The Berkeley Group plc is a United Kingdom-based company that is engaged in the business of urban regeneration, with approximately 95% of its developments taking place on brownfield land across the United Kingdom. The Company’s principal activities include the acquisition of land, and the planning, designing, building and marketing of land development. Its projects range from highly complex developments that combine residential, retail and leisure facilities, to key worker apartments and traditional rural communities.

Daewoo E&C is a premier construction company. It has led the development of Korea’s construction industry with its strong technological prowess and quality-driven expertise, while carrying out projects in more than 30 countries across the world.

Aggregate Industries is an international aggregates, construction and building materials group, based in the UK. It has leading regional market positions in the UK and across the US, as well as operations in the Channel Islands and Norway and is a member of the Holcim Group.

Daelim is a construction company with the oldest history in Korea, and has successfully accomplished its tasks all over the world such as the Middle East, Southeast Asia, China, and the USA. It provides a comprehensive range of services, including feasibility studies, project management, engineering, procurement, construction, commissioning & start-up, operation & maintenance and project financing.

The Bilfinger Berger Group is one of Europe’s largest construction groups with an annual turnover in excess of £3 billion, employing over 50,000 staff worldwide. It takes on demanding construction contracts for clients in both the private and public sectors. In addition, the Group is increasingly developing comprehensive solutions for real-estate and infrastructure projects, ranging from the design process all the way to the financing and providing operational services.

Nishimatsu Construction Co., Ltd. is one of Japan’s leading general contractors. With its headquarters in Tokyo, Nishimatsu has a network of 10 branches and 42 sales offices around Japan, as well as overseas offices in 12 countries. The Company is well-known for its expertise in planning, design and construction in a wide variety of fields such as marine and harbor projects, airport projects, dams, tunnels, railways, high-rise buildings and power plants.

Royal BAM Group is the largest construction firms in the world. The Group’s activities include construction and property, civil engineering, dredging, mechanical and electrical contracting and consultancy and engineering markets.

Boral Asphalt is an innovative leader in pavement materials, services and technology for applications varying from major freeways to industrial hardstands to private driveways; from initial construction through to professional ongoing maintenance. With operations across Australia, Boral Asphalt is one of Australia’s most experienced and respected road surfacing and maintenance companies.

Balfour Beatty serves the international markets for rail, road and utility systems, buildings and complex structures. It provides engineering, construction and service skills to customers for whom infrastructure quality, efficiency and reliability are critical.

Beazer Homes USA builds in over 40 markets in the Southeast, Mid-Atlantic, Midwest, West and Central United States. Beazer is as a leading builder of quality homes of superior value. As a value-added feature, Beazer also provides mortgage origination, title and insurance services to its homebuyers.

Standard Pacific is one of the nation’s largest and most successful homebuilding companies with shares traded on the New York Stock Exchange. It takes pride in having created more than 76,000 homes in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada over the past four decades.

USG is the world’s leading producer of gypsum wallboard, joint compound and a vast array of related products for the construction and remodeling industries. It is also the global leader in the manufacture of ceiling suspension systems and is recognized as the premier acoustical panel and specialty ceiling systems innovator. Its family of products provides creative building solutions that set new standards for productivity and efficiency, helping contractors and architects deliver high quality and innovative designs.

Vulcan Materials Company provides essential infrastructure materials required by the U.S. economy. Vulcan is the nation’s leading producer of construction aggregates: primarily crushed stone, sand and gravel.

From insulating, roofing, acoustical, basement finishing, to vinyl exteriors, Owens Corning’s systems deliver maximum energy efficiency, low maintenance, sound control, convenience, beauty and peace of mind with warranties that are among the best in the industry.Owens Corning is a $5 billion global, industry leader with nearly 20,000 employees around the world and with manufacturing, sales and research facilities including joint venture and licensee relationships in more than 30 countries on six continents.

Hovnanian Enterprises, Inc. was formed by Kevork S. Hovnanian in 1959 as a builder of 39 single family homes in Toms River, New Jersey. Now in its second generation of family leadership, the K. Hovnanian family of homebuilders operates with the backing of a solid national company yet retains its proficiency and distinctiveness in local markets.

BPB is the world leader in the supply of plasterboard and gypsum plasters, and a major supplier of insulation, ceiling tiles and related products for interiors, serving growing markets for building systems in over 50 countries.

M.D.C. Holdings, Inc., builds homes under the name Richmond American Homes in the United States. The company builds and sells primarily single-family detached homes, and also townhomes in Virginia and Maryland. Its subsidiary, HomeAmerican Mortgage Corporation, originates or brokers mortgage loans primarily for the company’s homebuyers.

Hochtief is one of the World’s leading construction groups. Hochtief operates in over 60 countries worldwide. The Group is one of the five biggest construction companies in the world employing over 35,000 people. The Group’s Head Office is in Essen in Germany where they are the major contractor. Its global network gives it a presence in all the main markets of the world.

Persimmon is the UK’s leading house builder. It builds over 12,000 homes a year on more than 400 sites. It offers the widest choice of quality new homes in the greatest number of quality places throughout the UK. It aims to provide the highest levels of design, construction and service.

Since the establishment in 1974, Daito has designed and constructed more than 69,000 apartments and condominiums for lease, which has made it one of the largest builder of lease buildings in Japan. Managing more than 316,000 lease units has made Daito the industrial leader in the market. Daito’s success has resulted both from our Trust Construction System and from the support and trust of those landowners and tenants satisfied through its services.

Founded in 1958 in Newcastle upon Tyne, Barratt has become Britain’s largest housebuilder and has built and sold around 300,000 homes. It has an unrivalled track record of consistent growth over recent years and the Group now has a network of more than 30 housebuilding divisions strategically located throughout the UK. It currently builds and sells over 14,000 new homes a year and are building on over 430 developments from Aberdeen to Plymouth, helping to meet housing demand in towns, cities and rural areas. It provides homes for all market sectors, plus homes for rent and shared ownership.

Fluor Corporation is one of the world’s largest publicly owned engineering, procurement, construction, and maintenance services organizations. Over the past century, Fluor, through its operating subsidiaries, has become a trusted global leader in providing exceptional services and technical knowledge. Clients rely on Fluor to deliver world-class solutions that optimize their assets, improve their competitive position, and increase their long-term business success. Consistently rated as one of the world’s safest contractors, Fluor’s primary objective is to develop, execute, and maintain projects on schedule, within budget, and with excellence.

Taylor Woodrow first came to North America in 1936 and has operated successfully for over 65 years in Arizona, Florida, Texas, California, and Ontario, Canada. Headquartered in Bradenton, Florida, the company has more than 70 active developments with core operations in homebuilding, community development, and high-rise residences.

Today, Taylor Woodrow is one of the largest and most prestigious homebuilders in the world, with leading positions in North America, the United Kingdom, and Spain. Publicly traded on the London Stock Exchange,Taylor Woodrow is a financially strong enterprise with annual revenues of $5 billion.

NVR, Inc. operates as a homebuilding and mortgage banking company in the United States. The company constructs and sells single-family detached homes, townhomes, and condominium buildings under three trade names: Ryan Homes, NVHomes, and Fox Ridge Homes. The Ryan Homes product is built in 18 metropolitan areas located in Maryland, Virginia, West Virginia, Pennsylvania, New York, North Carolina, South Carolina, Ohio, New Jersey, and Delaware. The Fox Ridge Homes product is built in the Nashville, Tennessee metropolitan area.

The NVHomes product is built in the Washington, D.C.; Baltimore, Maryland; and Philadelphia, Pennsylvania metropolitan areas. The Ryan Homes and Fox Ridge Homes products are marketed primarily to first-time homeowners and first-time move-up buyers. The NVHomes product is marketed primarily to move-up and upscale buyers. The company, through its wholly owned subsidiary, NVR Mortgage Finance, Inc., provides mortgage-related services to its homebuilding customers in 11 states. Its mortgage banking operations also include separate subsidiaries that broker title insurance and perform title searches in connection with mortgage loans.

Eiffage is a leader in the construction industry and it occupies a prime position at world level in the public buildings and works sector. They have 500 subsidiaries around the world. Notable projects include the excavation work for the glass Pyramid in front the Louvre in Paris and for the World Trade Center in Beijing.Eiffage’s activity can be broken down into several sectors. Each sector is operated by a division of the group: the construction business is run by the Fougerolle/Quillery/SAE group under the name of Eiffage Construction, the road business is run by Appia; electrical installations by Forclum; metallic construction by Eiffel; and concessions are operated by Epolis, a franchising company that specializes in parking lots.As we enter the third millennium the group’s investments are aimed mainly at its electrical and roads businesses but also at developing its franchise portfolio, an area which is becoming more and more buoyant.

Rinker Group was established following the demerger of the heavy building materials businesses of CSR Limited in March 2003.Rinker is a focused heavy building materials group - one of the top 10 in the world - comprising Rinker Materials Corporation in the US and the Readymix and Humes businesses in Australia and Asia.

Rinker Materials is one of the largest heavy building materials companies in the US, by US revenue. It is placed number 1 or 2 in most of its markets, with significant strength in vertically integrated markets in Florida and Arizona.

Rinker Materials’ operations are strategically located in many of the highest population growth states in the US, and in states that have benefited from significant increases in federally funded infrastructure spending on roads, highways and bridges.

Rinker Materials has a proven track record in growing the business organically and via successful acquisitions. Since March 1988, 26 acquisitions have been made at a cost of US$1.7 billion.

In Australia, Readymix is one of the leading producers of aggregate, concrete, concrete pipe and other concrete products. Readymix also holds substantial joint venture interests in cement and asphalt operations, and has a 70% interest in a concrete and aggregate business in China.Readymix is one of the top 3 players in the Australian market. Together, the top 3 account for the majority of the heavy building materials market in Australia.

Over the past 131 years since its establishment, Taisei Corporation has undertaken many notable projects in Japan and overseas. The corporate roots coincided with Japan’s development as a modern nation and it has continuously met the demands of a changing era and people’s aspirations for the future through sound construction operations.

Taisei Corporation is responding with even more advanced technologies through research and development. With a capital position among the strongest in the industry, it is redoubling efforts to produce world-class, leading-edge technologies. Operations extend internationally, including the construction of dams and other environmental and infrastructure projects in developing nations.

Toll Brothers, Inc. is the nation’s leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange and the Pacific Exchange under the symbol “TOL”. The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Maryland, Michigan, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia.

Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities and urban low, mid- and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, landscape, cable T.V. and broadband Internet delivery subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.

In 1804, Shimizu was founded as a carpentry firm in Edo (present-day Tokyo). Over the almost two centuries that followed, the company has proactively sought new challenges and endeavored to create structures that are tailored to customer needs.It has earned the strong trust of many long-standing customers due to the rigorous insistence on high quality and customer satisfaction. Recently, society has placed growing emphasis on energy saving, resource conservation and recycling, and other environmental protection objectives that stem from a recognition of the world’s limits and cyclical patterns.

Formed from a merger of McLean Homes and Wimpey Homes, George Wimpey has expanded to take in two smaller but respected developers, Laing Homes and McAlpine Homes. The result is that it has become one of Britain’s largest housebuilders, completing over 14,500 homes each year. It is at the forefront of the industry in health and safety, build quality, customer service and satisfaction.

Kone is a global service and industrial engineering company that specializes in moving people and goods. It comprises two strong divisions: Kone Elevators & Escalators and Kone Materials Handling (Partek). The business of Kone Elevators & Escalators is the sale, manufacture, installation, service and modernization of elevators and escalators, and the service of automatic building doors. The combined annual net sales total approximately EUR 5.5 billion, and Kone employs nearly 35,000 people.

Kone provides designers, architects, builders, developers and building owners with products and services that increase the value and usability of their buildings. The company is working in close cooperation with its customers at the design stage of buildings and is committed to long-term collaboration with them.

Kajima, which constructed Japan’s first Western-style building (the Eiichiban kan), works on commercial and public structures, including railways, nuclear plants, dams, and bridges. Kajima provides its design, engineering, building, and real estate development services worldwide and ranks among the top global contractors. A declining Japanese construction market has led the firm to try to expand its domestic urban redevelopment business, overseas infrastructure operations (including China), and environmental operations (including water treatment and soil rehabilitation).

HeidelbergCement is one of the world’s largest cement producers and the largest investor in the building and construction materials industry in the Central and Eastern Europe.

The company was founded in Heidelberg in 1873. Up to the end of the 1960s, it operated exclusively in the south of Germany. First international steps followed with a participation in the French cement company Vicat and the acquisition of Lehigh Cement in the US at the end of the 1970s. The political changes in Central and Eastern Europe offered opportunities for considerable investments, especially in the Czech Republic, Poland, Hungary, Croatia, Romania, Bosnia-Herzegovina, Ukraine and Russia. With the purchase of the Belgian CBR in 1993, HeidelbergCement almost doubled its business volume. The acquisition of the Scandinavian Scancem in 1999 opened up new markets in Northern Europe, the United Kingdom, Africa and Asia. With the acquisition of a majority holding in the second-largest Indonesian cement manufacturer Indocement, HeidelbergCement increased its cement capacity in the spring of 2001 by about a quarter to currently 77 million tonnes.

Siam Cement Industry Co., Ltd., was set up to serve as the holding company for the Group’s cement business. It takes full responsibility for production and distribution of cement and ready-mixed concrete products. The company operates five gray cement manufacturing plants, and one plant each for white cement and dry mortar in various parts of the country, with competitive advantage over other cement producers. With extensive experience, modern production technology, and efficient manpower, the cement business has sufficient potential to become an industry leader in the ASEAN region.

The company has the largest cement manufacturing facilities in the country, with the largest combined production capacity in ASEAN. It operates the world’s biggest cement kiln, with its products widely accepted in both local and international markets.

KB Home is one of the largest homebuilders in the US. KB Home builds mainly for first-time and trade-up buyers in more than 392 communities in Arizona, California, the Carolinas, Colorado, Florida, Georgia, Illinois, Nevada, New Mexico, and Texas. Its homes range in size from about 1,200 sq. ft. to 3,900 sq. ft. and average $206,500 in price. KB Home’s majority-owned Kaufman and Broad S.A. subsidiary builds single-family homes, condos, and commercial projects in France. KB Home — which offers mortgage assistance, financing, and home insurance through KB Home Mortgage — delivered 31,646 homes in 2004.

SacyrVallerhermoso is the biggest real estate developer in the kingdom of Spain. In fact, the Iberian giant manages millions. It works with both private customers, building a range of houses all over Spain, offering them the house of their dreams, whatever their budget. It also works with businesses, providing offices, shopping centres, warehouses, hotels and garages. Not to forget dedicated services and concessions development.

JS Group (formerly Tostem Inax Holding), is a leading supplier of housing and building materials in Japan. Through subsidiaries it provides such products as doors, housing sashes, storm shutters, ceramic siding, bathroom units, and insulated panels. It also supplies products for commercial buildings, as well as skylights, steel doors, and customized store facades and shutters. JS Group works with distributors and has sales offices throughout Japan. Other operations include a real estate brokerage franchise, a chain of do-it-yourself stores, and financial and information system businesses.

Obayashi makes buildings of Olympic proportions. A leading global contractor and one of Japan’s top four general contractors, Obayashi has worked on projects such as Stadium Australia, the main venue for the Sydney 2000 Olympic Games, and the bobsled and luge runs used in the 1998 Winter Olympics in Nagano. A pioneer in earthquake-resistant building techniques, it offers services for all phases of construction. Other operations include real estate, construction equipment and materials, building maintenance, and insurance and financial services. To counter the downturn in Japan’s construction industry, Obayashi is venturing into environmental services, including hazardous and radioactive waste containment.

FCC: Fomento de Construcciones y Contratas, an ironclad builder. FCC could be described as a titan in the Spanish construction industry. Via its different subsidiaries, it builds and manages various infrastructures in modern cities, including highways, airports, dams, ports, railways and gas pipelines. It also has major interests in the public services sector: water purification, green area conservation, removal and treatment of industrial waste, control and safety systems. To give an idea of its concrete constructions, we can cite the mobile bridge in Barcelona.The group is also involved in the cement and real estate sectors. Cimento Portland owns quarries and concrete works in Spain and USA, whereas Realia Business constructs buildings for sale to both the professional and private markets, lets premises such as for shopping centres, as well as offering sales and maintenance services.The group is leader in its country, and in this first decade of the 21st century, it aims to speed up the rate of its international expansion.

Hanson is the leading world producer of aggregates (particles of rock, gravel or sand), the second producer of clay bricks, the owner of hundreds of quarries throughout the world and the American and British leader in the concrete pipe segment, Hanson is a British Group and a colossus in construction materials. Its products are to be found everywhere in our daily lives, in roads, roofs and sewers, as well as in showers and plumbing, amongst others. The Group is split into several operations units, depending where it is: Aggregates, asphalt, bricks, concrete and tiles are made by Hanson North America in the USA and by Hanson UK in Britain, the Netherlands, Spain, Germany, the Czech Republic and Israel. Hanson Pacific and Hanson Australia work respectively for Asia (Hong Kong, Singapore, Philippines, China, India and Thailand) and Australia. Complying with its expansion policy, Hanson has bought the Pioneer International Ltd Group, one of its Australian competitors. Hanson is active in four continents, always there to help us build a modern world.

Daiwa House Industry Co Limited. The Group’s principal activity is the manufacture and construction of steel frame prefabricated houses. Operations are carried out through the following divisions: RESIDENTIAL: construction of houses and apartments, sale of apartments and land, management and leasing of apartments, real estate brokerage; COMMERCIAL: construction and leasing of distribution centres, offices, shops and factories, sale of land, leasing and management of offices and shops; RESORT BUSINESS: operation of golf courses and hotels; HOME CENTRES: home centres operations; OTHER: distribution business, manufacture and sale of construction materials. Residential accounted for 67% of fiscal 2002 revenues; commercial, 22%; resort business, 3%; home centres, 4% and other, 4%.

Skanska is Scandinavia’s largest construction and property development group, Skanska has subsidiaries that operate in more than 60 countries worldwide. The group’s areas of operation include construction (institutional, residential, and industrial buildings, as well as roads, bridges, sports stadiums, and telecom infrastructure), facilities management (operation, maintenance, and renovation of properties and facilities), and real estate (development and leasing of commercial and residential property). It also provides financing for its clients, maintains a technical research arm, and provides information technology services for construction and real estate markets.

Acciona, the leader in construction. Acciona, is one of the biggest building contractors in the world..Through its company Necso, the group carries out building work for several different sectors - transport (Madrid-Seville rail link), government services (Ministry of Foreign Affairs in Madrid), hydraulics (various dams), subways (Madrid subway), industry (Ford and General Motors factories), commerce (Wall Mart supermarket in Mexico), health (university hospital in Jordan), as well as real estate (apartment blocks in Cuba). We could go on; in fact the list is far from exhaustive. In addition the group works in the logistic sector, installing dedicated systems in airports, in the concessions sector via its subsidiary ACCIONA Concesiones, SL, not to forget the environmental and urban sector as well as the energy ( wind farm development) and the service sectors.A large range of activities represented in 30 countries around the world.

Sekisui House is one of Japan’s leading homebuilders, the company dates from 1929. Sekisui House companies design and construct prefabricated houses, including steel, wooden, and concrete houses and condominiums. It is also involved in selling land, detached houses, and condominiums. Its real estate operations include leasing and managing houses, apartments, and commercial and retail buildings. Other operations include contract remodeling, landscaping, and management of sporting and recreation facilities and restaurants and hotels. Sekisui Chemical is one of the major shareholders of the company.

Grupo Ferrovial is one of the biggest engineering and building companies in Spain, thanks to its dynamic performance and the diverse nature of its business activities.Through its various subsidiaries, the group is active in a multitude of sectors:Ferrovial Agroman is a champion in the building industry, in both the industrial (quarries, factories, urban infrastructure) and residential (houses and apartment blocks) sectors.Ferrovial Real Estate is involved in real estate development. With operations in 33 towns in Spain, the company sells, rents out and manages residential properties.Ferrovial Infrastruturas, through its subsidiaries, runs transport infrastructures: rail and road networks, airport runways, tollgates and car parks.Ferrovial Services through the acquisition of the british group Amey and the spanish group Cespa, offers a wide range of services, mainly in the public sector: water processing, environmental conservation, urban waste disposal.Finally, the group is also active in the telecommunications sector, firstly through its holdings in Ono, which provides wireless telephone, Internet and cable television subscriptions.

Lennar Corporation traces its history to 1954 when it commenced operations as a small local homebuilder in Miami, Florida. Since then, Lennar has grown from an initial $10,000 investment to become a $6 billion national homebuilding company. The Company’s initial goal was to build a better home that customers could cherish for a lifetime. Five decades later, the founding principals have not changed. The Lennar Family of Builders continues to make building a better home the cornerstone of building a better Company.

Today, Lennar offers the most diversified product line in the industry building homes for first-time, move-up and active adult buyers. With homes priced from below $100,000 to above one million dollars and available in urban infill communities to golf course communities, we are focused on providing homes for a wide spectrum of buyers.

D. R. Horton Inc. is a national builder. The Company constructs and sells single-family homes designed principally for first-time and move-up homebuyers through its operating divisions in 21 states and 63 metropolitan markets of the United States. The homes range in size from 1,000 to 5,000 square feet, and range in price from $80,000 to $900,000. During the fiscal year ended September 30, 2004 (fiscal 2004), the Company closed 43,567 homes with an average sales price approximating $240,800. Through its financial services operations, the Company provides mortgage banking and title agency services to homebuyers in many of its homebuilding markets. DHI Mortgage, it’s wholly owned subsidiary, provides mortgage financing services to purchasers of homes it builds and sells. Its subsidiary title companies serve as title insurance agents by providing title insurance policies, examination and closing services primarily to purchasers of homes it builds and sells.

Pulte Homes, Inc. is a holding company whose subsidiaries engage in the homebuilding and financial services businesses. The Company’s principal direct subsidiaries include Pulte Diversified Companies, Inc. and Del Webb Corporation (Del Webb). Pulte Diversified Companies, Inc.’s principal operating subsidiaries include Pulte Home Corporation and Pulte International Corporation (International). The Company also has a mortgage banking company, Pulte Mortgage LLC (Pulte Mortgage), which is a subsidiary of Pulte Home Corporation. The Company has two operating business segments: Homebuilding and Financial Services. The Homebuilding segment consists of two business units: Domestic Homebuilding and International Homebuilding. The Financial Services segment consists principally of mortgage banking and title operations conducted through Pulte Mortgage and other subsidiaries. In January 2005, the Company sold all of its Argentina operations to Grupo Farallon, S.A.

Centex Corporation is a residential construction company that has evolved into a multi-industry company. During the fiscal year ended March 31, 2004 (fiscal 2004), the Company’s subsidiaries operated in four business segments: Home Building, Financial Services, Construction Services and Investment Real Estate. Centex’ homebuliding subsidiary, Centex Homes, purchases and develops land or lots, and constructs and sells single-family homes, townhomes and low-rise condominiums. The Financial Services operations are engaged in the residential mortgage lending business, as well as other financial services related to the residential mortgage market. The Construction Services segment provides a range of commercial contracting services, including construction management, general contracting, design-build and preconstruction services. Investment Real Estate’s operations involve the development and sale of land for industrial, office, multi-family, retail, residential and mixed-use projects.

Holcim is one of the world’s leading suppliers of cement, as well as aggregates (gravel and sand), concrete and construction-related services. From its origins in Switzerland, the Group has grown into a global player with strong market presence in over 70 countries on all continents. The Group employs some 47,000 people.