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Subject: Update from Pete Redfern - 12 December 2008

Dear all,

Given that our share price is ‘somewhat volatile’ and that over the last few weeks we have had more press coverage than if Angelina Jolie gave birth to Siamese twin chimpanzee’s, I thought it was time for a further update.

We have had a very productive couple of weeks on our debt negotiations with our banks and US lenders, significantly increasing our confidence of reaching an acceptable solution for the company. We have also had our first meetings with Eurobond representatives, which have been constructive and sensible.

There is still plenty of water to go under the bridge, as there are is a formal process to go through that will probably run until roughly the end of February, however, the risks have reduced materially.

It is critically important that we continue to focus on our underlying business, particularly delivering year end completions and keeping cash outflows to a minimum – I have no doubt that you are all fully focused on this.

I am very proud of the way everyone has continued to pull in the same direction through such a difficult time and again, I would like to thank you for all the hard work. At this point, I would particularly like to thank the Corporate team who have been heavily focussed on the debt process over the last few months and the High Wycombe team, who have been working hard to provide the data and support to this.

I would anticipate one more update before the Christmas break, which should confirm this progress and perhaps set out the broad timetable you can expect in the New Year.

With best regards.