COMPLII FINTECH SOLUTIONS LTD — Capital/Financing Update 2004

Oct 21, 2004

Company Announcements Office
Australian Stock Exchange Level 6, 20 Bridge Street SYDNEY NSW 2000

22 October 2004

Dear Sirs

Please find attached an announcement relating to Gowings Retail Limited.

Yours faithfully

andeson

Chris Charleson Company Secretary

RESIGNATION OF CEO, NEW MANAGING DIRECTOR, LOAN FACILITY

Gowings Retail Limited ("GRL" or "the Company") has today accepted the resignation of Paolo Gnecchi-Ruscone as Chief Executive Officer.

Paolo consulted to the Company in 1994 and headed the product and business development area from 1995 to 1999, before returning as CEO in August 2003. Paolo has helped the Company to make considerable progress in reshaping product lines and reducing inventory as an initial component of the rehabilitation of the business. Paolo's desire to return to the consultancy arena has been acknowledged by the Company, who will deploy him in this role for a period of not less than three months.

Paolo will be succeeded as Managing Director by Tony Gattari.

Tony joined Harvey Norman in 1991, becoming GM of Harvey Norman Computers which grew sales from \$12 million to over \$550 million when Tony left in 2000. Tony subsequently founded on-line retailer smartbuy.com.au, which merged with Unique World in May 2001. Since stepping down as CEO of the merged entity in March 2002, Tony has run his own coaching and business advisory company, Achievers Group. Tony will commence at GRL immediately. The Company also hopes to finalise two other key appointments in Operations and Human Resources in the near future.

The recent Share Purchase Plan closed fully subscribed, with the issuance of 2,000,000 shares at \$0.25 to raise \$500,000.

At a meeting of Directors on 15 October 2004, GRL accepted a loan facility from two of the company's major shareholders, Trent Capital Limited and interests associated with Tony Young. Any use of this facility will be repaid from proceeds of the 1-2 rights issue at \$0.25 announced on 27 September 2004. This issue will raise just over \$3 million and is to be underwritten by interests associated with Mr. Young, partially sub-underwritten by Trent Capital.

Further details relating to the rights issue will be made available upon release of the Company's Annual Report, which will form an integral component of the upcoming rights issue Prospectus.

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Andrew Brown Chairman (02) 9239 8744 / 0418 215 255

22 October 2004

Level 8, 45 Market Street Sydney NSW Australia 2000