Veneto Construction & Infrastructure Update as of December 2009

Summary of Progress:

Overall construction progress for Section 1, comprising Precincts 1 and 2a, is just under 50% complete and on schedule.

• Precinct 1

In Precinct 1, consisting of both townhouses and villas types, the concrete superstructure is complete for all units.

Block work is substantially complete with the first fix for the electro mechanical work in progress.

Plastering is progressing well at approximately 15% completion, whilst the boundary walls, freestanding garages, pump rooms, refuse enclosures and water tanks are nearing completion.

The finishing works to the villas is scheduled to start in the coming months.

• Precinct 2a

In Precinct 2a, the substructure has been completed for all units with the concrete superstructure works substantially complete at 90%.

The substructure works for the freestanding garages, pump rooms, refuse enclosures and water tanks is under construction and showing significant progress.

• Workforce

The contractor currently has just under 2,000 workers on site.

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