Drama Booklet

BUSINESS PLAN IN

SUPPORT OF

FUNDING REQUEST TO POLYMETAL

INTERNATIONAL PLC

DARMA CONSTRUCTION, LLC DOHA, STATE OF QATAR

ABOUT DARMA DARMA BUSINESS PLAN IN SUPPORT OF FUNDING REQUEST Document Reference: DARMA-BP-RPT001 Date:

April 2014

Prepared by:

DARMA CONSTRUCTION, LLC

We, the undersigned have reviewed this document: DARMA: Internal Reviewers: Mr. George I Macleod

Darma Board Director

Mr. Soon L Loo

Darma Board Director

Mr. Ibrahim Alsalha

Darma Board Director

Sign

Date

Sign

Date

DARMA: EXTERNAL Reviewers:

Mr. Noureddine Daggou

Head of Business Enterprise and Advisor to Sheikh Hamad Bin Jassim - Al Khaliji Bank, Qatar

Mr. Peter Murphy

Senior Commercial Claims Consultant – Quantum International, Qatar

APPROVED BY:

Endorsed BY:

Mr. Ali Alnesi – DARMA Managing Director

H.E. Sheikh Nayef Bin Eid Al Thani-Special Advisor to DARMA Board

TABLE OF CONTENTS

01

EXECUTIVE SUMMARY

02

INTRODUCTION, VISION, MISSION AND CORE VALUES

03

GOVERNANCE, MANAGEMENT AND ORGANIZATION STRUCTURE

04

STRATEGIC AIMS

05

MARKET ANALYSIS

06

REVENUE/PROFIT PROJECTION

07

FUNDING REQUIREMENTS

08

FINANCIAL MANAGEMENT, CONTROLS AND RISK MANAGEMENT

09

EXIT STRATEGY APPENDICES:

A- DARMA Company Registration B- DARMA Project Information Schedule C- DARMA Projected Revenue/Gross Profit D- Funding Requirement

01

Executive

Summary

• DARMA CONSTRUCTION, LLC is a registered Qatar limited liability company (LLC) established to provide engineering and construction services and solutions to the Qatar construction sector.

• The principal shareholders of DARMA are Mr. Ali Alnesi and Mr. Ibrahim Alsalha. Mr Alnesi and Mr. Alsalha each have 50% shareholding of the company.

• DARMA is sponsored by Sheikh Nayef Bin Eid Al Thani, a prominent member of the Qatar Ruling Family. H.E Sheikh Nayef holds a number of company chairmanships and directorships and is the Special Advisor to DARMA’s Board.

•

Mr. Alnesi, the Managing Director of DARMA, is a professional electrical engineer with over 15 years in the engineering and construction sector. He is spearheading and leading DARMA on its strategic realignment and growth plan to increase DARMA’s share of the Qatar construction market.

• Qatar is embarking on major development and construction programmes leading up to the FIFA 2022 World Cup as well as capital and social expenditure to support and achieve the objectives of Qatar National Vision (QNV) 2030. This provides DARMA with the underlying economic fundamentals to achieve its growth plan and create sustainable shareholder value.

• To achieve its strategic aims, business plan and growth,

Qatar is embarking on major development and construction programmes leading up to the FIFA 2022 World Cup

DARMA is seeking equity investment of USD 20 million from Polymetal International Plc (referred from hereon as “Polymetal”). This investment will secure Polymetal a strategic 30% ownership of the company, a share of the company’s operating profit, a seat on the company’s board, exposure and networking with the Qatar business sector.

• The equity investment of USD 20 million, will be repaid back to Polymetal from year 2 onwards with 8% interest. DARMA is confident of repaying the full princibal and interest amount by end of year 2.

DAMAR is seeking equity investment of USD 20 million from Polymetal International Plc

• To date, DARMA has completed contract negotiations with Clients for construction projects with a total contract value of USD 261 million. Contracts for these projects will be signed with the Clients upon securing the equity investment from Polymetal. DARMA is also confident of signing with the Private Engineering Office (P.E.O.) of the Emir of Qatar construction contracts with a total value in exess 137 million USD within 3 month of receiving the funding from Polymetal.

• DARMA has identified construction projects with total contract values of

USD 1,219 million and USD 474 million for the second and third year of its operations. DARMA is confident of securing these projects.

DARMA is seeking equity investment of USD 20 million from Polymetal International Plc

• DARMA’s projected gross profit for the first year is USD 19.1 million.

For the second and third year of operations, DARMA is projecting gross profits of USD 94 million and USD 152.9 million.

Yearly Project Contract Value USD

“DARMA has completed contract negotiations with Clients for construction projects with a total contract value of USD 261 million”.

5 Year Gross Profit Projection: USD Millions

DARMA is projecting gross profits of USD 94 million and USD 152.9 million.

02

Introduction, Mission, Vision and Core Values

DARMA is now embarking on a deliberate strategic business realignment to realize and capitalize on the unprecedented level of construction planned in Qatar over the next 15 years.

The FIFA 2022 World Cup to be held in Qatar and the Qatar National Vision (QNV) 2030 development plans will underpin sustainable growth in Qatar’s construction sector for the foreseeable future.

In order to achieve this strategic business realignment, DARMA is seeking support from Polymetal by way of an equity investment. This will enable DARMA to achieve its strategic business realignment and realize a sustainable, growth orientated and profitable enterprise. Polymetal’s investment will secure it 30% ownership of DARMA, a share of the company’s profits and growth prospects, representation in the governing board of the company and a strategic foothold in Qatar’ construction sector. Depending on Polymetal’s core business interest, and through DARMA’s networks, its investment will also provide Polymetal with a platform to gain access to Qatar’s wider business community.

VISION STATEMENT “TO BE AN INTERNATIONALLY RECOGNIZABLE DYNAMIC FORCE IN CONSTRUCTION AND ENGINEERING SERVICES”

CORE VALUES

MISSION STATEMENT “TO PROVIDE AND DELIVER ENGINEERING AND CONSTRUCTION SERVICES THAT BEST SERVES ITS CLIENTS BUSINESS GOALS AND OBJECTIVES, CREATE VALUE WITH CERTAINTY, RESILIENCE AND LONG TERM BUSINESS PARTNERSHIP”

“ ‫ دارما‬DARMA”, encapsulates the following core values of the company: • Resilience. • Excellence. • Dependability, Agility and Adaptability.

• Quality. • Integrity. • Respect and Empathy.

• Open Communication. •Collaboration Social, Health and Environmental Responsibility

“Knowing is not enough, one must apply, willing is not enough, one must act” Johann Wolfgang von Goethe

03

Governance, Senior Management and Organization

Business Structure DARMA Construction LLC, Qatar, is a legally registered limited liability company (LLC) in Qatar (Commercial License- CR No: 94261). The principal activities of DARMA, under its commercial license, are engineering and construction services. DARMA’s commercial license is under the sponsorship of Sheikh Nayef Bin Eid Al Thani, a prominent member of Qatar’s ruling family. The current principal shareholders of DARMA are Mr. Ali Al-Nesi and Mr. Ibrahim AlSalha.

Governance DARMA’s current governance board comprises its principal shareholders, Mr. Ali Alnesi and Mr. Ibrahim

Alsalha, external board members Mr. George Iveagh Macleod and Mr. Soon Leong Loo. The board will be joined by Polymetal’s nominated member upon successful completion of Polymetal’s equity investment in DARMA. The Special Advisor to DARMA’s board is H.E Sheikh Nayef Bin Eid Al Thani, a prominent member of the Qatar Ruling Family. H.E Sheikh Naieif holds a number of key company chairmanships and directorships.

H.E Sheikh Nayef’s standing in Qatar and wide business interest will be an asset to DARMA’s board.

DARMA GOVERNANCE FRAMEWORK

GOVERNANCE

PERFORMANCE

CONFORMANCE

VALUE CREATION

ACCOUNTABILITY ASSURANCE

INTEGRITY SOCIAL RESPONSIBILITY

Current DARMA Board Members Mr. Ali Hamad Alnesi, BSc, Grade A Registered ElectroTechnical (Infrastructure, Oil & Gas) Engineer in Qatar and UAE. Ali brings 15 years of Mr. Ali Alnesi international Managing Director and management Chairman of Board and engineering experience in design and construction management as an Electro-Technical Engineer. Prior to setting up DARMA, he has worked for an international engineering company and involved in major projects such as the New Doha Port Project (USD 6.8 billion), Schools and Mosques (USD 0.4 billion) for Musanada , UAE, On-shore platform

and Generation Plant Project (USD 1.2 billion)-Yemen, Sonatrach (Oil & Gas).

Project (USD 6 billion)-Algeria, Sheikh Zayed Mosque (USD 1.4 billion)-UAE, Al Reem Island High Rise Building (USD 650 million)-UAE, Overhead High Voltage Transmission Line (OHTL: USD 350 million)-Oman.

Ali has wide business network connections in Qatar, Oman, Yemen and Abu Dhabi, a deep knowledge of the Qatar engineering and contracting business, local customs/ traditions and business practices. He has also established strong professional relationships with Qatar, UAE and Oman Local Authorities and Public Works Departments.

Ali’s combined business acumen, leadership, engineering and entrepreneurial skills will set the path and drive DARMA’s sustainable growth and success.

Mr. Ibrahim Alsalha, Bachelor Of Laws and Rights (Syria); Member of Syrian Law Association Mr. Ibrahim Al Salha is Mr. Ibrahim Alsalha a trained DARMA Board Member lawyer and businessman with over 16 years of experience in the construction industry.

He started his involvement in the construction industry soon after completing his university law degree assisting the family construction business.

Later he teamed up with Sheikh Thani Bin Aied Al Thani to form a

steel engineering and construction company (Top Rock Steelworks, Qatar LLC).

At present, he is an Executive Director of Top Rock and a member of DARMA’s board of directors. His vast experience and business network in the construction industry has been instrumental to the development of DARMA and its strategic business plan.

Current DARMA Board Members

Mr. George Iveagh Macleod, BSc. George has over 30 years’ experience in international business development, finance and consultancy.

He is currently Mr. George Iveagh the business Macleod development DARMA Board Member Scottish Nationality director of Elverson Group, Qatar and has advised a number of international companies on business acquisitions, development and project financing.

George brings to DARMA’s board strong commercial acumen, international corporate financing experience and business development expertise.

Soon L Loo, BE (Hons), MIPENZ, CPEng (New Zealand), IntPE. Soon is a New Zealand trained Chartered Professional Civil Engineer with over 30 years of international experience in design and construction management.

He has been involved in a wide range of projects ranging from commercial, industrial, retail, mixed use developments, port and marine works, including master plan developments in a senior role.

His prior assignments and roles has equipped him well with sound technical knowledge, programme and project management skills and the ability to work in a multidisciplinary/multinational team environment with a focus on delivering successful outcomes to meet Project Objectives and Client requirements.

Major projects in which Soon held senior roles include New Doha Port Project (USD 6.8 billion), Sheikh Zayed National Soon L Loo DARMA Board Member Museum, New Zealand Citizen UAE (USD 1.15 billion), Dubai Sports City (USD 4.0 billion), Dubai Maritime City (USD 5.5 billion), Dubai Marina Mall, Hotel/Serviced Apartment and Office Complex (USD 700 million).

DARMA’s current governance board comprises its principal shareholders, Mr. Ali Alnesi and Mr. Ibrahim Alsalha, external board members Mr. George Iveagh Macleod and Mr. Soon Leong Loo.

DARMA ORG-CHART

Board of Directors AUDIT, Ethics, Renumeration Committee

Legal Counsel and Company Secretary

Chief Financial Officer Managing Director Document Control Dept.

Health, Safety, Environment and Security Director

Admin, IT and HR Director

Commercial and Contracts Director

Operations Director

Estimation & Engineering Director

Financial Manager

QA/QC Director

Logistics, Project Control and Planning

Business Development Director

Health, Safety and Environment

Administration Affairs

Procurement Dept.

Construction & Project

Estimation Dept.

Accourt Dept.

QA/QC Inspectors

Project and Logistics Planners

Sales and Marketing Executives

Security Officers

Human Resources

Collect on Dept

Equipment & Maintenance

Arch & Civil Dept.

Stores Dept.

Public Relation

Contracts, Commercial Management & Administration

Personal Affairs

Leagal Affairs

IT

Electro-mechanical

Process and Instrumentation Dept.

DARMA ORG-CHART DARMA Organization Chart DARMA’s senior executive management team will be led by its Managing Director and Board Chairman Mr. Ali Alnesi. DARMA is currently recruiting talented and experienced staff to join the senior executive team and become part of the company’s growth story. Senior executive team members with proven entrepreneurial and

leadership qualities will be mentored and groomed with a clear path towards company leadership roles and shareholding.

External Advisors DARMA’s external advisors include: • Quantum International, Qatar: Quantum will provide DARMA with specialist consultancy

services related to legal matters, construction disputes and claims, arbitration and disputes settlement and Construction Contract Matters.

• MICA: MICA will provide DARMA with ORACLE management systems and solutions, including training, implementation and maintenance of the systems.

04

STATEGIC AIMS

DARMA’s current key strategic aim is to secure and increase its share of Qatar’s public and private sector construction/development projects with sustainable profitability. This will drive DARMA’s growth and create shareholder value. In the longer term, DARMA will diversify to the wider GCC and Middle East construction market. In particular, DARMA will focus on diversifying to OMAN, UAE and the Kingdom of Saudi Arabia.

To underpin the key strategic aim, DARMA will seek to promote, develop and enhance the following areas of the business:

a) At Business Level: • Entrepreneurial spirit.

• Strong brand and reputation recognition.

• Fostering, maintaining and strengthening of business/ commercial networks and relationships – Private and Government Sector Network.

• Securing of and focus on high value and/or high impact projects • Comparative advantage over competitors.

• Providing Innovative Solutions and adding value to Clients business objectives.

• Preferred Contractor of Choice.

• Cultivating strong business relationships with suppliers, subcontractors and Industry Stakeholders.

b) At Management and Operational Level • Strong fiscal responsibility, financial management, controls and reporting • Strong internal control framework, risk management and quality control/ assurance processes and systems.

• Strong and effective management structure, corporate governance and strategic planning • Engagement with Shareholders and Staff • Cultivate a culture of cooperation and collaboration within the company • Transparent Information sharing within organization • Communication and openness • Recruitment, retention and reward of talent • Training, skills enhancement and capacity building • Employer of choice and “Best Place to Work” • Entrepreneurial project management, planning and controls • Health, Safety, Security and Environmental Responsibility.

• Continuous Process, Technical and Quality Improvements

05

MARKET ANALYSIS QATAR

MACRO ECONOMIC OVERVIEW The Middle East Region is undoubtedly the most active and buoyant construction activity in the world today and for the foreseeable future. A recent report by Acadis estimates that across the region, major construction programmes costing in excess of USD 1 trillion is planned for completion by 2030. These projects comprise retail, real estate, leisure and tourism, health and education asset development, transportation and logistics, public housing, infrastructure and economic diversification to reduce reliance on oil and gas revenues. Qatar and the United Arab Emirates, in particular will see accelerated growth in the construction sector resulting from the FIFA 2022 World Cup and 2020 EXPO preparations combined with infrastructure and social development expenditure.

Annual Spending on Major Programmes across Middle East US $ bn (source Arcadis Report)

QATAR CONSTRUCTION SECTOR OVERVIEW Qatar, one of the richest countries in the world with per capita GDP income of US $ 104,665 (2013), is experiencing robust growth in its construction and real estate sector. In the lead-up to the FIFA 2022 Work Cup , Qatar is estimated to be spending as much as USD $ 205 billion in infrastructure between 2013 and 2018. Its construction sector is the largest employer accounting for 50% of its labor force. According to a recent Fitch Ratings report, “Mena Sovereign Credit Overview”, Qatar’s high government capital spending and population growth should sustain double digit growth in the non-hydrocarbon sector.

“Construction activity projected to expand by 13.1% in 2013, accelerating to 15.7% in 2014. The Government is set to invest heavily in economic infrastructure over upcoming years, particularly local roads, expressways, the Doha metro and rail, and drains and sanitation. Construction of new health centers and education facilities will also entail heavy spending. Private construction activity centered on residential and commercial real estate development, including new malls, hotels and labor accommodation throughout Qatar, will also fuel growth.” – Qatar Ministry of Planning and Statistics; Economic Outlook 2013-2014.

Qatar’s overall economy grew by 6.5 % in 2013 spurred by double digit growth in construction, wholesale trade and hospitality, financial, real estate and business services. Overall GDP growth for 2014 is expected to accelerate to 6.8%. The FIFA 2022 World Cup and implementation of Qatar’s National Vision (QNV) 2030 development programme will dominate activity in the construction and project sector in the years ahead. In the long run, delivery of the QNV 2030, which has four cornerstones founded on human, social, economic and environmental development, will be more significant in respect to sustainable growth and national development. This will provide long term sustainable growth in Qatar’s construction and engineering services sector.

QATAR CONSTRUCTION SECTOR OVERVIEW

QNV 2030

Social Development Human Development Economic Development Environmetal Development

• • • • • • • • • •

Development Programme and Projects: Infrastructure and Utilities Schools Health Facilities Transportation Housing Education: Primary, Secondary and Tertiary Food and Water Security Infrastructure Tourism Infrastructure Economic Diversification into manufacturing, industrial sector

06

REVENUE PROFIT PROJECTION

Yearly Project Contract Value USD Millions

The underlying fundamental strength of Qatar’s economy and the buoyant construction sector, have provided DARMA the opportunity to realign, grow its business and increase its share in Qatar’s construction and project sector. DARMA’s 5 year revenue and profit projection are presented below.

Appendix B and C contains details of projects currently on DARMA’s order book, revenue/profit projections and future prospects.

DARMA is also confident of signing with the Private Engineering Office (P.E.O.) of the Emir of Qatar construction contracts with a total value in exess 137 million USD within 3 month of receiving the funding from Polymetal.

5 Year Gross Profit Projection: USD Millions

07

FUNDING REQUIREMENTS REQUIRED FROM POLYMETAL

DARMA requires USD 20 million funding to realize its growth, operational needs, and initial capital expenditure and achieve its key strategic aims.

Table 1: Darma Funding Requirement: Item No

1 2 3 4 5 6 7 8

Description

General & Administration Expenses, Office Rental and Fitout Directors Remuneration H/O and Technical Staff Salaries Construction Equipment & Fuel Cost, Parts and Maintenance Authority and ISO certification and Training Construction Labor Force (600) Salaries Labor Accommodation Contingency Total Funding Requirement

Amount : USD Millions

0.6 2.5 7.2 1.4 0.5 3.5 2.4 1.9 20.0

DARMA will be able to generate retained earnings from its first year of operation and be self-sufficient as a going business concern from thereon. DARMA is confident of repaying the full princibal and interest amount by end of year 2.

Additionally, DARMA requires from Polymetal proof of funds (by way of bank statements only), advance payment and performance bonds to satisfy the conditions of the construction contracts awarded to and secured by DARMA.

08

INTERNAL FINANCIAL MANAGEMNT AND CONTROLS, RISK MANAGEMENT

DARMA’s internal control and risk management system seeks: • To preserve and enhance shareholder value • Create competitive advantage, • Improve organizational processes/performance and efficiency, • Counter and mitigate risks • Achieve company’s objectives sustainably • Compliance with applicable laws and regulations, • Sufficiency of competency and capacity building • Clear communication structure, accountabilities, roles and responsibilities • Reliable, regular and real- time reporting • Safeguarding of resources • Well defined internal processes, procedures and approvals

• Systematic and factual approach to decision making • Well defined organizational goals and objectives • Security of and control of documents Certification and verification in line with ISO 9001: Quality Management System,

ISO 31000: Risk Management, ISO 14001: Environmental Management System will be adopted within the company for its quality, internal control, environmental and risk management systems.

Board Level Risk Committee

Executive managemnet Level: Internal Risks and Controls

Internal Systems, Compliance, Regulatiory Processes and Procedures

Financial, Organisational and HR

FINANCIAL MANAGEMENT, CONTROL AND REPORTING

Strategic Level

Executive managemnet Level: Engineering and Construction Contracs Risk

Peoject Controls and Planning

Health, Safety and Environment

Operational and Functional Level

08

INTERNAL FINANCIAL MANAGEMNT AND CONTROLS, RISK MANAGEMENT

DARMA’s financial management system will implement and utilise ORACLE’s PeopleSoft Enterprice Financial Management solutions.

An international accounting firm will be employed as external monitors, auditors and to prepare the company’s audited financial accounts and statements.

An audit, ethics and renumeration committee reporting to the board will also be established.

DARMA will adopt the principles of The Committee of Sponsoring Organization of the Treadway Commission (COSO) ‘Internal Control – Intergrated Framework (2013 Framework)’ in its financial management and reporting system.

DARMA considers that COSO’s 2013 Framework provides a sound, efficient, reliable and systematic process to achieve the following key objectives: Operational • Achieves effective, efficient operational and financial performance, goals and objectives

• Safeguarding of assets against loss, fraud • Robust Risk Assessment and Management Reporting • Reliable, timely, quality and transparent financial and non-financial reporting to Stakeholders and Shareholders • Real Time and accurate financial reporting to Stakeholders and Shareholders Compliance and Monitoring • Compliance with applicable laws and regulations • Compliance with applicable international accounting standards • Compliance with company standards and policies • Internal, External Monitoring and Auditing The above principles, framework, practices, processes and controls will ensure that DARMA’s financial system and reports are ethical, robust, accurate, has integrity and reliability, meets best international practice accounting standards, complies with laws and regulations and enables well informed business decision making.

09

EXIT STRATEGY

DARMA’s present business plan is to build a strong, sustainable, profitable engineering and construction business and create shareholder value. At the appropriate time and depending on the business environment, strategic direction of the company and macro-economic conditions, Shareholder requirements and value of the enterprise, DARMA’s exit options may include: • • • •

Trade Sale Senior Executive Management and Staff share participation Public Offering Management buy-out

Appendix A DARMA Business Registration

Appendix B DARMA Project Information Schedule Appendix AppendixB: B:DARMA DARMAProject ProjectInformation InformationSchedule Schedule Summary Schedule of Secured Contracts: 1 - 2014-2015 1.0 Summary SummarySchedule Schedule Secured Contracts YearYear 2014/2015 1.0 ofofSecured Contracts ::Year 11-- 2014/2015 Item Item No: No:

BriefDescription Descriptionofof Brief Project Project

11

100no. no.- -Private Private 100 ResidentialVillas Villas–– Residential Package1 1 Package no.- -Private Private 3838no.

ResidentialVillas Villas Residential Warehouseand andOffice Office Warehouse Complex Complex Enabling Works Works and and Enabling BulkExcavation Excavation Bulk MainContract Contract2B+G 2B+G++ Main LevelHotel Hotel– – 1515Level Package1 1 Package LaborAccomodation Accomodation Labor

22 33 44 55 88

TotalSecured SecuredContracts Contracts Total Year 1 - Year 1

Item Item No: No:

1

2

1

2

Contract Contract Value: Value: USD USD Millions Millions 32.9 32.9

Performance Performance Bond: Bond: Contract %%ofofContract Value Value 4% 4%

Advance Advance Payment Bond: Bond: Payment %of ofContract Contract % Value Value 10% 10%

Contract Contract Duration: Duration: Months Months

Award Date

24 24

Q2-2014

17.3 17.3

4% 4%

15% 15%

18 18

Q2-2014

1.8 1.8

4% 4%

2% 2%

99

Q2-2014 Q2-2014

2.7 2.7

4% 4%

10% 10%

10 10

Q2-2014 Q2-2014

68.5 68.5

4% 4%

12% 12%

25 25

Q3-2014 Q3-2014

14.5 14.5

4% 4%

10% 10%

12 12

Q4-2014 Q4-2014

137.7 137.7

Summary Schedule of Secured Contracts: 2 - 2015-2016 2.0 Summary SummarySchedule Schedule Secured Contracts YearYear 2015/2016 2.0 ofofSecured Contracts ::Year 22-- 2015/2016

BriefDescription DescriptionofofProject Project Contract Contract Brief Value: Value: USD USD Millions Millions Interior Finishing and FitInterior Finishing and FitOut Works – 4B+G+52 Out Works – 4B+G+52 Level Hotel/Apartments – Level Hotel/Apartments – Package 1 Package 1 Palace Palace

27.4 27.4

Total Secured Contracts – Total Secured Contracts – Year 2 Year 2

123.3 123.3

Performance Performance Bond: Bond: % of Contract % of Contract Value Value

Advance Advance Payment Bond: Payment Bond: % of Contract % of Contract Value Value

Contract Contract Duration: Duration: Months Months

4% 4%

12% 12%

25 25

Overall Summary Schedule of Contracts – 5 Year Look Ahead (USD) Overall3.0Summary Schedule of Contracts-5 Year Look Ahead (USD) Item No. 1 2

Award Award Date Date

3 4 5

Q1-2015 Q1-2015

6 7

95.9 95.9

4% 4%

15% 15%

18 18

Q1-2015 Q1-2015

8 9 10

Description Secured Contracts Year 1 –Refer 1.0 above Secured Contracts Year 2 –Refer 2.0 above Hotel – Package 2 Hotel –Interior Finishing and FitOut: Package 2 Infrastructure and Building WorksMain Contract Tower Development Residential Villas – Package 2 Lusail Ashgal Public Works P.E.O Total

Year 1 2014/2015 137.6

Year 2 2015/2016

Year 3 2016/2017

Year 4 2017/2018

Year 5 2018/2019

123.3 82.2 32.9 1095.9 178.0 54.8 68.4

384

1,219

419.2

109.6

474

260.3 485

438 438

Appendix C DARMA Revenue/Profit Projection item

Project

Contract Value: USD million

Contract value :QAR million

87.7 17.3

Residential Villas: 1 Package 1 and 2 2 38 Residential Villas Warehouse & Office 3 Complex Enabling Works and Bulk 4 Excavation Main Contract 2B+G+15 Level Hotel -­‐ Package 1 5 and 2

6 7 8 9 10 11 12 13

Interior Finishing and Fit-­‐ out Works Package 1 and 2 Palace Infra+Building Works-­‐ Main Contract Labor Accommodation(P) Tower Development Lusail Ashgal P.E.O Total

Gross Profit Margin

Total Gross Profit : USD million

Year 1: 2014/2015

Year 2: 2015/2016

Year 3: 2016/2017

Year 4 : 2017/2018

3.0

3.0

4.7

5.7

1.8

0.9

Year 5: 2018/2019

320.0

19%

16.3

63.0

16%

2.8

1.8

6.5

15%

0.3

0.3

0.3

2.7

10.0

21%

0.6

0.6

0.6

150.7

550.0

18%

27.1

3.1

60.3 95.9

220.0 350.0

19% 18%

11.3 17.3

1,095.9 14.5 178.1 68.5 528.8 698.6 3,000.7

4,000.0 53.0 650.0 250.0 1,930.0 2,550.0 10,952.5

18% 19% 17% 18% 15% 17% 17%

191.8 2.8 30.0 11.6 81.5 119.2 512.5

Total 16.3 2.8

6.2

3.1

6.7

8.1

27.1

2.5 6.9

2.5 10.4

3.1

3.1

11.2 17.3

2.1 6.0 2.3

47.9 0.7 12.0 5.8 8.1

76.7

67.1

19.1

94.0

12.0 3.5 16.3 23.8 152.9

32.6 35.8 151.0

191.8 2.8 30.0 11.6 81.5 119.2 512.4

24.4 59.6 95.3

Yearly Project Contract Value USD 600.0

512.4

500.0

417.1

266.1

300.0 200.0 94.0

0.0

1,219

1,000

400.0

100.0

1,500

19.1

113.1

152.9

500

151.0 95.3

19.1

2014/2015

384

2016/2017 Yearly

2017/2018 Cumula7ve

2018/2019

485

0 2014/2015

2015/2016

474

2015/2016

2016/2017

2017/2018

438

2018/2019

Appendix D Funding Requirement Item Description No. 1 Head Office Rental 2 Office Fitout, Insurances, Office Equipment, Computer Hardware, Software 3

4

5 6

7 8

9 10 11 12

H/O Technical and Admin staff (total 70 staff), incl Directors Fees Plant & Equipment Construction Staff .

Skilled & Semi Skilled( total 600) Office Consumables Diesel Costs and Machinery Maintenance/Parts Grade A Certification Costs ISO Certification Cost/Managemetn Softwares/Training Labor Accomodation Marketing and Promotions Contingency Total: QAR Total USD Cum. Total USD

1 85,000

2 85,000

3 85,000

4 85,000

5 85,000

6 85,000

7 85,000

8 85,000

9 85,000

10 85,000

11 85,000

12 85,000

Total :QAR 1,020,000

Total USD 279,452

350,000

0

0

0

0

0

0

0

0

0

0

0

350,000

95,890

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

2,955,000

35,460,000

9,715,068

1,200,000

1,200,000

1,200,000

1,200,000

0

0

0

0

0

0

0

0

4,800,000

1,315,068

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

1,050,000

12,600,000

3,452,055

10,000

10,000

10,000

10,000

10,000

10,000

10,000

10,000

10,000

10,000

10,000

10,000

120,000

32,877

25,000

25,000

25,000

25,000

25,000

25,000

25,000

25,000

25,000

25,000

25,000

25,000

300,000

82,192

250,000

250,000

250,000

750,000

205,479

250,000

250,000

250,000

20,000

20,000

20,000

20,000

20,000

20,000

20,000

20,000

20,000

930,000

254,795

720,000

720,000

720,000

720,000

720,000

720,000

720,000

720,000

720,000

720,000

720,000

720,000

8,640,000

2,367,123

50,000

50,000

50,000

50,000

50,000

50,000

50,000

50,000

50,000

50,000

50,000

50,000

600,000

164,384

600,000 7,545,000 2,067,123 2,067,123

600,000 7,195,000 1,971,233 4,038,356

600,000 7,195,000 1,971,233 6,009,589

600,000 6,715,000 1,839,726 7,849,315

600,000 5,515,000 1,510,959 9,360,274

600,000 5,515,000 1,510,959 10,871,233

600,000 5,515,000 1,510,959 12,382,192

600,000 5,515,000 1,510,959 13,893,151

600,000 5,515,000 1,510,959 15,404,110

600,000 5,515,000 1,510,959 16,915,068

600,000 5,515,000 1,510,959 18,426,027

600,000 5,515,000 1,510,959 19,936,986

7,200,000 72,770,000 19,936,986

1,972,603 19,936,986