Semi Annual Presentation 2009

Confidential

Semi Annual 2009

Depa United Group Dubai, UAE

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

1

H1 2009 OVERVIEW (1/2) Top and bottom line growth reinforce full year growth expectations

49% revenue growth over H108

Revenues

+49%

65% profit growth over H108

1,107.6

741.1

Margin expansion to 8.3% in H109 from 7.5% in H108 AED 2.6 billion in diversified backlog over geographies and

H1-08

Client payments in line with contractual terms

Net Profit

market segments

G&A expenses reduced as a percentage of revenues, to 7.7% in

+65%

H1-09

91.7

H109 from 9.9% in H108

55.6

No client or contract accounts for more than 8% of backlog H1-08

H1-09 AED Million

2

H1 2009 OVERVIEW (2/2) Successful in diversifying geographically and decreasing our dependence on hospitality Revenue Breakdown by geography H108

Geographical diversification –

Portion of revenues and profits from Dubai decreased

–

Portion of revenues and profits from Abu Dhabi increased

–

Portion of revenues and profits from Asia increased

H109

3% 14 %

20 %

14 %

72 %

77 %

UAE revenues represented 72% of total group revenues compared to 77% in H108

Revenue Breakdown by sector

Market sector diversification –

Portion of revenues and profits from hospitality decreased

–

Portion of revenues and profits from infrastructure increased

–

Portion of revenues and profits from theming increased

H108

H109

2%

6% 9%

7% 12% 11%

65%

8% 5%

53%

19%

Hospitality projects represented about 53% of total

3%

revenues compared to 65% in H108

3

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

4

DECREASE IN SEASONALITY As committed, the Company has seen a decrease in seasonality of revenues and profits Revenue & Seasonality

Revenue split at 43% - 57% for H109 vs

+30%

FY09, compared to the historical 37% - 63% split

compared to the historical 25% - 75% split

Seasonality decreased mainly due to clearing

variations and claims with clients more evenly throughout the year

Net profit margins experienced in the first half of the

57% 63%

Projected

Net profit split at 31% - 69% split for H109 vs FY09

H2 H1

43%

37% 2008

2009

Net Profit & Seasonality

year are typically lower than those of the full year – last years figures of 7.5% vs. 11.3% for H108 vs. FY08 respectively therefore we expect similar margin comparisons between H109 of 8.3% and FY09

+30% Projected

69% 75%

25% 2008 Source:

31%

H2 H1

2009 5

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

6

SIGNIFICANT GROWTH IN INFRASTRUCTURE Infrastructure-focused JV posts an increase of 817% in revenues

Infrastructure continues to be a key area of focus Governments aggressive commitments and spending

Linder Depa Revenues

+817%

212.8 million compared to AED 23.3 million in H108

+2216% 212.8

have led to infrastructure boom in economic downturn

817% increase in revenues for Lindner Depa to AED

Linder Depa Profit (Before MI)

23.2 H1-08

35.6

1.5 H1-09

H1-08

AED 35.6 million profit for Lindner Depa in H109

H1-09 AED Million

compared to AED 1.5 million in H108

Infrastructure / Hospital Projects

Revenues and profits are primarily from work on the Dubai Metro – Red Line stations

Pipeline for hospitals and infrastructure projects has grown significantly

Dubai Metro – Redline Dubai, UAE Due: 2009

Dubai Metro – Green Line Dubai, UAE Due: TBA

Qatar Robotic Surgery Centre Doha, Qatar Due: 2010

Burj Dubai Medical Centre Dubai, UAE Due: 2009

7

THEMING WORK GROWING IN REGION An increase in theming work in the region has spurred growth for Mivan Depa

40% increase in Mivan Depa revenues, focused on

Mivan Depa Revenues

museums and theming work

Some of the projects undertaken include the Ferrari

+40%

World theme park on Yas Island and the Arcapita building in Bahrain

50.7

36.1

With upcoming museum projects on Saadiyat

Island, such as the Louvre Abu Dhabi and the Guggenhiem Museum, we anticipate strong demand in the near future

H1-08

H1-09

Theming Projects Ferrari Experience – Yas Island Abu Dhabi, UAE Due: TBA

Ferrari F35 – Yas Island Abu Dhabi, UAE Due: TBA

Ferrari F30 Scenic Fabrication Abu Dhabi, UAE Due: 2010

8

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

9

STRONG PERFORMANCE IN HIGH-GROWTH MARKETS Significant growth and increased presence in Saudi Arabia and Abu Dhabi

321% increase in revenues for Depa Saudi Arabia to AED 20.2

million compared to AED 4.8 million for the same period last year

Depa Saudi Arabia Revenues

+321% 20.2

Depa Saudi Arabia has become a profit generating entity and recorded a net profit of AED 3.7 million

In Saudi Arabia, we foresee an increase in demand for hospitality

and infrastructure projects as the country doubles its tourists from 47 million in 2008 to 88 million by 2020

4.8

H1-08

H1-09

362% increase in revenues for Depa Abu Dhabi in H109 to AED 97 million compared to AED 21 million in H108

Depa Abu Dhabi posted net profit of AED 16.2 million in H109 compared to AED 0.2 million in H108

Depa Abu Dhabi Revenues

+362%

97.0

Looking forward, we will continue to grow in Abu Dhabi as the city undertakes major hospitality and infrastructure projects

21.0 H1-08

H1-09

SOLID GROWTH IN ASIAN OPERATIONS We have had strong growth in Asia as well as diversification across the world

Depa Design Studio (DDS) posted revenues of AED 54.3 million

562% growth in net income from Asian entities to AED

Total Asian Net Profit

Depa Design Studio Net Profit

n/a

4.4

+562%

8.6

8.6 million in H109 as compared to AED 1.3 million in H108

Projects in Singapore included the fit-out of an

entertainment venue at Resorts World ‘RWS’ and Marina Bay Sands

1.3

(0.3)

H1-08

H1-08

H1-09

H1-09

Landmark projects signed to-date in Singapore provide

sufficient backlog for the coming periods and we expect to secure other prestigious projects Angola

In Jordan, we established a presence in interior

contracting market and have worked on some mock-up rooms in order to pursue contracts there

New

In Africa, we entered the Angolan market by signing a contract to fit out guest rooms and public areas of the Talatona Convention Centre Hotel in Luanda, Angola

11

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

12

JUNE 30th 2009 BACKLOG Backlog entirely consisting of projects at the advanced construction stage worth 2.6 billion

Backlog as of June 30, 2009

Ongoing Projects

Bahrain Qatar

Palazzo Versace Hotel Dubai, UAE Due: April 2010

El Nile Hotel Kempinski Cairo Egypt Due: Sept 2009

Ministry of Defence Jeddah, Saudi Arabia Due: April 2009

Marina Bay Sands Singapore Due: Dec 2009

Ralph Lauren Boutique Dubai, UAE Due: Dec 2010

Infrastructure Abu Dhabi, UAE Due: Dec 2010

MY Swift 141 – Yacht Dubai, UAE Due: April 2009

Mazagan Resort Villas El Jadida, Morocco Due: June 2010

Singapore

Estimated Backlog <AED 100 M AED 100 - 200 M >AED 200 M

13

KEY BACKLOG PROJECTS

14

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

15

INDUSTRY DYNAMICS We continue to be one of the most diversified companies with

DEPA vs. Peers

revenues coming from 17 countries

We are in growth mode and our recent revenue growth of 48% is unmatched by any of our competitors

Despite the current economic situation, we remain a profitable firm with net profit margin of about 10%

Our involvement in different sectors such as

infrastructure, yacht, health, and government has enabled us to outperformed our competitors

Our effective business structure has enabled us to have one of the lowest tax rates relatives to our peers

We remain one of the most cash rich companies in our industry

16

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

17

SHARE BUYBACK UPDATE Approximately 8.2 million shares bought back from Dec 2008 to Apr 2009 3,500

No. of Shares Repurchased 3.26m

No. of Shares Repurchased

2,500

2.3m

1.95m

2,000

Share Price

Number 0f Shares (Thousands)

3,000

1.5m 1,500

1,000

1.41m

0.83m

0.71m

500

Dec

Jan

Feb

Mar

Apr

May

June Currency: USD

18

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

19

H109 FINANCIAL SUMMARY Healthy increase in both Income Statement and Balance Sheet

Selected Balance Sheet Data

Selected Income Statement Data 1108

3,343 931

H108

2,915

H109 741

2,283 2,094

611

1,834

H108

1,675

1,509

H109 1,241

176 74

84

G&A

131

Contract Profit

Contract Cost

Contract Income

Current Assets

Total Assets

Total Equity

Total Liabilities

AED Million

20

ON-TIME PAYMENTS SECURED BY INTâ&#x20AC;&#x2122;L CONTRACTORS Our clients continue to pay within contractual terms Trades Payable and AP days

Our AP days have declined due to acquisitions which have different payment structures to us

Days Receivable & Payable

Trades Payable and AP days

Our AR days excluding unbilled revenues have remained

181.0

192.0

159.4

stable over the last few years

100.6 80.5

78.7

66.0

51.0 61.4

55.8

2007

2008

63.1

38.1 2006

H109

AR Days - excluding unbilled revenues AR Days - including unbilled revenues AP Days

21

FINANCIAL OVERVIEW

Income Statement

Balance Sheet H1-2009

H1-2008 AED million

Contract Income

1,107.6

741.1

Contract Cost

(931.3)

(610.5)

Contract Profit

176.3

130.6

(84.8)

(73.6)

General & Administrative expenses Gain on acquisition of Subsidiary Other Income / (expense) Finance income / (cost) net Share of profit / (loss) from associates

10.0

6.1

8.2

(0.5)

6.1

3.4

Net profit before tax

115.8

66.0

Income Tax

(2.5)

(1.3)

Net profit

113.3

64.7

Equity holders of parent

91.7

55.6

Minority Interest

21.6

9.1

H1-2009

H1-2008 AED million

Property, plant and equipment

327.8

220.2

Total current assets

2,283.2

2,093.6

Total assets

3,342.9

2,915.3

Total equity

1,827.4

1,674.8

Total liabilities

1,515.5

1,240.5

Attributed to:

22

FINANCIAL OVERVIEW Cash Flows

Net cash used in operating activities Net cash used in investing activities Net cash provided from financing activities Cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents Net increase (decrease) in cash and cash equivalents

Financial Data and Ratios H1-2009

H1-2008 AED million

(26.8)

173.2

(4.2)

(116.3)

(156.0)

932.5

H1-2009

H1-2008 AED million

EBITDA

133.6

91.1

EBIT

112.2

75.8

Adjusted EBITDA

117.5

81.6

Adjusted EBIT

96.1

66.3

48

69.9

Net Capital Expenditure

738.7

0

551.7

989.4

(187.0)

989.4

Indebtedness H1-2009

H1-2008 AED million

Cash and Bank balances (A)*

551.7

989.3

Bank Loans (B)

315.4

431.5

Current (C)

214.7

197.3

Non-current (D)

100.7

234.2

337.0

792

451.0

755.1

236.3

555.8

Total current net indebtedness (A-C) Total non-current net indebtedness (A-D) Total net indebtedness (A-B)

23

CONTENTS

Results Overview Revenues and Seasonality Market Segment Overview Geographical Overview and New Markets Backlog and New Contracts Industry Dynamics Share Buyback Financial Review 2009 Expectations and Beyond

24

2009 EXPECTATIONS AND BEYOND

30% revenue growth 30% profit growth Diversification away from Dubai and hospitality 2010 double digit growth

25