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Mecox Lane Limited Announces Fourth Quarter And Full Year 2012 Results

Loss from Operations

Loss from operations was $8.0 million in the fourth quarter of 2012, compared to loss from operations of $10.5 million in the fourth quarter of 2011.

Net Loss and Loss per ADS

Net loss was $7.2 million in the fourth quarter of 2012, compared to net loss of $11.5 million in the fourth quarter of 2011. Non-GAAP net loss 3 was $6.8 million in the fourth quarter of 2012, compared to non-GAAP net loss of $9.4 million in the fourth quarter of 2011. Basic and diluted loss per American depositary share ("ADS") attributable to Mecox Lane shareholders was $0.62 in the fourth quarter of 2012. One ADS represents thirty-five ordinary shares.

Cash and Short-term Investments

As of December 31, 2012, Mecox Lane had cash and cash equivalents totaling $13.3 million, compared to $40.1 million as of December 31, 2011 and $7.4 million as of September 30, 2012. Short-term investments on December 31, 2012 were $20.7 million, compared to $20.6 million as of December 31, 2011, all of which were structured term bank deposits.

Full Year 201 2 Results

Total Net Revenues

Total net revenues for the full year 2012 were $151.8 million, representing a decrease of 30.3% from $217.9 million for the full year 2011. The decrease in the Company's net revenues was primarily due to a decrease in the net revenues from the Company's Internet platform, as well as a decrease in net revenues from the Company's call center and directly operated stores and franchised stores.

Internet Platform

Net revenues from the Internet platform were $71.8 million for the full year 2012, representing a decrease of 39.4% from $118.5 million for the full year 2011. The decrease was primarily attributed to a 42.0% decrease in the number of average monthly unique visitors, we believe as a result of the Company's decision to limit its online advertising.

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