Ventrade Australia Pty Ltd. has entered into a joint venture with Finbar Group Limited, to acquire and develop a development land site located in the Perth city precinct (the "Joint Venture"). The Company has a 20.53% shareholding interest in Finbar, which is listed on the Australian Securities Exchange. Ventrade Australia and Finbar have formed a joint venture company in Western Australia named Finbar Sub 107 Pty Ltd. ("107 Pty Ltd"). The Group and Finbar are long-term, successful joint venture partners in development projects such as Reflections, Adagio, Toccata, Concerto in East Perth, Unison and One Kennedy in Maylands, Perth and more recently, 238 Adelaide Terrace in East Perth. The Directors believe that the Joint Venture is a strategic opportunity for the Group. The joint venture development site is centrally located with frontages to Hay Street, Plain Street and De Vlamingh Avenue in East Perth and is located directly opposite Queens Garden. The Joint Venture will enable the Group to leverage on Finbar's experience in property development in Western Australia. 107 Pty Ltd. will acquire a 5,335 square metre land site located at Lot 101 Hay Stree in East Perth, Western Australia, commonly referred to as the Chemlabs site (the "Land"), from the State Government of Western Australia for a purchase price of AUD 16,000,000, excluding government taxes. The Land will be developed into a mixed-use project comprising approximately 340 residential apartments to be developed as two towers over two stages (the "Project"). The apartments will be positioned above 1,400 square metres of ground floor commercial activation space supporting retail, andfood and beverage use, and will include the conservation of the former Materials Science Building on the corner of Hay Street and Plain Street which has heritage significance.