Continued weakness in Dutch markets; outlook unchanged

• Construction and M&E services: impacted by very tough Dutch market conditions
• Civil engineering: margin just above 1%
• Large projects: situation stable since Q2
• Restructuring of Dutch operations underway; €25 million cost to be taken in Q4
• Property: operational loss on UK and Dutch commercial property; residential stable
• Within the limits of all banking covenants as at 30 September 2013

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