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Company UpdateJune 2009

Mariner Financial Limited

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Appointment of Two New Directors Ian Winlaw - Chairman Denis Pidcock – Non-executive Director Bill Ireland – Steps down as Chairman and remains Managing Director

15 June 2009MARKET ANNOUNCEMENTIn line with Mariner Financial Limited’s overall restructuring and future strategy, it is pleased to announce the appointment of two new non-executive board directors, Mr Ian Winlaw and Mr Denis Pidcock. Their appointments take effect from 15 June 2009.Ian joins the board as non-executive chairman. With a strong background in finance and accounting he brings an impressive commercial discipline to the board, with over 40 years experience in consulting to, or participating on the boards of Australian companies within mining, rural, technology and research industries. Ian currently consults nationally through his practice Ian Winlaw & Co.Denis has had a career spanning 45 years, primarily in property, construction and engineering. As a non-executive director, Denis brings to the board extensive experience in both senior level executive management and non-executive directorships across a wide range of industry sectors in private, public and government corporations. Managing Director, Mr Bill Ireland remains as an executive director on the board.Commenting on the appointments, Mr Ireland said, “With these two appointments we have taken the important step of aligning the skills of our board with our strategy to exit the retail funds management sector; realise the proceeds from non-core assets and focus on various capital management opportunities that will allow the company to develop some of its residual assets.”For further information please contact:Bill IrelandManaging Director02 9238 0750

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Current Asset Disposal Plan Currently seeking unitholder approval for the sale of the following remaining fund

management rights:

Powercor Building Fund (MPT No 1) – Meeting set for 30 June 2009 Moore Park Self Storage Fund (MPT No 2) – Meeting set for early July 09 Mariner Coastal Land Fund (Yamba assets) – Meeting set for 30 June 09

Once these fund management rights are sold Mariner will cease all retail fund management activities, further reducing the cost base of the company

Rationale for exiting retail funds management is that scale and costs required to operate a retail platform has increased significantly, and Mariner did not have that scale to remain in this market long term

Move towards being a diversified investment company with a focus on assembling collective investment structures with high net wealth investors.

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Summary of Completed Asset Disposals Sold all major funds management contracts and stakes held in funds:

Mariner America Property Income Trust - sold to Real Estate Capital Partners (Recap) Mariner Mortgage Trust - sold to Balmain Corporation Mariner Pipeline Income Trust – sold to APA Group Sydney Opera House Car Park Fund - sold to Recap

Sold assets from Mariner balance sheet: Mariner Credit Corporation - sold to Pentagon Capital (includes Mariner Lifestyle Bonds) Shares in Beyond International Limited sold in September 2008

Shares in Keybridge Capital Limited sold in May 2008

Sold all other listed shares and securities

Sold various development properties in Redrock, 1770 and Agnes Waters, Queensland

Two entities in the group entered receivership: Subsidiary Mariner Treasury Limited (Japanese and German assets) – McGrath Nicoll

Mariner Coastal Investment Trust (NSW Eco resorts, QLD caravan park) – Grant Thornton

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Mariner Background Original business model was not viable in changed market conditions

Dramatic slide in market valuations of company’s diverse and leveraged asset portfolio

Prudent action required rapid disposal of assets to reduce liabilities

Mariner Today Mariner has now sold, or is in the process of selling, management rights to satellite

funds, and equity stakes in funds. This has meant an effective exit from all core retail funds management activities

Reduced headcount from 70 to approximately 8

There has been dramatic simplification of structure, assets and operations

Retired majority of bank debt ($600K only remains outstanding)

Management team has applied best efforts to pay out liabilities, preserve the company, and provide a modest platform for future growth for shareholders

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Solutions Investment Group Trust (SIGT) – An equity investment in a $42m portfolio of commercial operating leases:

Mariner owns 100% of SIGT, investment made in 2005

SIGT holds the residual value (RV) exposure to set of operating leases

Approx. 90 lessee parties – mid-sized companies, schools, universities, etc

Underlying assets include office IT equipment, medical equipment

Leases were originated by, and debt component is provided by NAB

Investment is profitable and currently provides Mariner with monthly cashflow

Main Remaining Assets

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Southern Hub Project (Continued Main Remaining Assets)

Major transport infrastructure & industrial land development project. Mariner owns 50%

263ha of freehold land located on Hume Highway at Goulburn, NSW

State Government approval for 1.5 million sqm of warehouse / industrial (Concept Approval)

Designated as major road/rail/air transport hub for Eastern Seaboard

Dual carriage way links suitable for new B-triple road trains – Site located within one truck driver shift of 80% of Australia’s population

Longer term project – develop in stages over 15 years

Infrastructure fundamentals of the project run beyond the recession

Early interest from prospective land buyers / tenants is encouraging

Currently restructuring debt and equity funding of project

Raising funding for construction of Hume Hwy interchange, roads, water, services

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Financial Outlook for 2009 Operating overheads are expected to be largely offset by cashflow income from various assets for

remainder of CY09

Full year loss expected for FY09. Immediate working capital position underpinned by asset sales currently underway

Remaining liabilities comprise convertible notes and some bank debt

Convertible notes being paid down in stages. Current balance - $6.8m

Convertible notes balance repayable March 2010, secured by Hub asset and units in MCLF

Action Plan Working to add value to Hub project via development staging approval process, pre-sales, possible

sell down of interest to provide cash for repayment of convertible notes and general working capital

Proposal to expand SIGT asset with additional external capital and explore opportunities in business commercial finance market place

Assembling a small team of executives to identify new investment opportunities as market conditions improve

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In Summary - Future Strategies Complete remaining asset sales Add value to remaining assets

HUB SIGT

Seek new corporate opportunities In due course change name to Mariner Corporation Limited, to reflect exit from retail

funds management and a move towards being a diversified investment company with a focus on assembling collective investment structures with high net wealth investors.

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