ADVISORY/Ernst & Young Retail Analysts Are Bullish, but Cautious, On China.

Business Editors/International Business Editors/Retail Editors

ADVISORY...for Wednesday, June 2

--(BUSINESS WIRE)

WHAT: China is a potentially enormous new market for retailers and
      consumer products companies.  It has a rapidly growing middle
      class, who are saving money and establishing households.
      Aggregate incomes are rising and there is an increasing appetite
      for Western-branded merchandise, including luxury goods.
      By contrast, the U.S. economy, now considered to be surging, is
      growing at less than half the rate of China's economy.

      According to Jay McIntosh and Julie Kunkel, two of Ernst &
      Young's leading retail and consumer products industry analysts,
      there is tremendous opportunity for retail and consumer products
      companies in China, but they need to approach this vast and
      complicated market with a measure of caution.  There are
      challenges and risks, such as China's intensely competitive
      climate, limited distribution infrastructure, and a rapidly
      evolving legal, tax and regulatory environment.

      Some topics McIntosh and Kunkel can discuss:

      --  China's robust economy and growing consumer market
      --  The "Little Emperor" syndrome and how it is affecting
          China's current and future generations of consumers
      --  Growth outlook for consumer goods sectors
      --  Challenges for direct marketers and retailers
      --  Qualifying for joint-venture (JV) status
      --  Operating in China's cash vs. credit economy
      --  Why western retailers have a competitive edge
      --  Critical success factors

WHO:  Jay McIntosh, Americas Director of Ernst & Young's Retail and
      Consumer Products Industry Services Group, is responsible for
      developing and overseeing the group's strategy, sales,
      marketing, thought leadership and relationships with many of the
      largest and best-known retail and consumer product companies
      throughout the Americas.

      Julie Kunkel is the Americas Director of the Retail and
      Wholesale Sector, in the Assurance and Advisory Business
      Services practice of Ernst & Young.

TO SCHEDULE AN INTERVIEW, CONTACT:

Wendy Hirschhorn, 212/826-8790, [e-mail]

Copies of "The China Opportunity" published by E&Y's Retail & Consumer Products Industry Service Group available upon request