Chairman's Statement

It gives me great pleasure to present another outstanding set of results for ASOS PLC. Against the worst economic climate for retailers in recent memory, the Company has produced top line growth of over 100%, has again increased its market share and has delivered outstanding profit growth.

It highlights the strength of the Internet as a retail channel and its potential position in the retail landscape of the future.

The outlook for 2009/10 remains uncertain. Whilst some indicators are showing positive signs, the effect of unemployment, job security and consumer debt has yet to be fully felt. Therefore, we have been more conservative in our planning for the 2009/10 financial year.

That said, the future of online clothing retail remains bright, with the Internet set to take an ever increasing share of the clothing market. ASOS is ideally positioned to continue to exploit this, both in the UK and increasingly internationally, and we remain confident that this will be another year of strong growth.

MANAGEMENT INCENTIVE PLAN

During the 2009/10 financial year, the Remuneration Committee of ASOS will be implementing a new management incentive plan for executive directors and selected other key employees of the Company.

The purpose of the plan is to incentivise and reward the management of ASOS for superior performance through the achievement of challenging Earnings per Share (“EPS”) growth targets and to align the interests of management with those of shareholders through a demanding Total Shareholder Return (“TSR”) condition. Both the EPS and TSR conditions will have to be met for awards to vest.

DIVIDEND

Sustaining the levels of growth delivered to date has required and will continue to require significant capital investment in the Company. The Board believes it is in the best interests of shareholders to continue to exploit the significant growth opportunities available to the business and consequently, does not propose paying a dividend this year. This policy remains under constant review.

PEOPLE

On behalf of the Board I would like to welcome our new employees who joined us during the year and to thank the team for their outstanding contribution to the ongoing success of ASOS. During the year ASOS won 17 industry and consumer awards, an achievement of which they can all be very proud.

I would also like to welcome Nick Beighton, who joined us from Luminar Group Holdings plc, as Finance Director and Company Secretary and wish Jon Kamaluddin all the best in his new role as International Director.

Lord Alli

Chairman