Trading Locations Europlan Management takes a conservative view on locations for their business activities. Overall, trading is confirmed for the foreseeable future to Ireland, UK, France, Germany and Portugal. In Ireland, the company is concentrating on the Munster area where it sees growth potential for the medium term particularly in towns outside Cork, Limerick and Waterford where development has been slower particularly in the retail/commercial/light industrial sectors and where an amount of “catching-up” is involved.  In these areas, there is demand for quality facilities in the sectors mentioned and the timely provision of these is a must.  In Leinster and the larger urban areas, there is already an adequate supply of new facilities and the market is competitive. The Group’s involvement in the UK remains primarily in the residential sector and in the London and Manchester areas in particular.  The works undertaken are generally 50% new build and 50% refurbishment and re-instatement of residential properties in prime residential areas.  It is a matter of demand / price at their completion date as to whether we sell or rent out the completed properties. In France and Germany, Management see the economies stable from a property prospective and offering developers a secure and particularly acceptable market to invest and work in.