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Warnervale Development Plans

The Company's industrial property is located at Warnervale comprising a 44.5 hectare site along Sparks and Mountain Roads (Hudson Property). The Western section of the site is leased to Bunnings Group Limited (which is 100% owned by Wesfarmers Limited) and to Better Concrete Products Pty Ltd. the Board of Directors is considering various options and business models to develop the surplus industrial land to enhance shareholder value.

The Company is focused on the development of the Hudson Property and achieving the dual objective of capital appreciation and shareholder value.