Number 5, June 2010

We are now in a position to have an official launch of the Vantage Point project lot sales to the general public. Gippsland Links has continued to work feverishly with the water consultants, engineers, surveyors, Envestra (gas), local government, state government, Vicroads and Gippsland Water Corporation as well as marketing consultants, real estate agencies and financial institutions. In addition we have met with the Sale Golf Club representatives, golf course architects and have submitted to the Wellington Shire on their structure plan for Longford. This is a very complex but worthwhile project and Gippsland Links remains determined to take every step carefully, avoid risk and ensure the project becomes a reality.

While progress may seem slow to golf club members wishing to see construction of the new holes as soon as possible, the enormous activity going on behind the scenes is necessary to ensure success.

Public Launch

Together with the Golf Club representatives we are in process of planning the official launch of the project. This has been scheduled for Sunday June 27^th at 2pm with Peter Thomson confirmed to attend. At this launch, updated graphics of the layout will be on show. This will include changes including the reversal of the two course halves and the relocation of the machinery complex to the area near current 3^rd hole.

We want the launch event to be memorable and reflect the importance of the project as one for future generations in terms of lifestyle living, community focus, development of jobs and tourism and the provision of long term security for Sale Golf Bowls Club.

Water Infrastructure delivery

Beca have almost completed the engineering design and the proposed pipeline route is in process of being surveyed. Discussions with Gippsland Water and Wellington Shire have seen very positive progress. There are still permits required for the pipeline to be granted but we expect construction on the water to the development to begin in 3-4 months. The route for the pipeline will be via Wurruk and through the adjacent wetlands.

The sewer and wastewater issues have been concluded.

3. Natural Gas

The tree planting last month supervised by Ross Perrett with the willing assistance of John Embling, Charlie Harrap and his magnificent team of volunteers was an outstanding success. Early tree planting on the future Sale Golf Club land is essential to frame the new holes and provide wind shelter. We thank those volunteers who assisted with the plantings that will be forever etched into the history of the Sale Golf Club.

5. Clubhouse renovation design

Gippsland Links and SGC representatives have some basic principles of Clubhouse design leading to concept designs for the launch. Key areas involved in the remodelling will be the kitchen, the bar and coolroom, the entryway and the relocation of the golf shop to provide clear views of 1^st and 10^th tees. The roof, the wiring and the plumbing will all be replaced. The functionality of the building will reflect the business model requirements of the Club which is still a work in progress.

6. Housing Lot sales

Sale Golf Club members were advised in 2009 of their need to register for lot sales and some took up the unique investment opportunity. In comparison with other vacant land opportunities in Sale, the Vantage Point excels in lifestyle opportunity and investment potential. Never before have Gippsland residents had a choice to upgrade to an 18 hole championship golf course residential community. Never before and never again will Gippsland residents have access to a property investment with such growth potential.

As sales are now open to the general public we strongly advise that golf club members register your interest immediately with Chalmers Real Estate to avoid disappointment. The terms are designed to give you flexibility - a 1% deposit to secure your dream property with the balance of the 10% deposit required with at least 4 weeks of written notice.

Remember each lot comes with a 5 year Sale Golf Bowls Club membership worth over $3000. In addition for the first stage only a $3000 rebate is available if the Certificate of Occupancy is issued within 12 months of settlement. This represents enormous value. Each lot sold will produce a direct financial injection into the Sale Golf Club as part of our agreement.

7. When will the titles be available?

We expect construction of the water conduits to commence in 3-4 months along with design and construction of roads, drainage and infrastructure services. There will need to be compliance certification by auditors and issuing of Titles to allow settlement – a time frame of about 9 months after construction commences.

8. When will the golf course construction start?

Soon after the earthworks for residential development begin, Thomson Perrett will complete the formal design of the new 10 holes. The land will then be prepared for each golf hole in terms of vegetation and weed removal with formal course construction commencing after settlement of lots. We are committed to commence golf construction as soon as possible, governed by rate of lot sales.

We look forward to with great excitement to the formal launch of the historic launch of the Vantage Point project with the Sale Golf Club community.

Yours Sincerely,

The Vantage Point team