--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 
PROMISSORY NOTE
 

 
US$75,000 August 1, 2013
 
FOR VALUE RECEIVED, the undersigned, Naked Brand Group Inc., (the “Borrower”)
promises to pay without demand on February 1, 2014 (the “Maturity Date”) to the
order of Trend Time Development Limited at Room 802, 8-F Jubilee Center, 18
Fenwick Street, Wanchai, Hong Kong (the “Lender”), the principal sum of
SEVENTY-FIVE THOUSAND DOLLARS ($75,000) in lawful money of United States of
America (the “Principal Amount”) plus any accrued and unpaid interest in the
manner specified below.
 
The Borrower further agrees as follows:
 
1.  
Interest. The Principal Amount of this Promissory Note (the “Note”) outstanding
from time to time shall bear interest at the rate of 10% per annum.

 
2.  
Due and Payable. The Borrower shall pay the Principal Amount plus any accrued
and unpaid interest on the Maturity Date.

 
3.  
Prepayment.  The Borrower shall be entitled to prepay all or any part of the
indebtedness evidenced by this Note without notice, bonus or penalty.

 
4.  
Waiver, Etc. The Borrower hereby waives presentment, notice of dishonour,
protest and notice of protest. No failure or delay by the Lender in exercising
any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right exclude other further exercise thereof or the
exercise of any other right.

 
5.  
Enurement. This Note shall be binding upon and enure to the benefit of the
Borrower and the Lender and their respective successors and permitted assigns.

 
6.  
Severability. The invalidity or unenforceability of any provision hereof shall
in no way affect the validity or enforceability of any other provision.

 
 
NAKED BRAND GROUP INC.
 
 
Per:           /s/ Alex
McAulay                                                                           
                 Authorized Signatory

 
 

--------------------------------------------------------------------------------