Operations In Foreign Currency

6 Months Ended

Jun. 30, 2011

Note 4 – Operations in Foreign Currency

We have significant assets in Australia and New Zealand. To the extent possible, we conduct our Australian and New Zealand operations on a self-funding basis. The carrying value of our Australian and New Zealand assets and liabilities fluctuate due to changes in the exchange rates between the US dollar and the functional currency of Australia (Australian dollar) and New Zealand (New Zealand dollar). We have no derivative financial instruments to hedge against the risk of foreign currency exposure.

Presented in the table below are the currency exchange rates for Australia and New Zealand as of June 30, 2011 and December 31, 2010:

	US Dollar
	June 30, 2011		December 31, 2010
Australian Dollar	$	1.0732	$	1.0122
New Zealand Dollar	$	0.8284	$	0.7687