GROUP ONE CAPITAL LIMITED — M&A Activity 2004

Dec 7, 2004

8 December 2004

Australian Stock Exchange Limited Company Announcements Office

Re: Raptis Group Limited - Acquisition Due Diligence ANA Hotel Surfers Paradise

The directors advise that the company is currently conducting due diligence into the possible acquisition of the ANA Hotel in View Avenue Surfers Paradise.

We have paid a holding deposit and signed a conditional contract to allow access to due diligence material and provide an exclusive period to conduct our investigations. We anticipate completion of our investigations within 30 days and will advise the market as soon as we have made our decision.

The components of the purchase price under consideration amount to slightly over \$105 million. Funding arrangements are not yet set, it is not intended to undertake a capital raising.

JAMES RAPTIS OBE Managing Director Raptis Group Limited