US and China

• Focus on increasing operational efficiency to drive margin improvement

• Continue diversification of manufacturing base to overseas, primarily Vietnam, to control labourcosts and secure a stable workforce

SUPPLEMENTARYMATERIALS

World Premium Footwear Market –Our Target Market

Shoe Industry and Markets in Western Europe and Brazil(2017, million pairs)

m pairs/ USD Production Export price(leather only) (USD per pair)

Italy 191 65

France 22 66

Spain 102 38

Portugal 83 32

Germany 40 39

Great Britain 6 29

Stella 57 27

STELLA’s addressable market size: around 500 million pairs

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Source: 2018 Yearbook, Portuguese Footwear, components and leather goods manufacturers’ association

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