Marine || Manufacturing || Property || Other Investments

3) Property

96 & 102 Terrace Road Pty Ltd (“96 & 102”)

96 & 102 has entered into a joint venture agreement with a subsidiary of Finbar to develop, construct and market two residential apartment towers with unrestricted views of Swan River over Langley Park in East Perth, Western Australia. This project is scheduled to complete by year 2009.

Ventrade Australia Pty Ltd (“Ventrade Australia”)

Ventrade Australia owns the former Australian Broadcasting Corporation (“ABC”) site located at 187 Adelaide Terrace, East Perth, Western Australia and has entered into a joint venture with Finbar to carry out the redevelopment of the site.

The joint venture intends to develop a landmark luxury apartment on the Terrace Road frontage to benefit from the uninterrupted views of the Swan River. The joint venture will also consider other options available for the development of the Adelaide Terrace frontage, which will include the integration of the former ABC administration block and radio building into any proposed redevelopment, due to the heritage significance of the former home of the ABC.

Security Land Corporation (“SLC”)

SLC is involved in the property investment and development business in the Philippines. It currently owns and leases out a nine-storey office building in the prime commercial and business district in Makati, Manila. It also owns parcels of raw land located in General Trias, Cavite City, 2km away from Gateway Business Park.

Finbar International Limited (“Finbar”)

Finbar is involved in the property investment and development business in Perth, Western Australia. It focuses mainly on the development of medium to high-density luxury residential apartments in the Perth Metropolitan area by way of direct ownership or by joint venture involvement through companies registered specifically to conduct the development. Finbar is listed on the Australian Securities Exchange.