WISR LIMITED — Capital/Financing Update 2003

Dec 4, 2003

MANUFACTURERS OF AUTOMOTIVE EXHAUST SYSTEMS AND PARTS

5 December 2003

ANNOUNCEMENT: PROPERTY SALE AND LEASE BACK

Berklee Limited advises that it has entered into a property sale and lease back contract in respect of its distribution centre located in Padstow, New South Wales.

Under the contract which will settle in January 2004, the selling price is \$1.51 million and after allowance for the costs associated with this transaction, Berklee expects to record a profit before tax from the sale of approximately \$700,000.

As required by the relevant accounting standards this profit will be booked in the six month period ending 31 December 2003.

Signed: Wayne Lawes Company Secretary