Nisekos Vale Lifted | 5nd February 2007 In a landmark acquisition, Niseko Alpine Developments Co.

Ltd [Nisade], an Australian owned property developer in Niseko, has become the owner of Nisekos pinnacle ski side development, the old Snow Universe site. It will now be known as The Vale Niseko. Vying against a string of other developers, Nisade secured the site after extensive negotiations with the long-term owner. Nisade announced its new opulent ski-in ski-out complex in Niseko, Japan on the 5nd February 2007. The sale is expected to release over US$20m in sales and boost the local market to new luxury heights. The Niseko region has seen unprecedented property growth with a 33% rise in land value the past 12 months*, with all signs indicating continued growth for the region. With numerous high profile developers securing sites in the village, Niseko is fast cementing its reputation as Asias most prestigious ski resort. Vail, Whistler and Aspen all started as smaller resorts and Nisekos rise in popularity and growth is mirroring the early days of these snow sport meccas. Nisade is firmly entrenched in the Niseko region and is delivering key developments to this expanding market. Backed by a strengthening economic recovery across Japan, Niseko is an excellent platform for long-term capital growth. With offices in both Sydney and Japan, the Australian owners of the Nisade have vast plans for this latest acquisition. Niseko ski apartments will not be looked at in the same way again with The Vale Niseko offering pioneering luxury design, unmatched views and amenities from its landmark location. The site featuring over 40 luxury apartments includes its own natural hot mineral spring. Known as an onsen in Japan, The Vale Niseko will have one of the most mineral rich waters on offer in the village. Nisade plans to create an indoor / outdoor natural onsen bathing experience like no other, with the onsen overlooking the ski run. The setting sun over the birch forest and neighbouring inert volcano, Mount Yotei, will provide the ultimate aprs ski experience. Nisade is even considering private onsens in each of the penthouses bringing new meaning to luxury in the Nisekos property market. This is a proud moment for us, it gives us the greatest opportunity to produce the high quality product we pride ourselves on. We will be the leader in pitching Niseko against its international resort counterparts by offering a world class product not seen in

Niseko states Kal Bragg. Nisade is the brainchild of Kal Bragg and business partner Jonathan Martin. Both have been involved on similar size developments in the Niseko region for the last 18 months. Both avid skiers, the pair formed Nisade due to an acute shortage of luxury accommodation in the region. Director Kal Bragg is an experienced high-end residential developer / builder from Sydney Australia. He moved to the region upon identifying the untapped potential. Nisade will bring an international flavour in design and finesse to Niseko. With only one other true ski-in ski-out development site in the village, Nisade recognised the importance of securing this rare site. This place beats all world ski areas hands down for powder consistency and quality of snow, the most important factor in underwriting any alpine real estate development Jonathan Martin, Nisade Director. The area has had great growth from investors right across the board from baby boomers to the family ski market. Up until only a few years ago, there were no kids clubs and only a handful of equipped ski instructors to work with the juniors. Now with the Milo School for kids, kids clubs and minding facilities the area has had a growth in the number of visiting families which is underpinning residential investment. Nisade has focused on this burgeoning family ski market and identified this unique site with its absolute ski-in ski-out location as central to investors requirements. What better way to enjoy a family ski holiday than watching your kids learn to ski from your own private balcony! Nisade is not the only party to identify the opportunities. Recent acquisitions by Babcock and Browns Japan Property Trust, Citimark developers and entities associated with the owners of Consolidated Property, underwrite the strength of the Niseko market. On a larger scale the Citigroup recently won an extensive tender process to acquire one of the ski resorts within the Niseko United ski region. Higashiyama is a large ski resort with hotel and world-class golf facilities. Expectation is high for significant real estate development around this resort. This news follows Nisades recent launch announcement of its intention to accelerate its portfolio growth with two boutique developments already in Niseko, The Freshwater and The Setsumon. The Setsumon is a 10-apartment development on Hirafus main street encapsulating designer interiors and a magnificent central location within the village. The Freshwater is an 11-apartment development located streamside with fantastic views that are unlikely to ever be built out. With huge prerelease demand for these sites, Nisade is comfortable about the underlying demand from investors to move forward with this exciting new project, The Vale Niseko. With first stage scheduled for completion in late 2008, The Vale Niseko will feature lavishly appointed deluxe ski side apartments with unprecedented views over the ski run and Mount Yotei. The all-encompassing development will feature a retail shopping strip, restaurants and bars and extensive leisure including spa and fitness facilities with a large heated free form swimming pool plus Nisekos most stunning natural onsen overlooking the ski run. In addition, the resort will offer a business centre, full service

concierge and airport limousine services. Nisade is already working closely with the community and the existing owner, Yukinobu Shibata, a pioneer to the region who has been running the Snow Universe Hotel for over 20 years. The deal involved extensive negotiations over several months and includes an ongoing joint venture property management relationship. We feel that this relationship is the beginning of a great future and will be beneficial to both the local community economy and relations between the two countries, states Shibata san. The Niseko region has seen rapid international growth over the last 5 years with domestic and international visitor numbers reaching 1.5 Million over the year**. Asian hubs such as Hong Kong and Shanghai are less than 5hrs direct flight, combined with direct flights from Australasia and no jetlag, makes Niseko the perfect ski option for international powder seekers. The Vale Niseko will be setting its release dates over the next few months. Names are being taken for pre registration to ensure buyers can secure their apartment and importantly their ski side view. Demand for this truly unique investment is expected to be rapid being only one of a small handful of ski side properties in Niseko. Further information and pre-registration on this incredible opportunity can be found at www.thevaleniseko.com For further details regarding Niseko Alpine Developments [NISADE] www.nisade.com Kal Bragg Japan +81 136 22 0038 kal@nisade.com Jonathan Martin Australia +61 2 9210 1010 jonathan@nisade.com * Issued 1st July 06, Ministry of Land and Transport ** Issued 1st July 2006, Tourism department, Section of economy, Hokkaido prefecture, 1.5 Million visitors during the calendar year First stage registration on now for this once in a life time opportunity. www.thevaleniseko.com