Cranebrook
On 15 October 2004, IFC Cranebrook Limited, which is a wholly owned subsidiary of IFC Capital Limited and is also Trustee for the IFC Development Trust completed the purchase of 181 hectares of land at 829-843 The Northern Road, Cranebrook, New South Wales.

IFC Capital continues to consult with the local community and work closely with all relevant authorities to achieve a mutually rewarding planning outcome for the site. IFC Capital has engaged the services of a range of expert consultants to assist in achieving this objective. A revised rezoning request for the IFC Capital site at Cranebrook NSW was submitted to Penrith Council in August 2006. We are confident that we are progressing well towards a rezoning. We are seeking to have Council include the site in their Local Environmental Plan revision process.

IFC Capital has been working with the Department of Environment and Conservation (DEC) to assess alternative approaches to preserving the conservation component of the Cranebrook site. One of these approaches is the Biobanking concept. IFC Capital was formally informed on 23 November by DEC that the State Government’s Biobanking Bill successfully passed through The Legislative Council. DEC has agreed to use IFC Capital’s proposal for Cranebrook as a pilot site for Biobanking. The pilot period is anticipated to commence early in the 2007calendar year. IFC Capital has already provided DEC with the majority of scientific data required for the assessment and will provide remaining data as soon as practicable.

DEC believe IFC Capital’s site at Cranebrook is ideal for participation in the Biobanking pilot program.

The Directors and management are confident that the development of this significant core asset will form a strong foundation for the Company to grow its revenues and the value of its balance sheet in the medium to long term.

IFC Capital entered into a joint venture partnership with McLaughlins Financial Services Limited (MFS) in October 2005 in order to acquire a residential development site located at 212-216 Mona Vale Road, St Ives on Sydney’s prestigious Upper North Shore.

The site was acquired via a Put & Call Option for $7.5million and Development Consent has subsequently been obtained from Ku-Ring-Gai Council for 52 luxury residential apartments, resulting in a re-valuation of the site to $8.5million. Formal acquisition of the site was completed on 1st December 2006.The property enjoys a prime location in St Ives being only a few minutes walk to St Ives Shopping Centre and surrounding amenities including schools, churches, parkland and transport.Design of the development has been undertaken by the renowned architectural firm Marchese & Partners and consists of a mix of one, two and three bedroom apartments aimed primarily towards the owner-occupier market.

IFC Capital, as Development Manager, intend to progress sales and construction of the project in 2007.