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INDEPENDENT REVIEW REPORT REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF LI & FUNG LIMITED (incorporated in Bermuda with limited liability) INTRODUCTION We have reviewed the interim financial report set out on pages 30 to 55, which comprises the consolidated balance sheet of Li & Fung Limited (“Company”) and its subsidiaries (together, the “Group”) as at 30 June 2012 and the related consolidated profit and loss account, consolidated statement of comprehensive income, consolidated statement of changes in equity and condensed consolidated cash flow statement for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants. The directors of the Company are responsible for the preparation and presentation of this interim financial report in accordance with Hong Kong Accounting Standard 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on this interim financial report based on our review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. SCOPE OF REVIEW We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial report consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim financial report is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 “Interim Financial Reporting”. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 9 August 2012 28 LI & FUNG LIMITED | INTERIM REPORT 2012
CONDENSED INTERIM FINANCIAL REPORT 30 Consolidated Profit and Loss Account 31 Consolidated Statement of Comprehensive Income 32 Consolidated Balance Sheet 34 Consolidated Statement of Changes in Equity 36 Condensed Consolidated Cash Flow Statement 37 Notes to Condensed Interim Financial Report 1 General Information 37 2 Basis of Preparation and Accounting Policies 38 3 Segment Information 42 4 Operating Profit 42 5 Taxation 44 6 Interim Dividends 44 7 Earnings per Share 45 8 Capital Expenditure 45 9 Trade and Bills Receivable 46 10 Trade and Bills Payable 46 11 Long-term Liabilities 47 12 Share Capital and Options 49 13 Other Reserves 50 14 Business Combinations 52 15 Contingent Liabilities 52 16 Commitments 53 17 Related Party Transactions 54 18 Financial Risk Management 55 19 Approval of Interim Financial Report LI & FUNG LIMITED | INTERIM REPORT 2012 29
Page 3 and 4: CONTENTS 2 Corporate Information 3
Page 5 and 6: HIGHLIGHTS HALF YEAR RESULTS TO 30
Page 7 and 8: CHAIRMAN’S STATEMENT (CONTINUED)
Page 9 and 10: MANAGEMENT DISCUSSION AND ANALYSIS
Page 11 and 12: MANAGEMENT DISCUSSION AND ANALYSIS
Page 13 and 14: CORPORATE GOVERNANCE The Board of D
Page 15 and 16: CORPORATE GOVERNANCE (CONTINUED) RE
Page 17 and 18: CORPORATE GOVERNANCE (CONTINUED) IN
Page 19 and 20: DIRECTORS AND SENIOR MANAGEMENT (CO
Page 25 and 26: DIRECTORS’ INTERESTS AND SHORT PO
Page 27 and 28: DIRECTORS’ INTERESTS AND SHORT PO
Page 29: OTHER INFORMATION CHANGES IN DIRECT
Page 33 and 34: CONSOLIDATED STATEMENT OF COMPREHEN
Page 35 and 36: CONSOLIDATED BALANCE SHEET (CONTINU
Page 37 and 38: CONSOLIDATED STATEMENT OF CHANGES I
Page 39 and 40: NOTES TO CONDENSED INTERIM FINANCIA
Page 57: NOTES TO CONDENSED INTERIM FINANCIA

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