Southern Cross is the licensor of Greg Norman's brand for residential real estate applications. Over the course of the past 10 years, Greg Norman has continued to evolve into a recognized lifestyle brand with his business ventures expanding into prestige wine and food brands, lifestyle apparel and residential real estate.

Greg Norman branded residential enclaves are tailor made for each specific location, culture and the product demands of the immediate environment and the buyers to which it is being marketed. Given the variety of locations and market demands, there are no specific design features or price points that are a pre-condition for every Greg Norman branded community. However, there are 4 guiding principles that are applied to the selection, design and positioning of each community.

When determining the appropriateness of a region and a site, Southern Cross seeks destinations throughout the world that are recognized for their exclusivity and/or their superior lifestyle and cultural attributes.

In golf community situations, Southern Cross works with the Greg Norman Golf Course Design team to identify unique parcel locations that afford superior orientation and view corridors and can be developed as private enclaves - known as "best of breed" locations. In most locations, these enclaves will be gated.

The key points for consideration with regard to uniqueness of location are:

• Exclusivity, in terms of the destination, number of units and privacy,
• Position within the golf (or surrounding) community and proximity to key amenities (clubhouse, beach club, hotel, spa...)
• Superior lifestyle and cultural attributes, and
• Price points - Norman Estates does not require a minimum price point, however it is generally expected that units will be priced at or above US$1.0m and will be amognst most superior products within their market segment.

Norman Estates homes are designed on the basis of the following "Norman Inspired" design principles:

• Emphasis on view corridors and maximizing the natural aspect of the surrounding area.
• Lifestyle designed floor plans with emphasis on entertaining and indoor/outdoor living.
• Incorporation of latest communication/computer technology and audio/video entertainment systems.
• Brand alignment with superior building material and specification suppliers (e.g Andersen Windows, Kohler, Viking etc..).
• Focus on landscape and "hard-scape" detail and differentiation.
• Authenticity.

Unique to Norman Estates is the ability to take advantage of various business relationships and brands that are associated with the Norman group of companies which can be tailored into benefits and amenities packages for Norman Estates purchasers. These packages differentiate Norman Estates homes from other properties and provide an additional benefit to purchasers. Examples of Norman Estates benefits packages and offerings:

• Inclusion of a limited edition Greg Norman Range Rover Sport for each home purchaser.
• Delivery to homeowners of a dozen bottles of latest release Greg Norman vintage wine each year for the first 5 years.
• A custom set of MacGregor golf clubs for each purchaser.
• Access to special Greg Norman Collection offerings.
• Offers to rent select homes in other Norman Estates destinations.
• Custom Built Norman Estates golf carts for each purchaser.
• Use of a dedicated area of the locker room - reserved for Norman Estates residents.
• A special class of membership to the golf club that runs with the property rather than just the owner, thereby allowing guests in the property to use the golf course.

The benefits and amenity packages are tailor-made for each project and are updated and amended as offerings come and go from within the Norman group of companies.

In addition to being granted the ability to use Greg Norman in sales and marketing collateral, most Norman Estates projects are granted personal appearance events (coinciding with Golf Course design visits) where Greg Norman will be used for media or sales launches and closing events to market and promote the property.

Historically the Norman Estates program has generated sales premiums above and beyond non-branded properties through the use of personal events and strategic marketing. The additional exposure and involvement of Greg Norman typically generates higher sales traffic and accelerates the pace or velocity of sales, thereby affording the opportunity to improve project rates of return.

In addition to the immediate benefits of higher traffic and sale volume to the Norman Estates enclave, experience dictates that the additional traffic flow and "endorsement" of Greg Norman's involvement in a community should have a flow-on effect to the other real estate within the community.

There are currently 4 distinct Greg Norman real estate brands:

• Norman Estates - applied to most residential applications
• By Greg Norman - the signature application, applied to very high end product
• Norman Residences - applied mostly to condominium developments, and
• Norman Club Villas - applied to clubhouse villa product.

The Norman real estate brands provide developers with an additional layer of branding for residential enclaves within, or in close proximity to, Greg Norman-designed golf course communities. Norman branding affords enhanced marketing opportunities, community uplift and credibility through the involvement of Greg Norman and the positioning of a branded product with a superior lifestyle, location, quality and design.

Norman residential branding provides community developers with the following advantages:

• Increased credibility - the direct investment of Greg Norman's brand into a community adds to the credibility of a project ("if Greg Norman liked it enough to put his own brand on it then it must be good").
• Enhanced marketability - allowing the community to utilize Greg Norman and his brand and image for the direct promotion of the Norman Estates enclave, increases visibility and benefits the overall positioning of the entire community.
• Increased traffic - the Norman marketing and events campaign will generate increased traffic, which will be filtered across the project as a whole.
• Price premiums - Norman properties typically generate price premiums that ripple throughout the entire community.
• Immediate exposure - the Norman press communications, newsletters, email blasts and database communications will generate immediate exposure for the project.
• Higher sales pace - typically, Norman branded communities have sold at an accelerated sales pace, thereby improving developer rates of return.
• Association with a proven, award winning product that has growing global exposure.
• Links to the Greg Norman website and exposure to the database through email blasts and PR communications.
• The opportunity for reciprocity and connectivity of projects through special use rights between multiple destinations.
• The opportunity for equity participation from a credible, branded partner.