GLG CORP LTD — Interim / Quarterly Report 2008

Dec 18, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN STOCK EXCHANGE LIMITED FROM: ESTINA ANG DATE: 19[th] DECEMBER 2007 No. PAGES: 1 (INCLUDING THIS COVER PAGE)

GLG CORP LTD Level 5, 33 York Street Sydney NSW 2000 Australia Tel: (61) 2 8916 6776 Fax: (61) 2 8916 6732 www.glgcorpltd.com.au

COMPANY TRADING UPDATE

As foreshadowed at the Company’s recent Annual General Meeting GLG Corp Ltd is providing the following trading update on its supply chain management business for the six months to date and to provide some vision on the period through to June 08.

This financial year commenced reasonably well, and despite pricing pressure, September 2007 quarter sales were USD$59.4 million. This was in line with the comparative period for last year. However, the December 2007 quarter sales are likely to be only approximately USD$53.0 million, a reduction of approximately 22% from the same period last year due to lower level of orders and of significance importance, “pushback” of shipments by buyers.

Based on unaudited management accounts, the Company at this stage, expects the December 2007 half year turnover to be between 10% to 15% lower than the previous December 2006 half year turnover figure of USD $128.2 million and, as a result, expects the December 2007 half year Net Profit After Tax to be between 15% to 20% lower than the comparative December 2006 half year Net Profit After Tax of USD $5.4 million.

This lower earnings outlook, when compared to December 2006, is largely based on lower sales volumes, lower “other income” from reduced logistics fees, higher interest expense because of increased borrowings, higher tax expense as there was a once-off tax refund the previous half year and higher foreign exchange translation losses due to appreciation of Singapore dollar versus the USD. On the positive side the Company has kept its overall administration cost base at similar levels to the prior year and will be incurring lower distribution costs as there were minimal airfreight expenses during the first half year,

The soft outlook for the Company for the half year has been caused by conservative ordering programs by our large US retail customers. Given the well publicised economic uncertainty facing consumers in the US market, our US buyers opted for more conservative second quarter December 2007 and third quarter March 2008 purchasing programs, and indicated that they preferred to see the results of the Thanksgiving and Christmas Holiday retail season to determine ongoing buying commitments.

Following better than expected Thanksgiving sales, there have been some recent encouraging signs from some of our US buyers who placed late orders for December 2007 – February 2008 delivery (including willingness to incur expensive airfreight under their own account). Orders for deliveries in the month of March 08 have been particularly encouraging but with the now shorter order cycle, the demand commitment beyond March 08 is uncertain.

However, with the tightening of credit conditions and steep food and energy prices threatening to push the U.S. economy into recession, at this stage the Company is lowering its earnings outlook for the 2007/08 financial year to around 15% to 20% lower than its 2006/07 earnings result. In order to cushion the likely earnings shortfall, the Company has embarked on a series of initiatives aimed at obtaining orders from new customers. It is still too early to tell whether these additional orders can be secured for delivery by the last quarter of this financial year to avoid the likely earnings shortfall though we are hopeful they will translate into additional demand in FY08/09.

Whilst the Company would be extremely disappointed if these forecast earnings prevail, they should be considered in context of difficult trading conditions within the US consumer market. Despite these difficult trading conditions the Company continues to trade profitably evidencing a continuing sound business model based on well established customer relationships and an expanding customer base.

The Company will provide further updates in the first quarter of 2008 as it moves through its sales programs.

About GLG Corp Ltd

GLG Corp Ltd is a global supplier of casual lifestyle knitwear apparel to major retailers predominantly in the United States. From product design and development, commercialization of orders, materials management, production planning and control, through to comprehensive post manufacturing and logistics solutions GLG offers an integrated total solutions package. GLG supply’s over 60 million garments a year through its global marketing and manufacturing network.

For further information contact:

Mr Sam Weiss Deputy Chairman Tel: 0404 892 221

Company Secretary Mr Shane Hartwig on Tel: +61 2 8916 6780.

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