IMPERIAL PACIFIC LIMITED — Capital/Financing Update 2005

Jan 5, 2005

Belmont Holdings Limited

(ABN 65 000 144 561)

Levet 10 19 Pitt Street Sydney NSW 2000 Tel: 9247 9315 Fax: 9247 9336

6 January 2005

Ms Luise Elsina Manager Listings Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Ms Elsing

Completion of Land Sale

The Directors of Belmont Holdings Limited are pleased to advise that final settlement of the sale of the group's Camden NSW properties to AV Jennings Limited has taken place.

The outstanding sum of \$4.6 million foreshadowed in the 2004 Annual Report was paid over late vesterday, as expected. The net proceeds have been placed in bank bills with Commonwealth Bank of Australia Limited.

Directors are very pleased with the ultimate result of this particular property investment which was originally acquired as part of Belmont's successful reconstruction of Camelot Resources Limited in late 1994. The sale price of \$9.0 million compares favourably with the initial outlay of \$0.6 million - albeit assisted by the recent housing boom.

Belmont's constant focus on enhancing this asset, including liaising with Camden Council, developers, government agencies and adjoining neighbours is indicative of the group's attention to its investments. The gain endorses Belmont's policy of investing in unique and special assets, backed up by a long term approach.

Yours faithfully, For and on behalf of the Board

Peter^' \ Murray Chairman of Directors