Company

News 2011

Western Australian property developer, Port Bouvard Limited ("Company" or "PBD") (ASX: PBD), advises that Director Ross James Neumann has today retired from the Board of Directors of the Company due to personal circumstances.

Mr Neumann has sold a portion of his shares in the Company and still remains a major shareholder. Details of these transactions are disclosed in the attached Appendix 3Y. An Appendix 3Z with respect to Mr Neumann is also attached in accordance with ASX Listing Rules.

As previously disclosed by the Company, Mr Neumann, a related party of the Company, is a joint purchaser of an Oceanique apartment from a subsidiary of the Company. Mr Neumann has informed the Company that he may not be able to proceed with the acquisition on the originally agreed commercial terms. The contract remains on foot and the Company is currently in discussions with Mr Neumann regarding possible alternate arrangements that will be in the best interests of the Company.

Mr Neumann is the founding Managing Director of Port Bouvard Limited which was established in 1998 as Menzies Court Holdings Limited. Mr Neumann identified, acquired and developed the 2010 UDIA award winning Port Bouvard Residential Estate development near Mandurah, Western Australia, which has been the Company's flagship project over the last decade.

Chairman of Port Bouvard Limited, Mr Verios, said:

"Ross Neumann's vision, leadership and successful track record have cemented his status as a successful Western Australian Property Developer and visionary for masterplanned canal developments within the Peel Region and metropolitan Perth. He made significant contributions to the Company in his role as Managing Director. The Board of Directors wishes Ross all the best for the future and we look forward to Ross maintaining an active ongoing consultancy role with the Company".

For more information please contact:

Mr Stephen Court
Executive Director
Port Bouvard Limited
T: +61 (0)8 6436 2200

Lee Verios
Chairman
Port Bouvard Limited
T: + 61 (0)8 6436 2200

David Tasker / Felicity Nuttall
Professional Public Relations
T: +61 (0)8 9388 0944
M: +61 (0)430 184 599
E: felicity.nuttall@ppr.com.au

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