INTERNATIONAL CONSTRUCTION COST SURVEYValues in US dollars

January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

INTRODUCTION and CONTENTS

CONTENTSpage page

Key Data 1 - 2

Example Building Costs Building Labor Hourly Rates

Europe Europe 9

Offices & Industrial 3 International (except North America) 10

Residential, Retail & Hotels 4 North America 11

International (except North America) Building Materials Supply Prices

Offices & Industrial 5 Europe 12

Residential, Retail & Hotels 6 International (except North America) 13

North America North America 14

Offices & Industrial 7

Residential, Retail & Hotels 8 Inflation Rates & Forecasts 15

INTRODUCTION

This report has been prepared by Gardiner & Theobald LLP using its worldwide network of offices and with the assistance of thecompanies acknowledged in the Key Data section.

The report contains key data, building cost information, labor rates, material costs and inflation statistics.

Key Data covers definitions, currencies and exchange rates, and the rates of sales tax where applicable.

Trends in the data are not described here, although some analysis has been performed and could be made available.

Editorial Note: It is imperative that, in any editing of the report for further publication, the Caution and Definitions in the Key Datasection and all notes in other sections are retained, otherwise data may be misused by readers.

© Gardiner & Theobald LLPJanuary 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

KEY DATA

CAUTION:

Due to constantly changing political, economic and market conditions, the data in this report is for comparative purposes only and should not be relied upon or otherwise used

without prior reference to Gardiner & Theobald LLP,

32 Bedford Square London WC1B 3JT [Contact: Brian Livingston; E-mail B.Livingston@gardiner.com Tel +44 (0)20 7209 3000 Fax +44 (0)20 7209 1840]

The International Construction Cost Survey is compiled by Gardiner & Theobald LLP using data provided by others. Whilst every effort has been made to ensure that the

information contained in this report is correct, no liability can be accepted for any errors or omissions within the survey.

All costs were provided in local currency and have been converted at rates listed to provide the comparison tables.

DEFINITIONS:

VAT (Value Added Tax) : The sales tax, or equivalent, added on the value of work or services at a level defined by the government of the country.

VAT has been excluded from the prices in this survey report.

General Conditions: General facilities provided by the building contractor to enable work to take place such as site administration, supervision and co-ordination, temporary site

accommodation, hoists & cranes.

The value of General Conditions is included in the figures in the Building Costs section.

We are particularly grateful for information received from:-

Gardiner & Theobald's offices in:

United Kingdom

Bulgaria

China

Croatia

Czech Republic

France

Germany

Hungary

Ireland

Poland

Qatar

Romania

Slovakia

United Arab Emirates

USA

Other contributors:

RED Consulting & Management

aCMG Construction Managers

BCQS

G Roditis & Partners

Tocoman Laskentapalvelut Oy

Feedback Ventures

PT TeamworX Indonesia

Kyowa Construction Cost Consultants

Società Progettazioni Integrali spa

Argentina

Belgium

Caribbean

Cyprus & Greece

Finland

India

Indonesia

Japan

Italy

Mentor Management

EGN Consultants

Stevens Van Dijck

AS Bygganalyse

Schoombie Hartmann

CEM Management S.A.

Rekogama & Jude Associates

Bygganalys AB

Kenya

Lebanon

Netherlands

Norway

South Africa

Spain

Sri Lanka

Sweden

Other contributors (cont'd):

KEY DATAGardiner & Theobald LLP 1 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

COUNTRY Local CurrencyExchange

Rate / $

PRICING

Key city location

Sales Tax

VAT (& the like)COUNTRY Local Currency

Exchange

Rate / $

PRICING

Key city location

Sales Tax

VAT (& the like)General Building General Building

BELGIUM Euro 0.7851 Brussels 21% 21% ARGENTINA Peso 3.4430 Buenos Aires 21% 21% 4

BULGARIA Leva 1.5354 Sofia 20% 20% AUSTRALIA Aus $ 1.5401 Melbourne/Sydney 10% 10%

CROATIA Kuna 5.6305 Zagreb 22% 22% BRAZIL Real 2.4885 São Paulo 5%

CYPRUS Euro 0.7851 Nicosia 15% 15% CHINA Yuan 6.8817 Shanghai 17% NIL

CZECH REPUBLIC Koruna 20.1190 Prague 19% 19% 2 EGYPT Egyptian £ 5.5190 Alexandra 10% 2.9%

FINLAND Euro 0.7851 Helsinki 22% 22% HONG KONG HK $ 7.7515 Hong Kong NIL NIL

FRANCE Euro 0.7851 Paris 19.6% 19.6% INDIA Indian Rupee 49.8700 New Delhi 4-12% 4-12% 5

GERMANY Euro 0.7851 Berlin 19% 19% INDONESIA Rupiah 11825.0000 Jakarta 10% 10%

GREECE Euro 0.7851 Athens 19% 19% ISRAEL Shekel 3.9820 Tel Aviv 15.5% 15.5%

HUNGARY Forint 204.7420 Budapest 20% 20% JAPAN Yen 92.8050 Tokyo 5% 5%

IRELAND Euro 0.7851 Dublin 21% 13½% KENYA Kenya Shilling 79.1000 Nairobi 16% 16%

ITALY Euro 0.7851 Milan 20% 20% LEBANON Lebanese £ 1502.5000 Beirut 10% 10%

MONTENEGRO Euro 0.7851 Tivat 17% 17% MALAYSIA Ringgit 3.6395 Kuala Lumpur NIL NIL

NETHERLANDS Euro 0.7851 Amsterdam 19% 19% NEW ZEALAND NZ $ 1.8681 Auckland 12.5% 12.5%

NORWAY Nor.Krone 7.1288 Oslo 25% 25% OMAN Rial Omani 0.3850

POLAND Zloty 3.0233 Warsaw 22% 22% 1 PHILIPPINES Peso 49.3550 Manila 10% 10%

PORTUGAL Euro 0.7851 Lisbon 21% 21% SAUDI ARABIA Riyal 3.7515 Riyadh NIL NIL

ROMANIA Leu 3.0201 Bucharest 19% 19% SINGAPORE S$ 1.5245 Singapore 5% 5%

SLOVAKIA Koruna 23.6960 Bratislava 19% 19% SOUTH AFRICA Rand 10.2101 Various Cities 14% 14%

SPAIN Euro 0.7851 Barcelona 16% 16% SRI LANKA Rupee 110.1000 Colombo 15% 15%

SWEDEN Krona 8.2914 Stockholm 25% 25% STATE OF QATAR Riyal 3.6415 Doha NIL NIL

UNITED KINGDOM £ Sterling 0.6809 London 15% 15% 3 TURKEY New Lira 1.5524 Ankara 18%

UNITED ARAB EMIRATES Dirham 3.6730 Dubai N/A N/A

CAYMAN ISLANDS CI $ 0.8200 George Town NIL NIL VIETNAM Dong 16979.0000 Hanoi 10% 10%

BRITISH VIRGIN ISLANDS US $ 1.0000 Tortola NIL NIL

BARBADOS Barb $ 2.0000 Christ Church 15% 15% USA US $ 1.0000 Various Cities Varies Varies

MEXICO Peso 13.5251 Mexico City 15% 15%

Exchange rates current at 04 December 2008 as published in the Financial Times 1 7% on Residential

2 5% on Residential

3 Reduced from 17.5% to 15% on 1st Dec 08

4 Except housing at 10.5%

5 Varies state to state

KEY DATA - EXCHANGE RATES

KEY DATAGardiner & Theobald LLP 2 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EXAMPLE BUILDING COSTS: EUROPE

OFFICES & INDUSTRIAL

CITY CENTRE HEATED OFFICESCITY CENTRE AIR CONDITIONED

OFFICES

FACTORIES, WAREHOUSES,

INDUSTRIALOUT OF TOWN BUSINESS PARK

COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF

low high low high low high low high

BELGIUM 115 138 138 161 58 92 104 138

BULGARIA 116 116 20 129 132 21 49 50 1 70 70 1

CROATIA 91 121 8 92 139 20 46 64 1 78 98 3

CYPRUS 115 196 92 161 104 173

CZECH REPUBLIC 91 127 6 109 154 6 68 113 1 91 136 6

FINLAND 170 214 5 184 224 5 105 127 1 153 185 2

FRANCE 213 288 271 380 73 121 155 213

GERMANY 144 202 5 185 258 5 62 124 1 156 222 4

GREECE 138 276 81 155 138 207

HUNGARY 86 129 7 52 64 1 64 112 1

IRELAND 184 230 253 340 101 152 86 109

ITALY 144 184 173 288 83 201 228 334

NETHERLANDS 156 183 190 244 80 118 171 195

NORWAY 182 326 196 339 6 117 209 1 182 300

POLAND 111 169 130 182 64 89 N/A N/A

SLOVAKIA 87 121 5 102 146 8 57 99 1 87 119 5

SPAIN N/A N/A 132 207 10 68 121 115 184

SWEDEN 189 223 3 194 229 3 103 108 1 156 223 1

UNITED KINGDOM 177 259 7 232 368 12 48 82 171 218 4

Self-contained low-rise building in a

campus location. Costs include for high

quality cladding and accommodation to

a good finish with raised floors, carpet,

suspended ceilings, air-conditioning,

lighting and power, but excluding

partitioning

Self-contained building of a size and

height typical of major cities in country;

building costs include for

accommodation to a good finish with

raised floors, carpet, suspended

ceilings, heating, lighting & power, but

excluding partitioning

Self-contained building of a size and

height typical of major cities in country;

building costs include for

accommodation to a good finish with

raised floors, carpet, suspended

ceilings, air-conditioning, lighting &

power, but excluding partitioning

Large, single storey unit of steel portal

frame and profiled aluminium cladding,

with an eaves height of at least 20ft, on

an out-of-town site, finished to a basic

shell with services and heating to the

office space (approx 5% of area)

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 3 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EXAMPLE BUILDING COSTS: EUROPE

RESIDENTIAL, RETAIL & HOTELS

HIGH RISE APARTMENTS SHOPPING CENTREHIGH QUALITY CAPITAL CITY

HOTELPROVINCIAL / SUBURBAN HOTEL

COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF

low high low high low high low high

BELGIUM 138 155

BULGARIA 74 128 12 84 114 3 125 173 10 52 62 4

CROATIA 78 121 10 75 98 3 139 202 7 98 139 4

CYPRUS 109 161 98 161 196 253 104 144

CZECH REPUBLIC 91 145 10 91 150 2 127 227 8 104 181 3

FINLAND 195 266 5 155 210 3 224 250 5 159 224 3

FRANCE 178 265 73 259 167 253

GERMANY 115 173 6 109 170 2 188 314 6 136 203 4

GREECE 127 207 115 230 230 345 150 230

HUNGARY 70 118 8 90 129 3 161 344 8 118 150 4

IRELAND 127 184 4 236 363 288 391 230 340

ITALY 178 317 247 389 247 366 167 271

NETHERLANDS 96 150 135 177 235 275 204 228

NORWAY 222 326 130 222 339 443 6 235 313

POLAND 112 175 102 167 171 221 124 162

SLOVAKIA 87 136 8 91 117 2 152 227 7 87 129 6

SPAIN 144 242 109 230 196 276 132 242

SWEDEN 131 134 3 195 234 3 239 288 3 211 257 3

UNITED KINGDOM 191 300 8 171 205 259 341 10 198 259

Multi-storey typical of major cities in

country, apartments finished to a high

standard, all floors served by lifts

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Major shopping developments

incorporating retail space,

pedestrian areas and service areas , but

excluding car parks

Typical

number of

floors

High quality hotel in excess of 400

bedrooms, conference facilities,

extensive restaurant, lounge and foyer

areas, leisure facilities incl. indoor pool,

retail and service areas.

Costs exclude FF&E

Medium-sized hotel, conference

facilities, extensive restaurant, lounge

and foyer areas but no pool or other

leisure facilities.

Costs exclude FF&E

The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 4 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EXAMPLE BUILDING COSTS: INTERNATIONAL (except Europe and North America)

OFFICES & INDUSTRIAL

CITY CENTRE HEATED OFFICESCITY CENTRE AIR CONDITIONED

OFFICES

FACTORIES, WAREHOUSES,

INDUSTRIALOUT OF TOWN BUSINESS PARK

COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF

low high low high low high low high

ARGENTINA N/A N/A N/A N/A 33 66 1 N/A N/A

CHINA N/A N/A 83 121 35 43 73 1 N/A N/A

EGYPT N/A N/A 8 109 147 8 74 112 1 111 150 6

HONG KONG N/A N/A 170 233 100 155 N/A N/A

INDIA N/A N/A 3 46 65 3 36 38 2 37 46 5

INDONESIA N/A N/A 41 60 33 37 33 37

ISRAEL N/A N/A 92 107 16 31 37 1 92 102 10

JAPAN N/A N/A 251 330 15 94 180 1 N/A N/A

KENYA 56 8 56 8 23 1 49 2

SOUTH AFRICA - Durban N/A N/A 54 80 26 47 N/A N/A

SRI LANKA 28 30 4 35 40 4 20 26 1

STATE OF QATAR N/A N/A 213 250 30 113 150 1 225 256 4

TURKEY N/A N/A 83 117 20 34 69 3 N/A N/A

UNITED ARAB EMIRATES N/A N/A 134 149 20 99 124 136 161

The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.

Self-contained building of a size and

height typical of major cities in country;

building costs include for

accommodation to a good finish with

raised floors, carpet, suspended

ceilings, heating, lighting & power, but

excluding partitioning

Self-contained building of a size and

height typical of major cities in country;

building costs include for

accommodation to a good finish with

raised floors, carpet, suspended

ceilings, air-conditioning, lighting &

power, but excluding partitioning

Large, single storey unit of steel portal

frame and profiled aluminium cladding,

with an eaves height of at least 20ft, on

an out-of-town site, finished to a basic

shell with services and heating to the

office space (approx 5% of area)

Self-contained low-rise building in a

campus location. Costs include for high

quality cladding and accommodation to

a good finish with raised floors, carpet,

suspended ceilings, air-conditioning,

lighting and power, but excluding

partitioning

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 5 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EXAMPLE BUILDING COSTS: INTERNATIONAL (except Europe and North America)

RESIDENTIAL, RETAIL & HOTELS

HIGH RISE APARTMENTS SHOPPING CENTREHIGH QUALITY CAPITAL CITY

HOTELPROVINCIAL / SUBURBAN HOTEL

COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF

low high low high low high low high

ARGENTINA 45 80 15 N/A N/A 82 96 10 58 69 4

CHINA 46 63 25 93 140 7 139 179 25 103 127 15

EGYPT 82 114 10 102 120 2 145 173 25 N/A N/A 12

HONG KONG 152 190 233 277 260 316 N/A N/A

INDIA 52 59 9 28 46 3 102 111 6 55 74 4

INDONESIA 45 60 33 37 54 66 47 58

ISRAEL 78 92 19 94 101 2 132 174 15 109 122 4

JAPAN N/A N/A 20 93 205 5 379 502 20 282 456 10

KENYA 57 7 56 2 70 8 49 4

SOUTH AFRICA - Durban 58 94 44 64 67 107 54 85

SRI LANKA 32 39 12 29 33 3 37 40 12 31 39 3

STATE OF QATAR 213 250 25 231 263 250 325 20 225 288

TURKEY 38 59 5 69 96 15-23 41 69

UNITED ARAB EMIRATES 178 203 169 213 273 347 235 273

Multi-storey typical of major cities in

country, apartments finished to a high

standard, all floors served by lifts

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Major shopping developments

incorporating retail space,

pedestrian areas and service areas , but

excluding car parks

Typical

number of

floors

Typical

number of

floors

High quality hotel in excess of 400

bedrooms, conference facilities,

extensive restaurant, lounge and foyer

areas, leisure facilities incl. indoor pool,

retail and service areas.

Costs exclude FF&E

Medium-sized hotel, conference facilities,

extensive restaurant, lounge and foyer

areas but no pool or other leisure

facilities

Costs exclude FF&E.

The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 6 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EXAMPLE BUILDING COSTS: NORTH AMERICA

OFFICES & INDUSTRIAL

CITY CENTRE HEATED OFFICESCITY CENTRE AIR CONDITIONED

OFFICES

FACTORIES, WAREHOUSES,

INDUSTRIALOUT OF TOWN BUSINESS PARK

COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF

low high low high low high low high

USA

LOS ANGELES N/A N/A 289 660 45 116 228 186 332

NEW YORK N/A N/A 373 719 109 241 191 282

SEATTLE N/A N/A 279 683 45 113 219 191 351

CARIBBEAN

CAYMAN ISLANDS N/A N/A 259 387 5 78 98 1 N/A N/A

MEXICO 58 63 32 63

Self-contained building of a size and

height typical of major cities in country;

building costs include for

accommodation to a good finish with

raised floors, carpet, suspended

ceilings, heating, lighting & power, but

excluding partitioning

Self-contained building of a size and

height typical of major cities in country;

building costs include for

accommodation to a good finish with

raised floors, carpet, suspended

ceilings, air-conditioning, lighting &

power, but excluding partitioning

Large, single storey unit of steel portal

frame and profiled aluminium cladding,

with an eaves height of at least 20ft, on

an out-of-town site, finished to a basic

shell with services and heating to the

office space (approx 5% of area)

Self-contained low-rise building in a

campus location. Costs include for high

quality cladding and accommodation to

a good finish with raised floors, carpet,

suspended ceilings, air-conditioning,

lighting and power, but excluding

partitioning

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 7 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EXAMPLE BUILDING COSTS: NORTH AMERICA

RESIDENTIAL, RETAIL & HOTELS

HIGH RISE APARTMENTS SHOPPING CENTREHIGH QUALITY CAPITAL CITY

HOTELPROVINCIAL / SUBURBAN HOTEL

COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF

low high low high low high low high

USA

LOS ANGELES 289 637 45 N/A N/A 279 546 40 181 364 8

NEW YORK 282 738 N/A N/A 346 692 209 373 8

SEATTLE 289 637 45 N/A N/A 260 501 40 196 369 8

CARIBBEAN

CAYMAN ISLANDS 176 305 5 142 259 2 259 323 5 162 255 2

MEXICO 71 99 40

Multi-storey typical of major cities in

country, apartments finished to a high

standard, all floors served by lifts

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Typical

number of

floors

Major shopping developments

incorporating retail space,

pedestrian areas and service areas, but

excluding car parks

Typical

number of

floors

Typical

number of

floors

High quality hotel in excess of 400

bedrooms, conference facilities,

extensive restaurant, lounge and foyer

areas, leisure facilities incl. indoor pool,

retail and service areas.

Costs exclude FF&E

Medium-sized hotel, conference

facilities, extensive restaurant, lounge

and foyer areas but no pool or other

leisure facilities.

Costs exclude FF&E

The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 8 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

BUILDING LABOR RATES

EUROPE

BASIC RATE TOTAL BILLING RATE

COUNTRYUNSKILLED

US $ / hour

SEMI-SKILLED

US $ / hour

SKILLED

US $ / hour

UNSKILLED

US $ / hour

SEMI-SKILLED

US $ / hour

SKILLED

US $ / hour

BELGIUM 37.17 39.65 42.13 48.33 51.54 54.77

BULGARIA 2.22 3.42 3.92 2.69 4.14 4.76

CROATIA 5.23 7.83 10.44 8.88 13.23 17.75

CYPRUS 9.74 11.15 13.72 16.95 18.37 20.12

CZECH REPUBLIC 6.34 9.75 19.52 12.69 17.08 34.14

FINLAND 13.61 17.77 21.56 23.14 30.21 36.68

FRANCE 15.14 18.37 20.37 27.25 32.17 37.89

GERMANY 13.29 18.62 21.40 22.31 31.94 37.17

GREECE 7.43 8.68 11.78 13.26 15.36 19.22

HUNGARY 3.61 7.00 13.36 7.42 14.36 17.92

IRELAND 18.37 20.98 23.04 33.38 38.12 41.90

ITALY 18.59 21.06 23.54 34.70 38.17 40.76

MONTENEGRO 4.33 5.58 7.43 6.51 8.37 11.15

NETHERLANDS 42.75 48.33 50.81

NORWAY 17.53 25.26 32.26 44.89 53.31 58.23

POLAND 6.23 6.87 10.81 9.16 10.15 16.37

ROMANIA 2.94 3.91 5.21 4.89 6.51 9.77

SLOVAKIA 6.93 12.85 20.00 9.38 16.32 23.67

SPAIN 25.10 25.10 25.65 28.50 29.12 32.34

SWEDEN 22.26 23.00 43.54 45.14

UNITED KINGDOM 12.23 12.62 16.26 15.71 17.08 21.00

NOTES:

The rates within this table are

representative of each country and

cannot be directly compared on a like-

for-like basis.

BASIC RATE: The basic amount paid

to a site operative, based upon figures

promulgated by the national wage

fixing body in the country. In many

cases employers may be paying

above or below the basic rate.

TOTAL BILLING RATE: The gross

hourly cost of employing the site

operative, based upon the standard

working week for the country,

including items such as insurances,

statutory contributions and taxes.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 9 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

BUILDING LABOR RATES

INTERNATIONAL (except Europe and North America)

BASIC RATE TOTAL BILLING RATE

COUNTRYUNSKILLED

US $ / hour

SEMI-SKILLED

US $ / hour

SKILLED

US $ / hour

UNSKILLED

US $ / hour

SEMI-SKILLED

US $ / hour

SKILLED

US $ / hour

ARGENTINA 2.32 2.51 2.73 4.80 5.21 5.67

CHINA 0.95 1.09 1.45 1.62 1.87 2.48

EGYPT 0.88 1.06 1.25 1.06 1.25 1.42

HONG KONG 8.22 14.04 9.62 16.18

INDIA 0.35 0.37 0.38 0.76 0.79 0.82

INDONESIA 0.70 0.79 0.91 0.98 1.13 1.28

ISRAEL 12.50 13.76 15.01 15.76 17.26 18.75

JAPAN 17.75 21.72 26.29 26.70 32.57 39.47

KENYA 0.94 1.25 1.56 1.25 1.56 1.79

OMAN 0.13 0.23 0.34 0.40 0.53 0.69

SOUTH AFRICA - Durban 9.33 14.16 25.48 13.07 19.84 35.64

SRI LANKA 0.53 0.69 0.84 0.63 0.84 1.00

STATE OF QATAR 1.88 2.01 2.42 2.29 2.56 2.69

TURKEY 4.48 4.92 5.52 5.52 6.56 7.46

UNITED ARAB EMIRATES 3.20 4.01 5.33

NOTES:

The rates within this table are

representative of each country and

cannot be directly compared on a like-

for-like basis.

BASIC RATE: The basic amount paid to

a site operative, based upon figures

promulgated by the national wage fixing

body in the country. In many cases

employers may be paying above or

below the basic rate.

TOTAL BILLING RATE: The gross

hourly cost of employing the site

operative, based upon the standard

working week for the country, including

items such as insurances, statutory

contributions and taxes. The all-in labor

rate for the Middle East includes for the

cost of importing labor and for food and

accommodation.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 10 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

BUILDING LABOR RATES

NORTH AMERICA

BASIC RATE TOTAL BILLING RATE

COUNTRYUNSKILLED

US $ / hour

SEMI-SKILLED

US $ / hour

SKILLED

US $ / hour

UNSKILLED

US $ / hour

SEMI-SKILLED

US $ / hour

SKILLED

US $ / hour

USA

LOS ANGELES 39.61 44.97 50.31 48.71 55.31 61.89

NEW YORK 50.98 62.74 71.56 73.52 87.23 107.82

SEATTLE 34.56 42.15 46.20 41.81 51.00 55.91

CARIBBEAN

CAYMAN ISLANDS 17.62 24.17 36.90 19.41 25.86 42.16

MEXICO 1.88 3.14 4.71

NOTES:

The rates within this survey are

representative of each country and

cannot be directly compared on a like-

for-like basis.

BASIC RATE: The basic amount paid to

a site operative, based upon figures

promulgated by the national wage fixing

body in the country. In many cases

employers may be paying above or

below the basic rate.

TOTAL BILLING RATE: The gross

hourly cost of employing the site

operative, based upon the standard

working week for the country, including

items such as Federal/State insurance

contributions, other statutory

contributions and taxes, importation of

labor.

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 11 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

BUILDING MATERIALS SUPPLY PRICES

EUROPE

COUNTRYSteel Rebar

High Yield

Structural

Steel

Ordinary

cement

Concrete

(20N/mm2)

Aggregate

all grades

Sand

(coarse)Plaster

Carcassing

timber

Common

bricks

Concrete

blocks (4")Glass (¼")

US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / 1000 US $ / sq yd US $ / sq yd

BELGIUM 1,141 2,494 135 74 16 10 256 102

BULGARIA 1,109 1,267 126 52 12 13 266 218 222 9 11

CROATIA 902 1,019 157 51 25 28 261 213 540 25

CYPRUS 885 1,369 81 58 15 15 148 512 347 10

CZECH REPUBLIC 1,342 1,610 137 93 25 34 147 299 21 21

FINLAND 1,328 2,286 156 72 16 16 493 310 643 12 45

FRANCE 805 1,053 229 123 69 75 396 393 545 16 47

GERMANY 1,094 3,178 186 106 22 19 198 324 620 23 21

GREECE 855 1,363 68 57 15 15 137 16

HUNGARY 999 2,253 112 66 25 13 187 198 263 14 31

IRELAND 1,178 1,388 203 74 26 41 349 294 937 9 63

ITALY 1,125 1,549 167 86 57 44 184 207 186 11 36

MONTENEGRO 173 109 28 868 10

NETHERLANDS 1,013 1,549 248 94 21 22 452 360 520 17 37

NORWAY 1,150 2,946 197 94 16 16 267 344 912 31 45

POLAND 670 997 138 66 26 15 295 255 394 21 20

ROMANIA 930 1,611 173 81 9 10 248 161 187 72 37

SLOVAKIA 1,592 2,939 162 101 65 72 510 249 298 15 58

SPAIN 1,424 2,404 147 80 21 21 87 177 167 14 43

SWEDEN 1,341 216 141 15 12 444 790 18

UNITED KINGDOM 1,072 1,336 157 99 47 56 367 365 352 15 28

Unless stated, all rates include for delivery to site & local discounts, but exclude VAT and local taxes

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 12 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

BUILDING MATERIALS SUPPLY PRICES

INTERNATIONAL (except Europe and North America)

COUNTRYSteel Rebar

High Yield

Structural

Steel

Ordinary

cement

Concrete

(20N/mm2)

Aggregate

all grades

Sand

(coarse)Plaster

Carcassing

timber

Common

bricks

Concrete

blocks (4")Glass (¼")

US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / 1000 US $ / sq yd US $ / sq yd

ARGENTINA 1,264 2,068 90 66 9 9 267 475 142 9 26

CHINA 759 1,160 48 35 7 10 122 227 81 2 4

EGYPT 709 3,903 79 47 19 4 151 13 62 6 37

HONG KONG 805 66 6 7 6 10

INDIA 855 982 109 56 19 16 79 60 25 12

INDONESIA 855 972 81 38 19 16 34 478 31 2 6

ISRAEL 1,250 2,501 106 47 15 15 7 21

JAPAN 1,167 1,726 100 94 22 26 461 411 761 12 16

KENYA 972 1,946 200 92 22 19 9 7 12

OMAN 116 493 22 13 1 1 56 1 2

SOUTH AFRICA - Durban 963 2,408 112 81 19 15 530 354 154 6 32

SRI LANKA 980 1,516 119 63 16 19 54 4 14

STATE OF QATAR 1,615 4,037 229 175 22 21 22 146

TURKEY 683 703 75 34 7 12 88 16 28

UNITED ARAB EMIRATES 561 2,668 107 85

Unless stated, all rates include for delivery to site & local discounts, but exclude VAT and local taxes

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 13 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

BUILDING MATERIALS SUPPLY PRICES

NORTH AMERICA

COUNTRYSteel Rebar

High Yield

Structural

Steel

Ordinary

cement

Concrete

(20N/mm2)

Aggregate

all grades

Sand

(coarse)Plaster

Carcassing

timber

Common

bricks

Concrete

blocks (4")Glass (¼")

US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / 1000 US $ / sq yd US $ / sq yd

USA

LOS ANGELES 1,103 1,166 162 97 16 18 220 154 446 24 70

NEW YORK 1,049 1,078 163 102 25 21 250 165 535 12 77

SEATTLE 1,132 1,232 162 92 15 16 220 154 441 22 70

CARIBBEAN

CAYMAN ISLANDS 1,623 7,173 253 230 48 48 308 15 52

MEXICO 837 1,131 126 101 10 10 467 25

Unless stated, all rates include for delivery to site & local discounts, but exclude VAT and local taxes

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 14 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EUROPE

COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

BELGIUM 1.1% 0.7% 1.9% 2.5% 3.1% 1.8% 1.2% 2.3% 2.9% 2.5%

BULGARIA 11.3% 4.8% 3.9% 5.6% 4.0% 6.5% 6.5% 12.5% 9.0% 5.5% 6.2%

CROATIA 22.2% 9.1% 9.0% 10.1% 9.2% 9.9% 2.1% 2.9% 6.7% 3.1% 4.0% 2.8% 1.3%

CYPRUS 1.2% 2.0% 2.1% 2.1% 2.3% 3.4% 5.5% 1.3% 2.3% 2.0%

CZECH REPUBLIC 0.3% 1.5% 1.3% -0.8% 2.4% 2.3% 1.7% 2.9% 6.5% 3.1% 4.0% 2.8% 4.1% 2.0% 3.2% 4.4%

FINLAND 0.9% 1.9% 1.8% 2.7% 2.4% 2.3% 1.4% 4.4% 0.2% 2.0% 1.9% 3.5% 2.7% 2.7% 8.3% 4.5% 5.1% 4.3%

FRANCE 4.0% 5.0% 2.2% 1.5% 2.4% 1.0% 0.7% 1.6% 1.4% 2.2% 2.2% 2.1% 1.5% -0.2% 4.4% 1.6% 1.9% 3.5%

GERMANY 1.2% 2.2% 1.7% 1.1% 1.1% 2.1% 2.1% 2.0% 1.8% 1.8%

GREECE 15.0% 27.0% 29.8% 23.0% 18.0% 14.5% 10.5% 9.5% 7.5% 6.0% 5.0% 7.0% 6.0% 6.0% 6.0%

HUNGARY 4.8% 3.6% 1.8% 2.6% 3.4% 3.1% 1.6% 5.6% 4.9% 4.6% 3.5% 3.5% 5.0% 2.5%

IRELAND -0.9% 10.6% 6.4% 3.8% 2.2% 3.1% 1.6% 5.6% 4.9% 4.6% 3.5% 3.5% 3.1% 4.4%

ITALY 2.6% 2.6% 1.7% 2.5% -6.5% 1.7% 0.8% 2.5% 1.6% 8.0% 5.2% 4.9% 2.0% -0.7% -0.7% 4.7% 1.3% 1.9%

NETHERLANDS 1.9% 1.9% 2.1% 2.5% 2.4% 2.2% 2.6% 2.7% 1.8% 2.5% 0.4% 1.2% 2.1% 2.0%

NORWAY 35.4% 32.2% 28.0% 19.5% 15.3% 10.6% -4.5% 2.0% 5.3% 2.6% 0.6% 0.9% 1.6% 2.0% 2.4% 2.4% 1.7%

POLAND 22.8% 60.2% 10.1% 9.0% 7.0% 25.0% 10.0% 7.0%

PORTUGAL 10.0% 8.9% 16.2% 0.0% 10.0% 6.0% 18.0% -3.4% 15.8% 16.7% 20.8% 7.0% -3.5%

ROMANIA 4.5% 5.1% 4.9% 3.1% 3.0% 2.9% 15.0% 10.0% 15.5% -6.3% -3.4% 15.8% 16.7% 20.8% 13.4% 10.0% 11.2%

SLOVAKIA 3.3% 10.8% 1.9% 3.8% 0.0% 1.0% -1.0% 3.0% 1.9% 11.0% 6.3% 5.1% 2.4% 2.4% 7.7% 2.9% 4.9% 3.3%

SPAIN 0.8% 0.8% 2.1% 2.0% 5.9% 7.4% 5.2% 3.3% 2.4% 3.9% 3.7% 3.6%

SWEDEN 3.0% 3.9% 3.7% 2.7% 7.0% 0.0% 9.0% 6.0% 14.2% 3.7% 3.6%

UNITED KINGDOM 1.6% 2.4% 3.5% 2.4% 3.1% 3.4% 1.5% 3.0% 1.8% 1.7% 2.9% 3.0% 2.3% 4.0% 4.3% 2.6% 0.7% 0.8%

INFLATION FORECASTS

RETAIL PRICE INFLATION %

Figures for 2009 to 2010 are forecasts

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 15 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

EUROPE

COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

BELGIUM 2.3% 4.0% 4.0% 4.0% 1.8% 5.3% 4.2% 11.2% 6.1% 7.4%

BULGARIA 11.7% 6.7% 7.7% 6.5% 7.0% 8.4% 6.7% 10.1% 3.6% 4.7% 3.4% 5.3% 2.4% 2.3% 8.0% 15.2% 9.0% 5.5%

CROATIA 17.9% 12.0% 18.3% 3.5% 10.7% 8.4% 2.1% 3.0% 2.0% 0.0% 2.2% 2.7% 2.2%

CYPRUS 1.6% 3.1% 3.7% 2.9% 7.0% 8.4% 6.0% 12.2% 10.9% 5.2% 10.6% 10.1% 6.1% 5.8%

CZECH REPUBLIC -4.4% 15.7% -0.4% -7.4% 9.1% 15.4% 2.1% 3.0% 2.0% 0.1% 2.0% 2.7% 4.1% 2.0% 9.8% 4.4%

FINLAND 2.9% 0.9% 1.8% 2.7% 9.1% 15.4% 9.2% 4.1% 0.2% 1.7% 1.5% -0.2% 2.1% 4.2% 11.2% 4.2% 3.7% 4.0%

FRANCE 8.2% 5.6% 2.4% 2.1% -2.5% 0.0% 2.5% 4.3% 5.6% 1.4% 2.4% 5.9% 2.4% 5.2% 6.4% 5.1% 3.4% 4.6%

GERMANY 0.6% 0.3% 0.3% -0.1% -0.1% 2.1% 1.0% 3.5% 6.1% 6.1%

GREECE 24.3% 30.2% 27.3% 14.0% 19.0% 11.5% 10.0% 9.5% 7.0% 5.0% 5.0% 6.0% 6.0% 6.0% 6.0%

HUNGARY 4.8% 3.6% 1.8% 2.6% 3.4% 3.3% 11.8% 12.6% 4.7% -5.0% -0.6% 5.3% 7.1% 8.1% 6.0% 0.0% 5.0%

IRELAND -0.9% 1.8% 2.0% 2.3% 1.0% 2.8% 11.8% 12.6% 4.7% -5.0% -0.6% 7.8% 3.8% 4.8% -4.3% -6.4% -6.0% -0.9%

ITALY 2.8% 0.9% 1.8% 1.8% 1.5% 3.3% 3.0% 3.0% 2.9% 3.8% 1.8% 4.5% 4.3% 1.6% 2.4% 3.1% 0.8% 0.8%

NETHERLANDS 0.7% 4.1% 3.0% 1.7% 2.0% 3.9% 3.2% 3.7% 6.5% 3.0% 1.3% 3.2% 0.6% 1.8% 6.3% 5.7%

NORWAY 25.0% 19.6% 21.9% 21.1% 14.1% 7.0% 2.7% 4.5% 4.0% 3.4% 2.1% 4.0% 2.9% 4.4% 4.8% 2.8% 1.1% 2.1%

POLAND 18.5% 42.6% 24.2% 39.9% 34.3% 18.6% 9.0% 7.0% 20.0% 12.0% 8.0%

PORTUGAL 20.0% 17.5% 10.0% 10.0% 12.0% 12.1% 3.0% 9.0% 6.0% 17.0% -3.4% 15.0% 16.9% 19.7% 7.1% -3.1% 2.1%

ROMANIA 5.5% 4.3% 3.3% 4.0% -20.2% 2.9% 15.0% 9.0% 15.6% -7.1% -3.4% 15.0% 16.9% 19.7% 7.1% -3.1% 2.1%

SLOVAKIA 3.3% 10.8% 1.9% 3.8% 1.0% 3.0% 1.0% 4.0% 2.9% 11.0% 2.7% 9.6% 3.2% 4.7% 6.7% 4.9% 2.6% 1.9%

SPAIN -2.0% -2.0% 0.0% 2.0% 5.9% 6.5% 6.1% 3.3% 2.4% 3.9% 3.7% 3.6%

SWEDEN 0.0% 3.0% 3.9% 2.8% 2.7% 4.4% 3.4% 6.6% 5.4% 11.7% 2.6% 3.2%

UNITED KINGDOM 1.7% 6.0% 3.5% 3.5% 5.0% 3.5% 2.5% 9.0% 2.8% 3.6% 2.6% 4.2% 4.0% 5.4% 5.1% 1.5% -3.5% -3.0%

INFLATION FORECASTS

BUILDING TENDER PRICE INFLATION %

Figures for 2009 to 2010 are forecasts

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 16 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

INTERNATIONAL (except Europe and North America)

COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

ARGENTINA 0.0% 5.0% 1.9% -0.9% 0.3% 0.7% -0.8% -0.2% -1.0% 38.8% 5.1% 7.7% 11.0% 11.1% 28.9% 26.5%

AUSTRALIA 2.4% 2.1% 4.7% 1.2% 0.8% 0.8% 2.0% 5.9% 3.7% 2.7% 2.6% 1.7% 3.3% 2.4% 2.4% 3.1%

BRAZIL

CHINA 1.8% -1.5% -1.3%

EGYPT 10.0% 9.9% 9.0% 8.0% 25.0% 10.0% 26.0% 30.0% 2.7%

HONG KONG 10.8% 9.8% 8.2% 7.0% 5.0% -1.9% -3.9% -2.0% -3.1% -3.2% -2.2% 0.0% 2.2%

INDIA 15.0% 3.1% 6.0% 7.5% 6.9% 3.9% 6.9% 8.5% 6.3% 19.0% 15.9% 4.5% 22.1%

INDONESIA 4.9% 5.0% 3.9% 3.4% 6.9% 74.4% 1.8% 5.9% 10.0% 6.8% 18.0% 15.0% 8.0% 9.8%

ISRAEL 11.2% 14.4% 8.1% 10.6% 7.0% 8.6% 1.3% 1.3% 0.1% 5.4% -1.9% 1.2% 2.3% -0.1% 3.4% 4.4% 2.0% 2.8%

JAPAN 0.6% -1.1% 0.8% -1.6% -0.6% -3.5% -2.7% -0.9% -1.9% -0.4% -4.4% 11.1% 10.0% 3.4% 3.3%

KENYA

LEBANON 3.0% 3.4% 2.7% 4.1% 4.4% 5.8% -0.5% -2.5% 2.5%

MALAYSIA 1.5%

NEW ZEALAND 2.2% 0.9% 2.9% 2.6% 0.0% 2.1% 2.4% 2.4%

OMAN 15.0% 17.4% 11.1% 16.7%

PHILIPPINES 5.3% 10.2% 5.7%

SAUDI ARABIA 0.8% 0.6% 5.0% 0.9% 2.0% 0.5% 1.5% 1.9% 1.9% 0.9% 2.8% 5.4% 1.7% 1.7%

SINGAPORE 2.3% -1.4% 0.9% 1.7%

SOUTH AFRICA 6.0% 4.0% 4.1%

SRI LANKA 29.9% 12.0% 24.1% 12.2% -1.3%

TAIWAN -5.9% -4.8% 2.0% -0.5% 5.0% 0.6% 0.6% -1.6% -1.1% -0.3%

THAILAND 7.0% 5.8% 2.3%

UNITED ARAB EMIRATES -4.3% 0.0% 4.5% 0.0% 4.3% 8.3% 0.0% -3.8% 0.0% 0.0%

RETAIL PRICE INFLATION %

INFLATION FORECASTS

Figures for 2009 to 2010 are forecasts

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 17 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

ARGENTINA 0.0% 2.2% 0.8% -5.0% 1.8% 0.1% 0.1% 1.8% 0.8% 69.3% 21.2% 25.0% 10.0% 23.6% 21.8% 18.4%

AUSTRALIA 2.8% 2.9% 2.1% 3.1% 5.9% 7.2% 3.0% 4.9% 2.8% 8.1% 5.0% 4.0% 3.1% 3.0% 3.6% 4.2%

BRAZIL 7.0% 12.1% 15.0% 15.9% 13.1% 6.1% 6.3% 4.4%

CHINA 0.0% -0.1% -1.5% -2.5% -2.1% -1.2% -0.2% 0.6% 0.0% 0.9% 0.1% 0.2% -4.9% 0.3% 7.5%

EGYPT 4.5% 6.1% 5.7% 5.4% 5.1% 4.9% 3.3% 10.0% 10.0% 9.1% 7.6% 25.4% 10.1% 26.0% 30.0% 2.5%

HONG KONG 5.3% 13.0% 12.4% 10.2% 19.0% -7.6% -4.5% -12.0% -8.0% -8.6% 2.7% 2.6% 2.6% 5.0% 11.9% 13.8%

INDIA 8.0% 11.2% 8.1% 4.5% 4.5% 5.8% 3.5% 9.0% 7.2% 6.8% 3.8% 6.7% 8.3% 6.2% 18.6% 15.7% 13.6% 11.9%

INDONESIA 4.7% 1.4% 2.1% 2.3% 10.0% 48.5% 13.8% 12.1%

ISRAEL 7.9% 11.6% 8.9% 8.1% 8.3% 5.8% 2.5% 2.0% 1.0% 1.6% 2.4% 4.9% 5.9% 3.5% 3.1% 3.3% 1.8% 3.3%

JAPAN -3.7% -4.9% -2.7% -1.3% 3.5% -2.2% -1.5% -1.4% -1.0% -1.4% 3.5% 1.9% -2.9% 2.0% 2.3%

KENYA 14.3% 25.0% 10.0% 3.1% 10.0% 13.6% 12.0% 7.1% 6.7% 3.1% 6.1% 2.9% 11.1%

LEBANON 3.3% 3.7% 2.9% 3.3% 4.8% 29.4% -4.5% 2.7% 2.5%

MALAYSIA 3.4% 3.0% 2.0% 0.9% 3.2% 0.4% 4.0% 1.6% -1.5% 3.8% 2.6% 9.1%

NEW ZEALAND 3.0% 2.1% 3.1% 0.6% 0.0% -0.4% 0.6% 0.9% 2.1% 1.6% 1.1% 10.0% 3.1% 5.8% 4.4% 5.2%

OMAN 25.0% 20.0% 16.7% 14.3% 12.0%

SINGAPORE -2.0% 0.0% 5.2% 8.9% -9.1% -7.0% -10.8% -1.2% 0.0% 2.4% 6.0% 3.4%

SOUTH AFRICA 8.3% 8.4% 6.8% 5.7% 6.2% 7.2% 4.1% 5.1% 6.1% 14.6% 2.5% 18.1% 14.3% 6.8% 7.7% 17.5% 17.5%

SRI LANKA 18.0% -5.1% 7.2% 5.0% 4.8% 0.0% 12.1% 32.4% 7.5% 19.2% 19.5%

TAIWAN 0.4% -0.9% 1.8% -1.8% 1.2% -0.3% 1.1% -1.0% -0.9% -0.4%

THAILAND 5.2% 17.8% 5.0% 0.8% 7.9% 5.9% -14.6% 7.3% 10.6% -3.4% 7.1% 7.3%

QATAR

TURKEY

INFLATION FORECASTS

BUILDING TENDER PRICE INFLATION %

Figures for 2009 to 2010 are forecasts

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 18 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

NORTH AMERICA

COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

USA 4.2% 2.7% 2.3% 2.1% 2.9% 4.5% 2.3% 2.6% 1.6% 2.2% 2.8% 3.5% 2.2% 3.6% 2.8%

LOS ANGELES 2.9% 0.6% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3%

NEW YORK 3.0% 1.0% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 5.6%

SEATTLE 2.9% 0.6% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 0.8%

MEXICO 4.0% 3.6% 4.0% 5.6%

INFLATION FORECASTS

RETAIL PRICE INFLATION %

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 19 January 2009

INTERNATIONAL CONSTRUCTION COST SURVEY

COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

USA

BOSTON 1.9% 1.8% 4.5% 2.6% 5.0% 5.6% 8.3% 7.0% -2.0% -7.6% 3.1% 11.0% 8.1% 11.7% 7.5% 5.6%

HAWAII 1.3% 2.1% 3.2% 5.2% 3.4% 3.1% 2.9% 3.1%

LAS VEGAS 3.3% 3.0% 1.9% 1.6% 2.4% 4.9% 2.8% 2.8%

LOS ANGELES 1.6% 3.0% 1.6% 1.2% 2.2% 5.1% 4.3% 3.0% 0.0% 2.9% 1.9% 6.5% 8.7% 13.6% 2.1% 2.8% 0.6% 2.0%

NEW YORK 2.4% 3.1% 2.8% 4.2% 6.6% 8.2% 7.0% -1.8% 2.0% 3.0% 11.0% 8.1% 11.5% 7.5% 6.9% 0.6% 4.5%

PHEONIX 2.9% 2.8% 2.7% 2.6% 2.6% 8.3% 3.1% 3.0%

PORTLAND 2.8% 2.8% 6.2% 0.0% 5.9% 7.9% 1.4% 2.8%

SAN FRANCISCO 2.9% 2.8% 2.7% 2.6% 2.6% 8.3% 4.7% 4.5% 1.2%

SEATTLE 2.8% 2.8% 3.6% 2.6% 5.9% 3.0% 3.7% 2.0% 1.0% 1.0% 4.8% 9.2% 6.7% 5.5% 3.0% 3.6% 0.0% 1.4%

MEXICO 6.8% 5.6% 5.6% 5.4% 5.1% 6.5% 10.5% 9.5% 8.6%

INFLATION FORECASTS

BUILDING TENDER PRICE INFLATION %

Figures for 2009 to 2010 are forecasts

To be read in conjunction with the KEY DATA section

Gardiner & Theobald LLP 20 January 2009