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24 Nov

NWDS Accredited as “Asia’s 200 Best Under A Billion” by Forbes Magazine for the 3rd Consecutive Year

New World Department Store China Limited ("NWDS"; Hong Kong stock code: 825), one of the largest owners and operators of department stores in the PRC, is pleased to announce that the Company was accredited as "Asia's 200 Best Under A Billion" by Forbes Magazine for the 3rd consecutive year.

The Forbes "Asia's 200 Best Under A Billion" Award Presentation Ceremony was held at Four Seasons Hotel in Hong Kong where numerous representatives of renowned companies and awardees in Asia Pacific attended the festive ceremony. Mr. Christopher Forbes, Vice Chairman of Forbes Inc., Ms. Yvonne Choi, Permanent Secretary for Commerce and Economic Development (Commerce, Industry and Tourism) and Mr. Simon Galpin, Director - General of Invest Hong Kong presented the award to Ms Rebecca Woo, Corporate Affairs Director of NWDS during the ceremony.

NWDS is one of the first investors in the retail sector of the PRC. After 17 years of efforts, we have secured strategic footholds in 17 major cities and listed in the Hong Kong Stock Exchange in 2007. Being awarded as the "Asia's 200 Best Under A Billion" again this year reflects the profitability, market position, corporate governance and future development of the Company were well-recognized internationally. The 2010 Forbes' "Asia's 200 Best Under A Billion" highlighted the 200 top-performing small and midsize enterprises with the list culled from close to 13,000 publicly listed companies with under USD$1 billion in sales in Asia Pacific region, considering their earning growth, sales growth and shareholders' return on equity in the past 12 months and over 3 years. Citing by Forbes Magazine, with blistering rates of economic growth following its recovery from the post-Lehman Brothers meltdown, Asia-Pacific stood out as a bright spot in the global landscape. According to the International Monetary fund, not only has the region's output returned to pre-crisis levels but its contribution to a global recovery has outstripped that of other regions.

Mr. Adrian Cheng, Executive Director of NWDS, is glad to be accredited by prestige international financial magazine for the 3rd consecutive year, "We are very pleased to award as one of the Asia's 200 Best Under A Billion by Forbes Magazine for the 3rd time, demonstrating the endorsement by international media towards the Company as well as reflecting NWDS is widely regarded as a quality merchandise for quality living. After the sub-prime mortgage crisis and financial tsunami, the Group still upholds the leading position in Chinese department store industry, indicating that we already have a solid foundation against future challenges. We will formulate our long-term and comprehensive development strategies timely to pursue ‘multiple presences in a single city' and ‘radiation city' expansion strategies, coupled with the rebranding program launched last year, building a new brand roadmap."