JOINT VENTURE ANNOUNCED FOR GOOGONG

A major milestone has been reached this week for the township of Googong.

An agreement has been signed between CIC Australia and Mirvac, two of this country's most successful investment and development companies, to facilitate the township's design and development.

Together, the expertise of these two highly-regarded ASX-listed companies will provide the very best in urban design and amenity for Googong, built to the highest standards for quality, livability and sustainability.

It demonstrates a major investment by both companies in the local region, which will total hundreds of millions of dollars over the next two decades, and underscores the significance of Googong as a future residential and business community.

It will ensure that those who choose Googong as their home, as well as those within the communities that adjoin it, will have access to the latest infrastructure and technologies, as well as the services and facilities of many much larger townships.

While this announcement is significant for CIC and the future of Googong, very little will change in terms of the way the project will evolve and develop on a day-to-day basis.

Responsibility will rest with a joint management committee, which includes senior representatives from both CIC and Mirvac. This team includes the same CIC people that have been managing Googong since its inception, which means the same standards of local knowledge, interest and expertise will be maintained with the added benefit of Mirvac's expertise and experience.

We are very excited about this announcement, which means Googong is now ready to roll. It demonstrates Mirvac's faith in the project and the high regard it holds for CIC Australia as well as the Googong region.

Construction of the township will commence in the first quarter of 2012. Our first sales release is also lined up for the first quarter of next year, and will be preceded by a Vision Seminar to provide adeeper level of understanding of the town.

We will be sure to keep you advised over the coming weeks of the key dates in this process. Subject to final approvals from Council and other authorities, we expect to be able to share with you the price ranges for our first release before Christmas, so that you can consider your options in advance of the sales program.