NEWS

Statement on Vision Project

04 November 2008

As a direct result of the turmoil in global financial markets and the credit crisis Austcorp Group Limited have temporarily suspended pre-planning works for the main building contract while we finalise arrangements with Grocon and the banks for the construction contract and the funding arrangement of the project. The site excavation is continuing.

Austcorp executive chairman Trevor Chappell said: "This strategy is in response to the present financial climate, faced by many Australian companies. We are focused on achieving a realistic and sensible construction schedule to suit the banks' funding requirement and enable the delivery of this iconic building. We are being flexible and responsive in this market, and that's what this is about. Overall, we remain very confident that Vision will be built."

The excavation of Vision's seven level basement carpark for 776 cars is nearing completion. The next planned stage of construction by Grocon includes Investa's 22,500sm commercial office building at Mary Street and the commercial office building at Margaret Street and retail shopping plaza of 12,000sm and car park.

280 apartments have already been sold in Vision's residential tower; these purchasers will not be affected by these developments.