IPGA LTD ACN 126 188 538

GPO Box 2113 Melbourne Vic 3001

th 5 Floor, Bank House 11 Bank Place Melbourne Vic 3000 Australia

ASX/MEDIA RELEASE

IPGA to Exit Taiwan Market

December 16, 2009 – IPGA Ltd (ASX: IPP) today announced that it was ceasing its involvement in the Taiwan market. IPGA decided not to invest further funds in its investments in InfoPortal Tech Company International Limited and the company was placed into a form of voluntary administration. Subsequently the assets of the company and in particular the business and website of VRHouse.com.tw were sold back to a party associated with the founder of the business.

Mr Patrick Grove, Executive Chairman of IPGA Limited, noted, "VRHouse was in a solid position in the Taiwan market, however would have required significant further investment from IPGA in order to generate a meaningful return. Given the continuing uncertainty surrounding the Taiwan economy, the Board of Directors has decided that we are best focusing on our core markets of , and , where our leadership positions continue to go from strength to strength,” he said.

“As the property market begins to recover significantly in Singapore, Malaysia and Hong Kong, we see a tremendous opportunity to invest aggressively in our continued growth, and believe we are best focusing our resources on markets that have significant upward momentum.”

VRHouse.com.tw will continue to trade and IPGA intends to maintain a working relationship that will allow opportunities for its 500 developer and 6,000 agent clients to reach out to Taiwanese property buyers and investors.

IPGA’s investment in the Taiwan business will be written off.

IPGA will, however, continue to seek further strategic acquisitions and opportunities with property portals and complimentary businesses in its core markets.

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For more information please contact:

Patrick Grove Cynthia Chan Executive Chairman Company Secretary IPGA Ltd IPGA Ltd Mobile: (60) 12 269 4977 / Tel: (613) 9691 4900 (65) 96690369 Fax: (613) 9600 1500 Email: [email protected] Email: [email protected]

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TELEPHONE: (+ 61 3) 9691 4900 FACSIMILE: (+ 61 3) 9600 1500

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About IPGA Limited (www.ipgalimited.com) Listed on the Australian Securities Exchange, IPGA Limited (ASX:IPP) owns Asia’s No. 1 network of property websites under the iProperty.com umbrella brand. The Company is focused on developing and operating Internet-based real estate portals with other complementary offerings in Asian markets. It currently operates consumer and business online property portals in the markets of Singapore, Malaysia, Hong Kong, Taiwan, and the . With further expansion planned, IPGA is continuously working to capitalise on its market- leading positions and the rapidly growing online property advertising market throughout the region.

IPGA Network: Singapore: iProperty.com Singapore Malaysia: iProperty.com Malaysia Hong Kong: GoHome.com.hk and House18.com Taiwan: VRHOUSE.com.tw India: iProperty.com India Philippines: iProperty.com Philippines Events: iProperty.com EXPO Luxury: iLuxuryasia.com

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TELEPHONE: (+ 61 3) 9691 4900 FACSIMILE: (+ 61 3) 9600 1500