COMPLII FINTECH SOLUTIONS LTD — M&A Activity 2005

Sep 19, 2005

G Retail Limited ACN 098 238 585

Level 6, 15 Castlereagh Street Svdney NSW 2000 Phone: 02 9287 6394 Fax: 02 8915 1148

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

20 September 2005

Dear Sir

Further to the Company's announcement of 8 August 2005, the Directors of G Retail Limited wish to advise that they have received an approach from a non-related third party which could lead to an offer for all of the shares in G Retail Limited.

The proposal is subject to a number of conditions. The Directors, in conjunction with their financial advisors, Baron Partners, are currently evaluating the proposal and will advise shareholders of the outcome of that evaluation in due course.

For further information in connection with this announcement please contact the Chairman Andrew Brown on (02) 9239 8744 or 0418 215 255; or Paul Young of Baron Partners on (02) 9232 5500.

Yours faithfully

Clarleson

Chris Charleson Company Secretary