Tee Trees Golf Course Update

1 June 2010

“In line with the broader operating environment, financing conditions in South East Queensland are still extremely challenging. Specifically, financing for development projects such as golf courses is particularly difficult to obtain. For this reason the development of the Golf Course has been put on hold until a further improvement in these conditions.

During this time Ingles continues to undertake maintenance activities on the site. Waterways continue to be monitored for weeds, slashing of blocks adjoining the golf course is set down for June and cleaning of the front entry sign has been scheduled for two weeks time.”