Sydney Melbourne Brisbane Canberra Perth Auckland Wellington London Kuala Lumpur

Project Review 2003 NDY HAS DELIVERED EXPERTISE ACROSS HUNDREDS OF PROJECTS OVER THE PAST YEAR, EACH WITH ITS OWN CHALLENGES. FROM A HEIGHTENED LEVEL OF ACTIVITY IN THE INFRASTRUCTURE AND INDUSTRIAL SECTORS TO FURTHER DEVELOPMENT OF NDY ACOUSTICS – ONE OF 12 SPECIALISATIONS OFFERED BY THE FIRM – PROGRESS AND DELIVERY ON BEHALF OF OUR INTERNATIONAL CLIENTELE HAS RESULTED IN A REWARDING YEAR. Sydney The year to June 2003 was highly successful. The first half of the period was very busy as the office coped with simultaneous documentation for large projects. The Sydney office profile has been further enhanced by participation in projects such as 126 Phillip Street, World Square, Westpoint Shopping Centre and Qantas Domestic Terminal. However, the latter half of the year has not been quite as buoyant, reflecting a more cautious approach to building construction in Sydney. Sydney has been the instigator of NDY’s push into the Infrastructure and Industrial sector, an area identified as having a high volume of potential work, underpinned by Government initiatives in toll roads and railways. Melbourne The Victorian construction industry is at full speed with a host of major projects being built within the Melbourne CBD. The Melbourne office remains actively involved in the delivery of landmark residential projects such as Eureka Tower, Freshwater Place Residential Tower and QV1 Residential Tower, despite a development slowdown in this sector. A number of large commercial projects are also being undertaken, including BHP Billiton at QV, ISPT’s 50 Lonsdale Street Tower and the Ernst & Young building at the Herald & Weekly Times Redevelopment. Brisbane South East Queensland has seen a wave of intense construction activity, primarily focussed on a residential apartment boom, as well as larger projects with two Property Council of Australia Premium Grade office buildings and high profile Government funded projects with a focus on Sports, Arts and Justice underway. NDY Brisbane has been particularly successful over the past period with major roles in several high profile projects including Royal Brisbane Hospital, Lang Park (Suncorp Stadium) Redevelopment, Riparian Plaza and the Brisbane Magistrates Court. Canberra The NDY Canberra team has secured many new projects in the last six months including the Australian National University, Tidbinbilla Deep Space Tracking Station, Parliament House, the Australian Taxation Office and Tuggeranong Valley Rugby Union Club. Our success is attributable to a strong customer service focus, quality documentation and maintaining a high technical standard. Perth Whilst opportunities in the West Australian commercial market have continued to be limited, NDY’s Perth office has performed well in many other sectors including Hollywood Hospital redevelopment and additions, UWA Chemistry Building, Balneum Apartments, Freehills, QV1, and the Floreat Forum Shopping Centre. In addition, our MPlus division undertook significant engagements in the areas of asset management, and energy audit and SEDO funded works, reinforcing the increasing importance of life cycle and sustainability considerations to the building services profession. Well-credentialed bids presenting highly experienced engineers and supporting corporate experience have secured additional key projects crossing into 2004. These include Burswood Lakes, a major residential development by Mirvac Fini, Perth International Airport expansion works for the Westralia Airports Corporation, and Saint John of God Subiaco Hospital redevelopment. Auckland Building upon NDY’s reputation as a quality service provider in the construction industry, the Auckland office has expanded to include the development of NDY Acoustics and expertise in hydraulics. These new areas have assisted in identifying new marketing opportunities and allow diversification into closely aligned market sectors. Wellington The Wellington construction market has been gaining momentum over the last six months with good quality prospects on the horizon. The educational sector has provided several great opportunities, with NDY involved in numerous projects for the Victoria University of Wellington including redevelopment of its Rutherford House site and refurbishment of the west wing of the Wellington Railway Station. NDY has also recently completed the refurbishment of the SBS Laboratories and Easterfield Building at Victoria University’s Kelburn campus. London The last 12 months has been an exciting period for NDY in London, with the launch of several key initiatives. The MPlus maintenance and plant management service has been expanded across a larger range of projects as part of the continuing drive to ensure that NDY delivers an ‘end-to-end’ service to clients. NDY London’s success in winning recommendations to new clients is demonstrated by a growing workload in residential, retail and educational developments. Also appealing to clients is the broad experience of the NDY Health team in Hospital and Laboratory projects. Kuala Lumpur Following our creditable performance in the development of various Government buildings in the new administrative capital of Putrajaya, the KL office was awarded other projects in the same vicinity. This included the National Millennium Monument which was the showcase of this year’s Independence Day celebration on 31 August. Other highlights include the Malaysian Design Technology Centre which houses one of the largest design universities in Malaysia and the Hong Kong Bank Global Service Centre situated in the intelligent city of Cyberjaya.