2010 international construction cost survey

1. INTERNATIONAL CONSTRUCTION COST SURVEY
Values in US Dollars
June 2011

2. INTERNATIONAL CONSTRUCTION COST SURVEY
INTRODUCTION and CONTENTS
CONTENTS
page 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 - 20
INTRODUCTION
This report has been prepared by Gardiner & Theobald LLP using its worldwide network of offices and with the assistance of the
companies 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 Data
section and all notes in other sections are retained, otherwise data may be misused by readers.
© Gardiner Theobald LLP
June 2011

3. 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,
10 South Crescent, London WC1E 7BD [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
India
Ireland
Poland
Qatar
Romania
Slovakia
United Arab Emirates
USA
Other contributors:
RED Consulting & Management
aCMG Construction Managers
BCQS
G Roditis & Partners
Tocoman Laskentapalvelut Oy
PT TeamworX Indonesia
Kyowa Construction Cost Consultants
Società Progettazioni Integrali spa
Argentina
Belgium
Caribbean
Cyprus & Greece
Finland
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 DATA
Gardiner & Theobald LLP 1 June 2011

4. INTERNATIONAL CONSTRUCTION COST SURVEY
COUNTRY Local Currency
Exchange
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 0.7002 Brussels 21% 21% ARGENTINA Peso 4.0970 Buenos Aires 21% 21% 4
BULGARIA Leva 1.3696 Sofia 20% 20% AUSTRALIA Aus $ 0.9576 Melbourne/Sydney 10% 10%
CROATIA Kuna 5.1625 Zagreb 23% 23% BRAZIL Real 1.5954 São Paulo 17% 17%
CYPRUS Euro 0.7002 Nicosia 15% 15% CHINA Yuan 6.4772 Shanghai 17% NIL
CZECH REPUBLIC Koruna 17.0850 Prague 20% 20% 2 EGYPT Egyptian £ 5.9653 Alexandra 10% 2.9%
DENMARK Koruna 5.222 Copenhagen 25% 25% HONG KONG HK $ 7.7870 Hong Kong NIL NIL
FINLAND Euro 0.7002 Helsinki 23% 23% INDIA Indian Rupee 45.0350 New Delhi 13.5% 10.36% 5
FRANCE Euro 0.7002 Paris 19.6% 19.6% INDONESIA Rupiah 8623.0000 Jakarta 10% 10%
GERMANY Euro 0.7002 Berlin 19% 19% ISRAEL Shekel 3.4450 Tel Aviv 16.0% 16.0%
GREECE Euro 0.7002 Athens 23% 23% JAPAN Yen 80.8900 Tokyo 5% 5%
HUNGARY Forint 187.9740 Budapest 25% 25% KENYA Kenya Shilling 91.0000 Nairobi 16% 16%
ISRAEL Shekel #REF! Tel Aviv 21% 13½% LEBANON Lebanese £ 1512.5000 Beirut 10% 10%
ITALY Euro 0.7002 Milan 20% 20% MALAYSIA Ringgit 3.0575 Kuala Lumpur NIL NIL
MONTENEGRO Euro 0.7002 Tivat 17% 17% NEW ZEALAND NZ $ 1.2417 Auckland 12.5% 12.5%
NETHERLANDS Euro 0.7002 Amsterdam 19% 19% OMAN Rial Omani 0.3850
NORWAY Nor.Krone 5.4692 Oslo 25% 25% PHILIPPINES Peso 43.5950 Manila 10% 10%
POLAND Zloty 2.7971 Warsaw 22% 22% 1 SAUDI ARABIA Riyal 3.7501 Riyadh NIL NIL
PORTUGAL Euro 0.7002 Lisbon 21% 21% SINGAPORE S$ 1.2424 Singapore 5% 5%
ROMANIA Leu 2.9556 Bucharest 24% 24% SOUTH AFRICA Rand 6.8716 Various Cities 14% 14%
SLOVAKIA Koruna 0.7002 Bratislava 19% 19% SRI LANKA Rupee 109.6500 Colombo 12% 12%
SPAIN Euro 0.7002 Barcelona 18% 18% STATE OF QATAR Riyal 3.6414 Doha NIL NIL
SWEDEN Krona 6.4430 Stockholm 25% 25% TURKEY New Lira 1.6384 Ankara 18% 18%
SWITZERLAND Swiss Franc 0.8342 Zurich 7.6% 7.6% UNITED ARAB EMIRATES Dirham 3.6730 Dubai N/A N/A
UNITED KINGDOM £ Sterling 0.6249 London 20.0% 20.0% 3 VIETNAM Dong 7.9900 Hanoi 10% 10%
CAYMAN ISLANDS CI $ 0.8200 George Town NIL NIL
BRITISH VIRGIN ISLANDS US $ 1.0000 Tortola NIL NIL USA US $ 1.0000 Various Cities Varies Varies
BARBADOS Barb $ 2.0000 Christ Church 15% 15% MEXICO Peso 11.8981 Mexico City 15% 15%
1 7% on Residential
Exchange rates current at 27 June 2011 as published in the Financial Times 2 5% on Residential
3 Except housing at 10.5%
4 Varies state to state
KEY DATA - EXCHANGE RATES
KEY DATA
Gardiner & Theobald LLP 2 June 2011

5. INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: EUROPE
OFFICES & INDUSTRIAL
CITY CENTRE HEATED OFFICES
CITY CENTRE AIR CONDITIONED
OFFICES
FACTORIES, WAREHOUSES,
INDUSTRIAL
OUT OF TOWN BUSINESS PARK
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
BELGIUM - - - - - - - - - - - -
BULGARIA 110 110 6 146 146 6 56 77 1 125 139 7
CROATIA 90 133 8 105 153 20 50 69 1 85 106 1
CYPRUS N/A N/A - 159 265 - 119 199 - 133 212 -
CZECH REPUBLIC 90 131 6 101 152 6 54 95 1 98 147 6
DENMARK 246 308 5 256 320 5 232 290 4 234 293 2
FINLAND 186 238 5 204 258 5 113 142 1 180 225 5
FRANCE 245 332 - 312 438 - 84 139 - 179 245 -
GERMANY 168 237 5 217 302 5 73 145 1 159 226 4
GREECE N/A N/A - 159 318 - 93 179 - 159 239 -
HUNGARY N/A N/A - 99 146 7 61 75 1 89 109 -
IRELAND 159 212 5 212 279 5 92 133 1 86 119 2
ITALY 174 219 - 208 345 - 96 230 - 279 411 -
MONTENEGRO - - - - - - - - - - - -
NETHERLANDS 113 153 - 119 177 - 113 125 - 106 116 -
NORWAY 231 357 - 248 408 - 119 262 - 217 340 -
POLAND 96 151 - 111 158 - 60 83 - N/A N/A -
PORTUGAL - - - - - - - - - - - -
ROMANIA 92 122 5 111 142 15 53 57 1 88 108 4
SLOVAKIA 89 122 6 100 143 10 53 89 1 89 119 5
SPAIN N/A N/A - 163 259 10 83 149 - 143 232 -
SWEDEN 252 296 3 260 310 3 137 144 1 209 296 1
SWITZERLAND 230 286 5 298 365 5 100 175 1 218 274 4
UNITED KINGDOM 134 208 7 178 327 12 37 74 1 112 149 3
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 June 2011

6. INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: EUROPE
RESIDENTIAL, RETAIL & HOTELS
HIGH RISE APARTMENTS SHOPPING CENTRE
HIGH QUALITY CAPITAL CITY
HOTEL
PROVINCIAL / SUBURBAN HOTEL
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
BELGIUM - - - - - - - - - - - -
BULGARIA 122 122 7 67 81 4 119 165 10 49 59 4
CROATIA 86 146 8 82 106 3 133 199 7 106 199 4
CYPRUS 133 199 - 119 199 - 239 305 - 119 172 -
CZECH REPUBLIC 84 147 10 82 136 2 131 245 8 103 179 3
DENMARK 315 394 10 245 306 2 292 275 10 254 317 3
FINLAND 217 271 5 194 234 3 259 299 7 191 255 5
FRANCE 206 305 - 84 299 - 663 1,008 - 192 292 -
GERMANY 110 166 6 128 200 2 219 365 6 158 236 4
GREECE 146 239 - 133 265 - 265 398 - 172 265 -
HUNGARY 79 131 8 91 121 3 187 336 5 96 148 4
IRELAND 119 199 7 232 345 4 239 372 6 206 312 4
ITALY 210 369 - 292 458 - 296 438 - 191 305 -
MONTENEGRO - - - - - - - - - - - -
NETHERLANDS 232 265 - 133 153 - 192 212 - 166 186 -
NORWAY 280 408 - 149 221 - 374 510 - 297 391 -
POLAND 98 151 - 86 144 - 148 191 - 116 154 -
PORTUGAL - - - - - - - - - - - -
ROMANIA 66 81 10 78 115 2 169 250 7 108 135 4
SLOVAKIA 96 133 12 83 119 2 126 230 7 93 146 5
SPAIN 172 299 - 135 285 - 239 338 - 163 299 -
SWEDEN 177 184 3 260 317 3 324 389 3 281 346 3
SWITZERLAND 150 200 6 176 242 2 299 441 6 216 285 4
UNITED KINGDOM 156 275 - 141 193 - 216 297 8 149 223 4
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 June 2011

7. INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: INTERNATIONAL (except Europe and North America)
OFFICES & INDUSTRIAL
CITY CENTRE HEATED OFFICES
CITY CENTRE AIR CONDITIONED
OFFICES
FACTORIES, WAREHOUSES,
INDUSTRIAL
OUT 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 - 36 78 1 N/A N/A -
AUSTRALIA - Melbourne N/A N/A - - - - - - - - - -
AUSTRALIA - Sydney N/A N/A - - - - - - - - - -
BRAZIL N/A N/A - 72 163 10 61 79 1 70 163 3
CHINA N/A N/A - 88 131 35 46 79 1 N/A N/A -
EGYPT N/A N/A - 86 113 - 101 117 - 81 109 -
HONK KONG N/A N/A - 171 234 - 100 150 - N/A N/A -
INDIA N/A N/A - 72 103 10 41 62 2 72 113 5
INDONESIA N/A N/A - 65 92 - 52 58 - 52 58 -
ISRAEL N/A N/A - 102 120 16 36 43 1 97 119 10
JAPAN N/A N/A - 286 378 15 108 207 1 N/A N/A 10
KENYA N/A N/A - 31 40 7 27 29 1 34 38 2
LEBANON 91 115 14 91 115 14 62 75 1 82 104 4
MALAYSIA N/A N/A - - - - - - - N/A N/A -
NEW ZEALAND N/A N/A - - - - - - - - - -
PHILIPPINES N/A N/A - - - - - - - - - -
SAUDI ARABIA N/A N/A - - - 25 - - 1 - - 3
SINGAPORE N/A N/A - - - 10 - - 1 N/A N/A 2
SOUTH AFRICA - Durban N/A N/A - 81 123 - 36 71 - N/A N/A -
SOUTH AFRICA - Johannesburg N/A N/A - - - - - - - N/A N/A -
SRI LANKA 29 31 8 37 42 8 25 28 1 28 35 2
STATE OF QATAR N/A N/A - 153 179 30 96 108 - 166 191 -
TURKEY N/A N/A 10 85 122 15 37 73 3 67 79 5
UAE N/A N/A - 96 132 20 71 104 - 91 126 -
UKRAINE N/A N/A 7 92 110 10 49 64 1 80 84
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 June 2011

8. INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: INTERNATIONAL (except Europe and North America)
RESIDENTIAL, RETAIL & HOTELS
HIGH RISE APARTMENTS SHOPPING CENTRE
HIGH QUALITY CAPITAL CITY
HOTEL
PROVINCIAL / SUBURBAN HOTEL
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
ARGENTINA 54 94 15 N/A N/A - 99 112 10 68 81 4
AUSTRALIA - Melbourne - - - - - - - - - - - -
AUSTRALIA - Sydney - - - - - - - - - - - -
BRAZIL 58 134 15 105 116 3 105 140 20 76 105 15
CHINA 49 67 25 99 151 7 149 191 25 109 137 15
EGYPT 50 62 - 65 86 - 117 171 - N/A N/A -
HONK KONG 147 197 - 234 278 - 265 321 - N/A N/A -
INDIA 72 113 80 62 93 10 72 93 15 52 72 -
INDONESIA 70 81 - 52 58 - 86 105 - 75 94 -
ISRAEL 100 107 19 109 117 2 154 202 15 127 142 4
JAPAN N/A N/A 20 107 234 5 434 575 20 323 523 10
KENYA 27 36 5 34 38 - 46 54 7 36 47 4
LEBANON 100 129 25 89 100 4 192 230 18 139 174 4
MALAYSIA - - - - - - - - - - - -
NEW ZEALAND - - - - - - - - - - - -
PHILIPPINES - - - - - - - - - - - -
SAUDI ARABIA - - 25 - - - - - - - - -
SINGAPORE - - 6 - - 2 - - 6 - - 2
SOUTH AFRICA - Durban 101 142 - 64 101 - 122 169 - 101 128 -
SOUTH AFRICA - Johannesburg - - - - - - - - - - - -
SRI LANKA 33 40 10 30 34 3 33 35 14 28 36 2
STATE OF QATAR 172 198 25 166 191 - 217 255 20 204 223 -
TURKEY 31 49 20 40 61 10 79 110 10 55 85 5
UAE 137 182 - 121 172 - 228 304 - 202 253 -
UKRAINE 47 55 20 110 134 2 154 172 8 87 104 5
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 June 2011

9. INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: NORTH AMERICA
OFFICES & INDUSTRIAL
CITY CENTRE HEATED OFFICES
CITY CENTRE AIR CONDITIONED
OFFICES
FACTORIES, WAREHOUSES,
INDUSTRIAL
OUT OF TOWN BUSINESS PARK
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
USA
BOSTON - - - - - - - - - - - -
DENVER - - - - - - - - - - - -
FORT LAUDADALE - - - - - - - - - - - -
HAWAII - - - - - - - - - - - -
LAS VAGAS - - - - - - - - - - - -
LOS ANGELES 230 488 15 274 534 15 102 177 1 153 348 1
NEW YORK N/A N/A - 279 650 45 93 214 - 139 279 -
PHOENIX - - - - - - - - - - - -
PORTLAND - - - - - - - - - - - -
SAN FRANCISCO - - - - - - - - - - - -
SEATTLE N/A N/A - 255 715 45 105 230 - 165 350 -
WASHINGTON N/A N/A - 214 511 45 79 167 - 111 260 -
CANADA - - - - - - - - - - - -
CANADA - - - 141 235 7 47 56 1 93 121 -
CARIBBEAN
CAYMAN ISLANDS N/A N/A - 252 375 6 76 95 1 N/A N/A -
BRITISH VIRGIN IS N/A N/A - - - 4 - - 1 N/A N/A -
BARBADOS N/A N/A - 163 232 2 60 116 2 116 186 4
CENTRAL AMERICA
MEXICO - - - - - - - - - - - -
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 June 2011

10. INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: NORTH AMERICA
RESIDENTIAL, RETAIL & HOTELS
HIGH RISE APARTMENTS SHOPPING CENTRE
HIGH QUALITY CAPITAL CITY
HOTEL
PROVINCIAL / SUBURBAN HOTEL
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
USA
BOSTON - - - - - - - - - - - -
DENVER - - - - - - - - - - - -
FORT LAUDADALE - - - - - - - - - - - -
HAWAII - - - - - - - - - - - -
LAS VAGAS - - - - - - - - - - - -
LOS ANGELES 200 502 25 130 302 1 251 548 25 186 399 8
NEW YORK 223 632 45 N/A N/A - 269 595 40 177 353 8
PHOENIX - - - - - - - - - - - -
PORTLAND - - - - - - - - - - - -
SAN FRANCISCO - - - - - - - - - - - -
SEATTLE 250 675 45 125 335 - 235 510 40 160 380 8
WASHINGTON 204 502 45 N/A N/A - 204 474 40 149 307 8
CANADA
CANADA 132 179 - 177 214 - - - - - - -
CARIBBEAN
CAYMAN ISLANDS 171 295 5 137 252 2 252 314 5 157 247 2
BRITISH VIRGIN IS - - 3 N/A N/A - - - 3 - - 2
BARBADOS 163 255 4 139 232 3 186 279 4 139 209 4
CENTRAL AMERICA
MEXICO - - - - - - - - - - - -
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 June 2011

11. INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING MATERIALS SUPPLY PRICES
EUROPE
COUNTRY
Steel 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
BULGARIA 599 813 95 59 12 23 380 212 234 12 7
CROATIA 1,255 118 70 22 36 197 573 8 19
CYPRUS 586 1,143 97 74 17 17 171 590 686 14 14
CZECH REPUBLIC 1,171 1,756 140 107 20 29 164 322 439 24 25
DENMARK 1,857 3,000 232 202 29 23 883 742 21 120
FINLAND 1,047 2,077 181 81 17 17 547 389 781 17 54
FRANCE 271 83 89 471 466 24 56
GERMANY - Berlin 1,803 2,378 288 68 26 29 212 349 632 27 21
GREECE 571 1,071 79 66 17 17 157 437 114 18
HUNGARY 819 1,814 128 76 16 16 214 228 303 24 35
IRELAND 653 818 190 72 21 24 201 265 621 6 49
ITALY 1,071 1,785 194 109 26 31 217 218 214 15 25
MONTENEGRO
NETHERLANDS 1,214 2,428 314 85 9 9 471 409 500 24 18
NORWAY 1,463 3,108 256 123 21 21 338 447 1,188 40 69
POLAND 769 876 147 68 26 12 254 219 393 20 25
PORTUGAL
ROMANIA 1,208 2,146 140 65 17 15 204 108 458 39 34
SLOVAKIA 1,135 1,225 154 83 14 17 180 229 443 29 24
SPAIN 1,285 2,571 171 93 23 24 101 207 197 16 51
SWEDEN 1,707 287 190 19 14 598 1,151 807 25
SWITZERLAND 2,468 3,256 394 93 36 40 290 477 865 31 29
UNITED KINGDOM 960 1,120 144 98 16 16 320 367 320 47 20
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 9 June 2011

12. INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING MATERIALS SUPPLY PRICES
INTERNATIONAL (except Europe and North America)
COUNTRY
Steel 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 4,668 385 271 37 68 901 1,438 501 54 116
AUSTRALIA - Melbourne
AUSTRALIA - Sydney
BRAZIL 3,134 6,268 191 101 52 93 197 112 846 7 65
CHINA 627 1,000 52 42 10 12 243 85 3 4
EGYPT 754 2,850 75 45 75 13 11
HONK KONG 662 77 6 10 6 13
INDIA 822 844 122 76 16 24 222 713 100 4 7
INDONESIA 986 1,218 128 56 23 23 52 665 43 4 9
ISRAEL 856 2,845 190 61 20 21 213 6 28
JAPAN 742 1,236 125 118 29 32 562 501 977 14 18
KENYA 936 1,648 158 76 18 15 79 385 7 11
LEBANON 695 1,141 85 62 20 20 531 12 10 12
MALAYSIA
NEW ZEALAND
OMAN
PHILIPPINES N/A
SAUDI ARABIA
SINGAPORE
SOUTH AFRICA - Durban 910 2,765 175 111 29 23 611 501 269 10 48
SOUTH AFRICA - Johannesburg
SRI LANKA 892 1,532 118 64 18 19 4 14
STATE OF QATAR 687 2,746 110 63 21 19 20 138
TURKEY 528 354 79 33 9 10 73 122 15 18
UAE 517 2,042 79 44 17 33 76 176 10
UKRAINE 1,001 1,064 81 57 9 7 83 59 313 8 8
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 10 June 2011

13. INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING MATERIALS SUPPLY PRICES
NORTH AMERICA
COUNTRY
Steel 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
BOSTON
DENVER
FORT LAUDADALE
HAWAII
LAS VAGAS
LOS ANGELES 1,140 1,030 110 111 11 12 143 149 420 18 71
NEW YORK 1,120 1,125 150 103 20 18 510 18 79
PHOENIX
PORTLAND
SAN FRANCISCO
SEATTLE 948 937 101 99 12 11 138 136 425 19 67
WASHINGTON 1,100 1,020 105 99 14 12 145 440 20 67
CANADA
CANADA 1,013 1,140 137 85 18 16 162 139 466 8 72
CARIBBEAN
CAYMAN ISLANDS 893 4,939 190 193 42 45 261 11 51
BRITISH VIRGIN IS
BARBADOS 1,375 3,000 200 138 10 15 13 63
CENTRAL AMERICA
MEXICO
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 11 June 2011

14. LNKED
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING LABOR RATES
EUROPE
BASIC RATE TOTAL BILLING RATE
COUNTRY
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
BELGIUM - - - - - -
BULGARIA 2.34 - 3.14 3.25 - 4.37
CROATIA 3.92 5.95 7.83 6.64 10.11 13.32
CYPRUS 11.28 12.28 13.57 20.11 21.42 23.85
CZECH REPUBLIC 7.32 17.56 30.73 14.63 29.27 49.75
FINLAND 16.00 20.88 25.85 27.15 35.42 43.86
FRANCE 17.89 21.69 24.06 32.35 38.19 44.97
GERMANY - Berlin 15.57 23.14 26.58 26.08 39.66 46.13
GREECE 9.28 10.71 13.57 15.71 17.85 22.85
HUNGARY 4.31 8.67 16.49 7.45 15.43 18.41
IRELAND 21.25 24.18 26.56 38.47 43.94 48.29
ITALY 22.49 25.49 28.56 41.99 46.27 49.56
MONTENEGRO - - - - - -
NETHERLANDS 42.69 49.83 56.97 47.13 54.27 61.41
NORWAY 23.77 34.19 43.88 59.61 70.76 77.34
POLAND 6.08 6.44 10.73 8.94 9.30 16.09
PORTUGAL - - - - - -
ROMANIA 2.23 3.59 5.50 3.38 5.50 7.44
SLOVAKIA 9.83 14.77 20.11 14.17 19.68 28.89
SPAIN 31.42 31.42 32.85 35.70 37.13 41.42
SWEDEN 29.64 - 30.89 58.20 - 60.53
UNITED KINGDOM 12.61 14.61 16.99 16.13 18.69 22.68
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 12 June 2011

15. INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING LABOR RATES
INTERNATIONAL (except Europe and North America)
BASIC RATE TOTAL BILLING RATE
COUNTRY
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
ARGENTINA 11.43 12.43 13.50 24.02 26.12 28.36
AUSTRALIA - Melbourne - - - - - -
AUSTRALIA - Sydney - - - - - -
BRAZIL 2.43 3.01 5.13 6.69 8.30 14.13
CHINA 1.19 1.44 1.70 2.04 2.45 2.92
EGYPT 1.17 1.68 2.85 - - -
HONK KONG 9.25 - 14.77 10.66 - 17.08
INDIA 0.42 0.56 0.69 0.56 0.69 0.83
INDONESIA 1.10 1.22 1.39 1.54 1.71 1.97
ISRAEL 13.64 - 15.97 17.42 - 20.90
JAPAN 21.39 25.96 29.67 32.14 39.19 45.25
KENYA - - - 0.48 0.76 1.10
LEBANON 1.61 2.79 4.34 1.77 3.07 4.77
MALAYSIA - - - - - -
NEW ZEALAND - - - - - -
OMAN - - - - - -
PHILIPPINES - - - - - -
SAUDI ARABIA - - - - - -
SINGAPORE - - - - - -
SOUTH AFRICA - Durban 12.62 19.15 34.47 15.40 23.36 42.05
SOUTH AFRICA - Johannesburg - - - - - -
SRI LANKA 0.71 0.83 0.95 0.85 1.00 1.14
STATE OF QATAR 1.92 2.06 2.47 2.33 2.61 2.75
TURKEY 4.58 5.19 5.49 6.10 6.71 7.63
UAE 1.09 1.36 2.18 2.18 2.72 4.36
UKRAINE 0.67 0.89 2.23 0.92 1.23 3.08
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 13 June 2011

16. INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING LABOR RATES
NORTH AMERICA
BASIC RATE TOTAL BILLING RATE
COUNTRY
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
USA
BOSTON - - - - - -
DENVER - - - - - -
HAWAII - - - - - -
LAS VAGAS - - - - - -
LOS ANGELES 34.00 42.00 53.00 54.00 68.00 85.00
NEW YORK 53.00 65.00 74.00 76.00 90.00 112.00
PHOENIX - - - - - -
PORTLAND - - - - - -
SAN FRANCISCO - - - - - -
SEATTLE 36.40 44.84 51.39 42.22 51.57 59.10
WASHINGTON 35.00 43.00 47.00 44.00 53.00 60.00
CANADA
CANADA 28.38 35.47 44.59 39.53 49.66 60.81
CARIBBEAN
CAYMAN ISLANDS 21.93 30.07 45.91 24.15 32.17 52.46
BRITISH VIRGIN IS - - - - - -
BARBADOS 4.25 5.25 7.75 4.75 5.75 8.50
CENTRAL AMERICA
MEXICO - - - - - -
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 14 June 2011

17. INTERNATIONAL CONSTRUCTION COST SURVEY
EUROPE
COUNTRY
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
BELGIUM - - - - 1.1% 0.7% 1.9% 2.5% 3.1% 1.8% 1.2% 2.3% 2.9% 2.5% - - - - - - -
BULGARIA - - - - - - 6.6% 8.4% 6.5% 1.8% 5.3% 3.8% 7.1% 35.1% 28.5% 25.4%- 5.0%- 3.0%- - 5.0%
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% 3.2% 2.9% 6.4% 0.8%- - - - -
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% 2.5% 2.8% 6.3% 1.0% 2.0% - - -
DENMARK - - - - - - - 2.8% 2.3% 2.3% 2.0% 1.2% 1.7% 1.9% 1.7% 3.3% 1.6% 2.5% 0.4% 0.4% 0.2%
FINLAND 0.9% 1.9% 1.8% 2.7% 2.4% 2.3% 1.4% 4.4% 4.4% 0.2% 2.0% 1.9% 3.5% 2.7% 2.7% 8.3% 2.8% 2.1% 1.6% 2.9% 2.1%
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% 1.0% 1.8% 1.8% 1.6% 1.5% -
GERMANY - Berlin - - - - - - 1.2% 2.2% 1.8% 1.4% 1.0% 1.8% 1.9% 1.8% 2.3% 2.8% 0.9% 0.6% - - -
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% 6.5% 7.4% 3.5% 5.6% 3.9% - - -
IRELAND 0.9%- 10.6% 6.4% 3.8% 2.2% 3.1% 1.6% 5.9% 6.5% 5.0% 1.9% 2.7% 2.4% 4.9% 4.7% 1.1% 5.0%- 2.7% 0.4%- - -
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% 3.1%- 1.9% 1.9% 1.3%
MONTENEGRO - - - - - - - - - - - - - - - - - - - - -
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 - - - - - 2.2% 2.6% 2.9% 4.4% 2.6% 0.6% 0.9% 1.6% 2.0% 2.4% 1.8% 1.6% 1.4% 1.6% 1.2% 1.2%
POLAND - - - 22.8% 60.2% - 10.1% - - - - 9.0% 7.0% 25.0% 10.0% 7.0% - - - - -
PORTUGAL - - - 10.0% 8.9% 16.2% - 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% 14.5% 6.3%- 3.4%- 15.8% 16.7% 20.8% 7.0% 2.5%- 3.6%- 0.5% 11.2% 8.6% -
SLOVAKIA 3.3% 10.8% 1.9% 3.8% - 1.0% 1.0%- 3.0% 1.9% 15.9% 5.4% 4.2% 1.9% 1.9% 5.8% 2.1% 1.0% 1.0% 1.0% 1.7% 1.7%
SPAIN - - - 0.8% 0.8% 2.1% 2.0% 7.0% 7.5% 5.2% 3.3% 2.4% 3.9% 3.8% 3.6% 1.4% 0.7% 2.1% - - -
SWEDEN - - - - - - - 3.0% 3.9% 3.7% 2.7% 7.0% - 9.0% 6.0% 5.0% 2.0% 7.3% 7.4% 6.3% 2.7%
SWITZERLAND - - - - - - - - 0.8% 0.6% 1.0% 0.1% 1.4% 3.7% 3.6% 3.6% 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% 4.4% 4.0% 90.0% 2.4% 4.0% 4.0% 5.0% 5.0%
-
INFLATION FORECASTS
RETAIL PRICE INFLATION %
Figures for 2011 to 2013 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 15 June 2011

18. INTERNATIONAL CONSTRUCTION COST SURVEY
EUROPE
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
BELGIUM - - - - - - 2.3% 4.0% 4.0% 4.0% 1.8% 5.3% 4.2% 11.2% 6.1% 8.8% 7.0%- - - - -
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% 35.1% 28.5% 25.4%- 5.0%- 3.0%- - 5.0%
CROATIA 17.9% 12.0% 18.3% 3.5% 10.7% 8.4% 2.1% 3.0% 2.0% - 2.2% 2.7% 2.2% 3.0% 5.0% 6.5% 15.0%- - - - -
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% 4.8% 4.1% 4.0% 2.7% 2.2% 2.8% 1.9% 2.9% 4.1% 4.5% 15.0%- 10.0%- - - -
DENMARK - - - - - - - 4.4% 1.8% 2.2% 1.8% 2.7% 1.8% 5.4% 5.2% 1.8% 0.8%- 0.9% 0.4% 0.4% 0.2%
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% - 1.3%- 1.7% 1.5% 3.5% 2.2%
FRANCE 8.2% 5.6% 2.4% 2.1% 2.5%- - 2.5% 3.4% 2.6% 3.5% 3.1% 6.2% 2.6% 5.3% 4.6% 4.0% 0.8% 3.1% 2.9% 5.1% -
GERMANY - Berlin - - - - - - 0.6% 0.3% 0.4%- 0.1% 0.1% 1.8% 0.5% 3.3% 5.9% 2.7% 0.3% 1.2% - - -
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% 2.2% 4.5%- 5.0%- 1.0% 7.0% 4.0%
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%- 10.4%- 17.1%- 8.4%- 1.2%- 4.2% 0.6%
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% 4.6%- 1.6% 1.6% 1.6% 0.8%
MONTENEGRO - - - - - - - - - - - - - - - - - - - - -
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% 6.0% 7.2% 4.0% 2.4%- 1.4% 2.1% 1.3% 1.2%
NORWAY - - - - - 3.9% 2.7% 4.5% 4.0% 3.4% 2.1% 4.0% 2.9% 4.4% 4.8% 3.3% 0.5% 2.4% 1.4% 1.7% 0.9%
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% 13.0% - - -
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% 2.6%- 4.7%- 2.2% 10.3% 8.3% 100.0%-
SLOVAKIA 3.3% 10.8% 1.9% 3.8% 1.0% 3.0% 1.0% 4.0% 2.9% 17.9% 2.3% 8.0% 2.5% 3.5% 4.9% 3.4% 11.1%- 9.0%- - 3.3% 4.0%
SPAIN - - - 2.0%- 2.0%- - 2.0% 7.0% 6.5% 6.1% 3.3% 2.4% 3.9% 3.8% 3.6% 1.4% 0.7% 2.1% - - -
SWEDEN - - - - - - - 3.0% 3.9% 2.8% 2.7% 4.4% 3.4% 6.6% 5.4% 4.4% 2.1% 6.2% 5.8% 6.1% 3.4%
SWITZERLAND - - - - - - 3.3% 4.5% 0.7% 0.4%- 2.1%- 1.6% 1.1% 3.3% 4.2% 3.9% 1.1%- - - - -
UNITED KINGDOM 1.7% 6.0% 3.5% 3.5% 5.0% 3.5% 2.5% 4.0% 3.8% 3.7% 4.5% 3.4% 5.8% 5.5% 5.9% 5.6% 8.6%- 4.3%- - - -
INFLATION FORECASTS
BUILDING TENDER PRICE INFLATION %
Figures for 2011 to 2013 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 16 June 2011

19. 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 2011 2012 2013
ARGENTINA - 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% 29.8% 28.9% 26.8% - - -
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% 1.3%- - - - -
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%- - 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% 11.9% 6.4% 6.8% - - -
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% 3.8% 3.9% 2.0% 4.5% 4.0% -
JAPAN 0.6% 1.1%- 0.8% 1.6%- 0.6%- 3.5%- 2.7%- 0.9%- 1.9%- 0.4%- 4.3%- 11.0% 10.0% 3.4% 2.9% 4.7%- 1.7%- 0.2% - - -
KENYA - - - - - - - - - - - - - - - - - - -
LEBANON - - - - - - 3.0% 3.4% 2.7% 4.1% 4.4% 5.8% 0.5%- 7.2%- 19.0% 31.2% 15.5% - - - -
MALAYSIA - - - - - - - 1.5% - - - - - - - - - - - - -
NEW ZEALAND 2.2% 0.9% 2.9% 2.6% - 2.1% 2.4% 2.4% - - - - - - - - - - - - -
QATAR - - - - - - - - - - 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% - - - - - - - - - - - - -
UAE 4.3%- - 4.5% - 4.3% 8.3% - 3.8%- - - - - - - - - - - - - -
UGANDA - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
UKRAINE - - - - - - - - - - - - - - - - - - - - -
INFLATION FORECASTS
RETAIL PRICE INFLATION %
Figures for 2011 to 2013 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 17 June 2011

20. 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 2011 2012 2013
ARGENTINA - 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% 20.8% 15.0% 20.0% - - -
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 - - - - - - - 8.0% 8.3% 12.8% 14.4% 11.3% 6.5% 5.0% 6.4% 11.5% 3.6% 7.8% 5.6% 3.4% 2.9%
CHINA - 0.1%- 1.5%- 2.5%- 2.1%- 1.2%- 0.2%- 0.6% - 0.9% 0.1% 0.2% 4.9%- 0.2% 7.0% 7.4% 3.4%- 1.4% - - -
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% 23.0% 25.0%- 8.8% 8.1% - -
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% 16.0% 3.7%- 4.8% - - -
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% 6.3% 2.9% -
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% - 3.9% 5.5% 9.3% -
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% 0.1% 0.7%- 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% 11.0% 12.2% 7.9% - - - -
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% - 0.4%- 0.6% 0.9% 2.1% 1.6% 1.1% 10.0% 3.1% 5.8% 4.4% 5.2% - - - - -
QATAR - - - - - - - - - - 25.0% 20.0% 16.7% 14.3% 12.0% - - - - - -
PHILIPPINES - - - - - - - - - - - - - - - - - - - - -
SAUDI ARABIA - - - - - - - - - - - - - - - - - - - - -
SINGAPORE 2.0%- - 5.2% 8.9% 9.1%- 7.0%- 10.8%- 1.2%- - 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% 7.3% 13.1% 1.7% 7.4% 5.7% 6.5% 6.6%
SRI LANKA - - - - - 18.0% 5.1%- 7.2% 5.0% 4.8% - 12.1% 32.4% 7.5% 19.2% 19.5% 10.0% 2.1% - - -
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% - - - - - - - - -
UAE 3.5%- - 4.5% - 4.3% 8.3% 0.1% - 1.0% - - - - - - - - - - - -
UGANDA - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
UKRAINE - - - - - - - - - - - - - - - - - - - - -
INFLATION FORECASTS
BUILDING TENDER PRICE INFLATION %
Figures for 2011 to 2013 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 18 June 2011

21. 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 2011 2012 2013
USA 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% 4.8% - 2.3% - - - -
BOSTON - - - - - - - - - - - - - - - - - - 1.9%
DENVER - - - - - - - - - - - - - - - - - - - - -
HAWAII - - - - - - - - - - - - - - - - - - - - 1.3%
LAS VAGAS - - - - - - - - - - - - - - - - - - - - 3.3%
LOS ANGELES - - - - - - 3.0% 1.0% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 4.8% - - - - - 1.6%
NEW YORK - - - - - - 3.0% 1.0% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 4.8% - - - - - -
PHOENIX - - - - - - - - - - - - - - - - - - - - 2.9%
PORTLAND - - - - - - - - - - - - - - - - - - - - 2.8%
SAN FRANCISCO - - - - - - - - - - - - - - - - - - - - 2.9%
SEATTLE - - - - - - 3.0% 1.0% 2.9% 2.8% 3.6% 1.8% 3.4% 2.5% 0.8% - - - - - 2.8%
WASHINGTON - - - - - - 3.0% 1.0% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 4.8% - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CANADA - - - - - - - - - - - - - - - - - - - - -
CANADA - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CARIBBEAN - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CAYMAN ISLANDS - - - - - - - - - - - - - - - - - - - - -
BRITISH VIRGIN IS - - - - - - - - - - - - - - - - - - - - -
BARBADOS - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CENTRAL AMERICA - - - - - - - - - - - - - - - - - - - - -
MEXICO - - - - - - - - - - - 4.0% 3.6% 4.0% 5.6% - - - - - -
INFLATION FORECASTS
RETAIL PRICE INFLATION %
Figures for 2011 to 2013 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 19 June 2011

22. 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 2011 2012 2013
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% 7.9% - - - -
DENVER - - - - - - - - - - - - - - - - - - - - -
HAWAII 1.3% 2.1% 3.2% 5.2% 3.4% 3.1% 2.9% 3.1% - - - - - - - - - - - - -
LAS VAGAS 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% 4.0% 2.9% 0.9% - 5.6% 9.6% 10.4% 8.0% 6.0% 8.9%- 3.5%- - - -
NEW YORK - 2.4% 3.1% 2.8% 4.2% 6.6% 8.2% 7.0% 1.9%- 7.6%- 3.1% 11.0% 8.1% 11.7% 7.5% 6.9% 11.7%- - - - -
PHOENIX 2.9% 2.8% 2.7% 2.6% 2.6% 8.3% 3.1% 3.0% - - - - - - - - - - - - -
PORTLAND 2.8% 2.8% 6.2% - 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% 2.9% 8.5%- - - - -
WASHINGTON - - - - - - - 2.0% 1.0% 1.0% 4.8% 9.2% 6.7% 5.5% 3.0% 4.3% 9.7%- 1.5% - - -
- - - - - - - - - - - - - - - - - - - - -
CANADA - - - - - - - - - - - - - - - - - - - - -
CANADA - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CARIBBEAN - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CAYMAN ISLANDS - - - - - - - - - - - - - - - - - - - - -
BRITISH VIRGIN IS - - - - - - - - - - - - - - - - - - - - -
BARBADOS - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
CENTRAL AMERICA - - - - - - - - - - - - - - - - - - - - -
MEXICO - - - - - - - 6.8% 5.6% 5.6% 5.4% 5.1% 6.5% 10.5% 9.5% 8.6% 3.2% - - - -
INFLATION FORECASTS
BUILDING TENDER PRICE INFLATION %
Figures for 2011 to 2013 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 20 June 2011