KEYBRIDGE CAPITAL LIMITED — Annual Report 2007

Aug 8, 2007

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9 August 2007

2007 Annual Results – Update to Shareholders

Mariner Bridge Investments (MBR) has released the attached letter to shareholders to provide them with details of the Company’s first year’s annual results.

For further information, please contact:

Karen McGregor

Chief Financial Officer Mariner Bridge Investments Limited kmcgregor@marinerbridge.com.au Tel: 61 2 8001 5700

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Mariner Bridge Investments Limited

ABN 16 088 267 190

All Registry communications to: Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Australia Mariner Investor Services: 1800 992 613 From outside Australia: +61 2 8280 7746 Facsimile: (02) 9287 0303 ASX Code: MBR Email: registrars@linkmarketservices.com.au Website: www.linkmarketservices.com.au

Dear Shareholder,

Mariner Bridge Investments 2007 Annual Results

• Mariner Bridge Investments first full year NPAT $4.1 million

• Final fully franked dividend of 2.3 cents per share

• Well positioned for future growth

• Expect total investments by December 2007 to be over $375 million

I wanted to write to you personally to give you details of our first year’s annual results.

Mariner Bridge Investments today declared a net profit after tax for the year to 30 June 2007 of $4.1 million and the Directors have recommended a fully franked final dividend of 2.3 cents a share.

This dividend is in accordance with our policy of fully distributing net profit to shareholders. The record date will be 20 August, with the dividend being paid on 14 September 2007.

Key features of your Company’s operations to 30 June 2007 are:

• Total investment income of $21.5 million, representing an effective pre tax return on average investments of 21.3% per annum.

• Offsetting this strong result from investments were provisions against income of $10.4 million arising from our investments in the US securitisation market.

• Income was well covered by cashflow, with cash income representing 76% of total income and the remainder being accrued income to be received in the future.

• Total investments as at 30 June were $264 million, spread across our core asset classes of property, infrastructure, fixed income and leasing. Investment levels have increased further to $309 million as at 8 August.

• In view of the current level of investments and the pipeline prospects, we expect total investments by December 2007 to be over $375 million. This is an increase from the previous guidance of $325 million.

• We successfully raised $246 million of equity and $130 million of committed debt facilities during the year.

I believe your Company is well positioned for future growth. We have in place a very high quality executive team, a committed and experienced Board and a range of transaction partners capable of generating a strong flow of high quality transactions for the Company.

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Investment Performance

As at 8 August 2007, total investments were $309 million, spread as follows

Asset Class	Total Investment**AUD **	Share ofPortfolio
Property	43m	14%
Infrastructure	24m	8%
FixedIncome-US Securitisations	29m	9%
Fixed Income-Other	73m	24%
Leasing (principally shipping and aircraft)	140m	45%
**Total **	**309m **	100%

Fixed Income – US Securitisations

On 10 July 2007, the major credit rating agencies announced that they would be taking action to proactively downgrade securities issued in the residential mortgage securitisation markets in the US. As a result, post 30 June, we have increased the provision against our investments in these markets by approximately $5 million. This is reflected in the above investment levels.

These US securitisation investments are now at a book value equal to 61% of their aggregate face value.

The remainder of the investment portfolio is delivering strong returns and we anticipate the increased provision against income can be accommodated without affecting overall profit expectations for the 2008 financial year.

Name Change

For some time we have been discussing with Mariner Financial Limited, changing the name of Mariner Bridge Investments to remove any confusion that may exist in the marketplace between the two companies.

As a result we will be seeking shareholder approval to change our name to Bridge Investments Group Limited. The shareholder meeting to consider the name change will be held on 26 September 2007.

Mariner Financial will continue to be an asset origination partner for the Company.

Outlook

Your Company’s pipeline of potential investments continues to provide a range of attractive opportunities across the target asset classes of property, infrastructure, fixed income and leasing, both in Australia and offshore.

Mariner Bridge Investments’ profitability in the next 6 to 12 months will benefit from strong earnings in the majority of the investments portfolio. If poor performance in the US securitisation markets continues it is possible that further provisioning may be required. If this were to occur, it may have an impact on short-term profits but the Board and management are very positive about the Company’s ability to deliver strong earnings per share growth over the next 2 to 3 years.

Yours sincerely,

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Irene Y L Lee Chairman

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