AUG-2009 CONSTRUCTION UPDATE

Upcoming Construction Activities  Riverbend Land Development (start - Q4 2009)  South Lake Village - Lake water up to Berm 1 (Sep-09) - Ibiza “Model” Island (Q4 2009) including concrete roads up to Block 1

Main Access Road 2009 SLV Development Timetable Sep-09 Jan-10 Apr-10 Lake Lot Turnover Start [for selected lots] Oct-09 Ibiza “Model” Island Q4-09

Lot Turnover for House Construction  Roads at minimum 1 lane passable for Construction at sub-base level  Meralco temporary facilities  Home builder to provide their own wells as temporary source of water  Lots with monumentation