Morgan Stanley LNG Contractors’ Forum16 September 2009

Presented by Richard LeupenManaging Director and CEO, United Group Limited

Overview

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A service company supporting essential infrastructure, resources and property assetsA service company supporting essential infrastructure, resources and property assets

Customers• Government• Blue-chip companies• Institutions

Customers• Government• Blue-chip companies• Institutions

Geography• Australia & New Zealand• Asia & Middle East• North America

Geography• Australia & New Zealand• Asia & Middle East• North America

Sectors• Energy• Rail• Resources• Property• Transport• Water

Sectors• Energy• Rail• Resources• Property• Transport• Water

Delivery method• Technology partners• Alliance or cost-plus contracts• EPCM• Global coverage• PPPs

Delivery method• Technology partners• Alliance or cost-plus contracts• EPCM• Global coverage• PPPs

Services• Project management• Engineering design• Construction• Fabrication• Operations & maintenance• Asset management• Facilities management• Corporate real-estate

Services• Project management• Engineering design• Construction• Fabrication• Operations & maintenance• Asset management• Facilities management• Corporate real-estate

Values: safety, integrity, outstanding customer service, teamwork and open communicationValues: safety, integrity, outstanding customer service, teamwork and open communication

Market capitalisation of ~$2.4 billion~42,000 people including subcontractors

Market capitalisation of ~$2.4 billion~42,000 people including subcontractors

UGL

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Our Drivers

• Sustainable revenues– Recurring maintenance work– Long-term capital works alliances– Essential sectors and services– Diverse earnings stream– Strong order book

• Risk management– Robust systems and processes– Alliance and cost-plus contracts– Blue-chip and government clients– Sensible balanced trading terms

• Leading our markets– Technology partnerships– Alliances– Intellectual property– Outstanding customer service– Safety

Alcoa Maintenance Team, Pinjarra

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Full Year Results Highlights

• Solid result positions UGL for future growth

– Net profit after tax up 10.4 per cent*

– Earnings per share up 8.2 per cent*

– Dividends per share up 10.3 per cent

• Robust financial position

– Strong balance sheet

– Record cash-flow

– Responsible gearing levels

– Dividend levels maintained

*adjusted for amortisation of intangibles

29.134.4

45.8

63.767.8

84.9

91.9

FY03 FY04 FY05 FY06 FY07 FY08 FY09

Earnings per share* (¢)

2428

30

4448

58

64

FY03 FY04 FY05 FY06 FY07 FY08 FY09

Dividends per share (¢)

H1 H2 Special

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Safety First

• UGL has been ranked 5th in a study into all ASX 200 companies.

• Study reviewed lost time injuries incurred across 2005 – 2008, inclusive.

• Whilst these results are encouraging, we continue to aim for our ultimate goal of zero harm.

United Group Resources

Experience in the Oil & Gas / LNG market

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United Group Resources

United Group Resources

• Over 3,000 people

• Formerly - United KG, United Gooder & United Goninan

• Revenue of $720m p/a with Order Book of $655m at Dec 2008

• Engineering, Project Delivery, Asset Management & Industrial Maintenance

• Long term relationships - Alcoa, BP, BHP Billiton, Rio Tinto Alcan, Woodside

• Partners - GE, Aker Solutions

• Sectors - Mining & Mineral Processing, Oil & Gas, Chemicals, Industrial Processes

GladstoneMackay

Newcastle

PerthEast Victoria Park

KwinanaSydneyAdelaide

Melbourne

Brisbane

• Over 3,000 people • Formerly – United Construction,

United KG, United Gooder, United Goninan

• Revenue of $709m and Order Bookof $734m at June 2009

• Services - Engineering, Project Delivery, Asset Management & Industrial Maintenance• Sectors - Oil & Gas, Mining & Mineral Processing, Chemicals, Industrial Processes• Long term relationships - Alcoa, BP, BHP Billiton, Rio Tinto Alcan, Shell, Woodside

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Oil & Gas – An Overview

Our capabilities cover all aspects of the upstream and downstream oil and gas industry, including;

•Onshore processing facilities, pipelines and compression stations

•Offshore platforms and FPSOs

•Oil refineries

•Gas facilities

•Liquefied Natural Gas

•Petrochemical plants

MAJOR CUSTOMERS• Apache Energy• BHP Petroleum• BP Australia• Caltex• Santos• Shell• Woodside

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Oil & Gas – An Overview…cont

We have experience providing a range of services to oil and gas customers:

JUST A FEW EXAMPLES…SERVICE

Apache Varanus Island, Coogee Resources Challis/Jabiru, BP Kwinana refinery, Shell Clyde refinery, Caltex Kurnell refineryMinor Capital Works

Shell refineries, Caltex Kurnell refinery, BP Kwinana refinery, BHP Petroleum Griffin Venture, Woodside Onshore and North Rankin ‘A’offshore mechanical

Turnarounds

Shell Geelong refinery, BP Kwinana refinery, Woodside Onshore and North Rankin ‘A’ offshoreIndustrial Maintenance

Santos Australia Onshore OperationsStrategic Asset Management

BHP Petroleum process skids, Woodside NWS Phase IV, Apache Legendre Calm BuoyManufacturing

Woodside Goodwyn ‘A’, Woodside LNG Trains I, II and IVHook-Up & Commissioning

Woodside Pluto LNG Train I, Woodside LNG Trunk Line Onshore Terminal, Santos Ballera Gas Plant Compression ProjectConstruction

Santos EPC Alliance, BHP Petroleum Griffin Joint VentureIntegrated EPC Services

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MAJOR PROJECTWoodside Pluto LNG Project

CLIENT: Woodside Burrup (FWW)LOCATION: Burrup Peninsula, WAPERIOD: 2009-2010VALUE: $230 million

• Construction project• Mechanical erection of preassembled

modules, plant & equipment• Piping & structural works for LNG train &

gas turbine generators• Predicted man-hours: 1,558,000• UGL Resources has been working with

Woodside since 1984• UGL Resources has worked on 4 of

Woodside’s 5 trains at NWS Venture

Image courtesy of Woodside Energy

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MAJOR PROJECTWoodside LNG Phase IV

CLIENT: WoodsideLOCATION: Burrup Peninsula, WAPERIOD: 2002 – 2004VALUE: $170M

• Originally awarded SMP contract for Off Plot Works

• Expanded contract included erection of sulphinol units and trunkline online terminal, and pre-commissioning for entire project

• LTI free• Twice awarded ‘Safe Contractor’ award

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EPC ALLIANCE – Joint VentureSantos Australia Operations

CLIENT: SantosLOCATION: Moomba & Australia-widePERIOD: 2003 - Ongoing

• O&G Solutions provides EPC services to Santos’ gas field operations

• Scope of services includes complete engineering from concept through to commissioning of project

• The Alliance is a cost reimbursable contract, with margin placed at risk based on performance based KPI's

• Won “best overall health & safety performance of a contractor” award 4 of the past 5 years.

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MAINTENANCE, TAR & CAPITAL WORKSBP Kwinana Refinery

CLIENT: BP AustraliaLOCATION: Kwinana, WAPERIOD: 1991 - OngoingVALUE: $25 million pa

• Comprehensive mechanical maintenance services and capital project planning, management and execution

• Ongoing planned shutdowns

• Major Capital Projects onsite include Naphtha Splitter Column (2008). Design, fabricate and install.

LNG Market

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Market Update LNG

• Pacific basin LNG demand is undersupplied

• Key focus for the Australian energy market

• $200bn Australasian projects under consideration

• Developers racing to execute contracts and achieve FID

• Credit market remains tight• East coast CSG has evolved

rapidly and the logistical challenges make this industry lucrative for contractors

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Conclusion

• Compelling opportunities for UGL in the LNG market– Circa $1.5 billion or greater in opportunities over the next 8 years– Long term asset maintenance opportunities

• UGL has the solid platform for growth

– Recurring earnings base

– Growing order book

– Strong balance sheet

• Long term growth factors still in place for 2011 and beyond

www.unitedgroupltd.com

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Important Notice

This presentation and any oral presentation accompanying it:

is not an offer, invitation, inducement or recommendation to purchase or subscribe for any securities in United Group Limited (“United Group”) or to retain any securities currently held;

is for information purposes only, is in summary form and does not purport to be complete;

is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor, potential investor or any other person. Such persons should consider seeking independent financial advice depending on their specific investment objectives, financial situation or needs when deciding if an investment is appropriate or varying any investment;

may contain forward looking statements. Any forward looking statements are not guarantees of future performance. Any forward looking statements have been prepared on the basis of a number of assumptions which may prove to be incorrect or involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of United Group, which may cause actualresults, performance or achievements to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward looking statement reflects views held only as of the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, United Group does not undertake any obligation to publicly update or revise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation and any oral presentation accompanying it. To the maximum extent permitted by law, United Group and its related bodies corporate, and their respective directors, officers, employees, agents and advisers, disclaim and exclude all liability (including, without limitation, any liability arising from fault or negligence) for any loss, damage, claim, demand, cost and expense of whatever nature arising in any way out of or in connection with this presentation and any oral presentation accompanying it, including any error or omission therefrom, or otherwise arising in connection with any reliance by any person on any part of this presentation and any oral presentation accompanying it.