2007 Half Year Results: United Group Delivering Continued Growth. Richard Leupen Managing Director and CEO David Irvine Chief Financial Officer

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1 2007 Half Year Results: United Group Delivering Continued Growth Richard Leupen Managing Director and CEO David Irvine Chief Financial Officer

2 Agenda 2007 half year highlights Divisional reports: United Group Infrastructure United Group Rail United Group Resources United Group Services Strategy Outlook Shell Harbour Water Treatment Plant 2

3 2007 Half Year Highlights Strong earnings performance EBIT up 23% to $62.3 million Underlying EBIT up 59% to $80.4 million (pre Rail PPP cost) Operating revenues up 18% to $1.3 billion Organic growth and acquisitions contribute to increased revenue and earnings All key sectors continue to offer strong growth opportunities Contract renewals and contract wins remain high with strong bidding activities Equis and PREMAS performing well and increasing our global property services reach Continued emphasis on safety programs Strengthened management depth with key appointments Expected to continue to exceed mid term growth targets of 10-15% 3

4 Financial Highlights REPORTED PRE RAIL PPP COST Dec 2006 Change (PCP) Dec 2006 Change (PCP) Operating Revenue $1.3bn 18% EBIT $62.3m 23% $80.4m 59% Net Profit After Tax $35.3m 2% $47.9m 33% Earnings Per Share 26.0 cps 10% 35.2 cps 22% Operating Cash Flow $38.3m 104% Interim Dividends 20.0 cps Steady Return on Equity (annualised) 12.7% 6.4 pts 17.2% 1.9 pts Net Debt to Equity 51.2% 19.5 pts Order Book $4.4bn 10% 4

5 Continued Strong Growth Operating Revenue $m EBIT EBIT Margin 2, % 1, , , % 3.6% 3.9% 4.7% 4.4% 5.1% 5.4% 4.6% 4.8% H1 H2 Rail PPP Impact H H

6 Net Profit and Return on Equity NPAT $m NPAT Margin Return On Equity % 3.5% 3.2% 3.7% 24.3% 19.7% % 2.5% 2.7% 2.7% 11.0% 12.0% 14.3% 16.2% 17.2% 12.7% % 1.1% 7.7% H H H1 H2 Rail PPP Impact 6

7 Order Book: at $4.4 billion Order Book Employees 4,283 4,407 10,678 11,427 7,879 2,686 2,252 2,301 5,696 5,032 1,165 1,233 1,124 3,500 3,703 3,773 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Dec 06 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Dec-06 Group Infrastructure Rail Resources Services 7

8 Earnings and Dividend per Share H1 H2 Earnings Per Share Special Dividend Dividend H2 Dividend H1 Dividend Per Share 44 Rail PPP Impact cps

9 Investment in United Group 1400% 1300% Share Price Growth United Group Limited vs ASX All Ordinaries 1200% 1100% 1000% 900% 800% Dec 2000 to Dec 2006 growth: 1,103% Total Shareholder Return: 1 year: 25% 5 years: 545% (42% pa) 700% 600% 500% 400% 300% United Group Limited ASX All Ordinaries 200% 100% 0% -100% Dec 00 Dec 01 Dec 02 Dec 03 Dec 04 Dec 05 Dec 06 9

10 Safety Continued Focus 15 Long Term Injury Frequency Rate (LTIFR) and Total Recordable Cases Frequency Rate (TRCFR) LTIFR per million hours TRCFR per million hours Dec-06 0 LTIFR TRCFR 10

11 Strong EBIT Growth $million Dec 2006 Dec 2005 Change Operating Revenue 1, , % EBIT (pre Rail PPP cost) % EBIT margin (pre Rail PPP cost) % 6.2% 4.6% Rail PPP cost (18.1) 0.0 EBIT % EBIT margin % 4.8% 4.6% Interest (net) (11.7) (4.3) Operating profit before tax % Tax (15.8) (11.0) Net profit after tax Minority Interest Net profit after tax & minority (2%) NPAT margin % 2.7% 3.2% EPS (cents) (10%) ROE (annualised) 12.7% 19.1% 11

12 Breakdown of Profit Growth (0.8) (7.4) 60 Organic Growth $8.2m (7.4) (2.8) (0.1) 47.9 (12.6) $m (0.6) NPAT Dec 05 Growth in Sales Margin growth AcquisitionsCorporate Expenses Interest Tax R&D tax deductions Minority Interest NPAT Dec 06 - Pre Rail PPP Cost Rail PPP Cost NPAT Dec 06 12

13 EBIT Growth by Division - Rail PPP cost shown separately 100 Acquisitions 80 Services + 167% 60 Resources + 32% $m Rail + 25% Infrastructure + 40% Rail PPP Cost -20 Corporate -40 Dec 05 Dec 06 13

14 Stronger Operating Cash Flow $million Dec 2006 Dec 2005 Net profit after tax Depreciation & amortisation Working capital movement (11.3) (27.6) Operating cash flow Investment (156.3) (243.6) Capital expenditure (net) (14.5) (13.1) Dividends paid (32.9) (21.2) Capital raising Movement in borrowings (net) Net debt Net debt to equity % 51% 55% 14

15 Balance Sheet Growth and Gearing $m Balance Sheet Growth Shareholders' Funds Non-Current Assets (RHS) Total Assets (ex Cash) (RHS) 1,600 1,400 1,200 1, $m 59% 41% Gearing Net Debt to Equity Gearing Target Range 40-50% 26% 23% 32% 51% % (10%) H H

Operational Reports Dec 2006 Dec 2005 Change Sales - $m 331.5 221.5 50% EBIT - $m 17.1 12.2 40% EBIT / Sales 5.2% 5.5% Excluding $18.1 million Rail PPP cost Dec 2006 Dec 2005 Change Sales - $m 546.

16 Operational Reports Dec 2006 Dec 2005 Change Sales - $m % EBIT - $m % EBIT / Sales 5.2% 5.5% Excluding $18.1 million Rail PPP cost Dec 2006 Dec 2005 Change Sales - $m % EBIT - $m % EBIT / Sales 5.9% 4.9% Dec 2006 Dec 2005 Change Sales - $m (10%) EBIT - $m % EBIT / Sales 8.2% 5.6% Dec 2006 Dec 2005 Change Sales - $m % EBIT - $m % EBIT / Sales 11.0% 7.1% 16

17 United Group Infrastructure 17

18 United Group Infrastructure - Delivery in Strong Markets Revenue at record levels EBIT increased strongly Major tunnelling and rail infrastructure projects secured Strong trading in Power and Water Expect to secure first power generation project Opportunities include Rail Clearways program in NSW Dandenong rail corridor program Brisbane airport road and tunnel link Brisbane western corridor rail upgrade Transgrid substations Sydney Water Sewerfix Dec 06 Dec 05 Change Sales - $m % EBIT - $m % EBIT / Sales 5.2% 5.5% (0.3) pts ROFE (annualised) 21.4% 24.7% (3.3) pts Order book ($m) 1, % Revenue Contribution EBIT Contribution 25% 27% Second half anticipated to continue strong growth 18

19 United Group Rail 19

20 United Group Rail Strong underlying performance Delivered record revenues Underlying EBIT increased by 25% Excluding $18.1 million Rail PPP cost Secured more than $200 million of locomotives and coal and iron ore wagons contracts Commenced delivering Hunter Rail Cars and OSCars into service Dec 06 Dec 05 Change Sales - $m % EBIT - $m % EBIT / Sales 5.9% 4.9% 1.0 pts ROFE (annualised) 21.4% 29.4% (8.0) pts Order book ($m) 1, ,284.6 (18%) Opportunities include Rail transport expansion in Victoria Passenger refurbishment projects Tangara, The Ghan, Overland, Indian Pacific, Endeavour Strong activity in the resource sector, locomotives and wagons Evaluating growth opportunities in Asia Revenue Contribution 42% EBIT Contribution 52% 20

21 United Group Resources 21

22 United Group Resources Focus on Long Term and Alliance Contracts Revenue impacted by project timing Very strong EBIT margins Increasing number of long term asset management contracts Strong penetration into oil & gas and coal markets particularly in Queensland Growth of O&G Solutions Order book strengthen with recent wins Dec 06 Dec 05 Change Sales - $m (10%) EBIT - $m % EBIT / Sales 8.2% 5.6% 2.6 pts ROFE (annualised) 47.3% 49.5% (2.2) pts Order book ($m) % Project delivery model (EPCM direct delivery) alliance based Revenue Contribution 16% EBIT Contribution 28% Large number of resource projects set to commence in 2007 and

23 United Group Services 23

24 United Group Services A Global Business Record revenue and EBIT growth Very strong EBIT margins Equis and PREMAS performing in line with expectations A platform for international growth Key contracts secured or renewed in Australia, USA and Asia, including Global property services for AGFA Real estate services for Nokia China Project management services for IBM India Dec 06 Dec 05 Change Sales - $m % EBIT - $m % EBIT / Sales 11.0% 7.1% 3.9 pts ROFE (annualised) 17.2% 15.9% 1.3 pts Order book ($m) % Greater level of global opportunities from multi-national companies Non-conflicted CRE model is a competitive advantage Revenue Contribution 17% EBIT Contribution 38% 24

25 Global Property Strategy - Acquisitions Corporate Real Estate (CRE) Representing owner occupiers and the tenants Strategic portfolio planning and management Real estate advocacy services Tenant property management Project management Strategic procurement Financial management Data management Facility Management Fixed plant/equipment maintenance Planned/reactive maintenance General building/facilities maintenance Electrical services, lighting/ups Fire services BMS maintenance Airconditioning/HVAC Planned/unplanned minor and capital works 24/7 call centre Grounds/gardens maintenance Clearing/waste management Pest control Security and security vesting Energy management Asset/life cycle management Condition assessment Building compliance Property services acquisitions by United Group KFPW, Equis KGFM, PREMAS, Peak Security 25

26 One United External ASX and ASIC Reporting Investors Media M&A Banks Government Human Resource Tax Management Risk Management Insurance Treasury Management Industrial Relations Legal Delegation of Authority Health Safety Security Environment Shared Services Strategic Marketing Payroll/HR IT/Website Procurement Physical Resourcing Encouraged to Share Offices/Workshop Labour Market Knowledge Projects 26

27 Strategic Framework A service company supporting essential infrastructure, property and industry 11,500 people Values of safety, integrity, outstanding customer service, teamwork and open communication Delivery Method Technology partners Alliance or cost plus contracts EPCM Global coverage PPPs Sectors Property Water Power Transport Rail Resources Defence Geography Australia New Zealand Asia USA UK Customers Government Blue chip corporates Services Corporate real estate Facilities management Project management Asset management Engineering design Manufacturing and construction 27

28 Global Growth Platform USA Expand FM solutions Potential acquisition Europe Potential acquisition Cities with main offices Cities with presence Asia Expand CRE solutions Expand Rail and Infrastructure operations Develop supply chain 28

29 Supported by a Sustainable Order Book Sustainable order book A$4.4bn at Dec 06 Order book by sector 1,361 1,096 1,162 Engineering Projects * 33% Manufacturing 11% 788 Maintenance & Services 56% * Only 42% fixed price in Power, Water and Transport 2006/07 Jan-Jun 2007/ /

30 Outlook Order book of $4.4bn Strong market positions supported by continuous spending in infrastructure and resources Unique long term growth platform global CRE service Focus on strong cash flow, balance sheet and return on capital Investing in our future Strengthening management team Improving business systems Better risk management Starting up in the health sector On track to continue to grow at high levels Expecting strong second half performance Earnings slightly weighted to second half (pre Rail PPP cost) 30

31 For more Information Visit:

Richard Leupen, Managing Director & CEO UGL Delivering Sustainable Growth. Macquarie Capital Securities Conference May 2008

Richard Leupen, Managing Director & CEO UGL Delivering Sustainable Growth Macquarie Capital Securities Conference May 2008 Agenda Overview of United Group Business strategy and opportunities Financial