NICHE AND PHILOSPHY THAT DIFFERENTIATES THE COMPANY FROM ITS COMPETITION

* The Group has a highly skilled in-house team of professionals covering the planning application process and disciplines of architectural design and engineering, but the activity of construction is outsourced to third party contractors, on a fixed price and fixed duration basis, thereby providing flexibility, limiting overhead costs, enhancing cash flow and protecting the Group from risks arising from cost overruns and escalations.

* The Group occupies a niche market between local builders and volume house building groups, minimising the competitive environment in which it acquires land. Unlike larger house builders that have many channels of authority to go down before making a decision, we make early decisions on land purchases, and therefore have good relationships with land consultants and vendors.

* The Group has an enviable pedigree of quality and excellence; Oakdene Homes are "Individual by Design" and the brand has built up a strong reputation for exceptional quality, specification and individuality within its market in the lower to mid-range prices, whilst the up-market Honeygrove brand commitment to excellence is renowned and recognised by numerous awards over many years. The Group will build on this culture of excellence to ensure that it delivers satisfaction and value to both customers and shareholders as the primary objective in all its activities.

* The Group's favoured area of operation has a buoyant property market, excellent communications with London, and good future prospects.

* The Group specialises in "brownland sites" where development is of immense benefit to the environment, whilst also having strong buyer appeal through being in existing residential locations with an established infrastructure.

* The Group has highly developed and proven skills in obtaining planning approvals, and strong established relationships with estate and land agents. By working for appropriate planning permission profitability can be enhanced through achieving a planning gain, and land can be purchased at considerably less than the value would be when full planning potential has been granted.

* The Group's shares are traded on the AIM market of the London Stock Exchange giving access to capital markets and ensuring its projects are soundly financed with a sensible proportion of equity capital.