IMPERIAL PACIFIC LIMITED — Net Asset Value 2007

Jul 10, 2007

Belmont Holdings Limited

(ABN 65 000 144 561)

==> picture [60 x 73] intentionally omitted <==

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

- ASX Announcement -

Net Assets rise to $2.10

The Directors of Belmont Holdings Limited are pleased to report that net tangible assets are estimated to have risen to approximately $6,100,000, or $2.10 per share, as a result of the formal implementation of the Scheme of Arrangement merger between Bureau Veritas SA and CCI Holdings Limited.

The increased net worth of Belmont has resulted primarily from the accelerated value of its 26% equity holding in London City Equities Limited, a significant shareholder in CCI Holdings Limited.

Furthermore, as London City’s portfolio is managed by Imperial Pacific Asset Management Pty Limited, a wholly owned subsidiary of Belmont, it is expected that Imperial Pacific’s fund management fees will include a performance fee of some $590,000 in 2007 as well as higher ongoing management fees into the future because of the higher levels of funds under management.

For and on behalf of the Board

Peter E.J. Murray Chairman of Directors

11 July 2007

==> picture [53 x 54] intentionally omitted <==

belasxann11Jul07