Document:

Naked Brands Group Inc.: Exhibit 10.5 - Filed by newsfilecorp.com

THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT (THIS “SUBSCRIPTION AGREEMENT”) RELATES HAVE BEEN ISSUED IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. 

THE HOLDER OF THE SECURITIES TO WHICH THIS SUBSCRIPTION
AGREEMENT RELATES MUST NOT TRADE THE SECURITIES IN OR FROM A JURISDICTION OF
CANADA UNLESS THE CONDITIONS IN SECTION 13 OF MULTILATERAL INSTRUMENT 51-105
ISSUERS QUOTED IN THE U.S. OVER THE COUNTER MARKETS ARE MET. 

CONFIDENTIAL 
PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT 

	TO: 	
      NAKED BRAND GROUP INC. (formerly Search By
      Headlines.com Corp.), having an address at 2 – 34346 Manufacturers Way,
      Abbotsford, BC V2S 7M1 

	 	
       

	  	
      (“NBGI”) 

	 	
       

	AND: 	
      NAKED INC. (.formerly Naked Boxer Brief Clothing
      Inc.), having an address at 2 – 34346 Manufacturers Way, Abbotsford, BC
      V2S 7M1 

	 	
       

	  	
      (“Naked” and, together with NBGI, the
      “Issuers”) 

PURCHASE OF CONVERTIBLE NOTES 

1.                     Subscription

1.1                    On
the basis of the representations and warranties and subject to the terms and
conditions set forth in this subscription agreement (this “Agreement”),
the undersigned (the “Subscriber”) hereby irrevocably subscribes for and
agrees to purchase a convertible note from NBGI and a note from Naked, in the
form attached hereto as Exhibit “B” (the “Note”), in the aggregate
principal amount of USD$__________ (such subscription and agreement to purchase
being the “Subscription”), for the aggregate purchase price of USD$______
(the “Subscription Amount”), which is tendered herewith. The principal
and interest of the Note are convertible into common shares (the “Conversion
Shares”) of NBGI (as set out in the Note). In connection with the issuance
of the Note, NBGI will issue to the Subscriber share purchase warrants (the
“Warrants”) entitling the Subscriber to purchase common shares of NBGI
(as set out in the Warrants). The Note, the Conversion Shares, the Warrants, and
the Warrant Shares are collectively referred to herein as the
“Securities”. 

1.2                    The
Issuers hereby agree to sell the Securities to the Subscriber on the basis of
the representations and warranties and subject to the terms and conditions set
forth in this Agreement. Subject to the terms of this Agreement, the Agreement
will be effective upon its acceptance by the Issuers. 

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1.3                   
The Subscriber acknowledges that the Securities have been offered as part of an
offer by the Issuers of other Securities in an amount as may be determined by
the board of directors of the Issuers in their sole discretion (the
“Offering”). 

1.4                    The
Subscriber acknowledges that a finder’s fee or a broker’s commission may be paid
by the Issuers in connection with this Subscription. 

1.5                    Unless
otherwise provided, all dollar amounts referred to in this Agreement are in
lawful money of the United States. 

2.                      Payment

2.1                    The
Subscription Amount must accompany this Subscription and shall be paid in
accordance with the Note as instructed by the Agent (as such term is defined in
the Note). 

3.                      
Documents Required from Subscriber 

3.1      
              The
Subscriber must complete, sign and return to the Issuers the following
documents: 

	 	(a) 	
      an executed copy of this Agreement;

	 	 	 
	 	(b) 	
      a Canadian Investor Questionnaire (the
      “Questionnaire”) attached as Exhibit “A” that starts on page 12;
      and

	 	 	 
	 	(c) 	
      such other supporting documentation that the Issuers or
      their legal counsel may request to establish the Subscriber’s
      qualification as a qualified investor.

3.2                    
The Subscriber shall complete, sign and return to the Issuers as soon as
possible, on request by the Issuers, any additional documents, questionnaires,
notices and undertakings as may be required by any regulatory authorities and
applicable law. 

3.3                     Both
parties to this Agreement acknowledge and agree that Clark Wilson LLP has acted
as counsel only to the Issuers and is not protecting the rights and interests of
the Subscriber. The Subscriber acknowledges and agrees that the Issuers and
Clark Wilson LLP have given the Subscriber the opportunity to seek, and are
hereby recommending that the Subscriber obtain, independent legal advice with
respect to the subject matter of this Agreement and, further, the Subscriber
hereby represents and warrants to the Issuers and Clark Wilson LLP that the
Subscriber has sought independent legal advice or waives such advice.

4.                      
Conditions and Closing 

4.1                    
The closing of the sale of the Securities to the Subscriber (the
“Closing”) shall occur on or before November 14, 2013, or on such other
date as may be determined by the Issuers in their sole discretion (the
“Closing Date”).

4.2                     The
Closing is conditional upon and subject to: 

	 	(a) 	
      the Issuers having obtained all necessary approvals and
      consents, including regulatory approvals for the Offering; and

	 	 	 
	 	(b) 	
      the issue and sale of the Securities being exempt from
      the requirement to file a prospectus and the requirement to deliver an
      offering memorandum under applicable securities legislation relating to
      the sale of the Securities, or the Issuers having received such orders,
      consents or approvals as may be required to permit such sale without the
      requirement to file a prospectus or deliver an offering
  memorandum.

- 3 - 

4.3                    
On the Closing Date, the Subscriber acknowledges that the certificates
representing the Securities will be available for delivery, provided that the
Subscriber has satisfied the requirements of Section 3 hereof and the Issuers
have accepted this Agreement. 

5.                      
Acknowledgements and Agreements of Subscriber 

5.1                    
The Subscriber acknowledges and agrees that: 

	 	(a) 	
      none of the Securities have been or will be registered
      under the United States Securities Act of 1933, as amended, (the
      “1933 Act”), or under any securities or “blue sky” laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold in the United States or, directly or indirectly, to U.S. Persons,
      as that term is defined in Regulation S under the 1933 Act (“Regulation
      S”), except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state, provincial and foreign securities
      laws;

	 	 	 
	 	(b) 	
      the Issuers have not undertaken, and will have no
      obligation, to register any of the Securities under the 1933 Act or any
      other securities legislation;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Securities agreed to be purchased hereunder has not been based upon any
      oral or written representation as to fact or otherwise made by or on
      behalf of the Issuers and such decision is based entirely upon a review of
      any public information which has been filed by NBGI with the United States
      Securities and Exchange Commission (the “SEC”) and any Canadian
      provincial securities commissions (collectively, the “Public
      Record”);

	 	 	 
	 	(d) 	
      the Subscriber understands and agrees that the Issuers
      and others will rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, covenants and agreements contained in this
      Agreement and the Questionnaire, and agrees that if any of such
      acknowledgements, representations and agreements are no longer accurate or
      have been breached, the Subscriber shall promptly notify the
    Issuers;

	 	 	 
	 	(e) 	
      there are risks associated with the purchase of the
      Securities, as more fully described in NBGI’s periodic disclosure forming
      part of the Public Record;

	 	 	 
	 	(f) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuers in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Issuers;

	 	 	 
	 	(g) 	
      finder’s fees or broker’s commissions may be payable by
      the Issuers to finders who introduce subscribers to the Issuers;

	 	 	 
	 	(h) 	
      the books and records of the Issuers were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Subscriber, the Subscriber’s lawyer
      and/or advisor(s);

	 	 	 
	 	(i) 	
      all of the information which the Subscriber has provided
      to the Issuers is correct and complete as of the date this Agreement is
      signed, and if there should be any change in such information prior to the
      Closing, the Subscriber will immediately provide the Issuers with such
      information;

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	 	(j) 	
      the Issuers are entitled to rely on the representations
      and warranties of the Subscriber contained in this Agreement and the
      Questionnaire, and the Subscriber will hold harmless the Issuers from any
      loss or damage it or they may suffer as a result of the Subscriber’s
      failure to correctly complete this Agreement or the
  Questionnaire;

	 	 	 	 
	 	(k) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Securities and with respect to
      applicable resale restrictions, and it is solely responsible (and the
      Issuers are not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(l) 	
      the Subscriber understands and agrees that there may be
      material tax consequences to the Subscriber of an acquisition or
      disposition of the Securities. The Issuers give no opinion and make no
      representation with respect to the tax consequences to the Subscriber
      under federal, state, provincial, local or foreign tax law of the
      Subscriber’s acquisition or disposition of the Securities;

	 	 	 	 
	 	(m) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell any of the Securities in Canada under applicable
      provincial securities laws and Multilateral Instrument 51-105 – Issuers
      Quoted in the U.S. Over- the-Counter Markets (“MI 51-105”) of
      the Canadian Securities Administrators;

	 	 	 	 
	 	(n) 	
      the Issuers have advised the Subscriber that the Issuers
      are relying on an exemption from the requirements to provide the
      Subscriber with a prospectus and to sell the Securities through a person
      registered to sell securities under provincial securities legislation and
      other applicable securities laws, as a consequence of acquiring the
      Securities pursuant to such exemption, certain protections, rights and
      remedies provided by the applicable securities legislation including the
      various provincial securities acts, including statutory rights of
      rescission or damages, will not be available to the Subscriber;

	 	 	 	 
	 	(o) 	
      neither the SEC nor any securities commission or similar
      regulatory authority has reviewed or passed on the merits of any of the
      Securities;

	 	 	 	 
	 	(p) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 	 
	 	(q) 	
      the Issuers will refuse to register the transfer of any
      of the Securities to a U.S. Person not made pursuant to an effective
      registration statement under the 1933 Act or pursuant to an available
      exemption from the registration requirements of the 1933 Act and in each
      case in accordance with applicable laws.

6.                      
Representations, Warranties and Covenants of the Subscriber

6.1                    
The Subscriber hereby represents and warrants to and covenants with the Issuers
(which representations, warranties and covenants shall survive the Closing)
that: 

	 	(a) 	
      the Subscriber is not a U.S. Person and is executing this
      Agreement outside of the U.S.;

	 	 	 
	 	(b) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporate entity, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Subscriber;

- 5 - 

	 	(c) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if applicable, the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	 	 	 	 
	 	(d) 	
      the Subscriber has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the
      Subscriber enforceable against the Subscriber in accordance with its
      terms;

	 	 	 	 
	 	(e) 	
      the Subscriber has received and carefully read this
      Agreement;

	 	 	 	 
	 	(f) 	
      the Subscriber is aware that an investment in the Issuers
      is speculative and involves certain risks (including those risks disclosed
      in the Public Record), including the possible loss of the entire
      investment;

	 	 	 	 
	 	(g) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Securities and the Issuers and
      agrees that the Issuers will not be responsible in any way whatsoever for
      the Subscriber’s decision to invest in the Securities and the
    Issuers;

	 	 	 	 
	 	(h) 	
      all information contained in the Questionnaire is
      complete and accurate and may be relied upon by the Issuers, and the
      Subscriber will notify the Issuers immediately of any material change in
      any such information occurring prior to the closing of the purchase of the
      Securities;

	 	 	 	 
	 	(i) 	
      the Subscriber is purchasing the Securities for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such
      Securities, and the Subscriber has not subdivided his interest in the
      Securities with any other person;

	 	 	 	 
	 	(j) 	
      the Subscriber (i) is able to fend for itself in the
      Subscription; (ii) has such knowledge and experience in business matters
      as to be capable of evaluating the merits and risks of its prospective
      investment in the Securities; and (iii) has the ability to bear the
      economic risks of its prospective investment and can afford the complete
      loss of such investment;

	 	 	 	 
	 	(k) 	
      the Subscriber is not an underwriter of, or dealer in,
      any of the Securities, nor is the Subscriber participating, pursuant to a
      contractual agreement or otherwise, in the distribution of the Securities
      or any of them;

	 	 	 	 
	 	(l) 	
      the Subscriber is not aware of any advertisement of any
      of the Securities and is not acquiring the Securities as a result of any
      form of general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media, or broadcast over radio or
      television, or any seminar or meeting whose attendees have been invited by
      general solicitation or general advertising;

	 	 	 	 
	 	(m) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities, or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
      Securities;

	 	 	 	 
	 	(n) 	
      the Subscriber understands and agrees that none of the
      Securities have been registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an
effective registration statement under the 1933 Act, or pursuant to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
  applicable state, provincial and foreign securities laws;

- 6 - 

	 	(o) 	
      the Subscriber understands and agrees that offers and
      sales of any of the Securities prior to the expiration of the period
      specified in Regulation S (such period hereinafter referred to as the
      “Distribution Compliance Period”) shall only be made in compliance
      with the safe harbor provisions set forth in Regulation S, pursuant to the
      registration provisions of the 1933 Act or an exemption therefrom, and
      that all offers and sales after the Distribution Compliance Period shall
      be made only in compliance with the registration provisions of the 1933
      Act or an exemption therefrom and in each case only in accordance with
      applicable state and provincial securities laws;

	 	 	 	 
	 	(p) 	
      the Subscriber acknowledges that it has not acquired the
      Securities as a result of, and will not itself engage in, any “directed
      selling efforts” (as defined in Regulation S under the 1933 Act) in the
      United States in respect of any of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of any of the Securities; provided, however, that
      the Subscriber may sell or otherwise dispose of any of the Securities
      pursuant to registration of any of the Securities pursuant to the 1933 Act
      and any applicable securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 	 
	 	(q) 	
      hedging transactions involving the Securities may not be
      conducted unless such transactions are in compliance with the provisions
      of the 1933 Act and in each case only in accordance with applicable
      securities laws;

	 	 	 	 
	 	(r) 	
      the Subscriber acknowledges and agrees that the Issuers
      shall not consider the Subscriber’s Subscription for acceptance unless the
      undersigned provides to the Issuers, along with an executed copy of this
      Agreement:

	 	 	 	 
	 		(i) 	
      a fully completed and executed Questionnaire in the form
      attached hereto as Exhibit “A”, and

	 	 	 	 
	 		(ii) 	
      such other supporting documentation that the Issuers or
      their legal counsel may request to establish the Subscriber’s
      qualification as a qualified investor; and

	 	 	 	 
	 	(s) 	
      by completing the Questionnaire, the Subscriber is
      representing and warranting that the Subscriber satisfies one of the
      categories of registration and prospectus exemptions provided in National
      Instrument 45-106 – Prospectus and Registration Exemptions (“NI
      45-106”) adopted by the Canadian Securities
  Administrators.

6.2                    
In this Agreement, the term “U.S. Person” shall have the meaning ascribed
thereto in Regulation S promulgated under the 1933 Act and for the purpose of
the Agreement includes any person in the United States. 

7.                      
Representations and Warranties will be Relied Upon by the Issuers

7.1                     The
Subscriber acknowledges that the representations and warranties contained herein
are made by it with the intention that such representations and warranties may
be relied upon by the Issuers and their legal counsel in determining the
Subscriber’s eligibility to purchase the Securities under applicable
legislation, or (if applicable) the eligibility of others on whose behalf it is
contracting hereunder to purchase the Securities under applicable legislation.
The Subscriber further agrees that by accepting delivery of the certificates
representing the Securities on the Closing Date, it will be representing and
warranting that the representations and warranties contained herein are true and
correct as at the Closing Date with the same force and effect as if they had
been made by the Subscriber on the Closing Date and that they will survive the
purchase by the Subscriber of the Securities and will continue in full force and effect notwithstanding any
subsequent disposition by the Subscriber of such Securities. 

- 7 - 

8.                      
  Legending and Registration of Securities 

8.1                    
If the Subscriber is a resident of Canada, the Subscriber hereby acknowledges
that upon the issuance thereof, and until such time as the same is no longer
required under the applicable securities laws and regulations, the certificates
or other document representing any of the Securities will bear a legend in
substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
  UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
  REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
  STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
  PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
  REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM, OR
  IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT
AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS. 

THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE
  THE SECURITIES IN OR FROM A JURISDICTION OF CANADA UNLESS THE CONDITIONS IN
  SECTION 13 OF MULTILATERAL INSTRUMENT 51-105 ISSUERS QUOTED IN THE U.S. OVER THE
  COUNTER MARKETS ARE MET.” 

8.2                    
The Subscriber hereby acknowledges and agrees to the Issuers making a notation
on their records or giving instructions to their registrar and transfer agent in
order to implement the restrictions on transfer set forth and described in this
Agreement. 

9.                     
 Resale Restrictions 

9.1                    
The Subscriber acknowledges that the Securities are subject to resale
restrictions in Canada and the United States and may not be traded in Canada or
the United States except as permitted by the applicable federal, state and
provincial securities laws and the rules made thereunder. 

10.                     Collection
of Personal Information 

10.1                    The
Subscriber acknowledges and consents to the fact that the Issuers are collecting
the Subscriber’s personal information for the purpose of fulfilling this
Agreement and completing the Offering. The Subscriber's personal information
(and, if applicable, the personal information of those on whose behalf the
Subscriber is contracting hereunder) may be disclosed by the Issuers to (a)
stock exchanges or securities regulatory authorities, (b) the Issuers’ registrar
and transfer agent, (c) Canadian tax authorities, (d) authorities pursuant to
the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
(Canada) and (e) any of the other parties involved in the Offering, including
legal counsel, and may be included in record books in connection with the
Offering. By executing this Agreement, the Subscriber is deemed to be consenting
to the foregoing collection, use and disclosure of the Subscriber's personal
information (and, if applicable, the personal information of those on whose behalf the Subscriber is contracting hereunder) for the
foregoing purposes and to the retention of such personal information for as long
as permitted or required by law or business practice. Notwithstanding that the
Subscriber may be purchasing Securities as agent on behalf of an undisclosed
principal, the Subscriber agrees to provide, on request, particulars as to the
nature and identity of such undisclosed principal, and any interest that such
undisclosed principal has in the Issuers, all as may be required by the Issuers
in order to comply with the foregoing. 

- 8 - 

Furthermore, the Subscriber is hereby notified that: 

	 	(a) 	
      the Issuers may deliver to any securities commission
      having jurisdiction over the Issuers, the Subscriber or this subscription,
      including any Canadian provincial securities commissions and/or the SEC
      (collectively, the “Commissions”) certain personal information
      pertaining to the Subscriber, including such Subscriber’s full name,
      residential address and telephone number, the number of shares or other
      securities of the Issuers owned by the Subscriber, the number of
      Securities purchased by the Subscriber and the total purchase price paid
      for such Securities, the prospectus exemption relied on by the Issuers and
      the date of distribution of the Securities,

	 	 	 
	 	(b) 	
      such information is being collected indirectly by the
      Commissions under the authority granted to them in securities
      legislation,

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities laws, and

	 	 	 
	 	(d) 	
      the Subscriber may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

Administrative Assistant to the
Director of Corporate Finance 
Ontario Securities Commission 
Suite 1903,
Box 55 
20 Queen Street West 
Toronto, ON M5H 3S8 
Telephone: (416)
593-8086 

11.                     
Costs 

11.1                   
The Subscriber acknowledges and agrees that all costs and expenses incurred by
the Subscriber (including any fees and disbursements of any special counsel
retained by the Subscriber) relating to the purchase of the Securities shall be
borne by the Subscriber. 

12.                     
Governing Law 

12.1                    This
Agreement is governed by the laws of the Province of British Columbia and the
federal laws of Canada applicable therein. The Subscriber, in its personal or
corporate capacity and, if applicable, on behalf of each beneficial purchaser
for whom it is acting, irrevocably attorns to the exclusive jurisdiction of the
courts of the Province of British Columbia. 

13.                    
 Currency 

13.1                    Any
reference to currency in this Agreement is to the currency of the United States
unless otherwise indicated. 

- 9 - 

14.                    
 Survival 

14.1                   
This Agreement, including, without limitation, the representations, warranties
and covenants contained herein, shall survive and continue in full force and
effect and be binding upon the parties hereto notwithstanding the completion of
the purchase of the Securities by the Subscriber pursuant hereto. 

15.                     
Assignment 

15.1                   
This Agreement is not transferable or assignable. 

16.                    
 Severability 

16.1                    The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect or limit the validity or enforceability of the remaining
provisions of this Agreement. 

17.                     
Entire Agreement 

17.1                   
Except as expressly provided in this Agreement and in the exhibits, agreements,
instruments and other documents attached hereto or contemplated or provided for
herein, this Agreement contains the entire agreement between the parties with
respect to the sale of the Securities and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Issuers or by anyone else. 

18.                     
Notices 

18.1                    All
notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication, including facsimile, electronic mail or other means of
electronic communication capable of producing a printed copy. Notices to the
Subscriber shall be directed to the address of the Subscriber set forth on page
10 of this Agreement and notices to the Issuers shall be directed to it at the
address of the Issuers set forth on page 1 of this Agreement. 

19.                    
 Counterparts and Electronic Means 

19.1                   
This Agreement may be executed in any number of counterparts, each of which,
when so executed and delivered, shall constitute an original and all of which
together shall constitute one instrument. Delivery of an executed copy of this
Agreement by electronic facsimile transmission or other means of electronic
communication capable of producing a printed copy will be deemed to be execution
and delivery of this Agreement as of the date hereinafter set forth. 

20.                     
Exhibits 

20.1                   
The exhibits attached hereto form part of this Agreement. 

21.                    
 Indemnity 

21.1                   
The Subscriber will indemnify and hold harmless the Issuers and, where
applicable, their directors, officers, employees, agents, advisors and
shareholders, from and against any and all loss, liability, claim, damage and
expense whatsoever (including, but not limited to, any and all fees, costs and
expenses whatsoever reasonably incurred in investigating, preparing or defending
against any claim, lawsuit, administrative proceeding or investigation whether
commenced or threatened) arising out of or based upon any representation or
warranty of the Subscriber contained in this Agreement, the Questionnaire, or in
any document furnished by the Subscriber to the Issuers in connection herewith
being untrue in any material respect or any breach or failure by the Subscriber
to comply with any covenant or agreement made by the Subscriber to the Issuers
in connection therewith. 

- 10 - 

IN WITNESS WHEREOF the Subscriber has duly
executed this Subscription Agreement as of the date of acceptance by the
Issuers.

	Subscriber Information 	 	Register the Securities as set forth
      below: 
	  	 	
	 
    	 	  
	  	 	(Name to Appear on Certificate) 
	(Name of Subscriber) 	 	  
	 
    	 	  
	  	 	(Account Reference, if applicable 
	Account Reference (if applicable):
    ___________________________	 	  
	 	 	 
	  	 	(Address, including Postal Code) 
	 
    	 	  
	 
    	 	  
	X 	 	  
	(Signature of Subscriber – if the Subscriber is an Individual)
    	 	  
	 
    	 	  
	 
    	 	  
	X 	 	  
	(Signature of Authorized Signatory – if the Subscriber is not
      an Individual) 	 	Deliver the Securities as set forth
      below: 
	 	 	 
	 
    	 	  
	  	 	(Attention - Name) 
	(Name and Title of Authorized Signatory – if the Subscriber is
      not an Individual) 	 	
	 	 	 
	  	 	(Account Reference, if applicable) 
	 
    	 	  
	(SIN, SSN, or other Tax Identification Number of the
      Subscriber) 	 	  
	  	 	(Street Address, including Postal Code) (No PO Box)
    
	 
    	 	  
	(Subscriber’s Address, including city and Postal Code) 	 	  
	  	 	(Telephone Number) 
	 
    	 	  
	 
    	 	  
	 
    	 	  
	(Telephone Number) 	 	  

- 11 - 

ACCEPTANCE 

The Issuers hereby accept the subscription as set forth above
on the terms and conditions contained in this Private Placement Subscription
Agreement as of the ______ day of November, 2013. 

NAKED BRAND GROUP INC. 

 

	Per:           
      __________________________________________________
	               
         Authorized Signatory 

 

NAKED INC. 

 

	Per:           
      __________________________________________________
	               
         Authorized Signatory 

EXHIBIT “A” 

CANADIAN INVESTOR QUESTIONNAIRE

	TO: 	NAKED BRAND GROUP INC. and 
	  	NAKED INC. 
	  	(collectively, the “Issuers”) 
	  	  
	RE: 	Purchase of Convertible Notes (the
      “Securities”) 
	 	 

Capitalized terms used in this Questionnaire and not
specifically defined have the meaning ascribed to them in the Private Placement
Subscription Agreement between the Subscriber and the Issuers to which this
Exhibit A is attached. 

In connection with the purchase by the Subscriber (being the
undersigned, or if the undersigned is purchasing the Securities as agent on
behalf of a disclosed beneficial Subscriber, such beneficial Subscriber, shall
be referred herein as the “Subscriber”) of the Securities, the Subscriber
hereby represents, warrants and certifies to the Issuers that the Subscriber:

	 	(i) 	
      is purchasing the Securities as principal (or deemed
      principal under the terms of National Instrument 45-106 - Prospectus
      and Registration Exemptions adopted by the Canadian Securities
      Administrators (“NI 45-106”));

	 	(ii) 	(A) 	is resident in or is subject to the laws of one
      of the following (check one): 

	 	[   ] Alberta 	[   ] New Brunswick 	[   ] Prince Edward Island 
	 	 	 	 
	 	[   ] British Columbia 	[   ] Nova Scotia 	[   ] Quebec 
	 	 	 	 
	 	[   ] Manitoba 	[   ] Ontario 	[   ] Saskatchewan 
	 	 	 	 
	 	[   ] Newfoundland and Labrador 	  	  
	 	 	 	 
	 	[   ] United States: 
      _______________________	(List State of Residence)
  

	 	  	or 
	 	 	 
	 	(B) 	[   ] is resident in a country other
      than Canada or the United States; and 

	 	(iii) 	
      has not been provided with any offering memorandum in
      connection with the purchase of the Securities.

In connection with the purchase of the Securities of the
Issuers, the Subscriber hereby represents, warrants, covenants and certifies
that: 

	(a) 	
      the Subscriber is not a trust company or trust company
      registered under the laws of Prince Edward Island that is not registered
      or authorized under the Trust and Loan Companies Act (Canada) or
      under comparable legislation in another jurisdiction of Canada;
  and

	 	 
	(b) 	
      ____ the Subscriber is an “accredited investor” within the
      meaning of NI 45-106, by virtue of satisfying one of the following
      criteria (YOU MUST ALSO INITIAL OR PLACE A CHECK- MARK ON THE
      APPROPRIATE LINE BELOW).

	[   ] 	(a) 	a person registered under the securities
      legislation of a jurisdiction of Canada as an adviser or
      dealer, other than a person registered solely as a
    limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador), 

- 13 - 

	[   ] 	(b) 	
      an individual registered or formerly registered under the
      securities legislation of a jurisdiction of Canada as a representative of
      a person referred to in paragraph (a), 

	  	  	     
	[   ] 	(c) 	
      an individual who, either alone or with a spouse,
      beneficially owns financial assets having an aggregate realizable value
      that before taxes, but net of any related liabilities, exceeds $1,000,000,      

	  	  	     
	[   ] 	(d) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $300,000 in each of
      the 2 most recent calendar years and who, in either case, reasonably
    expects to exceed that net income level in the current calendar year,    

	  	  	     
	[   ] 	(e) 	
      an individual who, either alone or with a spouse, has net
      assets of at least $5,000,000, 

	  	  	     
	[   ] 	(f) 	
      a person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements and that has not been created or used solely
      to purchase or hold securities as an accredited investor as defined in
      this paragraph (f), 

	  	  	     
	[   ] 	(g) 	
      an investment fund that distributes or has distributed
      its securities only to 

	 	(i) 	
      a person that is or was an accredited investor at the
      time of the distribution,

	 	 	
       

	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 [Minimum amount investment] of
      NI 45-106, or 2.19 [Additional investment in investment funds] of NI
      45-106, or

	 	 	
       

	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 [Investment fund reinvestment]
      of NI 45-106,

	[   ] 	(h) 	
      an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Québec, the securities regulatory authority, has issued a
      receipt, 

	  	  	     
	[   ] 	(i) 	
      a trust company or trust company registered or authorized
      to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust company, as the case may be,
  

	  	  	     
	[   ] 	(j) 	
      a person acting on behalf of a fully managed account
      managed by that person, if that person 

	 	(i) 	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and

	 	 	 
	 	(ii) 	
      in Ontario, is purchasing a security that is not a
      security of an investment fund,

	[   ] 	(k) 	
      a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded, 

	  	  	     
	[   ] 	(l) 	
      an entity organized in a foreign jurisdiction that is
      analogous to the entity referred to in paragraph (a) in form and function,
      

	  	  	     
	[   ] 	(m) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the
voting securities required by law to be owned by
  directors, are persons that are accredited investors, 

- 14 - 

	[   ] 	(n) 	
      an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an adviser,
      or 

	  	  	     
	[   ] 	(o) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as an accredited investor. 

The above representations and warranties will be true and
correct both as of the execution of this certificate and as of the closing time
of the purchase and sale of the Securities and acknowledges that they will
survive the completion of the issue of the Securities. 

The Subscriber acknowledges that the foregoing representations
and warranties are made by the undersigned with the intent that they be relied
upon in determining the suitability of the Subscriber as a Subscriber of the
Securities and that this certificate is incorporated into and forms part of the
Agreement and the undersigned undertakes to immediately notify the Issuers of
any change in any statement or other information relating to the Subscriber set
forth herein which takes place prior to the closing time of the purchase and
sale of the Securities. 

By completing this certificate, the Subscriber authorizes
the indirect collection of this information by each applicable regulatory
authority or regulator and acknowledges that such information is made available
to the public under applicable legislation. 

DATED as of ________day of November, 2013. 

	 	 
	 	Print Name of Subscriber (or person signing as
      agent) 

By:
__________________________________________________
     
Signature 

      
__________________________________________________
      
Title 

EXHIBIT “B” 

FORM OF PROMISSORY NOTE 

PROMISSORY NOTE 

THIS PROMISSORY NOTE is dated November 14, 2013

BETWEEN: 

  
    
      
        NAKED BRAND GROUP INC., formerly Search By Headlines.com
          Corp. (“NBGI”), a Nevada corporation, and NAKED INC., formerly
          Naked Boxer Brief Clothing Inc. (“Naked”), a Nevada corporation, both
          having an office for notice at 2-34346 Manufacturers Way, Abbotsford, BC V2S 7M1
        

        (together, the “Borrowers”) 

      

    

  

AND: 

  
    
      
        ___________________, of
          _____________________________

        (the “Lender”) 

      

    

  

BACKGROUND: 

A.          Naked
is a wholly-owned subsidiary of NBGI operating a product manufacturing and
distribution business for men’s clothing products; 

B.          Naked
requires funds to expand its inventory and sales operations, and, in order to
raise funds for that purpose, (i) Naked and NBGI have determined to issue joint
and several convertible term promissory notes (the “Kalamalka
Loans”) to a group of accredited investors, as defined in applicable
securities legislation (the “Kalamalka Group”) in connection with
an agency and interlender agreement dated as of the date hereof (the
“Agency Agreement”); and (ii) NBGI has determined to issue certain
warrants to purchase common shares in its capital (each, a “Warrant”) to
Kalamalka Partners Ltd. (the “Agent”) and to each member of the Kalamalka
Group; and 

C.          The
Lender is a member of the Kalamalka Group, is an accredited investor, has
entered into the Agency Agreement with the other members of the Kalamalka Group,
NBGI, Naked, and the Agent pursuant to which the Agent will manage the
obligations evidenced by this Note and the Security (as hereinafter defined) for
those obligations provided for in this Note on the Lender’s behalf (as amended,
supplemented and replaced from time to time) and has agreed to loan funds to the
Borrowers as provided for in this Note (the “Loan”). 

NOW THEREFORE THE PARTIES HERETO AGREE as follows: 

1.          For
value received the Borrowers hereby jointly and severally promise to pay to the
Lender the sum of USD$________________ (the “Principal”) on January 31,
2014 (the “Due Date”). This Note will bear interest (the
“Interest”) on the Principal outstanding, from time to time, both before
and after maturity, default and judgment, commencing the date of advance of the
Principal to the Borrowers until repaid to the Lender at the rate of twelve
percent (12%) per annum, calculated daily and payable on the Due Date. 

- 16 - 

2.          On the
Due Date, the Borrowers shall wire to a bank account maintained by the Agent
(the “Agent’s Account”) an amount equal to the Principal and Interest,
plus any other amounts owing under the Loan. The Borrower must designate such
payment to the Agent’s Account by notice in writing to the Agent as “a payment
with respect to the November 2013 Kalamalka Loan”. Such payment shall be deemed
to be a payment made rateably to each member of the Kalamalka Group that is a
Lender. For greater certainty, the Borrowers may not prepay all or any portion
of the Principal or any Interest without the prior written consent of the
Agent.

3.          At
the Lender’s option, but subject to the provisions of the Agency Agreement, the
outstanding Principal and all accrued but unpaid Interest represented by this
Note will become immediately due and payable upon written notice of acceleration
given by the Agent to the Borrowers following the occurrence of any of the
following events (each an “Event of Default”): 

	(a) 	
      if the Borrowers shall fail to pay any portion of the
      Principal, any Interest on this Note or any other sum due hereunder, on
      the date on which such amount shall become due and payable, whether at the
      stated Due Date or at any accelerated date of maturity or at any other
      date fixed for payment;

	 	 
	(b) 	
      if the Borrowers shall fail to perform in any material
      respect any of the other covenants and agreements set forth herein or in
      any security granted by either of them in connection with their
      obligations under this Note and under any Note issued to a Lender in
      connection with the Agency Agreement (collectively the “Security”),
      and not cure such failure within ten (10) days after notice
  thereof;

	 	 
	(c) 	
      if the Borrowers shall fail to pay any portion of any
      principal, interest or any other sum due, or fail to perform in any
      material respect any of the other covenants or agreements set forth in any
      loan documents or security granted by either of them in connection with
      any other loans facilitated by the Agent and not cure such failure within
      any curative period granted by the Agent or the lenders with respect to
      such loans;

	 	 
	(d) 	
      if any material representation or warranty of the
      Borrowers in this Note, the officer’s certificate of NBGI or the officer’s
      certificate of Naked provided in connection herewith shall prove to have
      been false in any material respect upon the date when made or deemed to
      have been made or repeated;

	 	 
	(e) 	
      if a Borrower shall fail to pay at maturity, or within
      any applicable period of grace, any obligation for borrowed money or
      credit received or in respect of any capitalized lease, in each case for
      which such Borrower’s obligations exceed CAD$50,000, or fail to observe or
      perform any material term, covenant or agreement contained in any material
      agreement by which it is bound and evidencing or securing borrowed money
      or credit received or in respect of any such capitalized lease for such
      period of time or otherwise as would permit (assuming the giving of
      appropriate notice if required) the holder or holders thereof or of any
      obligations issued thereunder to accelerate the maturity thereof, or any
      such holder or holders to rescind or to have a right to rescind the
      purchase of any such obligations;

	 	 
	(f) 	
      if a Borrower shall make an assignment for the benefit of
      creditors, or admit in writing its inability to pay or generally fail to
      pay its debts as they mature or become due, or petition or apply for the
      appointment of a trustee or other custodian, liquidator or receiver of a
      Borrower or of any substantial part of its respective assets or shall
      commence any case or other proceeding relating to a Borrower under any
      bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
      dissolution or liquidation or similar law of any jurisdiction, now or
      hereafter in effect, or shall authorize any of the foregoing, or if any
      such petition or application shall be filed or any such case or other
      proceeding shall be commenced against a Borrower or a Borrower shall
      indicate its approval thereof, consent thereto or acquiescence therein
      or such involuntary petition or application shall not have been dismissed
  within sixty (60) days following the filing thereof;

- 17 - 

	(g) 	
      if a decree or order shall be entered appointing any
      trustee, custodian, liquidator or receiver of a Borrower or of any
      substantial part of its assets, or adjudicating a Borrower bankrupt or
      insolvent, or approving a petition in any such case or other
      proceeding;

	 	 
	(h) 	
      if there shall remain in force, undischarged,
      unsatisfied, unvacated, unbonded or unstayed, for more than sixty (60)
      days, any final judgment against a Borrower that, with other such
      outstanding final judgments against a Borrower or any subsidiary of a
      Borrower that are undischarged, unsatisfied, unvacated, unbonded or
      unstayed, exceeds in the aggregate CAD$25,000 in excess of insurance
      coverage which an insurer has acknowledged and confirmed it would provide
      with respect to such judgment;

	 	 
	(i) 	
      if this Note or any Security shall be cancelled,
      terminated, revoked or rescinded, or any action at law, suit or in equity
      or other legal proceeding to cancel, revoke or rescind this Note or any
      Security shall be commenced by or on behalf of a Borrower or its
      shareholders, or any court or any other governmental or regulatory
      authority or agency of competent jurisdiction shall make a determination
      that, or issue a judgment, order, decree or ruling to the effect that, any
      one or more provisions of this Note or any Security is illegal, invalid or
      unenforceable in accordance with the terms thereof;

	 	 
	(j) 	
      if there shall occur (i) a sale or disposition of all or
      substantially all of the assets of a Borrower, or (ii) any transfer of
      beneficial ownership (within the meaning of Rule 13d-3 promulgated by the
      United States Securities and Exchange Commission under the Securities
      Exchange Act of 1934, as amended), directly or indirectly, of all or
      any portion of the outstanding shares of a Borrower, in a single
      transaction or a series of related transactions except, in the case of a
      transfer of beneficial ownership of common shares in the capital of a
      Borrower where the shareholders of that Borrower immediately prior to such
      transaction or series of related transactions retain directly or
      indirectly at least fifty percent (50%) of the voting power in that
      Borrower or the successor or acquiring entity (as applicable);
  and

	 	 
	(k) 	
      if (a) there occurs a Material Adverse Effect as defined
      in subsection (i) of the definition thereof or that otherwise is not
      curable, or (b) there occurs any other Material Adverse Effect that
      continues in existence uncured for five business days. “Material Adverse
      Effect” means any event or series of events that, individually or in the
      aggregate, results in (i) a material adverse change in, or a material
      adverse effect upon, the operations, business, properties, or condition
      (financial or otherwise) of a Borrower (including without limitation the
      withdrawal by applicable authorities of a business license of a Borrower
      which business license would be necessary to conduct its business as
      currently conducted or as contemplated to be conducted), (ii) a material
      impairment of the ability of a Borrower to perform under this Note, the
      Security to which it is a party or any other note or agreement to which a
      Borrower is a party, or (iii) a material adverse effect upon the legality,
      validity, binding effect or enforceability against a Borrower of this
      Note, any Security to which it is a party or any other note or agreement
      to which a Borrower is a party. For greater certainty, a Material Adverse
      Effect shall include a material adverse change in the business plans of
      the Borrowers as represented to the Agent.

4.          Upon
the occurrence of an Event of Default and at any time thereafter, provided the
Event of Default has not been waived by the Agent or the Borrowers have not
theretofore remedied all outstanding Events of Default within the prescribed
time period, the Agent may at its option, but in accordance with the provisions
of the Agency Agreement, by notice to the Borrowers: 

	(a) 	
      declare the Principal, Interest and all other amounts
      owing under this Note to be immediately due and payable; and

	 	 
	(b) 	
      enforce all rights and remedies granted under the
      Security.

- 18 - 

	5. 	
      Each of the Borrowers represents and warrants to the
      Lender that:

	(a) 	
      it is a corporation duly organized, validly existing and
      in good standing under the laws of its jurisdiction of incorporation or
      continuation, and is qualified and licensed to do business in any
      jurisdiction in which the conduct of its business or its ownership of
      property requires that it be so qualified, except those jurisdictions
      where failure to be so qualified would not be reasonably likely to have a
      Material Adverse Effect;

	 	 
	(b) 	
      it has all requisite corporate power and authority to own
      and operate its properties, to carry on its business as now conducted and
      as proposed to be conducted and to enter into and carry out the
      transactions contemplated by this Note and the Security;

	 	 
	(c) 	
      the execution, delivery and performance of this Note are
      within its powers, have been duly authorized, are not or will not be in
      conflict with or constitute a breach of any provision contained in its
      enabling documents, and do not or will not contravene, conflict with or
      result in a violation or breach of, or result in a default under, any
      provision of any material agreement to which it is a party or by which it
      is bound, or give any person the right to (i) declare a default or
      exercise any remedy under any such material agreement, (ii) accelerate the
      maturity or performance of any such material agreement, or (iii) cancel,
      terminate or modify any such material agreement;

	 	 
	(d) 	
      it has obtained or made all orders, consents, approvals,
      licenses, authorizations or validations of, or filings, recordings or
      registrations with, or exemptions by, any governmental or public body or
      authority, or any subdivision thereof, required to authorize, or required
      in connection with, (i) the execution, delivery and performance of this
      Note and the Security to which it is a party, or (ii) the legality,
      validity, binding effect or enforceability of this Note and the Security
      to which it is a party;

	 	 
	(e) 	
      it has not granted or agreed to grant any protective
      provisions, liquidation preferences, redemption rights or other investor
      protection rights to any person or entity;

	 	 
	(f) 	
      the audited financial statements of Naked for the fiscal
      year ended January 31, 2013, the unaudited financial statements of Naked
      for the period ending July 31, 2013, the audited financial statements of
      NBGI, presented on a consolidated basis, for the fiscal year ended January
      31, 2013, and unaudited financial statements of NBGI for the period ending
      July 31, 2013 (collectively the “Financial Statements”) and the
      related statements of income, cash flows and shareholder’s equity of NBGI
      and its subsidiaries, on a consolidated basis, for the fiscal years or
      periods ended on such dates, true and correct copies of which have been
      furnished to the Agent and the Lenders prior to the date hereof, present
      fairly in all material respects the consolidated financial position of
      NBGI and its subsidiaries at the dates of such balance sheets and the
      results of the operations of NBGI and its subsidiaries for the periods
      covered thereby and the Financial Statements have been prepared in
      accordance with U.S. generally accepted accounting principles applied on a
      consistent basis throughout the periods indicated and with each other,
      except that the unaudited financial statements may not contain all
      footnotes required by generally accepted accounting principles and may be
      subject to year-end audit adjustments;

	 	 
	(g) 	
      except as fully disclosed in the Financial Statements or
      otherwise disclosed to the Agent there are no liabilities or obligations
      with respect to it of any nature whatsoever (whether absolute, accrued,
      contingent or otherwise, and whether or not due) which, either
      individually or in aggregate, would be reasonably likely to be material to
      it;

	 	 
	(h) 	
      except as previously disclosed to the Agent or disclosed
      in the Financial Statements, since July 31, 2013 there has been no change
      in its business, operations, property, assets, liabilities or condition
      (financial or otherwise) which change would be reasonably likely to have a
      Material Adverse Effect;

- 19 - 

	(i) 	
      upon any issuance of shares pursuant to the due exercise
      of the Warrants, such shares will be duly authorized, validly issued,
      fully paid and non-assessable, and free of any liens or encumbrances,
      except for restrictions on transfer under applicable securities
    laws;

	 	 
	(j) 	
      this Note and the Security to which it is a party have
      been duly executed and delivered by it and are legally valid and binding
      obligation of it, enforceable against it in accordance with their
      respective terms, except as may be limited by bankruptcy, insolvency,
      reorganization, moratorium or similar laws relating to or limiting
      creditors’ rights generally or by equitable principles relating to
      enforceability;

	 	 
	(k) 	
      except as previously disclosed to the Agent, there are no
      pending or, to either Borrower’s knowledge, threatened actions or
      proceedings to which a Borrower is party before any court or regulatory or
      administrative agency, whether Canadian or foreign, in which a decision
      adverse to a Borrower would be reasonably likely to have a Material
      Adverse Effect;

	 	 
	(l) 	
      it has filed or caused to be filed all tax returns
      required to be filed, and has paid, or has made adequate provision for the
      payment of, all material taxes reflected therein or otherwise
  owed;

	 	 
	(m) 	
      it does not own any real property and it has good and
      marketable title to all of its material properties and material assets,
      including all material property reflected in the most recent balance
      sheets included in the Financial Statements free and clear of all Liens
      (as hereinafter defined) except Permitted Liens (as hereinafter
      defined);

	 	 
	(n) 	
      to the best of its knowledge, it is in compliance with
      all applicable statutes, regulations and orders of, and all applicable
      restrictions imposed by, all governmental bodies, domestic or foreign, in
      respect of the conduct of its business and the ownership of its property
      (including applicable statutes, regulations, orders and restrictions
      relating to environmental standards and controls), except where the
      failure to be so in compliance would not be reasonably likely to have a
      Material Adverse Effect; and

	 	 
	(o) 	
      it is not in material default in or material breach of
      the performance, observance or fulfillment of any of the obligations,
      covenants or conditions contained in any of its material contracts, no
      condition exists that, with the giving of notice or the lapse of time or
      both, would constitute such a material default, and, to its knowledge, no
      counterparty to any such material contract is in material default in or
      material breach of any such material contract.

6.          Except
for Section 6(b) which is a covenant of NBGI only, each of the Borrowers
covenants and agrees that, so long as any of their obligations under this Note
remain outstanding, they shall do all of the following: 

	(a) 	
      duly and punctually pay or cause to be paid the Principal
      and Interest and all other amounts provided for in this Note and in the
      Security in accordance with the terms hereof;

	 	 
	(b) 	
      reserve out of the authorized and unissued capital of
      NBGI an adequate number of common shares such that, upon any exercise of
      the Warrants, such shares shall be immediately issuable;

	 	 
	(c) 	
      preserve and maintain in full force and effect its legal
      existence and good standing in its respective jurisdiction of organization
      and maintain qualification in each jurisdiction in which qualification is
      required under applicable law, except where the failure to be so qualified
      would not be reasonably likely to have a Material Adverse
Effect;

	 	 
	(d) 	
      notify the Agent in writing promptly upon becoming aware
      of any event or change that has caused, or evidences, an Event of Default
      or a Material Adverse Effect, together with a reasonably detailed
      description thereof and the actions it proposes to take with respect
      thereto;

- 20 - 

	(e) 	
      notify the Agent in writing promptly upon entering into
      any discussions, negotiations, agreements, understandings or arrangements
      relating to any financing or acquisition proposal, whether completed or
      proposed, from the date hereof to and including the earlier of the
      conversion or payment of all sums due hereunder;

	 	 
	(f) 	
      notify the Agent in writing promptly upon obtaining
      knowledge of the institution or threat of any action or proceeding against
      or affecting it or any of its property, and any material development in
      any such action or proceeding, that: (i) if adversely determined, has a
      reasonable possibility of giving rise to a Material Adverse Effect, or
      (ii) seeks to enjoin or otherwise prevent the consummation of, or to
      recover any damages or obtain relief as a result of, the transactions
      contemplated by this Note. It shall provide the Agent with additional
      information regarding any such action or proceeding as may be reasonably
      requested by the Agent to evaluate such action or proceeding, including
      copies of any filings;

	 	 
	(g) 	
      keep all property necessary to its business in reasonably
      good working order and condition, ordinary wear and tear
  excepted;

	 	 
	(h) 	
      make due and timely payment or deposit of all material
      federal, state, provincial, local and other Canadian, US and foreign
      taxes, assessments or contributions required by law;

	 	 
	(i) 	
      comply with all applicable statutes, regulations and
      orders of, and all applicable restrictions imposed by, all governmental
      bodies, domestic or foreign, in respect of the conduct of its business and
      the ownership of its property (including applicable statutes, regulations,
      orders and restrictions relating to intellectual property and
      environmental standards and controls), except where the failure to so
      comply would not be reasonably likely to have a Material Adverse
      Effect;

	 	 
	(j) 	
      take all actions and execute all writings or documents,
      including the preparation, delivery and prosecution of authorization
      requests and filings with governmental authorities, as may reasonably be
      requested by the Agent in connection with the current or future exercise
      of a Warrant or other rights of the Lender under this Note;

	 	 
	(k) 	
      keep adequately insured by financially sound and
      reputable insurers all assets and property of a character customarily
      insured by persons engaged in similar businesses similarly situated,
      including inventory, against loss or damage of the kinds customarily
      insured against by such persons, in such amounts as are customarily
      insured for by such persons, and, in the case of inventory, maintain at
      minimum insurance equivalent to the value of the total indebtedness owed
      to the Kalamalka Group; that it will forthwith notify the Agent of any
      significant loss; that it will duly and punctually pay all premiums and
      other sums of money for maintaining such insurance; and that it will name
      the Agent as an additional loss payee on all insurance policies;

	 	 
	(l) 	
      deliver to the Agent:

	 	(i) 	
      within 90 days of the fiscal year end, audited
      consolidated financial statements of NBGI and any of its
    subsidiaries;

	 	 	 
	 	(ii) 	
      within 45 days of the end of a month, unaudited
      consolidated profit and loss statement and balance sheet for the
    month;

	 	 	 
	 	(iii) 	
      within 45 days of the end of the first three (3) fiscal
      quarters and within 90 days of the end of the fourth fiscal quarter, a
      management report on the quarter’s results and operations;

	 	 	 
	 	(iv) 	
      within 90 days of the fiscal year end, unaudited
      non-consolidated financial statements of the Borrowers and any of their
      subsidiaries;

	 	 	 
	 	(v) 	
      at least 30 days before the commencement of each fiscal
      year, a business plan for the next fiscal year, together with the
      operating, capital expenditure and research and development budgets,
      approved by the Board;

- 21 - 

	 	(vi) 	
      within three (3) business days after its receipt by
      either of the Borrowers, a copy of any notice to such Borrower of any
      alleged material breach of contract or obligation, together with
      management’s proposed manner of response to such alleged breach;

	 	 	 
	 	(vii) 	
      within three (3) business days after any actual,
      apparent, or suspected loss of any material amount of inventory or
      receivables, notice to the Agent of all information concerning such loss
      or potential loss, together with management’s proposed manner of
      response;

	 	 	 
	 	(viii) 	
      within three (3) business days after any change,
      extension, or other amendment to one or more of the Borrowers’ loan
      facilities, notice to the Agent of all information concerning such
      amendments and the reasons for same;

	 	 	 
	 	(ix) 	
      weekly updates with respect to the Borrowers’ current
      equity capital and debt raising efforts;

	 	 	 
	 	(x) 	
      bi-weekly margin reports with respect to Naked within
      three (3) business days of the end of each bi-weekly period including,
      without limitation, information relating to detailed inventory and
      receivables listings; and

	 	 	 
	 	(xi) 	
      any such other information, accounts, data and
      projections reasonably required by the Lender;
and

	(m) 	
      in the case of Naked, maintain a borrowing base
      equivalent to a discount factor of 0.90 multiplied by the value of the sum
      of the value of Naked’s inventory plus the value of its accounts
      receivable and, in the case of NBGI, ensure that Naked maintains such
      borrowing base. For greater certainty, except as otherwise agreed between
      the parties, inventories will be calculated at the lower of cost or market
      value and include adjustments for estimated obsolete or excess inventory
      determined by future estimated sales in relation to older or out of season
      product. Cost is based on actual cost on a weighted average basis. The
      costs of finished goods inventories include raw materials and direct
      labour. Inventory shall include raw material in transit in the possession
      of the Borrower, materials in the course of production, work in progress,
      and unsold finished goods. The calculation of accounts receivable for
      margining purposes shall include only those accounts current as of sixty
      (60) days that are expected to be collectable, except that up to $10,000
      of receivables may be included in the borrowing base for the purpose of
      calculating margin if such receivables are more than sixty (60) days old
      but less than ninety (90) days old. Naked and NBGI, within fifteen (15)
      days of either party being made aware that Naked does not meet its
      borrowing base requirement, shall repay to the Agent on behalf of the
      Kalamalka Group any amounts required to maintain Naked’s borrowing base
      with the Lender.

7.          Each
of the Borrowers covenants and agrees that, so long as any of its obligations
under this Note remain outstanding, it shall not do any of the following without
the Agent’s written consent: 

	(a) 	
      use the funds advanced under the Loan for any purpose
      other than the financing of inventory and receivables;

	 	 
	(b) 	
      incur any indebtedness or guarantee any indebtedness or
      issue or sell any debt securities or guarantee any debt securities of
      others that rank or could rank in priority to, or pari passu with, the
      Kalamalka Loans, other than (i) the indebtedness evidenced by this Note;
      (ii) as disclosed in the Financial Statements; and (iii) with respect to
      the Permitted Liens;

	 	 
	(c) 	
      create, incur, assume or suffer to exist any lien or
      encumbrance upon or with respect to any of its property or assets (real or
      personal, tangible or intangible) (“Liens”), whether now owned or
      hereafter acquired, or sell any such property or assets subject to an
      understanding or agreement, contingent or otherwise, to repurchase such
      property or assets (including sales of accounts receivable with recourse
      to it), or assign any right to receive income or permit the filing of any
      security interest under the British Columbia Personal Property Security
      Act or any other similar notice of lien or encumbrance under any
      similar recording or notice statute, provided that
the provisions of this Subsection 7(c)
shall not prevent the creation, incurrence, assumption or existence of the
following (collectively, the “Permitted Liens”): 

- 22 - 

	 	(i) 	
      financing statement registered in the British Columbia
      Personal Property Registry on August 9, 2012 under Base Registration
      893601G in favour of Kalamalka Partners Ltd. with respect to
  NBGI;

	 	 	 
	 	(ii) 	
      UCC-1 Financing Statement registered in the State of
      Nevada on August 13, 2012 under Document Number 2012011822-4 in favour of
      Kalamalka Partners Ltd. with respect to NBGI;

	 	 	 
	 	(iii) 	
      UCC-1 Financing Statement registered in the State of
      California on August 13, 2012 under Document Number 12-7324895970 in
      favour of Kalamalka Partners Ltd. with respect to NBGI;

	 	 	 
	 	(iv) 	
      financing statement registered in the British Columbia
      Personal Property Registry on August 9, 2012 under Base Registration
      893591G in favour of Kalamalka Partners Ltd. with respect to
  Naked;

	 	 	 
	 	(v) 	
      UCC-1 Financing Statement registered in the State of
      Nevada on August 13, 2012 under Document Number 20120021823-6 in favour of
      Kalamalka Partners Ltd. with respect to Naked;

	 	 	 
	 	(vi) 	
      UCC-1 Financing Statement registered in the State of
      California on August 13, 2012 under Document Number 12-7324896123 in
      favour of Kalamalka Partners Ltd. with respect to Naked;

	 	 	 
	 	(vii) 	
      inchoate Liens for taxes, assessments or governmental
      charges or levies not yet due or Liens for taxes, assessments or
      governmental charges or levies being contested in good faith and by
      appropriate proceedings for which adequate reserves have been established
      in accordance with generally accepted accounting principles;

	 	 	 
	 	(viii) 	
      Liens in respect of its property or assets imposed by
      law, which were incurred in the ordinary course of business and do not
      secure indebtedness for borrowed money, such as carriers’, warehousemen’s,
      materialmen’s and mechanics’ liens and other similar Liens arising in the
      ordinary course of business, and which do not in the aggregate materially
      detract from the value of its property or assets or impair the use thereof
      in the operation of its assets subject thereto;

	 	 	 
	 	(ix) 	
      Liens arising under original purchase price conditional
      sales contracts and equipment leases with third parties entered into in
      the ordinary course of business consistent with past practices;

	 	 	 
	 	(x) 	
      the Liens created by the Security;

	 	 	 
	 	(xi) 	
      Liens that are subordinate to the Security; or

	 	 	 
	 	(xii) 	
      any Liens consented to in writing by the Agent from time
      to time, such consent not to unreasonably
withheld;

	(d) 	
      wind up, liquidate or dissolve its affairs, or convey,
      sell, lease or otherwise dispose of all or any part of its property or
      assets (in one or a series of related transactions), or enter into any
      sale- leaseback transactions for any part of its property or assets
      involving any person other than Lender (or agree to do any of the
      foregoing at any future time), except in each case for sales of inventory,
      materials and equipment in the ordinary course of business consistent with
      past practice; or

- 23 - 

	(e) 	
      make any distribution to any or all of its shareholders,
      or redeem or acquire any or all of such shareholders’ shares or options in
      NBGI (other than issuances of options or repurchases of options or equity
      securities at cost pursuant to any equity plan adopted by NBGI for the
      benefit of employees or consultants of NBGI); or create or suffer to exist
      any encumbrance or restriction on the ability of Naked to (i) pay
      dividends or make other distributions to NBGI, (ii) repay or prepay any
      indebtedness owed by Naked to NBGI.

8.          The
Lender shall not be obligated to advance the Loan unless all representations and
warranties of the Borrowers contained in this Note and the Security are true and
correct, no Event of Default has occurred and is continuing and the Agent has
received on behalf of the Lender the following: 

	(a) 	
      duly executed originals of this Note, the Security and
      all other documents which the Borrowers have covenanted to deliver or
      cause to be delivered under this Note or the Security;

	 	 
	(b) 	
      certificates of status or good standing for each of the
      Borrowers issued by the relevant authority in its jurisdiction of
      incorporation and all jurisdictions where it is required to be registered
      by virtue of conducting business in such jurisdiction;

	 	 
	(c) 	
      a certified copy of resolutions of the directors of each
      of the Borrowers authorizing the execution, delivery and performance of
      this Note, the Security and the instruments, agreements, certificates and
      other documents contemplated in this Note and the Security;

	 	 
	(d) 	
      a certificate of a responsible officer of each of the
      Borrowers, certifying certain matters as to each of the
  Borrowers;

	 	 
	(e) 	
      in connection with the first issuance of notes to members
      of the Kalamalka Group who are Lenders, a favourable opinion from counsel
      for each of the Borrowers (in form and content satisfactory to counsel for
      the Agent) as to the status, power and capacity of each Borrower, the due
      authorization, execution and delivery of this Note and the Security, the
      enforceability of this Note, and, in the case of NBGI, the validity of the
      Warrants; and

	 	 
	(f) 	
      evidence satisfactory to the Agent of the perfection of
      the Security in British Columbia, Nevada, California, and any other
      jurisdiction where the Borrowers’ inventory or material assets are
      located.

9.    
     Concurrently with the execution of this Note, NBGI
shall issue to the Lender Warrant for the purchase of 75,000 Common shares of
NBGI at an exercise price of USD$0.10 per share on or before 4:00PM on November
13, 2016. While this Note is outstanding the Lender shall be permitted to apply
any or all of the outstanding Principal and Interest to payment of the exercise
price of the respective Warrants. 

10.        At the option of the
Lender, at maturity or at any time prior to maturity, the Lender may convert the
balance outstanding under the Loan, including Principal and Interest from time
to time, in whole or in part into Common shares of NBGI. The conversion rate
will be one (1) common share of NBGI for each twenty-five cents (USD$0.25) of
the Loan so converted (the “Conversion Price”). If, at any time while any
portion of the Loan is outstanding, NBGI subdivides, consolidates, or pays a
stock dividend on the Common shares, the Conversion Price will be simultaneously
adjusted upon the happening of each such event and the Conversion Price shall be
calculated by multiplying the Conversion Price in effect immediately prior to
such event by the following fraction: 

	 	(a) 	
      the numerator of which is the number of common shares
      issued and outstanding immediately prior to the event;
  and

- 24 - 

	 	(b) 	
      the denominator of which is the number of common shares
      issued and outstanding immediately after the completion of the
    event.

If, at any time while any portion of the Loan is outstanding,
the common shares are changed into a different class or classes of shares,
whether by reclassification, recapitalization, reorganization, arrangement,
amalgamation or merger, the Lender shall have the right to convert all or any
portion of the Loan outstanding into the kind and amount of shares and other
securities and property receivable upon such change by holders of that number of
shares then to which the Loan could have been converted immediately prior to
such change. Adjustments made under this Section shall be successive and each
resulting new Conversion Price shall continue in effect until the next
adjustment (if any) made hereunder. 

11.        The Borrowers and
the Lender acknowledge and agree that the rights and obligation under this Note
and the Security are subject to the provisions of the Agency Agreement and that
this Note ranks, in all respects, pari passu with Notes issued to other
members of the Kalamalka Group who are also parties to the Agency Agreement. The
Borrowers and the Lender further acknowledge and agree that the rights and
obligations under this Note, the Security, and the Agency Agreement are separate
and distinct from those rights and obligations contained in the agency and
interlender agreement among the Borrowers, the Agent, and certain lenders dated
August 10, 2012, as amended from time to time, (the “First Loan
Agency Agreement”) and the promissory notes and security
agreements issued in connection with and governed by the First Loan Agency
Agreement.

12.        The Borrowers
hereby waive presentment or demand for payment and waive and forego any claim or
right of set-off, contribution, or any other defense or diminishment or set off
of the amount herein evidenced and secured. The Borrowers further waive all
defenses or pleadings or cross-claims as answer or to resist demand or repayment
and acknowledge and acquiesce to the filing of process by Lender and the taking
of judgment and the execution of such process and waives all defenses or
counterpleading thereto excepting only prior payment or the non-advance of the
Principal of the Loan.

13.     
  SECURITIES DECLARATION AND ENFORCEABILITY 

      
        NONE OF THE SECURITIES TO WHICH THIS NOTE RELATES HAVE BEEN
          REGISTERED UNDER THE UNITED STATES SECURITES ACT OF 1933 (THE “1933 ACT”), OR
          ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
          OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS
          DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER
          THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933
          ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
          TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
          ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
          TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
          WITH THE 1933 ACT. 

      

14.        This Note will be
binding on and enure to the benefit of the Lender, its successors and permitted
assigns and the Borrowers and their respective permitted successors and assigns.

15.        If any part or
provision of this Note is invalid or unenforceable it will at the election of
the Lender be severed from this Note and the remainder of this Note will be
construed as if such invalid or unenforceable part or provision had been deleted
from this Note. 

16.        This Note and all
matters arising hereunder will be governed by the laws of British Columbia. 

- 25 - 

IN WITNESS WHEREOF the Borrowers have executed this Note
effective as the date first above written. 

NAKED BRAND GROUP INC. 
by its authorized signatory

 

__________________________ 
Name: 
Title:

NAKED INC. 
by its authorized signatory 

 

__________________________ 
Name: 
Title:Naked Brands Group Inc.: Exhibit 10.6 - Filed by newsfilecorp.com

THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT (THIS “SUBSCRIPTION AGREEMENT”) RELATES HAVE BEEN ISSUED IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. 

THE HOLDER OF THE SECURITIES TO WHICH THIS SUBSCRIPTION
AGREEMENT RELATES MUST NOT TRADE THE SECURITIES IN OR FROM A JURISDICTION OF
CANADA UNLESS THE CONDITIONS IN SECTION 13 OF MULTILATERAL INSTRUMENT 51-105
ISSUERS QUOTED IN THE U.S. OVER THE COUNTER MARKETS ARE MET. 

CONFIDENTIAL 
WARRANT ISSUANCE AGREEMENT

	TO: 	NAKED BRAND GROUP INC., having an
      address at 
	  	2 – 34346 Manufacturers Way, Abbotsford, BC V2S
      7M1 
	  	 
	  	(“Naked” or the “Issuer”)
  

WHEREAS pursuant to a letter agreement dated November 14, 2013,
Kalamalka Partners Ltd. (“Kalamalka” or the “Subscriber”) has
agreed to act as agent for a group of private lenders that will loan up to
$300,000 to Naked and its wholly-owned subsidiary, Naked Inc., pursuant to
various convertible promissory notes, and, in consideration of managing the
Loan, Kalamalka will be entitled to receive, as a loan management fee, warrants
to acquire shares of common stock of Naked.

1.                      
Warrant Issuance 

1.1                    
In consideration of the loan being managed by Kalamalka, Naked agrees to issue
to the Subscriber an aggregate of 125,000 share purchase warrants of Naked
having the terms and conditions set out in the warrant certificates attached
hereto as Exhibit “B” (the “Warrants”). 

1.2                     Subject
to the terms of this Agreement, the Agreement will be effective upon its
acceptance by the Issuer. 

1.3                     Unless
otherwise provided, all dollar amounts referred to in this Agreement are in
lawful money of the United States. 

2.                     
 Documents Required from Subscriber 

2.1                     The
Subscriber must complete, sign and return to the Issuer the following documents:

	 	(a) 	
      an executed copy of this Agreement;

	 	 	 
	 	(b) 	
      a Canadian Investor Questionnaire (the
      “Questionnaire”) attached as Exhibit “A” that starts on page 12;
      and

- 2 - 

	 	(c) 	
      such other supporting documentation that the Issuer or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor.

2.2                     The
Subscriber shall complete, sign and return to the Issuer as soon as possible, on
request by the Issuer, any additional documents, questionnaires, notices and
undertakings as may be required by any regulatory authorities and applicable
law. 

2.3                    
Both parties to this Agreement acknowledge and agree that Clark Wilson LLP has
acted as counsel only to the Issuer and is not protecting the rights and
interests of the Subscriber. The Subscriber acknowledges and agrees that the
Issuer and Clark Wilson LLP have given the Subscriber the opportunity to seek,
and are hereby recommending that the Subscriber obtain, independent legal advice
with respect to the subject matter of this Agreement and, further, the
Subscriber hereby represents and warrants to the Issuer and Clark Wilson LLP
that the Subscriber has sought independent legal advice or waives such
advice.

3.                      
Conditions and Closing 

3.1                     The
closing of the issuance of the Warrants (the “Offering”) to the
Subscriber (the “Closing”) shall occur on or before November 14, 2013, or
on such other date as may be determined by the Issuer in its sole discretion
(the “Closing Date”).

3.2                     The
Closing is conditional upon and subject to: 

	 	(a) 	
      the Issuer having obtained all necessary approvals and
      consents, including regulatory approvals for the Offering; and

	 	 	 
	 	(b) 	
      the issue and sale of the Securities being exempt from
      the requirement to file a prospectus and the requirement to deliver an
      offering memorandum under applicable securities legislation relating to
      the sale of the Warrants, or the Issuer having received such orders,
      consents or approvals as may be required to permit such sale without the
      requirement to file a prospectus or deliver an offering
  memorandum.

3.3                    
On the Closing Date, the Subscriber acknowledges that the certificates
representing the Warrants will be available for delivery, provided that the
Subscriber has satisfied the requirements of Section 2 hereof and the Issuer has
accepted this Agreement. 

4.                      
Acknowledgements and Agreements of Subscriber 

4.1                    
The Subscriber acknowledges and agrees that: 

	 	(a) 	
      none of the Warrants have been or will be registered
      under the United States Securities Act of 1933, as amended, (the
      “1933 Act”), or under any securities or “blue sky” laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold in the United States or, directly or indirectly, to U.S. Persons,
      as that term is defined in Regulation S under the 1933 Act (“Regulation
      S”), except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state, provincial and foreign securities
      laws;

	 	 	 
	 	(b) 	
      the Issuer has not undertaken, and will have no
      obligation, to register any of the Warrants under the 1933 Act or any
      other securities legislation;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Warrants agreed to be issued hereunder has not been based upon any oral or
      written representation as to fact or otherwise made by or on behalf of the Issuer and such
      decision is based entirely upon a review of any public information which
      has been filed by Naked with the United States Securities and Exchange
      Commission (the “SEC”) and any Canadian provincial securities
commissions (collectively, the “Public Record”);

- 3 - 

	 	(d) 	
      the Subscriber understands and agrees that the Issuer and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, covenants and agreements contained in this
      Agreement and the Questionnaire, and agrees that if any of such
      acknowledgements, representations and agreements are no longer accurate or
      have been breached, the Subscriber shall promptly notify the
  Issuer;

	 	 	 	 
	 	(e) 	
      there are risks associated with the acquisition of the
      Warrants, as more fully described in Naked’s periodic disclosure forming
      part of the Public Record;

	 	 	 	 
	 	(f) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer in connection with the distribution of the Warrants hereunder, and
      to obtain additional information, to the extent possessed or obtainable
      without unreasonable effort or expense, necessary to verify the accuracy
      of the information about the Issuer;

	 	 	 	 
	 	(g) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Warrants hereunder have been made
      available for inspection by the Subscriber, the Subscriber’s lawyer and/or
      advisor(s);

	 	 	 	 
	 	(h) 	
      all of the information which the Subscriber has provided
      to the Issuer is correct and complete as of the date this Agreement is
      signed, and if there should be any change in such information prior to the
      Closing, the Subscriber will immediately provide the Issuer with such
      information;

	 	 	 	 
	 	(i) 	
      the Issuer is entitled to rely on the representations and
      warranties of the Subscriber contained in this Agreement and the
      Questionnaire, and the Subscriber will hold harmless the Issuer from any
      loss or damage it or they may suffer as a result of the Subscriber’s
      failure to correctly complete this Agreement or the
  Questionnaire;

	 	 	 	 
	 	(j) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Warrants, and the underlying common
      shares (together with the Warrants, the “Securities”) and with
      respect to applicable resale restrictions, and it is solely responsible
      (and the Issuer is not in any way responsible) for compliance
  with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(k) 	
      the Subscriber understands and agrees that there may be
      material tax consequences to the Subscriber of an acquisition or
      disposition of the Securities. The Issuer gives no opinion and make no
      representation with respect to the tax consequences to the Subscriber
      under federal, state, provincial, local or foreign tax law of the
      Subscriber’s acquisition or disposition of the Securities;

	 	 	 	 
	 	(l) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell any of the Securities in Canada
under applicable provincial securities laws and Multilateral
      Instrument 51-105 – Issuers Quoted in the U.S. Over-the-Counter Markets (“MI 51-105”) of the Canadian Securities
Administrators;

- 4 - 

	 	(m) 	
      the Issuer has advised the Subscriber that the Issuer is
      relying on an exemption from the requirements to provide the Subscriber
      with a prospectus and to issue the Warrants through a person registered to
      sell securities under provincial securities legislation and other
      applicable securities laws, as a consequence of acquiring the Warrants
      pursuant to such exemption, certain protections, rights and remedies
      provided by the applicable securities legislation including the various
      provincial securities acts, including statutory rights of rescission or
      damages, will not be available to the Subscriber;

	 	 	 
	 	(n) 	
      neither the SEC nor any securities commission or similar
      regulatory authority has reviewed or passed on the merits of any of the
      Securities;

	 	 	 
	 	(o) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 
	 	(p) 	
      the Issuer will refuse to register the transfer of any of
      the Securities to a U.S. Person not made pursuant to an effective
      registration statement under the 1933 Act or pursuant to an available
      exemption from the registration requirements of the 1933 Act and in each
      case in accordance with applicable laws.

5.                      
Representations, Warranties and Covenants of the Subscriber

5.1                    
The Subscriber hereby represents and warrants to and covenants with the Issuer
(which representations, warranties and covenants shall survive the Closing)
that: 

	 	(a) 	
      the Subscriber is not a U.S. Person and is executing this
      Agreement outside of the U.S.;

	 	 	 
	 	(b) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporate entity, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Subscriber;

	 	 	 
	 	(c) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if applicable, the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	 	 	 
	 	(d) 	
      the Subscriber has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the
      Subscriber enforceable against the Subscriber in accordance with its
      terms;

	 	 	 
	 	(e) 	
      the Subscriber has received and carefully read this
      Agreement;

	 	 	 
	 	(f) 	
      the Subscriber is aware that an investment in the Issuer
      is speculative and involves certain risks (including those risks disclosed
      in the Public Record), including the possible loss of the entire
      investment;

	 	 	 
	 	(g) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Securities and the Issuer and agrees
      that the Issuer will not be responsible in any way whatsoever for the
      Subscriber’s decision to invest in the Securities and the
  Issuer;

- 5 - 

	 	(h) 	
      all information contained in the Questionnaire is
      complete and accurate and may be relied upon by the Issuer, and the
      Subscriber will notify the Issuer immediately of any material change in
      any such information occurring prior to the closing of the issuance of the
      Warrants;

	 	 	 	 
	 	(i) 	
      the Subscriber is acquiring the Warrants for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such
      Securities, and the Subscriber has not subdivided his interest in the
      Securities with any other person;

	 	 	 	 
	 	(j) 	
      the Subscriber (i) is able to fend for itself in the
      Subscription; (ii) has such knowledge and experience in business matters
      as to be capable of evaluating the merits and risks of its prospective
      investment in the Securities; and (iii) has the ability to bear the
      economic risks of its prospective investment and can afford the complete
      loss of such investment;

	 	 	 	 
	 	(k) 	
      the Subscriber is not an underwriter of, or dealer in,
      any of the Securities, nor is the Subscriber participating, pursuant to a
      contractual agreement or otherwise, in the distribution of the Securities
      or any of them;

	 	 	 	 
	 	(l) 	
      the Subscriber is not aware of any advertisement of any
      of the Securities and is not acquiring the Securities as a result of any
      form of general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media, or broadcast over radio or
      television, or any seminar or meeting whose attendees have been invited by
      general solicitation or general advertising;

	 	 	 	 
	 	(m) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities, or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
      Securities;

	 	 	 	 
	 	(n) 	
      the Subscriber understands and agrees that none of the
      Securities have been registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933 Act
      and in each case only in accordance with applicable state, provincial and
      foreign securities laws;

	 	 	 	 
	 	(o) 	
      the Subscriber understands and agrees that offers and
      sales of any of the Securities prior to the expiration of the period
      specified in Regulation S (such period hereinafter referred to as the
      “Distribution Compliance Period”) shall only be made in compliance
      with the safe harbor provisions set forth in Regulation S, pursuant to the
      registration provisions of the 1933 Act or an exemption therefrom, and
      that all offers and sales after the Distribution Compliance Period shall
      be made only in compliance with the registration provisions of the 1933
      Act or an exemption therefrom and in each case only in accordance with
      applicable state and provincial securities laws;

	 	 	 	 
	 	(p) 	
      the Subscriber acknowledges that it has not acquired the
      Securities as a result of, and will not itself engage in, any “directed
      selling efforts” (as defined in Regulation S
under the 1933 Act) in the United States in respect of any of
      the Warrants which would include any activities undertaken for the purpose
      of, or that could reasonably be expected to have the effect of,
      conditioning the market in the United States for the resale of any of the
      Securities; provided, however, that the Subscriber may sell or otherwise
      dispose of any of the Securities pursuant to registration of any of the
      Securities pursuant to the 1933 Act and any applicable securities laws or
      under an exemption from such registration requirements and as otherwise
  provided herein;

- 6 - 

	 	(q) 	
      hedging transactions involving the Securities may not be
      conducted unless such transactions are in compliance with the provisions
      of the 1933 Act and in each case only in accordance with applicable
      securities laws;

	 	 	 	 
	 	(r) 	
      the Subscriber acknowledges and agrees that the Issuer
      shall not consider the Subscriber’s Subscription for acceptance unless the
      undersigned provides to the Issuer, along with an executed copy of this
      Agreement:

	 	 	 	 
	 		(i) 	
      a fully completed and executed Questionnaire in the form
      attached hereto as Exhibit “A”, and

	 	 	 	 
	 		(ii) 	
      such other supporting documentation that the Issuer or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor; and

	 	 	 	 
	 	(s) 	
      by completing the Questionnaire, the Subscriber is
      representing and warranting that the Subscriber satisfies one of the
      categories of registration and prospectus exemptions provided in National
      Instrument 45-106 – Prospectus and Registration Exemptions (“NI
      45-106”) adopted by the Canadian Securities
  Administrators.

5.2                    
In this Agreement, the term “U.S. Person” shall have the meaning ascribed
thereto in Regulation S promulgated under the 1933 Act and for the purpose of
the Agreement includes any person in the United States. 

6.                      
Representations and Warranties will be Relied Upon by the Issuer

6.1                    
The Subscriber acknowledges that the representations and warranties contained
herein are made by it with the intention that such representations and
warranties may be relied upon by the Issuer and its legal counsel in determining
the Subscriber’s eligibility to acquire the Warrants under applicable
legislation, or (if applicable) the eligibility of others on whose behalf it is
contracting hereunder to acquire the Warrants under applicable legislation. The
Subscriber further agrees that by accepting delivery of the certificates
representing the Warrants on the Closing Date, it will be representing and
warranting that the representations and warranties contained herein are true and
correct as at the Closing Date with the same force and effect as if they had
been made by the Subscriber on the Closing Date and that they will survive the
acquisition by the Subscriber of the Warrants and will continue in full force
and effect notwithstanding any subsequent disposition by the Subscriber of any
of the Securities. 

7.                     
 Legending and Registration of Securities 

7.1                    
If the Subscriber is a resident of Canada, the Subscriber hereby acknowledges
that upon the issuance thereof, and until such time as the same is no longer
required under the applicable securities laws and regulations, the certificates
or other document representing any of the Securities will bear a legend in
substantially the following form: 

- 7 - 

      
        “THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
          (THE “1933 ACT”).

        NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
          UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
          REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
          STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
          PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
          REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM, OR
          IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT
          AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS. 

        THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE
          THE SECURITIES IN OR FROM A JURISDICTION OF CANADA UNLESS THE CONDITIONS IN
          SECTION 13 OF MULTILATERAL INSTRUMENT 51-105 ISSUERS QUOTED IN THE U.S. OVER THE
          COUNTER MARKETS ARE MET.” 

7.2                    
The Subscriber hereby acknowledges and agrees to the Issuer making a notation on
their records or giving instructions to their registrar and transfer agent in
order to implement the restrictions on transfer set forth and described in this
Agreement. 

8.                     
 Resale Restrictions 

8.1                     The
Subscriber acknowledges that the Securities are subject to resale restrictions
in Canada and the United States and may not be traded in Canada or the United
States except as permitted by the applicable federal, state and provincial
securities laws and the rules made thereunder. 

9.                      
Collection of Personal Information 

9.1                    
The Subscriber acknowledges and consents to the fact that the Issuer is
collecting the Subscriber’s personal information for the purpose of fulfilling
this Agreement and completing the Offering. The Subscriber's personal
information (and, if applicable, the personal information of those on whose
behalf the Subscriber is contracting hereunder) may be disclosed by the Issuer
to (a) stock exchanges or securities regulatory authorities, (b) the Issuer’s
registrar and transfer agent, (c) Canadian tax authorities, (d) authorities
pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing
Act (Canada) and (e) any of the other parties involved in the Offering,
including legal counsel, and may be included in record books in connection with
the Offering. By executing this Agreement, the Subscriber is deemed to be
consenting to the foregoing collection, use and disclosure of the Subscriber's
personal information (and, if applicable, the personal information of those on
whose behalf the Subscriber is contracting hereunder) for the foregoing purposes
and to the retention of such personal information for as long as permitted or
required by law or business practice. Notwithstanding that the Subscriber may be
acquiring Securities as agent on behalf of an undisclosed principal, the
Subscriber agrees to provide, on request, particulars as to the nature and
identity of such undisclosed principal, and any interest that such undisclosed
principal has in the Issuer, all as may be required by the Issuer in order to
comply with the foregoing. 

Furthermore, the Subscriber is hereby notified that: 

	 	(a) 	
      the Issuer may deliver to any securities commission
      having jurisdiction over the Issuer, the Subscriber or this subscription,
      including any Canadian provincial securities commissions and/or the SEC (collectively, the
        “Commissions”) certain personal information pertaining to the
      Subscriber, including such Subscriber’s full name, residential address and
      telephone number, the number of shares or other securities of the Issuer
      owned by the Subscriber, the number of Securities purchased by the
      Subscriber and the total purchase price paid for such Securities, the
      prospectus exemption relied on by the Issuer and the date of distribution
  of the Securities,

- 8 - 

	 	(b) 	
      such information is being collected indirectly by the
      Commissions under the authority granted to them in securities
      legislation,

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities laws, and

	 	 	 
	 	(d) 	
      the Subscriber may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

Administrative Assistant to the
Director of Corporate Finance 
Ontario Securities Commission 
Suite 1903,
Box 55 
20 Queen Street West 
Toronto, ON M5H 3S8 
Telephone: (416)
593-8086 

10.                    
Costs 

10.1                   The
Subscriber acknowledges and agrees that all costs and expenses incurred by the
Subscriber (including any fees and disbursements of any special counsel retained
by the Subscriber) relating to the acquisition of the Warrants shall be borne by
the Subscriber. 

11.                   
 Governing Law 

11.1                   This
Agreement is governed by the laws of the Province of British Columbia and the
federal laws of Canada applicable therein. The Subscriber, in its personal or
corporate capacity and, if applicable, on behalf of each beneficial purchaser
for whom it is acting, irrevocably attorns to the exclusive jurisdiction of the
courts of the Province of British Columbia. 

12.                    
Currency 

12.1                  
Any reference to currency in this Agreement is to the currency of the United
States unless otherwise indicated. 

13.                    
Survival 

13.1                  
This Agreement, including, without limitation, the representations, warranties
and covenants contained herein, shall survive and continue in full force and
effect and be binding upon the parties hereto notwithstanding the completion of
the acquisition of the Securities by the Subscriber pursuant hereto. 

14.                    
Assignment 

14.1                   This
Agreement is not transferable or assignable. 

- 9 - 

15.                   
 Severability 

15.1                   The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect or limit the validity or enforceability of the remaining
provisions of this Agreement. 

16.                   
 Entire Agreement 

16.1                   Except
as expressly provided in this Agreement and in the exhibits, agreements,
instruments and other documents attached hereto or contemplated or provided for
herein, this Agreement contains the entire agreement between the parties with
respect to the acquisition of the Warrants and there are no other terms,
conditions, representations or warranties, whether expressed, implied, oral or
written, by statute or common law, by the Issuer or by anyone else. 

17.                    
Notices 

17.1                  
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication, including facsimile, electronic mail or other means of
electronic communication capable of producing a printed copy. Notices to the
Subscriber shall be directed to the address of the Subscriber set forth on page
10 of this Agreement and notices to the Issuer shall be directed to it at the
address of the Issuer set forth on page 1 of this Agreement. 

18.                    
Counterparts and Electronic Means 

18.1                   This
Agreement may be executed in any number of counterparts, each of which, when so
executed and delivered, shall constitute an original and all of which together
shall constitute one instrument. Delivery of an executed copy of this Agreement
by electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date hereinafter set forth. 

19                   
. Exhibits 

19.1                   The
exhibits attached hereto form part of this Agreement. 

20.                    
Indemnity 

20.1                   The
Subscriber will indemnify and hold harmless the Issuer and, where applicable,
its directors, officers, employees, agents, advisors and shareholders, from and
against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all fees, costs and expenses whatsoever
reasonably incurred in investigating, preparing or defending against any claim,
lawsuit, administrative proceeding or investigation whether commenced or
threatened) arising out of or based upon any representation or warranty of the
Subscriber contained in this Agreement, the Questionnaire, or in any document
furnished by the Subscriber to the Issuer in connection herewith being untrue in
any material respect or any breach or failure by the Subscriber to comply with
any covenant or agreement made by the Subscriber to the Issuer in connection
therewith. 

- 10 - 

IN WITNESS WHEREOF the Subscriber has duly executed this
Subscription Agreement as of the date of acceptance by the Issuer. 

	Subscriber Information 	 	Register the Securities as set forth
      below: 
	  	 	
	 
    	 	  
	Kalamalka Partners Ltd. 	 	(Name to Appear on Certificate) 
	(Name of Subscriber) 	 	  
	 
    	 	  
	  	 	(Account Reference, if applicable 
	Account Reference (if applicable):
    ___________________________	 	  
	  	 	
	 
    	 	(Address, including Postal Code) 
	 
    	 	  
	X 	 	  
	(Signature of Subscriber – if the Subscriber is an Individual)
    	 	  
	 
    	 	  
	 
    	 	  
	X 	 	  
	(Signature of Authorized Signatory – if the Subscriber is not
      an 	 	Deliver the Securities as set forth
      below: 
	Individual) 	 	  
	 
    	 	  
	  	 	(Attention - Name) 
	(Name and Title of Authorized Signatory – if the Subscriber is
      not 	 	  
	an Individual) 	 	  
	  	 	(Account Reference, if applicable) 
	 
    	 	  
	(SIN, SSN, or other Tax Identification Number of the
      Subscriber) 	 	  
	  	 	(Street Address, including Postal Code) (No PO Box)
    
	101 – 2903 35th Avenue, Vernon, BC V1T 2S7 	 	  
	(Subscriber’s Address, including city and Postal Code) 	 	  
	  	 	(Telephone Number) 
	 
    	 	  
	 
    	 	  
	 
    	 	  
	(Telephone Number) 	 	  

- 11 - 

ACCEPTANCE 

The Issuer hereby accepts the subscription as set forth above
on the terms and conditions contained in this Private Placement Subscription
Agreement as of the 14th day of November, 2013. 

NAKED BRAND GROUP INC. 

 

	Per:           
      _________________________________________________
	               
         Authorized Signatory 

- 12 - 

EXHIBIT “A” 

CANADIAN INVESTOR QUESTIONNAIRE

	TO: 	NAKED BRAND GROUP INC. 
	  	(the “Issuer”) 
	  	  
	RE: 	Acquisition of Warrants (the
      “Securities”) 
	 	 

Capitalized terms used in this Questionnaire and not
specifically defined have the meaning ascribed to them in the Warrant Issuance
Agreement between the Subscriber and the Issuer to which this Exhibit A is
attached. 

In connection with the acquisition by the Subscriber (being the
undersigned, or if the undersigned is acquiring the Securities as agent on
behalf of a disclosed beneficial Subscriber, such beneficial Subscriber, shall
be referred herein as the “Subscriber”) of the Securities, the Subscriber
hereby represents, warrants and certifies to the Issuer that the Subscriber:

	 	(i) 	
      is acquiring the Securities as principal (or deemed
      principal under the terms of National Instrument 45-106 - Prospectus
      and Registration Exemptions adopted by the Canadian Securities
      Administrators (“NI 45-106”));

	 	(ii) 	(A) 	is resident in or is subject to the laws of one
      of the following (check one): 

	 	[   ] Alberta 	[   ] New Brunswick 	[   ] Prince Edward Island 
	 	 	 	 
	 	[   ] British Columbia 	[   ] Nova Scotia 	[   ] Quebec 
	 	 	 	 
	 	[   ] Manitoba 	[   ] Ontario 	[   ] Saskatchewan 
	 	 	 	 
	 	[   ] Newfoundland and Labrador 		
	 	 	 	 
	 	[   ] United States:
      _____________________	(List
      State of Residence) 	 

	 	  	or 	  
	 	 	 	 
	 	(B) 	[   ] 	is resident in a country other than Canada or
      the United States; and 

	 	(iii) 	
      has not been provided with any offering memorandum in
      connection with the acquisition of the Securities.

In connection with the acquisition of the Securities of the
Issuer, the Subscriber hereby represents, warrants, covenants and certifies
that: 

	(a) 	
      the Subscriber is not a trust company or trust company
      registered under the laws of Prince Edward Island that is not registered
      or authorized under the Trust and Loan Companies Act (Canada) or
      under comparable legislation in another jurisdiction of Canada;
  and

- 13 - 

	(b) 	
      ____ the Subscriber is an “accredited investor” within the
      meaning of NI 45-106, by virtue of satisfying one of the following
      criteria (YOU MUST ALSO INITIAL OR PLACE A CHECK- MARK ON THE
      APPROPRIATE LINE BELOW).

	[   ] 	(a) 	
      a person registered under the securities legislation of a
      jurisdiction of Canada as an adviser or dealer, other than a person
      registered solely as a limited market dealer under one or both of the
      Securities Act (Ontario) or the Securities Act (Newfoundland
      and Labrador), 

	  	  	     
	[   ] 	(b) 	
      an individual registered or formerly registered under the
      securities legislation of a jurisdiction of Canada as a representative of
      a person referred to in paragraph (a), 

	  	  	     
	[   ] 	(c) 	
      an individual who, either alone or with a spouse,
      beneficially owns financial assets having an aggregate realizable value
      that before taxes, but net of any related liabilities, exceeds $1,000,000,
      

	  	  	     
	[   ] 	(d) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $300,000 in each of
      the 2 most recent calendar years and who, in either case, reasonably
      expects to exceed that net income level in the current calendar year,
    

	  	  	     
	[   ] 	(e) 	
      an individual who, either alone or with a spouse, has net
      assets of at least $5,000,000, 

	  	  	     
	[   ] 	(f) 	
      a person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements and that has not been created or used solely
      to acquire or hold securities as an accredited investor as defined in this
      paragraph (f), 

	  	  	     
	[   ] 	(g) 	
      an investment fund that distributes or has distributed
      its securities only to 

	 	(i) 	
      a person that is or was an accredited investor at the
      time of the distribution,

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 [Minimum amount investment] of
      NI 45-106, or 2.19 [Additional investment in investment funds] of NI
      45-106, or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 [Investment fund reinvestment]
      of NI 45-106,

	[   ] 	(h) 	
      an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Québec, the securities regulatory authority, has issued a
      receipt, 

	  	  	     
	[   ] 	(i) 	
      a trust company or trust company registered or authorized
      to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust company, as the case may be,
  

	  	  	     
	[   ] 	(j) 	
      a person acting on behalf of a fully managed account
      managed by that person, if that person 

	 	(i) 	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction,
and

- 14 - 

	 	(ii) 	
      in Ontario, is acquiring a security that is not a
      security of an investment fund,

	[   ] 	(k) 	
      a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded, 

	  	  	     
	[   ] 	(l) 	
      an entity organized in a foreign jurisdiction that is
      analogous to the entity referred to in paragraph (a) in form and function,
      

	  	  	     
	[   ] 	(m) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors, 

	  	  	     
	[   ] 	(n) 	
      an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an adviser,
      or 

	  	  	     
	[   ] 	(o) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as an accredited investor. 

The above representations and warranties will be true and
correct both as of the execution of this certificate and as of the closing time
of the purchase and sale of the Securities and acknowledges that they will
survive the completion of the issuance of the Securities. 

The Subscriber acknowledges that the foregoing representations
and warranties are made by the undersigned with the intent that they be relied
upon in determining the suitability of the Subscriber as a Subscriber of the
Securities and that this certificate is incorporated into and forms part of the
Agreement and the undersigned undertakes to immediately notify the Issuer of any
change in any statement or other information relating to the Subscriber set
forth herein which takes place prior to the closing time of the purchase and
sale of the Securities. 

By completing this certificate, the Subscriber authorizes
the indirect collection of this information by each applicable regulatory
authority or regulator and acknowledges that such information is made available
to the public under applicable legislation. 

DATED as of _______ day of November, 2013. 

	 	 
	 	Print Name of Subscriber (or person signing as
      agent) 

	 	By: 	 
	 	 	Signature 
	 	 	  
	 	 	  
	 	 	Title 

- 15 - 

EXHIBIT “B” 

FORM OF WARRANT CERTIFICATE

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