Company

News 2011

OCEANIQUE CONTRACT UPDATE

Western Australian property developer Port Bouvard Limited (Company) (ASX: PBD) is pleased to advise that it has now achieved gross contract settlements of $72 million for its Oceanique apartments.

The total of $72 million to date has been achieved after completing a further 4 contracts during August and October 2011 worth a total of $10.2 million. CEO John Wroth said:

"It is pleasing the settlements of Oceanique apartments have now resulted in $72 million in gross settlement proceeds. We are proud of the attractive lifestyle and investment opportunity the multiawarded Oceanique offers. Further, as all the net settlement proceeds have been solely used to reduce the Group's debt position, net gearing presently sits at around 26%".

Since Oceanique settlements began in July 2010, the Group has reduced debt on its $101 million Oceanique facility to its current balance of $34.8 million.

Oceanique has once again been acknowledged by the industry as a premier apartment building. At an awards ceremony held in Perth on 8 October 2011, Oceanique was announced as winner of a 2011 Perth Housing Industry Award for Apartment Project of the Year.

Other awards and commendations already received for Oceanique are: Winner in the High Density Development category of the UDIA Awards for Excellence 2011; Master Builders Association Excellence in Construction Award for the 2011 Best Multi - Unit Development over $50 million; and Commendation from the Royal Australian Institute of Architects WA Chapter 2011 Architecture
Awards for Residential Architecture - Multi Residential Category.

The remaining 30 unsold apartments continue to be actively marketed both locally and internationally.  The Company continues to pursue 7 unsettled contracts from a pre-sale campaign, and these contracts are at various stages of the litigation process.

For further information please contact:

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

John Wroth
Chief Executive Officer
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)433 112 936
E: david.tasker@ppr.com.au