FINBAR GROUP LIMITED — Capital/Financing Update 2004

Dec 1, 2004

FINBAR INTERNATIONAL LIMITED ACN 009 113 473

E Avel 3 15 Labouchere Road SOUTH PERTH WA 6151

http://www.finbar.com.au ASX CODE: FRI

and a strategic control of the companion of their

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2 December 2004

COMPANY ANNOUNCEMENT: FOR IMMEDIATE RELEASE

RE: 17-19 Carr Street, West Perth

We advise that Finbar have entered into a contract to purchase the above mentioned land for the price of \$3,500,000.

The purchase contract is conditional upon satisfaction of due diligence inquiries whereby, if satisfied, the 100% owned subsidiary being incorporated specifically to carry out the development will settle the property in February 2005.

The property consists of 6,084 m2 of land which on demolition of the existing warehousing is suitable for the development of approximately 48 residential apartments.

Managing Director John Chan today said "I am glad we secured this site. We are now conducting due diligence and expect the project to be a simple and profitable residential development".

Regards

Darren Pateman Company Secretary

REFERENCE:

Mr John Chan, Managing Director - john@finbar.com.au Mr Darren Pateman, General Manager - darren@finbar.com.au