Sydney Melbourne Brisbane Canberra Perth Auckland Wellington London Kuala Lumpur

Outlook THROUGH ITS NETWORK OF INTERNATIONAL OFFICES, NDY OPERATES WITHIN A VARIETY OF MARKETS, EACH SUBJECT TO INDIVIDUAL ECONOMIC CYCLES. THE DIVERSITY OF THESE ECONOMIC INFLUENCES ON THE PRACTICE IS A KEY PART OF THE STRENGTH AND STABILITY OF THE GROUP. HERE, WE SHARE OUR VIEW OF THE OUTLOOK FOR EACH OF OUR OFFICES, TO PROVIDE A UNIQUE SNAPSHOT OF THE BUSINESS ENVIRONMENT IN WHICH THEY OPERATE. Where there may be an emphasis on the health sector in one particular region, factors such as a bullish residential market or sustained infrastructure investment may be influences in another. Couple such external forces with the enviable inventory of expertise contained in the key disciplines and specialisations offered by NDY, and an impressive snapshot of global activity begins to emerge. Sydney Looking ahead, there are a significant number of opportunities, particularly in the area of retail development. Whilst the environment for work in our area of business is, unfortunately, highly cost-focussed, we are confident of our ability to demonstrate that the benefits of our experience, capacity, commitment and enthusiasm outweigh the short-term attraction of alternative offerings from our competitors. Melbourne The significant amount of new development opportunity in Victoria has created a wave of construction activity. NDY is focused on securing niche project opportunities, evidenced by the recent success with the VCIP Prisons Project, a significant development which will underpin the office in 2004. Other key areas of activity include the Residential and Retail sectors. An ongoing focus is also the continual improvement of our project deliverables and our maintenance of the highest levels of customer service.To this end, developments such as our new 3D CAD technologies, and the automation of our project information management systems provide us with significant service advantage over our competitors. Brisbane Queensland will continue to provide NDY with ongoing challenging work over the next year. The wave of premium commercial projects will drive a programme of older commercial stock refurbishment to retain quality tenants and maintain acceptable returns for owners. NDY are specialists at both new build and refurbishment projects and will continue to exceed client expectations through the application of ESD principles to all buildings. Residential, retail and education market sectors will also continue to provide opportunities for the office in 2003/2004. Canberra Core disciplines in our Canberra office have been complemented with the addition of NDY Acoustics and Hydraulic services. Additional electrical engineering experience and administration staff have joined the team, and specialist support is provided from other NDY offices as required to sustain controlled growth in the current strong market conditions. A new focus in our specialist MPlus group will further strengthen the office’s tenancy fitout specialisation in the owned property and property management markets. Perth NDY Perth is looking forward to a strong performance in 2003/2004. Recently secured projects, including prestigious landmark developments, are relying heavily on NDY’s true multi-discipline service, a rarity in the Perth marketplace, and the recently introduced 3D CAD building services suite. NDY 3D CAD is enabling NDY Perth to enhance the quality, clarity and coordination of services documentation in both highly complex health projects and space driven, high density residential developments. These systems, combined with a focus on customer needs, will be at the centre of marketing and project activities during the coming year. Auckland Government funding of several new hospitals, and renewed interest from private developers in offices, shopping centres, and apartment buildings have fuelled the recent growth within the Auckland construction industry. Whilst building activity in Auckland appears now to be slowing, more enquires and opportunities are being identified in Wellington. NDY Auckland have documented the services for the proposed refurbishment for No.1 The Terrace, Wellington, and have several exciting opportunities for office and hospitality projects. Wellington The variety of workload which has been available to the Wellington team has allowed us to demonstrate multi-discipline abilities to clients, helping position NDY at the top end of the consulting market within the lower North Island. Numerous projects over the last period have provided the opportunity to work closely with the Auckland team which further strengthens NDY’s position in the New Zealand market as the consultant of choice. A significant force within the construction industry. London During our fifth year of operation in London, we will continue to provide our clients with the excellent level of service that is the hallmark of NDY, whilst pursuing our aim of continuous improvement. The coming year will be one of growth across all market sectors as we introduce more new clients to the breadth and depth of services that NDY has to offer. Public sector health and education work remains strong, as does the performance of the retail and residential sectors, and there is some early promise of recovery in the Central London commercial office market. Kuala Lumpur The focus for the next 12 months will be on markets supported by the various Government initiatives revealed in mid 2003, namely the residential, tourism and educational markets as well as the development expected from small and mediumsized enterprises. Delivery of the highest level of expertise and services will remain the top priority with the main focus on design quality through continual development and training of staff, together with the enhancement of IT systems.