Drake & Scull International PJSC

Investor Presentation

FY 2017 Results

1

2

3

4

5

6

7

8

Table of Contents

Financial Performance FY 2017

Strategic Direction & Critical Path

Business Rationalization & Operational Recovery

Project Awards

Appendix

Business Rationalization

Financial Performance

3

10

14

18

21

13

15-20

23

3

Financial Performance

4

2,285

570

-

1,714

500 1,071

-

500

1,000

1,500

2,000

2,500

ShareCapital Dec

2016

CapitalReductionOct 2017

EquityInjectionOct 2017

ShareCapital Dec

2017

AED 500 Million Rights Issue

Fully subscribed by Tabarak Investment

1,249352

100

300

500

700

900

1,100

1,300

Dec 2016 Dec-17

AED million AED million

2,747

(441) (1,336) (1,396)

(2,000)

(1,500)

(1,000)

(500)

0

500

1,000

1,500

2,000

2,500

3,000

Revenue Gross Loss EBITDA Net Loss

AED million

Capital Increase Revenue / Gross Loss/ EBITDA / Net Loss

Share Capital

39% Execution Rate

8,174

5,528

2,747

204 263

Backlog Dec2016

Revenue Adjustements Awards Backlog Dec2017

2,628 2,886

0

500

1,000

1,500

2,000

2,500

3,000

Dec 2016 2017

Backlog

Total Debt Total Equity

9% YoY Change* By TabarakInvestment

AED million

Business Performance

Group Summary FY 2017

5

The UAE and the KSA comprises 19 % and 18 % of the Total Backlog standing at AED 5.5 billion as of December 31st 2017

Engineering and Civil comprises 27% and 23% of the Backlog respectively

Total Assets stand at AED 6.9 billion and Net Equity stands at AED 352 million as of December 31st 2017

1,268

5,5281,493

2,767

Civil Engineering Others Total Backlog

6,000 6,943

5,146

6,943

591

6,592

352

1,797

CurrentLiabilities

Non CurrentLiabilities

TotalLiabilities

Total Equity Total Equity& Liabilities

CurrentAssets

Non CurrentAssets

Total Assets

Work in Progress ,Trade & Other Receivables,

comprise 87 % of Current Assets

*Others include Oil & Gas

Projects in Egypt & Passavant

Projects

Total Liabilities & Equity AED 6.9 Billion

Total Assets AED 6.9 Billion

Total Backlog AED 5.5 Billion

Business Performance

Balance Sheet Summary FY 2017

Backlog Total Assets Total Liabilities Total Equity Share Capital

AED Mn 5,528 6,933 6,592 352 1,071

YoY % Change -32% -9% 4% -72% -53%

6

FY 2017 YoY Results

Revenue Gross Profit/ (Loss) Net Profit/ (Loss)

Debt Operating Cash Flow Backlog (billion)

Revenue:

2,747

3,259

FY 17 FY 16

AED 2,747 Million

(440)(365)

FY 17 FY 1621%

Gross Loss: AED (440) Million Net Loss:

(1,396)

(815)

FY 17 FY 16

AED (1,396) Million

2,886

2,628

FY 17 FY 16

Debt: AED 2,886 Million

4,492

5,010

FY 17 FY 16

Trade and other receivables: Backlog: AED 5.5 Billion

Revenue declined vs the same period last year

primarily due to margin adjustments

The Increase in debt is attributable to increase in

conversion of unfunded working capital facilities to

funded debt

The Net loss increased by 71% in comparison to last

year due to the provisions recorded in FY 2017

The Backlog declined mainly due to decrease in

bidding and project awards across all regional

markets

5.5

8.1

FY 17 FY 16

-10%

-32%

-16%

+9%

The Gross Loss has increased primarily due to

margin adjustments

The decline in trade and other receivables is

primarily due to provisions recorded during the year

AED 4,492 Million

71%

Business Performance

Group Summary FY 2017 YoY

7

Engineering Civil Others Total

Backlog 3,862 1,268 398 5,528

% Total 70% 23% 7% 100%

Awards 0 175 88 263

% Total 0% 67% 33% 100%

Revenue 1,744 757 246 2,747

% Total 64% 28%9%%

100%

% Total 69% 27% 4% 100%

Net Profit (Loss) (1,046) (431) 81 (1,396)

% Total 75% 31% -6% 100%

Engineering and Civil comprised 70% and 23% of the of the Total Backlog standing at AED 5.5 billion as of December 31st 2017

The Civil business contributed to 67% of new Contract awards in 2017 and the Water Treatment business contributed 33 % respectively

The Net losses recorded for fiscal year 2017 are attributed primarily to revenue reversal, provisions and cost overruns across all streams

Business Performance

Business Stream Overview FY 2017

41%

33%

64%

28%

9%

70%

23%

7%

75%

31%

-6%

93%

14%

-7%

Backlog Awards Revenue Gross Loss Net Loss

AED 5,528 Million

AED 263 Million

AED 2,747Million

AED (440) Million

AED (1,396) Million

AED Million70%23%7%Engineering Civil Others

8

Business Performance

Backlog Summary FY 2017

The UAE and the KSA comprises 18 % and 19 % of the Total Backlog standing at AED 5.5 billion as of December 31st 2017

Engineering and Civil comprises 27 % and 23% of the Backlog respectively

UAE KSA Qatar Others Total

Engineering 567 428 167 331 1,493

% of Total 58% 42% 100% 10%

Civil 409 597 0 262 1,268

% of Total 42% 58% 0% 8%

Oil & Gas 0 0 0 2,369 2,369

% of Total 0% 0% 0% 71%

Others 0 0 0 398 398

% of Total 0% 0% 0% 12%

Total 976 1,025 167 3,360 5,528

Country Breakdown Geographic Breakdown

18%

19%

3%

60%

UAE KSA Qatar Others

Backlog Mix by

Country

27%

23%

43%

7%

Engineering Civil Oil & Gas Others

Backlog Mix by Stream

5,528

567

428

167 331

409

597

262

2,369

398

0

1,000

2,000

3,000

4,000

5,000

6,000

UAE KSA Qatar Others Total

Total Engineering Civil Oil & Gas Others

*Others include Oil & Gas Projects

in Egypt & Iraq

976

1,025167

3,360

9

Summary income statement

Summary balance sheet Summary cash flow statements

Business Performance

Summary Financial Statements

AEDm 2017 2016 YoY % Change

Backlog 5,528 8,174 -32%

Revenues 2,747 3,259 -16%

Gross Margin -16% -11% 43%

SG&A 1,047 409 156%

Depreciation 49 57 -14%

EBITDA (1,336) -566 136%

EBITDA Margin -49% -17% 188%

Net Income - Loss (1,396) -815 71%

Net Margin -51% -25% 104%

AEDm 2017 2016 YoY % Change

PPE 282 420 -33%

Trade & Other Receivables 4,492 5,010 -10%

Total Equity 352 1,249 -72%

Gross Debt 2,886 2,628 10%

AEDm 2017 2016 YoY% Change

Cash flow from Operations (840) (220) 282%

Cash flow from Investing 311 114 173%

Cash flow from Financing 400 33 1112%

Cash & Cash Equivalents (435) (304) 43%

Strategic Direction & Critical Path

11

Operational & Financial Levers

Recapitalization

The Group successfully completed the recapitalization program in Q4 2017, extinguished the Group’s accumulated losses and secured a AED 500 million Equity injection to improve liquidity and accelerate operational recovery

A total of AED 1.7 billion of accumulated losses has been fully extinguished through a 75% capital reduction effectuated in October 2017, enabling the Group to balance its financial position and initiate a turnaround plan to restore projects’ performance and to stabilize the business

The Strategic Investor

Tabarak Investment a leading and renowned private equity firm in the UAE acquired c.50% of the Group in October 2017 through the AED 500 million capital injection.Tabarak Investment has a fast-growing and expanding portfolio with proven achievements in successful transformative acquisitions in different sectors such as Real Estate, Infrastructure, Construction, Education, Finance, Manufacturing, Logistics and Services

Debt Restructuring

The Group completed the restructuring of its corporate general bank debt in the UAE and secured new credit lines and working capital facilities for the ongoing and new projects portfolio

The company reached in Q4 2017 a consensual agreement with nine regional and local banks to restructure AED 566 million of the total corporate general debt standing at AED 899 million as of December 31st 2017.The Company is concurrently in advanced talks with its creditors in KSA and the wider GCC to restructure its funded projects debt

Re-organizational Efforts

Initiated reorganizational efforts, appointed a new management team with over 25 years of regional and international experience and initiated a comprehensive organizational restructuring program to reduce SG&A, optimize resource utilization, streamline the legal, corporate & group’s structure

Business Rationalization

Right-sized the business and balanced the services portfolio by divesting non-core assets and by scaling back on non-core geographies and by reinforcing the Engineering business in the UAE and KSA with selective approach to the high margin businesses (MEP, Waste Water Treatment , Oil & Gas) in regional markets and an opportunistic approach in secondary markets to reduce exposure and mitigate operational and financial risks

Operational Recovery

Streamlined operations and revamped the operational structure, contained margin erosion and accelerated projects performance and resolved commercial disputes impeding projects delivery and financial performance

Delivered key projects in Abu Dhabi and Dubai (Louvre Museum/TDIC, La Mer/Meeras). Re-instigated relationships with key clients in the UAE. Accelerated bidding activities with c. AED 1.4 billion of secured letter awards for several contracts in the UAE in Q1 2018.

Key Milestones achieved in the Turnaround Plan

Accelerated recovery and ongoing measures to restore market position

12

Strategy Direction & Critical Path

Multifaceted program to restore leadership & position for growth

2017: Execution

Streamline Operations & Improve the Operational Structure

Business Transformation2018: Stabilization 2019: Recovery 2020: Acceleration & Growth

Target High Margin Projects in Core Markets

1

2

3

4

Unlock Value & Implement Productivity Measures across Projects

Advance Core Competencies, Skills & Talents

New Management Appointment , Reinforcement of the Group’s Structure

Realign the Group’s Strategy & the Operating Model with Emphasis on Engineering

Increase Diversification

Use of Cash Proceeds from Equity Injection to shore-up working capital

Complete the Debt Restructuring & Secure New Credit Facilities

Balance the Capital Structure

Optimize Resource Utilization, Cost Reduction & Establishment of Shared Services

Contain Margin Erosion & Accelerate Project Performance

Improve Liquidity & Deleverage

Accelerate Bidding in the Engineering Sector

Invest for Growth and Improve Operational Capacities

Operational Efficiency & Margin

Accretion

Right Sized & Lean Organizational

Structure

Strengthened Balance Sheet

Balanced Service Portfolio

OperationalReview

Organizational Optimization

Financial Restructuring

Project Awards & Investments

13

Strategy

Leverage MEP Expertise in core markets and diversify the service portfolio

Typically Lower Uncertainty Typically Lower Uncertainty

Cu

sto

me

rs/m

arke

ts

• 39% General Contracting

Core Non-core

Co

reN

on

-co

re

• 63% (UAE, KSA, Oman, and Qatar)

• 43% MEP

• 37% other territories including Jordan, Algeria, India, etc

• 18% Other segments such as Water and waste water treatment, Oil & Gas

Cu

sto

me

rs/m

arke

ts • 28% other territories

• 9% Other segments such as Water and waste water treatment

• 72% (UAE, Oman and KSA)

• 44% Engineering• 14% Oil & Gas

• 33% General Contracting

Core Non-core

Co

reN

on

-co

re

Awards Past 5 yearsStrategy: Inorganic growth

through acquisition and diversification

Awards Next 5 YearsStrategy: Organic growth

through diversification and focus on core

lars Strategic pillars Market FocusSector Focus &

Vertical Integration Diversification & Selective Growth

Advancement of Core MEP Capabilities

Value Engineering

1 2 3 4 5

Business Rationalization & Operational Recovery

15

Board of Directors

Newly elected to steer the company back to recovery & growth

The board of directors outlined DSI’s recovery and growth strategy and steered the company’s structural and operational reforms

The Board re-established DSI’s corporate governance standards and protocols, by emphasising consistent transparency, control and quality

The Board appointed key industry leaders to lead DSI’s Audit, Nomination, Remuneration, and Investment Committees

The Board enabled the infusion of a new corporate mindset and culture to accelerate the efficient completion of the Group’s turnaround strategy

The Board is committed to drive DSI towards new and exciting opportunities to advance the Group’s industry leadership

DSI’s Board of Directors comprises of prominent UAE industry leaders

ChairmanMr. Abdulla Subhi Atatreh

Vice ChairmanMr. Ahmad Saeed Al Hamri

Board MemberMr. Abdulla Fareed Algurg

Board Member

Mr. Ahmad Al Kilani

Board Member

Mr. Mohammad Subhi Atatreh

Board MemberMr. Khamis Juma Buamim

Empowered Executive Committees to enforce Corporate Governance & Control

16

Business Rationalization

Ongoing reforms to balance the service portfolio and regain momentum

Key Initiatives

Major reforms initiated by Tabarak Investment to realign the Group’s structure with the strategic direction of the newly elected Board of Directors

Renewed focus on the Engineering business in the UAE to drive margin accretion and regain market share

Re-orientation of the Business Model to drive synergies across all operating segments with emphasis on high performing sectors

Scaling back on non-core geographies to right size the business, preserve capital and attrition of resources

Divestments of non-core assets to generate cash and support working capital requirements

Aggressive pursuit of receivables to generate liquidity

Potential spin-off of subsidiaries to unlock value and optimize shareholders return

Reorganizational Efforts

Calibration of the Service Portfolio

Re-orientation of the Business Model

Divestments

…strategic focus on selective tier 1 clients and high margin projects to restore profitability

17

Operational Recovery

Adoption of key measures to stabilize operations and improve liquidity

► Ongoing projects review to assess commercial positions and financial impact

► Leverage Tabarak local presence and relationships to resolve projects disputes

► Resumption of work on halted projects in the UAE► Use proceeds of the recapitalization to bridge working capital deficit

and accelerate projects performance► Improve receivables certification and collection to reduce the cash

conversion cycle► Streamline the operational structure to restore margins and improve

productivity ► Advance core competencies to achieve operational efficiencies

…with emphasis on cost reduction (SG&A) to improve operating margins

Boost Performance and Restore Profitability

Drivers for Operational

Recovery

Resolve Commercial & Financial Disputes on

Projects

Bridge the Working Capital Deficit and Accelerate Projects Performance

Improve Revenue Generation and Collections

Operational re-alignment to boost revenue generation & restore margins

Project Awards

19

Accelerated momentum in contract awards in the UAE driven by Tabarak

West Bay Tower

Supported by Tabarak Investment, the General Contracting subsidiary of DSI, Gulf Technical Construction Company (GTCC), has been awarded an AED 175 million contract by Orion Real Estate Development L.L.C. to build the latter’s latest project, the West Bay residential tower located at Dubai’s Business Bay

The West Bay residential tower is strategically located in the region’s new business capital, the Business Bay central business district, which is being developed as a commercial, residential and business cluster spanning a 5.9 million sq.m area from Ras Al Khor to Sheikh Zayed Road. Once completed, the 34-storey West Bay residential tower will feature 252 residential apartments

Project Awards

20

Accelerated momentum in contract awards in the UAE driven by Tabarak…

Nasayem

Supported by Tabarak Investment, the General Contracting subsidiary of DSI, Gulf Technical Construction Company (GTCC), has been awarded a AED 250 million contract to develop the Nasayem project in Wahat Al Zaweya in Al Ain, UAE

GTCC has already started the construction works for the 336-unit villa complex Nasayem project, which will be composed of 290 three-bedroom villas and 46 four-bedroom villas

GTCC is concurrently in advanced stages of negotiations with Wahat Al Zaweya for additional contracts that are valued at AED 750 million. The negotiations are expected to be concluded in the first half of 2018

Project Awards

Appendix

22

Established in the UK in 1881 as two dedicated companies focusing on electrical and plumbing works respectively

Both companies merged in 1964 to create Drake & Scull International (DSI)

Drake Scull International (DSI) ventured into the middle east in 1966 with an operational base in Abu Dhabi

DSI launched a highly successful IPO in 2008 and listed on the Dubai Financial Market in 2009

DSI diversified into General Contracting, Rail & Infrastructure, Water and Wastewater Treatment and Oil & Gas

DSI expanded global footprint to span MENA, Europe and South Asia

Overview

Evolution of Drake & Scull

Bernard Drake founds Drake and Gorham, a new electrical company with colleague Marshal Gorham

Arthur Scull starts his plumbing business in Bristol

Drake & Gorham and Arthur Scull and Son merge to form Drake & Scull Engineering

DSI Establishes office in Abu Dhabi

DSI establishes Infrastructure, Water and Power operations

DSI acquires Gulf Technical Construction Company (GTCC)

DSI offers 55% of its shares to the public through Its IPO, which was 101 times over-subscribed

DSI acquires Drake & Scull Kuwait and Passavant Roediger and opens offices in Jordan and Thailand

DSI establishes Drake & Scull Water and Power and Drake & Scull Construction

DSI acquires Drake & Scull International Qatar and opens offices in Egypt and Oman

DSI acquires Saudi based Drake & Scull International Saudi Arabia and Civil Construction firm ICC

DSWP establishes office in India

Drake & Scull forms dedicated Oil & Gas division

DSWP and DSC establish offices in Qatar

DSI launches Drake & Scull International Oil & Gas in Abu Dhabi

Establishes offices in India, Iraq and Algeria

Launches Drake & Scull Rail in MENA and Asia

DSI achieves ISO 27001:2013 certification and implements Oracle JD Edwards ERP worldwide

1881 1893 1964 19662006 -2007

2008 2009 2010 2011 2012

Drake & Scull Engineering is formed by merging the MEP and WP businesses

Passavant Roedigerevolves into Passavant Energy and Environment

2013-2014

2015

2016: DSI acquires ISO 9001:2015, ISO 14001:2015 and ISO 18001:2007 certification in KSA

2017: Recapitalization Program Completed

Tabarak Investment acquires 52 % of DSI

2016-2017

Bernard Drake

Arthur Scull

History of DSI

23

Group Overview

Leaders in the regional EPC market

Drake & Scull International (“DSI”) is a regional market leader delivering integrated end to end solutions in the Engineering (MEP), Construction, Oil & Gas, Rail, Infrastructure Development, Water and Waster Water Treatment businesses

DSI’s EPC track record spans over 137 years of global experience and 52 years of Middle East experience

Unmatched project delivery credentials with over 700 projects completed globally in the last 5 decades

Robust ongoing projects backlog worth AED 5.5 Billion

Publicly Listed on Dubai Financial Market with highest Corporate Governance Rating from ESCA

Skilled and experienced multicultural workforce in excess of 15,000

Rich projects’ experience spanning Airports, Residential, Commercial, Mixed Use, Water & Power, Hotels, Tourism, Rail, Education, Hospitals, Government Complexes, Retail Malls, High Rises, Water Treatment Plants, District and Central Cooling Plants

Company Overview Overview of Business Streamlines

Engineering

Construction

Rail & Infrastructure

Oil & Gas

Waste Water

Historical premier Mechanical, Electrical, and Plumbing engineering services, pioneering the adoption of District Cooling Plants and large scale projects

General Civil Contracting services division established in 2010 to execute civil works and turnkey projects in residential and hospitality sectors

European Rail experience and pedigree to deliver complete EPC scope for Rail Networks, depots, yards, stations, tunnels, as well as Renewable energy

Focused EPC capabilities catering to Oil, Gas and Water Gathering, Processing, Refineries, Pipelines and Storage Systems and Plants

Germany based EPC expertise with patented technologies and innovations spanning Waste & Waste Water Treatment, Sewage Treatment and Waste to Energy Plants

83%

3%

8%

6%

UAE

GCC

Arab

Foreign

UAE GCC Arab Foreign

*As of 5th March 2018

Shareholder Structure

Global Footprint

New Delhi

Dubai

Cairo

AlgiersIstanbul

Amman

Sofia

Budapest

Bucharest

Frankfurt

Headquarters

Subsidiaries

Branches

Abu Dhabi Qatar

RiyadhJeddah

Baghdad

Kuwait

Muscat

+ 125 Ongoing Projects

+ 19 Offices Worldwide

AED 5.5 Billion Projects Backlog

Backlog Mix by

Stream

Engineering (27%)

Civil (23%)

Oil & Gas (43%)

Passavant & Others (7%)

Backlog Mix by

Geography

UAE (18%)KSA (19%)Qatar (3%)Others (54%)

+ 15,000 Employees

24

History of DSI

Compelling Growth Story

1960’s Global ExpansionForays into Asia and the Middle East

19th CenturyUK’s Leading MEP Contractor

Post MillenniumSuccessful IPO & Expansion of Service Offering

25

Vertically Integrated Services

Operational Highlights

Track Record

Mission

VisionOur vision is to capitalize on our heritage and brand values in order to become regional market leaders in the MEP Sector byproviding engineering excellence to clients while achieving optimum shareholder value, through commitment in delivering best practices in corporate governance and transparency

To safely deliver world-class projects, providing integrated design and engineering in General Contracting, Mechanical, Electrical & Plumbing (MEP), Rail & Infrastructure, Oil & Gas and Water & Wastewater Treatment through our value system – People, Innovation Passion and Integrity – while promoting environmental protection and sustainable communities’ development

Global, Experienced workforce of

15,000 professionals700+ projects delivered in last 5

decades

Ongoing Projects Backlog worth

AED 5.5 Billion

Over 125 Ongoing Projects across key

markets

LEED Silver, Gold and Platinum Experience

Modern ERP Platform

ISO 9001:2008, ISO 14001:2004, ISO 27001:2013 and OHSAS 18001:2007 certified

Strategic partnerships with regional industry leaders and clients Fast Track Scalable EPC Capabilities

In-house BIM capabilities

Competitive Edge137 years of global engineering experience, 52 years of regional engineering expertise, seamless integration of core EPC capabilities across key markets backed by innovative practices and technology

Engineering (MEP) General Contracting Rail & Infrastructure Oil & Gas Water & Wastewater Treatment

Business Overview

Integrated Engineering services across the construction value chain

26

Engineering Water Treatment DevelopmentConstruction

Main activities include :

• Turnkey, Design and Build• Engineering, Procurement

and Construction (EPC)• Engineering, Procurement

and Construction Management (EPCM)

• Post Handover Operation and Maintenance (O&M)

Main activities include:

• General Contracting services for the construction of buildings and various civil projects and Infrastructure works

• Detail design, contract plans, and specification

• Construction planning, scheduling, and estimation

• Materials and equipment procurement

• Construction project management, inspection, and quality control

Main activities include:

• Complete EPC solutions for all Rail systems and services across MENA and South Asia

• Expertise in Turnkey solutions for Tunnels, Stations, Depots, Track side, and Construction Management

• Completed Projects include St PancrasRailway Station, Jubilee Line Extension, and complete MEP Works for London Underground

Main activities include:

• Raw Water Treatment• Desalination/Demineraliz

ation• Ground Water and

Surface Water treatment• Treatment of Residues• Municipal wastewater

treatment• Industrial wastewater

treatment• Sludge treatment• Mechanical & Biological

Waste Treatment including Waste to Power

• Unique patented in-house German Technology

Main activities include:

• Turnkey Solutions and Construction activities for:

• Oil, Gas and Water Pipelines

• Oil and Gas Facilities• Oil Refineries, Gas,

Chemical & Petrochemical process plants

• End-to-end engineering solutions from Project Management to Startup Services

• Registered and prequalified with leading Petrochem Ministries and corporations

Main activities include:

• Public Private Partnership Projects (PPP)

• Essential Infrastructure creation

• Co-Development project initiatives with partners and alliances

Rail Oil & Gas

Integrated EPC Services

Service Portfolio

Vertical Integration across the construction value chain

27

INTEGRATED EPC SERVICES SCOPE & CREDENTIALS

Sectors Engineering Civil Oil & Gas Water Treatment

Aviation

Comprehensive solutions catering to airport terminals, passenger transport, communication towers and systems, HVAC and Electricals.DSI has worked on Abu Dhabi International Airport Terminal Phase 2, New Muscat International Airport, New Doha International Airport, as well as the Kai Tak Airport in Hong Kong

District Cooling Plants (DCP)

DSI pioneered the adoption of DCPs to promote energy efficient district cooling. DSI offers in-depth EPC capabilities for large scale projects such as Jumeirah Beach Residence, Meydan, and ITCC (KSA)

Education

Complete end-to-end General contracting and MEP Engineering capabilities for college campuses and residential compounds. DSI has delivered prominent projects such as KAUST, KAPSARC and the Princess Noura University

Healthcare

DSI offers in-depth EPC solutions catering to hospitals, medical universities, and laboratories, spanning MEP, IT networks, and communication infrastructure. DSI has delivered landmark projects, such as the King Khaled Hospital Extension, Tabarjal Hospital in Saudi Arabia, and the Rashid Hospital in Dubai

Hospitality

DSI offers end-to-end EPC solutions catering to MEP and General contracting needs for hotels, luxury resorts, amusement parks, and specialised themed developments.DSI has regionally delivered prominent hotels such as the Fairmont Palm Hotel & Resort, Shangri-La Qaryat Al Beri Resort, and the W Hotel.

Energy

DSI offers comprehensive EPC turnkey capabilities catering to Oil & Gas plants, Pipelines, Refineries, Storage locations, Onshore and Offshore, Upstream and Downstream projects. DSI has delivered projects in Iraq and Egypt.

Power

DSI has extensive expertise in power generation and transmission projects, as well as Waste to Energy conversion in the MENA region. DSI also offers complete spectrum of EPC solutions catering to Renewable energy, and has delivered a 1MW solar power project in South India

Infrastructure & Industrial

DSI offers advanced PPP and Design, Build, and Operate (DBO) capabilities catering to the infrastructure region

Water

Patented German EPC technologies catering to Water and Wastewater Treatment (WWTP), Sludge Treatment, and Waste Management. DSI’s subsidiary Passavant has delivered several WWTP installations across Europe, MENA and Asia

Rail

DSI offers turnkey EPC services for Railway stations, depots, tunnels and external facilities. DSI has delivered several projects in Europe, as well as the Dubai Airport Passenger Mover.

Business Divisions & Sectors

Diversified services portfolio across multiple sectors

28

Project Credentials

Proven track record of delivering iconic projects in region

Jabal Omar

Location: Mecca, KSA

Industry: Mixed use

Developer: Jabal Omar Devel.

Value: US$350m

Status: Ongoing

Channel Tunnel Rail Link

Location: London, UK

Industry: Transport

Value:US$350m

Status: Complete

Jewel of the Creek

Location: Dubai,UAE

Industry: Mix - use

Developer: DIRE Real Estate

Value:US$53 m

Status: Ongoing

Dohaland

Location: Doha, Qatar

Industry: Cooling plant

Developer: Mshreib Properties

Value: US$59m

Status: Ongoing

Jumeirah Beach Hotel

Location: Dubai

Industry: Hospitality

Developer: Jumeirah

Value: US$36m

Status: Complete

Saraya Aqaba

Location: Aqaba, Jordan

Industry: Commercial

Developer: Saraya Aqaba RE

Value:US$208m

Status: Ongoing

KAUST

Location: Thuwal, KSA

Industry: Education

Developer: ARAMCO

Value: US$257m

Status: Complete

Channel Tunnel Rail Link

Location: Romania

Industry: Wastewater Treatment

Value: US$65m

Status: Complete

Jumeirah Beach ResidencesDistrict Cooling Plant

Location: Dubai, UAE

Developer: Tecom

Value: US$74m

Status: Complete

KAPSARC

Location: Riyadh, KSA

Industry: Education

Developer: Saudi Aramco

Value: US$800m

Status: Complete

Royal Amwaj Resorts & Spa

Location: Dubai, UAE

Industry: Mixed use

Developer: Seven Tides

Value:US$107m

Status: Complete

Ammonium Nitrate PlantLocation: Ain Sokhna, Egypt

Industry: Petrochemical

Developer: EH Corp

Value:US$21m

Status: Complete

29

Clients

Key partnership with lead clients in the region

Established Tier 1 Regional Clientele Base Across Multiple Sectors

30

Disclaimer

This presentation has been produced by the management of Drake & Scull International PJSC (DSI) (“DSI” or the “Company”), solely for use at various tele-conference

arranged for existing/prospective institutional investors and for their clients/potential clients and shall not be reproduced or redistributed, in whole or in part, to any

other person without Company’s written consent.

This presentation may contain certain forward-looking statements relating to the plans, strategies, business prospects, financial performance and results of the

Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical

facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and

similar expressions. Such forward-looking statements including assumptions, opinions and views of the Company are solely opinions and forecasts which are subject to

risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or the officers or the

employees provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any

responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. The Company assumes

no obligation to update any forward-looking statements or to conform these forward-looking statements to the Company’s actual results.

By participating, attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market

position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the

Company’s business. This presentation speaks about the information as of end of Q1 2018 or at a stated date. Neither the delivery of this presentation nor any further

discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the

Company since such period or date.

This Presentation is intended for information purposes only and does not constitute or form part of an offer for sale or subscription or an invitation or solicitation of an

offer to subscribe for or purchase securities of any kind and neither this document nor anything contained herein shall form the basis of any contract or commitment

from any party whatsoever.

This presentation has been prepared by Drake & Skull International PJSC (“DSI”) and reflects the management’s current expectations or strategy concerning future

events and are subject to known and unknown risks and uncertainties.

No representation or warranty, express or implied, is made or given by or on behalf of DSI or any of its respective members, directors, officers or employees or any

other person as to the accuracy, completeness or fairness of the information or opinions contained in or discussed at this presentation

31

For further enquiries, please visit www.drakescull.com

Drake & Scull International PJSCRabih Abou DiwanInvestor Relations DirectorTel: 04 4463444Corporate@drakescull.com