The Group are currently developing four estates in Australia, being two in Queensland and two in Victoria. Current approvals permit over 1000 lots in the next 2 – 3 years on these estates. We are looking to increase our land bank to 10,000 allotments by 2015. From these estates we produce affordable housing in proximity to the main CBDs where house and land prices can be maintained under the median house price for that capital market. Pimpama Rivers Estate is a 1000 lot estate with 650 lots currently completed in the Brisbane to Gold Coast corridor in Queensland The Group has established three special purpose vehicles, being unlisted public companies to purchase further land parcels for development of allotments to supply Custodian Wealth Builders. The SPV consists of shares purchased by investors with forecast returns of approximately 20% per annum with a 3 – 4 year horizon. Custodian Land indentified 200 – 500 lot estates that meet the Custodian criteria and were able to purchase sites from developers unable to raise finance in today’s banking environment. Our goal is to search out similar land development parcels in 2011 – 2015 and grow the land bank to over 10,000 allotments. The National Housing Supply Council currently identify a shortage of housing in Australia of 178,000. They forecast this will increase to over 300,000 by 2015 and 600,000 by 2066. Retirement A landmark site on Queensland’s Gold Coast marks the Group’s key asset to develop over the next 10 years. Nearly 25% of Australia’s workforce will retire over the next 10 – 20 years and Cypress Gardens Development is looking to create Australia’s premiere retirement community of over 1000 apartments plus 20 Ha of recreational gardens and activities within 4 kms of the beaches, casino and major shopping centres. The Group have lodged development application with the Gold Coast City Council for 1100 apartments and are working with the Council on details to satisfy their requirements.