Company

News 2010

Please find attached an announcement with respect to the Company's Dawesville project.

Non-core Asset Strategy update:
Settlement of Dawesville project

Western Australian property developer ASX-listed Port Bouvard Limited (ASX: PBD) ("Company") is pleased to announce the contract of sale for the Dawesville project has settled, in accordance with its non-core asset strategy.

To date agreed sales from the non-core asset strategy will generate $13.7 million (inclusive of GST) to the Company, made up as follows:

• Port Bouvard Marina (settled on 29 February 2009 for $4.75 million inclusive of GST);
• Dawesville project (settled on 2 July 2010 for $4.95 million inclusive of GST); and
• Melros project (due to settle on or before 30 November 2010 for $4 million inclusive of GST).

Remaining non-core asset sites at Port Bouvard: the Southport Hotel site; the Golf Course Villa site; and the constructed Piazza restaurant, continue to be promoted for sale.

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Mr Lee Verios, Chairman
Port Bouvard Limited
Tel: 08 6436 2200

Mr John Wroth, Chief Executive Officer
Port Bouvard Limited
Tel: 08 6436 2200

Mr David Tasker
Professional Public Relations
Tel: 08 9388 0944; 0433 112 936