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November 15 2006 - 12 Noon AEST

SUNLAND AND VERSACE SIGN UP FOR 15 RESORTS AS PART OF GLOBAL ROLLOUT

Sunland Group Limited today announced that they have just concluded the execution of a Global Rollout Agreement for 15 resorts, with a signing ceremony in Milan between Dr Gian Carlo Di Risio, Managing Director of Gianni Versace SpA and Sunland’s Managing Director, Mr Sahba Abedian.

The agreement is an exclusive licensing agreement with Sunland entitling the Group to develop 15 resorts, under the luxury brand of Palazzo Versace.

This follows the completion of a comprehensive Global Rollout Business Plan undertaken by an independent research group, identifying the key destinations for future Palazzo Versace resorts.

Sunland, in conjunction with the House of Versace, were the first parties to identify and implement the fashion branded hotel concept.

The world’s first Palazzo Versace opened on the Gold Coast, Australia in September 2000. Plans for the second Palazzo Versace are well underway in Dubai, where the resort is uniquely positioned on the banks of Dubai Creek as part of the prestigious Culture Village precinct.

Marketing plans for the $AUD1 billion Palazzo Versace Dubai will be launched in December with construction scheduled for January 2007 and completion in 2009.

Palazzo Versace Dubai is being developed by Emirates Sunland, under a joint venture between Sunland Group Limited and Emirates Investment Group (EIG), a company associated with His Excellency Sheikh Tariq Al Qassimi.

Yours faithfully
SUNLAND GROUP LIMITED

Grant Harrison
Company Secretary

Media Enquiries:
Mr Sahba Abedian, Managing Director Mobile: + 61 414 920 000

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