LF Centennial Ltd Purchases Liz Claiborne’s Sourcing Operations

LF Centennial Ltd., a wholly owned subsidiary of Hong Kong-based Li & Fung Ltd., a brand and
retail supply chain manager, has acquired the sourcing operations of New York City-based Liz
Claiborne Inc. and its affiliates in Asia, including Hong Kong-based Liz Claiborne International
Ltd. and China-based Sheng Hui Fashion Co. Ltd., for US $83 million.

Liz Claiborne designs and sells a range of apparel, accessories and fragrance products under
retail- and wholesale-based brands. Li & Fung Ltd. expects the acquisition will expand its
existing customer base and add to its overall sourcing platform in the brands business.

March 10, 2008