FINBAR GROUP LIMITED — Capital/Financing Update 2005

Mar 14, 2005

FINBAR INTERNATIONAL LIMITED ACN 009 113 473

Loval 3 15 Labouchere Road SOUTH PERTH WA 6151

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

15 March 2005

COMPANY ANNOUNCEMENT: FOR IMMEDIATE RELEASE

FINBAR WINS TENDER FOR MANDURAH OCEAN MARINA SITE LOTS 273,276,279 THE PALLADIO, MANDURAH

Finbar International Limited has won a tender to acquire and develop three sites in the exciting Mandurah Ocean Marina redevelopment.

The three sites totalling 3,140 sqm are being purchased from LandCorp for \$3.6 million and will be developed into approximately 48 apartments which will comprise a mix of short stay holiday accommodation together with apartment accommodation for weekenders or permanent residents.

The three sites have a 110 metre frontage onto the Grand Canal located within the Mandurah Ocean Marina and is located next to parks, a beach and a short stroll to the many new food and retail attractions that the Marina redevelopment provides.

Project Director Richard Rimington today said "The development will be a four storey project with apartments ranging from 100 to 140 square metres and we are designing these apartments to have a nautical feel in keeping with the fantastic aquatic lifestyle that Mandurah provides.

With expected end sale prices to be approximately \$500,000 we believe that these apartments will be the ideal weekend getaway for Perth residents looking for a short Friday night drive to a fully maintained apartment located in one of the most ideal waterfront locations in Western Australia".

Works are expected to commence late 2005 with profits bolstering projected earnings for the company in the 2007 financial year.

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For further information contract:

Mr Richard Rimington, Project Director - rick@finbar.com.au Mr Darren Pateman, General Manager - darren@finbar.com.au