2010 has been a year of great achievements for MAB Corporation as we have continued to deliver products and services for our valued clients across the residential, retail, commercial and industrial sectors.

MAB Funds Management has continued to manage a broad range of assets in Australia, New Zealand and the United States on behalf of our investors through a complex and turbulent period. During the year, we have also seen increasing numbers of guests at Grand Mercure Docklands at NewQuay.

Our collaboration with VicUrban, the City of Melbourne and the Victorian Government continues as we embark on the delivery of projects at NewQuay in Melbourne’s Docklands. The construction activity at NewQuay is staggering with our 330 apartment HarbourOne project advancing with a scheduled completion in late 2011; the 113 apartment The Mariner project being developed for Melbourne Affordable Housing; the 22 Quay Park Townhouses; and, our 18 Marina Residences and 0.16 hectare parkland now moving into the final stages of development.

The work of MAB Corporation is certainly evident by the cranes on the skyline at Docklands and we look to 2011 to see these projects being completed and delivered to our purchasers. Our Residential team is currently gearing up to launch the release of the south tower of The Quays which will establish a new benchmark for design and kick start the next decade of Docklands.

Our work in delivering affordable housing for Melbourne is evident from the 75 apartment project being undertaken in partnership with Port Phillip Housing in South Road Moorabbin.

Development activity has continued at University Hill with the development of 55 dwellings in the Princeton Rise development and completion of the 91 apartment Lochmore project. In 2010, we have launched MAB’s third strata office project with 240 Uni Hill and we are planning to commence construction of this project in early 2011. Our further master planning of the University Hill Town Centre has been finalised with the assistance and support of the City of Whittlesea.

At Merrifield, with our partner GPC, we continue to deliver the infrastructure for our employment precinct. Importantly, in 2010, the balance of the project was included within the Urban Growth Boundary. In 2011 we will continue to embark on our planning with Hume City Council and the Growth Areas Authority on the creation of our new city for Melbourne which will be home to 30,000 people and provide 30,000 jobs.

We completed the construction of the 6,900sqm ITM office warehouse at MAB’s 34.5 hectare Orbis Business Park and have seen renewed activity in the industrial sector. Our Industry Business Hub project in South Melbourne is nearing completion and we have been overwhelmed by the interest in the project from the market.

We look forward to introducing our $60m Expressway Business Park to the market in 2011. On behalf of the shareholders, we acknowledge the continuing contributions of the dedicated MAB team, the MAB Advisory Board, our stakeholders and our partners in Local and State Government for their support during 2010.

Wishing all a relaxing holiday season and looking forward to working with you in 2011.