GROUP ONE CAPITAL LIMITED — Legal Proceedings Report 2009

Mar 15, 2009

Business Reconstruction & Insolvency

16 March 2009

Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000

RAPTIS GROUP LIMITED (ADMINISTRATORS APPOINTED) ADMINISTRATORS' UPDATE TO SHAREHOLDERS

Background

Mr Brian Silvia and Mr Andrew Cummins (the Administrators) were appointed joint administrators of Raptis Group Limited on 31 January 2009.

Summary of current position

Entities in the Raptis Group of companies are subject to external administration as follows:

Company and ABN	External administrator(s)	Date of appointment
Raptis Group Limited ABN 43010472858	Joint Administrators appointed by Capital Finance Australia Limited - Mr Brian Silvia and Mr Andrew Cummins - BRI Ferrier	31 January 2009
Boulevard Commercial
Pty Limited	Joint Administrators appointed by ANZ - Mr John	30 January 2009
ABN 40127758016	Greig, Mr Salvatore Algeri and Mr Simon Cathro -
	Deloittes
Boulevard Retail Pty	Joint Administrators appointed by ANZ - Mr John	30 January 2009
Limited	Greig, Mr Salvatore Algeri and Mr Simon Cathro -
ABN 96127757948	Deloittes
Boulevard Tower	Joint Administrators appointed by ANZ - Mr John
Developments Pty	Greig, Mr Salvatore Algeri and Mr Simon Cathro -	30 January 2009
Limited	Deloittes
ABN 73134485635

Ferrier (Chairman) | Green | Krejci | Silvia | Howell | Hodgson (Consultant)

BRI Ferrier (NSW) Pty Ltd Chartered Accountants ABN 97 128 947 848 Trading as BRI Ferrier ABN 59 212 882 443

Level 13, 1 Castlereagh St, Sydney NSW 2000 GPO Box 7079, Sydney NSW 2001

T 02 8263 2300 F 02 8263 2399 info@briferriernsw.com.au www.briferrier.com.au

BRI Ferrier...throughout Australia

BRI Ferrier is an association of independent accounting firms. Each of the member firms is a separate and independent legal entity operating under the name "BRI Ferrier" or related names.

Brehm Pty Limited ABN 69113225013	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Brimmingdale Pty Limited ABN 27102420682	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Building Services (QLD) Pty Limited ABN 88126002097	Joint Liquidators (Creditors' Voluntary winding up) - Mr Brian Silvia and Mr Andrew Cummins - BRI Ferrier	27 January 2009
Chevron Towers Management Pty Limited ABN 97100519159	Joint Receivers appointed by NAB - Mr Jamie Harris and Mr John Cronin - McGrathNicol	2 February 2009
Dolphin Management Pty Limited ABN 59117546479	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Dolphin Redevelopment Pty Limited ABN 94134170111	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Dolphin Retail Pty Limited ABN 82112900768	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Elan Boulevard Pty Limited ABN 67127758132	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Glennington Pty Limited ABN 42099473284	Joint Receivers appointed by Suncorp - Mr Denis Walsh and Mr Richard Dennis - Ernst & Young	3 December 2008
HSP Holdco Pty Limited ABN 23134481744	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
HSP Retail Pty Limited ABN 77134485653	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Jeryan Pty Limited ABN 49111966717	Joint Receivers appointed by Suncorp - Mr Denis Walsh and Mr Richard Dennis - Ernst & Young	19 December 2008
Keande Pty Limited ABN 87121672286	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro . Deloittes	30 January 2009
Klamatha Pty Limited ABN 40108292959	Joint Receivers appointed by Capital Finance Australia Limited - Mr John Park and Mr Mark Korda - KordaMentha	9 September 2008
Lindaning Pty Limited ABN 50099727223	Joint Receivers appointed by Capital Finance Australia Limited - Mr John Park and Mr Mark Korda - KordaMentha	9 September 2008
One Twenty One Pty Limited ABN 46099727205	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Orchid Avenue Pty Limited ABN 20118752346	Joint Administrators appointed by ANZ - Mr John Greig, Mr Salvatore Algeri and Mr Simon Cathro - Deloittes	30 January 2009
Rapcivic Contractors Pty Limited ABN 91079314122	Joint Administrators - Mr Brian Silvia and Mr Andrew Cummins - BRI Ferrier	10 December 2008
SPC Commercial T2 Pty Limited ABN 18112900811	Joint Receivers appointed by Capital Finance Australia Limited - Mr John Park and Mr Mark Korda - KordaMentha	9 September 2008

SPC Residential	Joint Receivers appointed by Capital Finance	2 November 2008
Management Pty	Australia Limited - Mr John Park and Mr Mark
Limited	Korda - KordaMentha
ABN 20118637326
SPC Residential T2	Joint Receivers appointed by Capital Finance	9 September 2008
Pty Limited	Australia Limited - Mr John Park and Mr Mark
ABN 96101213692	Korda - KordaMentha
SPC Retail T1 Pty	Joint Receivers appointed by Suncorp - Mr Denis	3 December 2008
Limited	Walsh and Mr Richard Dennis - Ernst & Young
ABN 20112900820

The various external administrators are also in the process of conducting orderly realisations of the various assets of the Raptis Group of companies.

Given the large number of separate external appointments and the early stage of the various administrations we are unable to advise the likely outcome for shareholders.

Further updates

Due to the separate control of entities within the Raptis Group of companies, other than those companies to which they have been appointed (as above), the Administrators do not have access to information about the status of the realisation of assets for entities within the Raptis Group of companies.

It is therefore very difficult for the Administrators to obtain information and to provide ongoing updates on the status of those entities and the realisation of their assets.

The Administrators will continue to provide further updates in relation to the companies to which they have been appointed and in relation to the Raptis Group of companies as that information becomes available.

Yours faithfully Raptis Group Limited (Administrators Appointed) (Receivers/and Managers Appointed)

ANDREW CUMMINS Joint Voluntary Administrator