Many people have asked me how the global market has affected our development sales and I have maintained that we are in a very fortunate position in that we are structuring our development to focus on off-plan buying where deposits are low and transfer periods are long. An example is Blythedale Coastal Resort where buyers will be taking transfer in only 12 – 24 months which means that they are protected from the global economic

pressures that we are all currently facing. By the time transfers take place we expect to be in an upward swing in the property cycle and buyers will reap the rewards of a long – term investment opportunity.

Simbithi Eco Estate, which is an established development, has been the success story of the summer and despite a perceived slowdown in the market the sales have continued to accumulate which can be attributed to a healthy mix of price, lifestyle and security.

It is also very refreshing to witness the extent of development that is currently taking place within Kwazulu Natal.

Development such as the Durban Harbour Widening, Dube Trade Port and King Shaka International Airport, Moses Mabhida Stadium and the Road and Transport projects are testimony to the high level of spending from a National and Local Government perspective.

It has been a fast start to 2009 that has seen us sourcing new investment opportunities within the Western Cape and Gauteng and some very positive progress on the resolution of the Blythedale Coastal Resort land claim.

Warmest regards,

Chairman The eLan Group

	The perceived slump in the economy was recently put into context very well by Alan Knott-Craig, CEO of iBurst.

	Oil is now below $40 a barrel, almost one Quarter of the price of 4 months ago
	Inflation is not such a big deal because oil is cheap nowadays so food & all other costs are falling.
	And.. we haven't had any crazy power outages since February (the Eskom saga is a complete mystery to me - The NEWSPAPERS said it would last 4 years??)
	What about the Recession? Well, as it turns out, that was something that deserved panic. Especially if your name is Dick and you run a New York investment bank...

Just to put a couple of Financial things in perspective, here is some info on the year-to-date performance of world stock markets.

What is the silver lining for SA? Our interest rates are still high, but will decrease soon to ease the burden on your back pocket. The UK and USA do not have that luxury, their interest rates are already too low to cut further and it hasn't helped them at all yet!

What else? Anyone noticed the cranes everywhere you look? Seen the Gautrain progress? I went down to CT 2 weeks ago, and virtually the entire highway is under construction. Durban has a new Stadium; a bigger harbour AND a new Airport all finishing in the next 18 months The unintended consequence of the government procrastination on infrastructure investment over the past 10 years is that now that it's finally underway - just in time to prop up our economy!

What else? The Soccer World Cup is coming. If we get it right we'll be the hottest spot on the planet - and we'll have a real shout for hosting the Olympics in about 2020.

The time of opportunity is upon us, now it's up to us to seize the day. I've said it before, I'll say it again:

Simbithi Eco-Estate’s on site sales team reported steady sales over the fourth quarter of 2008.

This, despite warnings of a slow festive season and an increasingly sluggish property market. The 430-hectare estate remains in high demand and is rapidly maturing with properties of choice yielding exceptional returns for buyers. Simbithi is also in pristine condition with an abundance of bird and animal life adding to its popularity. Andrew Thompson, national sales manager of the eLan Group said, “Sites that have been carefully chosen because they are tucked away in a quiet cul-de-sac or have a sea, forest or dam view are seeing the most growth.” He said now is the time to buy and capitalise on expected growth precipitated by the new King Shaka International Airport.

The amount of visitors to the estate increased in the latter half of 2008 and stayed constant throughout the festive season. Simbithi sales manager Alan Coetzer said, “Foot traffic was a lot better than expected given the current market conditions and Simbithi remains the busiest Estate on the North Coast. We have 238 freehold sites remaining – direct from the developer – and we are confident that these will be taken up by the end of 2010!” He said there had also been increased interest in Simbithi Home Packages, a hassle free project management service helping owners to build their dream home on the estate. Simbithi Country Club has also gone from strength to strength.

The country club has been operating from a temporary clubhouse since it opened in December 2006 but construction on the new clubhouse has started. Mike Simpson, director of WBHO Property Developments, the co-developers of Simbithi said, “The site has been handed over to the contractors and the new clubhouse will be completed in November.”

Marula is one of the latest development opportunities within Simbithi Eco Estate and is probably the best investment opportunity on the North Coast!

Marula caters for an entry level buyer as well as a serious buy-to-let investor and provides all the benefits and facilities enjoyed by residents within Simbithi Eco Estate.

Forest and dam views enhance the product offering as does the peace of mind that comes with the given track record of the developer and the entire professional team.

The eLan Group is in final negotiations with regards to the acquisition of Ruitersvlei Wine Estate in Paarl.

Ruitersvlei is one of the oldest wine farms in the Western Cape and its history has been entrenched in the Cape Wine tradition since 1688. It has been in the Faure family for the past three generations and we are very excited at the prospect of continuing their legacy of fine wine making.

eLan will relaunch the award winning wine range during the early part of 2009 and we look forward to hosting wine tasting events for you, our Investor Club members.

To view an updated wine price list. email sales@ruitersvlei.co.za for the opportunity to puchase Ruitersvlei wine.

As a result of a joint venture agreement the eLan Group is proud to offer Investor Club members a purchase opportunity at Life Airport Hotel which is situated within minutes of O.R Tambo Airport in Johannesburg.

The rooms are 42 m² in size and will be managed by the Signature Life Hospitality Group, which has already negotiated key leases for the hotel.

There is a massive demand for hotel accommodation within close proximity to the airport - certainly a prime investment opportunity!

The hotel is expected to be fully operational by the beginning of June and there is no doubt that occupancies will soar ahead of the events such as the British Lions Rugby Tour, 2009 Confederations Cup and the 2010 Soccer World Cup!

Higher hotel occupancies result in higher returns for individual hotel room investors!

eLan is proud to announce a new blog on our website www.elan.co.za, namely “Game Plan 2010” by Gary Bailey.

Gary, an eLan Brand Ambassador, is one of South Africa’s official representatives for the Soccer World Cup bid. With his contacts in local soccer, his knowledge of the World Cup event and his business background, Gary is an ideal ambassador, not only for the 2010 World Cup, but for the whole of South Africa.

His website “gameplan2010.com” focusses on the build-up to 2010 and the presentation and workshop opportunities for local businesses. Gary’s informative, fun and motivating 2010 World Cup presentation has proved to be one of the most popular talk currently in SA and he has spoken to over 300 companies in the last two and a half years. The blog will inform, update and educate eLan Investor Club members on all the opportunities leading up to the biggest sporting event on the planet and will welcome comments and feedback.

The eLan Group hosted a year end function at the Heron Dam Community Centre at Simbithi Eco – Estate on the 10th December. It was a great opportunity for eLan to thank residents, purchasers, suppliers and local media for their continued support and the evening was a resounding success.

eLan Brand Ambassadors who enjoyed the evening with us were Derek Watts, John Smit, Beast Mtawarira and Keegan Daniel.

Mark Taylor, Belinda Watts, Derek Watts, Ed Frank, Greg Taylor		Neil & Denise Lecler and Darryl Able		Mark Turnball, Keegan Daniel, Jackie Labuschagne and Tendai ‘The Beast’ Mtawarira

Join us for a cocktail evening at Simbithi's Heron Dam Clubhouse and listen to radio personality Patricia Glyn recount her adventures at Everest base camp. The evening will be hosted by Derek Watts.

	Date: 26th February Time: 17:00 for 17:30 Venue: Heron Dam Clubhouse, Simbithi Tickets are R150 and available from the Simbithi sales office (031 946 8360) or the North Coast Courier offices (031 946 0276).

Bring your fly fishing gear to tranquil Avenol in the Dargle Valley and learn more about the ancient art of fly-fishing from ESA's expert fisherman, Raymond de Bruin. Beginners and more experienced fly-fishermen are welcome. The clinic covers choice of equipment, knot tying, fly choice, casting, landing and fish care when releasing.

The clinics have been a huge success to date and bookings are available for two clinics in March.

	Clinic 1: Arrive 9am on 25th March, depart 8am on 26th March Clinic 2: Arrive 9am on 26th March, depart 9am on 27th March Venue: Avenol Country Lodge, Dargle, KZN Midlands Costs: 12 places available over two clinics              Platinum Members R1 108 per person              Gold Members R1 350 per person Costs include: All meals, accommodation, Trout Clinic and Fly Fishing Shirt. Participants to please bring own fly-fishing equipment. We will also be holding clinics in April. Dates to be confirmed. Should you wish to make a booking, please contact Peter Coulon on 082 551 5704 or petercoulon@elan.co.za

8 year old Uzair Bulbulia and 11 year old Muhammed Uwais Bulbulia try their hand at casting.		First time trout fisherman Muhammed Bulbulia shows off his catch...

Investor Club Manager