Industrial Land

Key McConnell Property Ltd staff and I met wth a potential tenant for the Truman Lane property. It is too soon to know whether we will be able to reach an agreement that suits all parties. By early to mid 2010 we hope to have made enough progress to consider commencing the first stage of the industrial development on the 6-hectare block next to Trustpower. Prior to any development, we will hold a meeting with shareholders to seek the approvals necessary to proceed.