PowerPoint Presentation - orascomde.com Investor... · A private, self-sufficient town built on 10...

April 2018

Agenda

ODE : Leading Developer of Fully Integrated Towns

Projects Overview

Appendix

Operational and Financial Summary

Orascom Development Egypt (ODE) Today

One of The LargestLand Banks45.7 million sqm, out of which27.6 million sqm is stillundeveloped

3 to 5Star HotelsTo suit differentstandards

Continuous Progress on Strategy ExecutionAchieved all communicated targets of 2017

30AwardsDuring 2017 for ourhotels

The Only Leading Developer ofFully Integrated TownsIncluding Real Estate, Hotels. activities,marinas Leisure, golf courses, hospitals,schools & all supporting infrastructure

Listed on EGXwith 221,661,475 outstanding sharesODH owns 76.59% of ODE

Approx. 6,754 Employees As of December 31, 2017

Spearheaded by a seasoned Executive Management Teamwith unparalleled expertise in the travel, tourism and real estate sector level

MORE THAN

30 YEARS DEVELOPMENT EXPERIENCE

One of The Largest HotelsPortfolio27 hotels, 20 self-managed and 7under management with a total of6,035 rooms

El Gouna Won The Green TownAward In 2014

59%Of our hotels in Egypt are certified withGreen Star

4 Operating DestinationsEl Gouna, Taba Heights, Makadi, &FayoumFully integrated destinations offeringhotels, residential units and luxury leisure

Real Estate Sales overEGP 8.5 bnSince 1997

3

ODE is a Pioneer Developer of Self-Sufficient Resort Towns

Company Overview

Organizational Structure

Shareholding Structure 1

Key Financial Indicators (EGP mn)

Revenue EBITDA

Key Projects

El Gouna Taba Heights Makadi Fayoum

Total Land Bank

Number of Hotels

Number of Rooms

36.92 mn sqm

16 Hotels

2,480 Rooms

4.27 mn sqm

6 Hotels

2,365Rooms

3.44 mnsqm

3 Hotels

1,113Rooms

1.08 mnsqm

1 Hotel

50Rooms

Total

45.71 mnsqm

26 Hotels

6,035Rooms2

▪ Orascom Development Egypt (“ODE” or the “Company”) is an integrated

developer of resort towns, involving the development of residential units,

hotels, and recreational facilities such as golf courses, town centers, and

marinas, in addition to supporting infrastructure, such as hospitals,

schools, and utilities.

▪ Boasting a land bank of 45.7 mn sqm and a comprehensive hospitality

portfolio of 6,035 rooms, the Company’s diversified portfolio is spread over

4 destinations including El Gouna, Taba Heights, Makadi and Fayoum.

▪ ODE is listed on the Egyptian Stock Exchange (EGX) with a market cap of

EGP 7.5 bn1

ODE

1 As of April 12, 2018.

2 Includes 27 rooms for the floating hotels.

1,425 1,399 1,195 1,4351,772

1,455

2,603

2011 2012 2013 2014 2015 2016 2017

15188

-55

562 610 173

1,182

2011 2012 2013 2014 2015 2016 2017

4

76.59%

23.41%

ODH

Free Float

Unique, Vertically Integrated, Business Model…

Acquisitionphase

Development Phase Operational Phase

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New destination

identification acquisition &

initial concept

Land Bank Value Creation

Real Estate

Hotel Development

Destination Development

Project Management

Planning & Design

RE Owner Services

Hotel Operations

Destination Operations

Operations Management

Property & Facility Management

Construction

5

Business Segments - Overview

▪ Tamweel; Mortgage Company

Town Management

▪ Public services &infrastructure

maintenance that includes:

▪ Water Services

▪ Sewage treatments

▪ Electricty

▪ 535 retail outlets

▪ 55 restaurants/bars

▪ 5 schools & one university

▪ 2 hospitals

▪ 4 marinas and 3 golf courses

Hotels

▪ 27 Hotels , total of 6,035 rooms

▪ 20 self managed, 7 under-

management

▪ Orascom Hotels Management

(OHM) manages company’s

hotel inventory

Real Estate

▪ Land bank acquired at nominal

costs

▪ Sale of middle-to-upper scale

apartments & villas to private

clients

▪ In-house sales force as well as

international distribution

channels

▪ Off-plan sales with customer

prepayments

▪ Sales of over EGP 8.5 Bn 1

Tamweel Group

1 From 1997-FY 2017 (gross number)

Revenues FY 2017EGP 438.5 mn

Revenues FY 2017 EGP 331.3 mn

Revenues FY 2017EGP 773.5 mn

Revenues FY 2017EGP 1,059.7 mn

6

El Gouna - Egypt

7 7

El Gouna - Egypt

Agenda

ODE: Leading Developer of Fully Integrated Towns

Projects Overview

Appendix


El Gouna - World Class Destination on the Egyptian Red Sea Coast

El GounaKey Facts

Visitors Breakdown by Nationality in FY 2017

▪ Total land area : 36.92 million sqm , Developed: 15.0 million sqm, (40.6% developed)

▪ 16 hotels with 2,521 rooms ( five 5 *s , eight 4 *s and three 3*s)

▪ A private, self-sufficient town built on 10 km of the Red Sea coastline and located north of Hurghada, 35km from theHurghada International Airport

▪ The town offers a range of facilities such as a hospital, two 18-hole championship golf courses, three marinas, four schools, alibrary, and a university

Hotel KPIs, EGP

Real Estate KPIs

No of Units

61 82 12147 183 215

Destination Update

▪ Net sales increased by 86.3% to reach EGP 1,434.6bn in FY 2017 vs. EGP 769.9mnin FY 2016.

▪ Hotels GOP more than doubled to reach EGP 419.0mn vs. EGP 133.0mn in FY2016.

▪ Successfully launched a real estate project called “Abu Tig Hills” in Q4 2017 with atotal inventory of USD 22.0mn and was sold out completely.

▪ Continuing with the renovation works across some of our hotels with plans to befinalized during 2018.

▪ Launched Phase II of G-Space by end of Dec. 2017 and all offices were rented out.

▪ In Jan. 2018 we released new inventory in Tawila project. Total Phase III inventoryis EGP 776.2mn (USD 44.1mn). The sales are witnessing a positive momentum.

▪ Planning to launch a new real estate project in April with a total inventory of EGP1.4bn (USD 80.0 mn).

▪ Looking into adding more hotel rooms and possibly a new hotel in 2019. 9

374 373 408 421 414525

804

357 393 365 386 439 463

95856%

61%54%

60% 60% 56%

77%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

200

400

600

800

1000

1200

2011 2012 2013 2014 2015 2016 2017

ARR TRevPar Occ. Rate

167 126 258 377 572

817

1,43518.5

14.918.8 19.3 20.4

26.035.3

0.0

5.0

10. 0

15. 0

20. 0

25. 0

30. 0

35. 0

40. 0

0200400600800

1,0001,2001,4001,600

2011 2012 2013 2014 2015 2016 2017

Value of Contracted Units, EGPmn

Average Price/sqm, EGP,000

258

48%

24%

12%

6%

4%3%3% Germany

Egypt

Others

Netherland

Belgium

UK

Swizerland

Taba Heights – Sinai’s Premium Destination

Taba HeightsKey Facts

Visitors Breakdown by Nationality in FY 2017

▪ Total land area : 4.27 million sqm, Developed: 2.56 million sqm, (60% developed)

▪ 6 hotels; 2,365 rooms (five 5* s and one 4 *s)

▪ Taba Heights is situated between the mountain ranges of the Sinai Peninsula only 25 km away from TabaInternational Airport

▪ The town offers a marina and a golf course alongside a wide range of facilities such as a medical center, child daycareservices, a school, and a vibrant up-town center

Hotel KPIs, EGP

Destination Update

▪ Taba Heights remains the most challenging destination for thegroup due to the extended travel bans on Sinai.

▪ Nonetheless, the new measurements that were implemented,comprising strict cost-cutting measures, centralization of servicesand suspension of operations, limited the impact at Taba Heights.

▪ To date we have 1,260 operating rooms out of 2,365 roomscompared to only 718 rooms operating in FY 2016. This will make 4hotels out of 6 open.

▪ Potential upside after Russians are back to Hurghada and Sharm ElSheikh.

▪ In 2018 we expect Taba destination to cash breakeven compared toprevious losses in the previous years.

10

41%

33%

11%

11%

4%

Egypt

Jordan

Ukraine

Israel

Others

357 365344

215

348

252

372345

312

273

133 144

206186

51%44%

41%

27%

20%

33%

27%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

2011 2012 2013 2014 2015 2016 2017


Makadi - The First Gated Community In The Heart Of Hurghada

Makadi Key Facts

▪ Total land area : 3.44 million sqm, Developed: 0.45 million sqm , (13.1% developed)

▪ One 4* hotel with 283 rooms + two 4* & 5* Azur Hotels with a total of 830 rooms, Royal Azur, a 5* Hotel (491 rooms)& Club Azur, a 4* Hotel (339 rooms)

▪ Makadi is the first gated community in the Hurghada region, only 30 km away from Hurghada International Airport.The town features residential units and hotels, along with spacious commercial area, a medical center, among otherservices

Destination Update

▪ Finalized the construction and opened the club house in Q12018

▪ Relaunching Makadi destination with a new product offeringin April 2018.

▪ Sold the 3 hotels plus a land plot in Makadi. Total cashproceeds from the sale is c. EGP 492.8 million. The sale willalso result in the deconsolidation of EGP 260.1 million of debt.

11

27.015.0 17.0

23.0

8.05.0

1

4.0 4.04.4 4.6 5.0 4.6

4.8

-

1.0

2.0

3.0

4.0

5.0

6.0

0

10

20

30

2011 2012 2013 2014 2015 2016 2017

Value of Contracted Units, EGPmn

Average Price/sqm No of units

96 54 52 57 20

Real Estate KPIs

16 2

,000

Byoum – The Heart of Fayoum, On Lake Qarun

FayoumKey Facts

▪ Total land area : 1.08 million sqm, Developed: 0.32 million sqm , (29.6% developed)

▪ One 4* hotel with 50 rooms

▪ Located 100 km southwest of Cairo in an ideal location overlooking the spiritual lake of Qarun. Plans are set todevelop two luxury residential communities, hotel, hunting lodge, commercial area and a beach club.

Destination Update

▪ Opened Byoum Lakeside Hotel in September 2016 with 50rooms recording an occupancy of 39% in FY 2017.

▪ The destination continued its positive appeal with net salesincreasing to EGP 27.2mn in FY 2017 vs. EGP 2.6 mn in FY2016.

12

1.5 3.8

27.2

4.37.8

10.9

0

10

20

30

2015 2016 2017

Value of Contracted Units, EGPmn Average Price/sqm

No of units

3 4 21

Real Estate KPIs

472

668

323

413

43%

39%

37%

38%

39%

40%

41%

42%

43%

44%

0100200300

400500600700800

2016 2017


Hotel KPIs, EGP

,000

Taba Heights - Egypt

1313

Agenda


Projects Overview


Appendix

Key Highlights from ODE FY 2017

15

Orascom Development Egypt; Continuously Delivers Solid Earnings Performance. Revenues increased by 78.8%

to EGP 2,603.0 billion vs. EGP 1,455.5 billion in FY 2016 and Net Profits reached EGP 392.0 million. Board

proposes a Cash Dividend of EGP 1.0 per share.

➢ Achieved net real estate sales target of the year recording an increase of 87.5% to EGP 1,462.8 billion vs. EGP 781.0 million in

FY 2016.

➢ Real Estate revenues increased by 65.1% to EGP 773.5 million vs. EGP 468.6 million, on the back of increased unit deliveries.

➢ Hotels revenues more than doubled to reach EGP 1,059.7 billion vs. EGP 499.7 million in FY 2016.

➢ Hotels Gross Operating Profits (GOP) increased by 299.2% to reach EGP 413.6 million vs. EGP 103.6 million in FY 2016.

➢ Town Management revenues increased by 59.4% to EGP 438.5 million vs. EGP 275.1 million in FY 2016.

➢ Adjusted EBITDA increased by 139.3% to reach EGP 1,021.4 billion vs. EGP 426.9 million in FY 2016.

➢ Net profit during the period reached EGP 392.0 million vs. a net loss of EGP 499.5 million in FY 2016.

➢ Ordinary General Assembly approved the sale of the 3 hotels in Makadi and in parallel we are working on reducing the debt

by EGP c. 1.0 billion which will generate interest savings of c. EGP 600.0 million over the coming 6 years.

➢ Extraordinary General Assembly approved a 5:1 stock split with plans to be finalized in April 2018 and the Employee Stock

Ownership Program (ESOP).

➢ The Board of Directors decided to propose to the AGM a cash dividend of EGP 1.0 per share.

Business Segments FY 2017

16

Revenue EBITDA Adj. EBITDA1

(EGP mn) FY 2017 FY 2016 Δ in % FY 2017 FY 2016 FY 2017 FY 2016

Hotels 1,059.7 499.7 112.1% 535.7 (54.5) 434.0 50.4

Real Estate 773.5 468.6 65.1% 491.0 558.6 477.8 270.0

Land - - - - 242.82 - 22.7

Town Management2 438.5 275.1 59.4% 71.3 36.8 67.9 31.6

Tamweel Group 331.3 212.1 56.2% 116.0 85.9 120.7 89.3

Corporate & Unallocated Items

- - - (31.7) (696.4) 4 (79.0) (37.2)

ODE Group 2,603.0 1,455.5 78.8% 1,182.3 173.2 1,021.4 426.8

1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 The amount represent FX gain from previous land sale that took place in 2015.3 Town Management includes revenues from Utilities and services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, and other town amenities.4 The EBITDA losses in FY 2016 is mainly due to the devaluation of EGP that took place in November 2016.

Business Segments 4Q 2017

17

Revenue EBITDA Adj. EBITDA1

(EGP mn) 4Q 2017 4Q 2016 Δ in % 4Q 2017 4Q 2016 4Q 2017 4Q 2016

Hotels 325.6 169.0 92.7% 122.7 (45.4) 123.4 21.6

Real Estate 347.1 174.9 98.5% 190.3 327.9 186.3 109.6

Land - - - - 180.12 - (5.2)

Town Management2 126.1 91.1 38.4% 33.4 19.5 29.3 16.1

Tamweel Group 81.8 60.8 34.5% 24.4 19.9 25.6 21.9

Corporate & Unallocated Items

- - - (17.0) (493.5) 4 (4.9) (12.0)

ODE Group 880.6 495.8 77.6% 353.8 8.5 359.7 152.0

1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 The amount represent FX gain from previous land sale that took place in 2015.3 Town Management includes revenues from Utilities and services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, and other town amenities.4 The EBITDA losses in FY 2016 is mainly due to the devaluation of EGP that took place in November 2016.

Real Estate KPIs FY 2017, 4Q 2017 & Deferred Revenue

18

Net value of Contracted Units (EGPmn)

Number of Contracted Units

Average Selling Price (EGP/m2)

Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16

El Gouna 1,434.6 769.9 258 197 35,301 26,004

Fayoum 27.2 2.6 21 3 10,920 7,844

Makadi 1.0 0.6 2 1 4,839 4,555

Gardania - 7.9 - 1 - 12,188

ODE Group 1,462.8 781.0 281 202 32,981 24,747

Revenue Recognition Schedule (EGPmn)

Destination Deferred Revenue Balance 2018 2019 2020 2021

El Gouna 1,475.5 1,035.7 439.8 - -

Fayoum 28.9 2.8 15.1 6.0 4.9

Makadi - - - - -

ODE Group 1,504.4 1,038.5 454.9 6.0 4.9

Destination 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16

El Gouna 475.7 295.5 85 75 36,906 28,615

Fayoum 9.6 - 5 - 10,793 -

ODE Group* 484.9 294.0 89 76 33,435 27,955

* Includes EGP 0.4mn of cancellation in Makadi in 4Q17 vs. EGP 1.5mn in 4Q16 and also cancellation of one unit in both years.

Hotel KPIs FY 2017 & 4Q 2017

19

Total number of hotel rooms

Number of available rooms

Occupancy for available rooms (%)

TRevPAR*(EGP)

GOP PAR**(EGP)

Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16

El Gouna1 2,480 2,473 2,480 2,473 77 59 958 463 455 148

Taba Heights2 2,365 2,365 1,260 718 27 30 186 206 (29) (45)

Fayoum3 50 50 50 50 39 43 413 323 27 (209)

Floating Hotel 27 27 27 27 19 7 1,807 516 590 (188)

Makadi4 1,113 1,113 - 491

ODE Group 6,035 6,028 3,817 3,759

Destination 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16

El Gouna1 2,480 2,473 2,480 2,506 76 66 1,072 642 529 348

Taba Heights2 2,365 2,365 1,260 718 17 22 143 223 (42) 31

Fayoum3 50 50 50 10 38 45 563 340 180 (157)

Floating Hotel 27 27 27 27 23 14 2,771 1,019 1,344 155

Makadi4 1,113 1,113 - 491

ODE Group 6,035 6,028 3,817 3,759

* Financial KPIs are calculated based on the number of available rooms during the reported period of FY 17 and 4Q 17.** Includes all expenses of the hotels in the destinations.

1. In FY 17 we transferred 87 hotel rooms of Fanadir and Bellevue into real estate products and in Q3 2017 Ancient Sands hotel room increased by 94 rooms.2. During FY 2017, only 4 hotels were operating (Sofitel with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and 100 rooms in Bay View Hotel out of 394 existing rooms).

Whereby, only 2 hotels were operating representing 718 rooms in FY 2016.3. In September 1st, 2016, Byoum Lakeside Hotel was opened.4. Our 3 hotels in Makadi were rented to FTI Group since Jan. 2017. Where by in FY 2016 only 1 hotel was operating (Royal Azur with 491 rooms).

Income Statement FY and 4Q 2017, EGP Million

20

(EGP mn) 4Q 2017 4Q 2016 FY 2017 FY 2016

Revenue 880.6 495.8 2,603.0 1,455.5

Cost of sales (541.6) (321.3) (1,619.5) (1,015.9)

Gross profit 339.0 174.5 983.5 439.6

Gross profit margin 38.5% 35.2% 37.8% 30.2%

Investment income 50.7 16.9 122.1 60.1

Other gains and losses (18.9) (157.1) 157.5 (244.7)

Administrative expenses (21.0) (24.2) (84.2) (72.9)

Share of associates gain/(losses)

4.0 (1.6) 3.4 (8.9)

EBITDA 353.8 8.5 1,182.3 173.2

Depreciation (56.1) (103.3) (222.0) (224.3)

Finance costs (131.9) (141.5) (439.5) (340.4)

Income tax expense (42.6) (81.4) (128.8) (108.0)

Net profit/(loss) for the period

123.2 (317.7) 392.0 (499.5)

Attributed as follows:

ODE shareholders 94.7 (227.2) 288.4 (377.5)

Non-controlling interest 28.5 (90.5) 103.6 (122.0)

Basic EPS (EGP) 0.4 (1.0) 1.3 (1.7)

1

1

2

3

Notes

Revenues and gross profit increased due to theenhanced operational performance across allbusiness segments.

Investment income increased mainly due to:• The increase in real estate cash collection.• Increase in interest income on bank deposits.

Other gains and losses includes:

• Gains in relation to settlement of borrowingsin the amount of EGP 114.0mn.

• FX gain of EGP 41.4mn.• Other gains of EGP 14.3mn.• Other losses of EGP 12.2mn.

The share of associates gain is due to theenhanced operations of the associatecompanies.

Increase in Finance costs mainly due to:• Increase in interest rates.• Increase in the translation of USD

denominated loans when translated to EGP.

Income Tax expense increased due to theincrease of the profitability of the company.

1

2

4

5

3

5

4

6

6

Balance Sheet FY 2017, EGP Million

21

Notes

PPE decreased mainly due to the reclassification of the3 hotels in Makadi to assets held for sale.

Inventory increased mainly due to:• Acceleration of the construction of real estate units

in El Gouna.• Transferring some hotel rooms into real estate

units.

Increase in cash is due to:• Increase in profitability across all business

segments.• The increase in real estate collection.

Asset and liabilities held for sale include the following:• Tamweel Group.• Makadi hotels which was transferred during the

period as a result of the OGM approval to sell theexisting three hotels in Makadi.

Other liabilities increased mainly due to:

• Proceeds from one of our co-investors in one of oursubsidiaries.

• Increase of advanced payments from our real estatesales.

1

2

(EGP mn) 31.12.17 31.12.16

Property, plant and equipment 3,481.0 3,814.3

Inventory 624.6 586.0

Receivables 1,578.9 1,428.4

Cash and bank balances 1,257.8 871.1

Investments in associates 112.8 109.3

Other assets 1,025.0 940.4

Non-current assets held for sale 1,976.9 1,349.4

Total assets 10,057.0 9,098.9

Borrowings 4,425.4 4,647.4

Payables 363.1 352.7

Provisions 292.9 317.9

Other liabilities 1,345.7 1,087.7

Liabilities related to assets held for sale

1,689.7 1,117.6

Total liabilities 8,116.8 7,523.3

Non-controlling interests 460.2 355.7

Equity attributable to ODE shareholders

1,480.0 1,219.9

Total liabilities and equity 10,057.0 9,098.9

3

1

5

4

2

3

4

4

5

Cash Flow Statement FY 2017, EGP Million

22

(EGP mn) FY 2017 FY 2016

Cash from operations 617 798

Interest paid (27) (40)

Taxes paid (58) (36)

Operating Cash Flow 532 722

Payments for PP&E (218) (452)

Other items 120 99

Investing Cash Flow (98) (353)

Change in Borrowings 5 (284)

Other Items - (11)

Financing Cash Flow 5 (295)

Net change in cash/equivalents 439 74

Cash & bank balances beginning of period 895 821

Cash and bank balances end of period* 1,334 895

Notes

Cash flow from operations decreased mainlydue to:• Increase in construction cost.• Increase of Tamweel Mortgage activities

during FY 2017.

Interest paid decreased as a result of capitalizedinterest of 1H 2017.

Taxes increased due to the increase of theprofitability of the company.

Payments for PP&E includes payments relatedto Tamweel leasing activity and hotelsrenovations during the period and otheramenities across our destinations.

Change in Borrowings mainly resulting from:(-) Debt repayment of EGP 236mn.(+) Loan proceeds related to Tamweel for EGP158mn.(+) Proceeds from other shareholders EGP83.0mn.

1

2

3

1

3

4

1

2

4

5

5

* Includes cash related to assets held for sale.

Financing Profile 1

23

Interest expense by currency in %, as of 31.12.17

1 All debt figures exclude debt relating to assets held for sale (Tamweel and Royal)2 Equity Ratio = Total Equity/Total Asset.3 After the effectiveness of Club Med and the syndication agreements with the banks.

Total debt by currency in %, as of 31.12.17

31.12.17 31.12.16

Equity ratio (%)2 19.3% 17.3%

Cost of debt (%)3 10.1% 7.7%

41%

55%

4%

EGP USD EUR

19%

75%

6%

EGP USD EUR

Outlook 2018

24

➢ ODE’s expected cash proceeds from its stake sale in the 3 hotels in Makadi + a land plot is c. EGP 492.8 million. The sale will result in the

deconsolidation of EGP 260.1 million of debt, with an expected one-off gain of c. EGP 373.8 million.

➢ Proceeds of the approved sale in addition to the proceeds from the sale of Tamweel Group and excess cash from operations will be used to:

1. Reduce the debt by c. EGP 1.0 billion of debt.

2. Generate interest savings of c. EGP 150 million in the first year and a total of c. EGP 600 million over 6 years.

3. Further optimize our repayment schedule.

➢ EGM approved the stock split at a ratio of 5:1, expected to be finalized in April 2018 and also approved the proposed ESOP.

➢ Relaunching Makadi destination with a new product offering in April 2018.

➢ Actively progressing with negotiations to acquire land in Cairo and North Coast to enter the first and second home markets.

➢ Positive KPI indicators for the Real Estate and Hotels segments for the first quarter of 2018.

Cost of Debt is 10.1%

Current Maturity as of FY 2017

2121

426

681 779974

1,140

362

0

CF 2018 2019 2020 2021 2022 2023 2024 2025

2 64298

451 425 469

1,178

588

0

CF 2018 2019 2020 2021 2022 2023 2024 2025

Maturity Profile after ODE Rescheduling in 2018

Cost of Debt is 8.6%

El Gouna - Egypt

25

Agenda


Projects Overview


Appendix

Taba Heights- Egypt

27

Income Statement, EGP Million

28

2010 2011 2012 2013 2014 2015 FY 2016 FY 2017

Total Revenues 2,099 1,415 1,399 1,195 1,435 1,773 1,455 2,603

Cost of sales (1,295) (1,046) (1,066) (987) (1,055) (1,019) (1,016) (1,611)

Depreciation Expense (177) (178) (162) (130) (143) (154) (224) (222)

Gross Profit 627 191 171 78 237 600 215 770

% Margin 30% 13% 12% 7% 17% 34% 15% 30%

Administrative expenses (83) (72) (79) (80) (69) (62) (110) (84)

Investment income 46 73 39 35 29 70 60 122

Other gains and losses 121 (77) (161) (106) 226 (105) (163) 158

Provisions (14) (108) (49) (112) - (29) (44) (9)

Finance costs (93) (138) (187) (230) (242) (225) (340) (439)

Share of profit of associates (8) (33) (2) - (3) (17) (9) 3

Profit / (Loss) before tax 596 (164) (268) (415) 178 232 (391) 521

% Margin 28% -12% -19% -35% 12% 13% -27% 20%

Income tax expense (46) (5) (67) (147) (71) (26) (108) (129)

Profit / (Loss) from continuing operations 550 (169) (335) (562) 107 206 (499) 392

% Margin 26% -12% -24% -47% 7% 12% -34% 15%

Profit / (Loss) from discontinuing operations - (1) 7 - - - - -

Total income statement 550 (170) (328) (562) 107 206 (499) 392

Non-controlling interests 84 (12) 27 (9) 6 (23) (122) 104

Owners of the Parent Company 466 (158) (355) (553) 101 229 (377) 288

Total income statement 550 (170) (328) (562) 107 206 (499) 392

Finance costs 93 138 187 230 242 225 340 439

Income tax expense 46 5 67 147 71 26 108 129

EBIT 689 (27) (74) (185) 420 457 (51) 960

% Margin 33% -2% -5% -15% 29% 26% -3% 37%

Depreciation Expense 177 178 162 130 143 154 224 222

EBITDA 867 151 88 (55) 564 610 173 1,182

% Margin 41% 11% 6% -5% 39% 34% 12% 45%

Balance Sheet, EGP Million

29

2010 2011 2012 2013 2014 2015 FY 2016 FY 2017

Cash & Cash Equivalents 452 244 240 189 463 821 871 1.258

Net Receivables 599 582 395 252 390 454 790 916

Total Inventory 829 1,111 985 1,122 649 645 586 624

Debtors and other Debit Balances 367 295 254 244 219 120 165 239

Due from Related Parties 1,019 994 1,125 1,011 857 443 519 569

Assets Held for Sale - - - 1,223 - - 1,349 1,977

Other Current Assets - 48 56 - 26 28 - -

Total Current Assets 3,267 3,273 3,055 4,042 2,604 2,511 4,280 5,583

Net Plant & Equipment 3,769 3,827 3,837 3,548 3,744 3,836 3,814 3,481

Long Term Receivables 500 535 525 196 458 804 638 663

Goodwill 51 51 51 51 51 51 51 51

Investments in associates 179 146 38 0 115 98 109 113

Investment Property 488 491 550 78 86 87 92 90

Other Long Term Assets 95 163 162 98 94 84 115 76

Total Assets 8,349 8,486 8,217 8,014 7,152 7,471 9,099 10,057

Short Term Debt 1,315 1,556 1,482 1,488 1,930 2,121 3,624 4,243

Accounts Payable 188 151 140 130 107 125 148 165

Creditors and Other Credit Balances 722 719 579 602 604 652 672 931

Liabilities Held for Sale - - - 655 - - 1,118 1,690

Provisions 169 266 221 333 230 299 318 293

Due to Related Parties 118 150 215 253 35 39 62 27

Other Current Liabilities 89 30 36 110 44 36 38 101

Total Current Liabilities 2,602 2,873 2,673 3,572 2,950 3,272 5,980 7,450

Long Term Debt 1,566 1,547 1,732 1,207 1,297 1,152 1,023 183

Land Liability 220 201 221 201 166 137 204 198

Shareholders’ Current Account 59 44 53 85 10 - - -

Other Long Term Liabilities 243 267 285 235 232 217 316 286

Total Liabilities 4,690 4,933 4,963 5,300 4,655 4,778 7,523 8,117

Minority Interest 722 771 821 828 514 481 356 460

Shareholders' Equity 2,937 2,783 2,433 1,885 1,983 2,211 1,220 1,480

Total Liabilities & Equity 8,349 8,486 8,217 8,014 7,152 7,471 9,099 10,057

New and Ongoing Real Estate Projects

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Joubal Views, Extension to Joubal

Project Description:

Built on carefully crafted elevated land & designed to give residents a panoramic view of their surroundings. From differentlevels; residents can see the marina, the sea, and the mountains.

Key Facts Location El Gouna, Egypt

Launch Date September 2015

Footprint (sqm) 1,304

Final Delivery September 2018

Product 1

Type Twin Villas

No of units 8

Total BuA (sqm) 1,336

Inventory value, USD 3,600,000

Product 2

Type Villas

No of units 5



Launched & Sold Out

31



Total Project Area (m2) 52,000

Footprint (m2) 3,073


Product 1Type Twin Villas

No of units 26



Product 2Type Villas

No of units 5




Directly overlooking the lagoon and golf course, adding more features to the Joubal project units.

Launched & Sold OutJoubal Lagoons Phase 2

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Sabina – Twin Villas


Inspired from Nubian like design with a new modern edge, using earth colors , designed to give residents the luxury ofspace and privacy of their own pools and gardens.



Product Type Twin Villas

Total Project Area (sqm) 33,454


Total BUA (sqm) 4,704

No of units 30



Launched & Sold Out

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Water Side Condos Project Description:

Apartment Blocks, targeting Egyptian young families, offering affordability , function-ability & exclusivity,overlooking a unique water feature.


Launch Date December 2015

Product type Apartments




No of units 145


Final Delivery December 2019 34

Launched

Fanadir Bay


Launch Date April 2016

Product Type Villas and Twin Houses




No of units 85


Final Delivery 2020

Launched & Sold Out


Fanadir Bay brings intelligently designed waterfront units to one of its most exclusive neighborhoods yet with its vastspaces and unique architecture, nothing stands against its originality.

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Fanadir Bay II


Launch Date April 2017

Product Type Villas


No of units 9


Final Delivery 2019

Launched & Sold Out


Fanadir Bay brings intelligently designed waterfront units to one of its most exclusive neighborhoods yet with its vastspaces and unique architecture, nothing stands against its originality.

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Tawila


Launch Date October 2016

Product Type Villas and Town Houses




No of units 60 (32 Town Houses and 28 Villas)


Launched & Sold Out


Tawlia is comprised of five residential islands connected to one another by six El Gouna signature bridges. The glitteringstar of Tawila is its 18 acre seawater lake.

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Abu Tig Hill



Product Type Luxury Apartments



No of units 32


Newly Launched & Sold Out


Surrounded by turquoise views, a sense of freedom and space invitingly opens before you Nestled between El Gouna’s twofamed marinas, and positioned on a graciously elevated hill, this peaceful haven presents opportunities for life redefined.Each luxurious residence possesses stunning views overlooking the shimmering Red Sea.

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Byoum

Key Facts Location Fayoum, Egypt

Launch Date Q2 2017

Total Project Area (m2) 3,935 m2

Footprint (m2) 1,910 m2

Final Delivery Q4 2025

Inventory Value, EGP 60,500,000 (USD 3,400,000)


Directly overlooking the spiritual lake of Qarun, plans are set to develop two luxury residential communities and a hotel.

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Newly Launched

Hotels Portfolio

El Gouna - Hotels Map

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42

*****420 Rooms

A luxury guesthouse directly set on thenorthern shores of Mangroovy Beachand its kitesurfing stations. Abrainchild of an antiques collector, thehotel offers seclusion making it anideal hideaway for luxury seekers.

An upscale beachfront resort offering arelaxing atmosphere combined with alavish selection of on-ground facilitiesfrom diving to kitesurfing, worldrenowned Angsana Spa outlet and anearby professional 18-hole golf course.

An award winning architectural mix ofArabian and Egyptian styles by theinternationally renowned Michael Graves.The beachfront resort is built on nineislands surrounded by gardens offeringmouthwatering cuisine, private beaches,outdoor heated pool, and water sports.

*****339 Rooms

268 Rooms

A stylish Nubian oasis exclusivelysituated on El Gouna’s Championship 18-hole golf course. Complemented bystunning architecture, breathtakinglandscapes, sparkling lagoons, the hotelis home to a spa and fitness center forultimate serenity and rejuvenation.

An absolute romantic holiday or a blend ofromance and action, this 4-star hotel de charmis the spot. Boasting he most relaxing views ofthe New Abu Tig Marina coupled with somespecial treats for an unforgettable romanticholiday, the Adults Only hotel is minutes awayfrom El Gouna’s northern beaches.

****20 Rooms

*****

*****

12 Rooms

A family-oriented hotel featuring colorfulhillside accommodations reminiscent ofTuscan homes, select villas spread around aswimming lagoon, as well as deluxeseafront rooms benefiting from prime viewsover the hotel’s sheltered bay. Hotel guestshave exclusive access to the privateBellevue Beach

*****86 Rooms

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A beachfront resort with an all inclusiveprogram. The 4-star hotel is built along avirgin beach expanse of a protected bay.Club-style animation and a myriad ofsports activities make it a perfect choicefor active families.

A charming Adults Only authentic hotelfashioned to reminiscent an Upper Egypt’sMayor’s mansion in its most romantic setup.The hotel is complemented by superb interiordesign, a private lagoon beach and is adjacentto El Gouna’s lively Downtown area.

The 4-star all inclusive resort managedby a family-owned Belgian hotel chain.Offering unparalleled Red Sea holidaysfor families with children, the resorts’unique architectural design iscomplemented by lush landscapedgardens.

Capturing the essence of Egypt with itswinding alleys and stunning features, thehotel overlooks El Gouna’s lagoons andoffers a tropical garden setting in theheart of the town with easy access to thevibrant Tamr Henna Square.

****155 Rooms

****239 Rooms

****66 Rooms

The Three Corners Ocean View offers a 4-star all inclusive experience in an Adults-Only environment. The hotel is home totwo unique clusters, Le Soleil and Du Port,each offering a unique atmosphere withone overlooking the seafront and the otherwith fabulous Marina views0

****434 Rooms

****115 Rooms

****69 Rooms

Overlooking the New Abu Tig Marinawith direct access to El Gouna’snorthern beaches, Mosaique Hotel isideal for sun and adventure seekers.The ultra four-star hotel boasts cooldécor, modern flair and amenitiestailored to the convenience of itsguests.

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Directly overlooking the Abu Tig Marinapromenade, minutes away from the beach,the 3-star Captain’s Inn is one of El Gouna’smost sought after small hotels welcomingdivers, kite surfers, and partygoers.

With only 28 guestrooms in the beautifulAbu Tig Marina, Turtle’s Inn is one of ElGouna’s most sought-after addresses. Thismodern hotel offers tastefully furnishedrooms, refreshing style, and personalizedservice.

***28 Rooms

In the heart of the Abu Tig Marina withthe most luxurious views and the mostconvenient accessibility! Famed for itsterrace, Ali Pasha’s nightly beauty iscomplemented by the delicacies servedat the town’s only Indian Restaurant,Tandoor.

***67 Rooms

***50 Rooms

*****153

Rooms

Over 80 operating apartment suites offeringguests a relaxed alternative to moretraditional styles of hotel accommodation.Additionally, a further 56 Deluxe hotelRooms will open in April 2016. The currentlyopen segment of the wider project is locatedin the Ancient Sands Hilltop Village.

Taba Heights- Hotels Map

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*****

426 Rooms

Beautifully framed by the pristine naturalenvironment, award winning architect MichaelGraves created the beachfront resort as a paint boxof colors and quirky shapes of Egyptian vaults anddome village styled architecture. Home to 3swimming pools and a saltwater lagoon with itsown beach, eight restaurants, a wide array ofleisure facilities, the town’s only Casino.

Consisting of three separate structures linkedby tropical garden pathways and resting on aprime waterfront location, the resort offersbreathtaking views of the sea, pool and desertmountains. The hotel offers 10 restaurants andbars, exclusive entertainment and with itsstate-of-the-art conference facilities, the hotelis the perfect business retreat. Swimming poolsand a fully equipped health club.

The 4-star all inclusive resort managed by a family-owned Belgian hotel chain. Offering unparalleledRed Sea holidays for families with children, theresorts’ unique architectural design is complementedby lush landscaped gardens.

****394 Rooms

A signature Club Med Resort in the heart ofSinai. Providing exceptional opportunities todiscover the region’s famous attractions, theunique Resort is set on a beautifully preservedbay covering 27 hectares, flanked by a 600yard stretch of private beach offering an idealsite for exploring the fabulous underwater lifeof the Red Sea.

*****503 Rooms

The beachfront resort is situated on over 44 acresof lush gardens, 2800 sqm of pools and waterfallswith over 500sqm of pristine private beach andhouses seven exclusive dining outlets, a privateSpa, a Steam Room, Swedish Sauna treatmentsand Jacuzzi.

*****

442 Rooms

*****385 Rooms

With majestic mountains on the one side andthe amazing Red Sea on the other, El WekalaResort offers a sublime point of view on thesurroundings. You will always have the azureblue of the sea in front of you and the soft greyof the mountains in the background on the otherside of the Gulf of Aqaba.

****215 Rooms

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Located at Makadi bay, one of Hurghada’sfascinating shores, 25 km away fromHurghada International airport, the AllInclusive beachfront resort overlooks itsown spacious private sandy beach, offeringseven restaurants & bars, a fully equippedwatersports center, two tennis courts, asquash court, billiards, a fully equippedfitness room and 2 swimming pools.

Only 25 km away from HurghadaInternational airport, the beachfrontresort is easily accessible offering sevenrestaurants & bars, a fully equippedwatersports center, two tennis courts, asquash court, billiards, a fully equippedfitness room and 2 swimming pools

*****

491 Rooms

****339 Rooms

****287 Rooms

Makadi is settled in the heart of the Red Sea tourism hub located only 25kilometers away from Hurghada International Airport and just a short drivefrom the bustling shopping and dining venues of Hurghada and SahlHasheesh. Featuring a variety of residential units, hotels, commercial andentertainment areas, as well as all the supporting infrastructure andservices, Makadi allows individuals and families to benefit from a moreactive lifestyle.

Ideally located only a few kilometers awayfrom Hurghada, Sahl Hasheesh andSafaga; the Adults Only Azur MakadiGardens Hotel provides easy access tomost of the Red Sea’s world-classwaterfront destinations with clusteredfacilities with its sister hotels Royal Azurand Club Azur.

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On the tranquil side of Qarun lake in Fayoum – the oldest city in Egypt, the new ByoumLakeside Hotel is opening in September 2016. A fertile depression in Egypt's WesternDesert, some 120 kilometers southwest of Cairo, Fayoum is both rich in history andoutstanding in natural beauty. Byoum is the ideal gateway resort for families wanting torelax by the swimming pool, discover some of it's many national parks or visit Fayoumcity and its famous watermills.www.byoum-alfayoum.com

****

50 Rooms

A beautiful and peaceful hotel where all rooms and suites faceQarun Lake by design, with its rugged mountain-scape and pristinewaters, lush greeneries and exotic birds passing by the terraces.Hotel rooms range from Superior rooms, Suites and large 2bedrooms Grand Suites. Meals consist of Oriental culinary delightslight foods and snacks served at the Main restaurant As Sa’aya andthe pool bar. Our seamless blend of country-house character andcontemporary four star luxury will make you feel completely athome - whether having tea in the lobby bar, relaxing by the pool orenjoying a fresh juice on the terrace.

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Board of Directors

49

Dr. Manal HusseinChairwomen,Non-Executive Member

▪ For more than 20 years she has served in the Egyptian Governmental sector,amongst others as Deputy Minister of Finance & Head of the BudgetingCommittee from 2004 to 2013, & as Deputy Minister of Trade from 2003 to 2004and advisor to the Minister of Economy from 1997 to 2001.

▪ She has been appointed by Presidential Decree as member of the ShuraConsultative Council from 2004 to 2011. She has also been appointed chairman ofe-finance, the Egyptian market leader in the field of electronic payment solutions,& has served on the board of companies with interests in banking, aviation,tourism, transport & telecommunication.

▪ She holds a B.Sc. in Mass Communication with honors from Cairo University andan MA in Public Administration from the American University in Cairo. In 2008,she received a PhD in Public Administration, with highest honors, from the Facultyof Economics and Political Science, Cairo University.

Samih O. SawirisChairman of ODH,Non-Executive Member

▪ Mr. Sawiris founded his first company, National Marine Boat Factory in 1980,established Orascom Projects for Touristic Development and Orascom HotelHolding in 1997. The two companies later merged to form Orascom Hotels andDevelopment S.A.E.

▪ Furthermore, he established El Gouna Beverages Co. in 1997, which he sold in2001 when it was the largest beverage company in Egypt

▪ Diploma in economic engineering from the Technical University of Berlin

Khaled BicharaCEO of ODE& ODH

▪ Mr. Bichara previously served as Group President and Chief Operating Officer ofVimpelCom. He was also Chief Executive Officer of Orascom Telecom Holding,Chief Operating Officer of Wind Telecomunicazioni and Co-founder, Chairmanand CEO of “LINKdotNET”

▪ Mr. Bichara currently serves as a board member of various telecom and ITcompanies, including Orascom Telecom Media and Technology Holding,SUPERNAP International, and Joyent

▪ He is the chairman of the board of Italiaonline, as well as the chairman of theboard of SEAT Pagine Gialle. He is also a board member of Orascom ConstructionLimited

▪ Mr. Bichara holds a BSc degree from the American University in Cairo & is also amember of the Advisory Board for its Computer Science & EngineeringDepartment

Ashraf NessimCFO of ODE & ODH, Non-Executive Member

▪ Eng. Nessim has more than 20 years of experience in various fields includingfinance, infrastructure and hospitality

▪ Prior to joining the group he was the Chief Financial Officer representing BeltonePrivate Equity in their Pick Albatros Investment

▪ From 2007 to 2010 he was the Group Chief Financial Officer of Mobiserve andbefore that, he established the operation of Raya Distribution in Algeria andmanaged merchandising activities in all 34 shops of Nokia and Samsung in Egypt

▪ Mr. Nessim holds a Bachelor degree in Mechanical Engineering

Mike RyanNon-Executive Member

▪ Mr. Ryan is a pioneer and visionary in luxury resort and residential development.With more than twenty years of experience.

▪ Mr. Ryan is based, through his company Silverfin Development in Grand Cayman,& has been involved in projects from Canada to Costa Rica, London to Vietnam.

▪ He is prominently known in Cayman for his charity work having, for the past tenyears, been the main benefactor of the Cayman Islands Crisis Centre, raising fundsfor this charity through the now famous annual Legends Tennis Charity Event.

▪ He was Chairman of the Cayman Islands National Investment Council, & has beenon the boards of the Private Finance Initiative Oversight Committee, the CaymanIslands Investment Council & the Planning Review Committee

Amr BadrNon-Executive Member

▪ Mr. Badr currently holds the position of Regional Managing Director ofAbercrombie & Kent for Egypt and the Middle East. Mr. Badr also oversees A&K’soperations in Morocco, Jordan, and Libya.

▪ In 2013, he was appointed as a Board member on the Egypt – U.S. Businesscouncil and also on the Board of the Egyptian National Tourism Association.

▪ He also serves as an advisor to the Chairman & CEO of Carbon HoldingInternational, the largest fertilizer and petrochemical company in the region.

▪ He also serves on the Board of Directors of People to People International andserves on the Advisory Board of the United States Center for Citizen Diplomacy.

Hisham ZazouNon-Executive Member

▪ Mr. Zazou is an Egyptian businessman and politician who has been serving as theEgyptian Minister of Tourism from 2012 till 2015.

▪ Zazou began his career in the City Bank Group for five years in Cairo.▪ Establish a tourist agency in the US focusing on the Egyptian market and began to

work in the tourism field.▪ From 2004 to 2007, Zazou served as the chair of the Egyptian Tourism Federation.

El Gouna - Egypt

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DisclaimerTHESE MATERIALS ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND ARE STRICTLY CONFIDENTIAL AND MUST NOT BE REPRODUCED, DISCLOSED OR FURTHER DISTRIBUTEDTO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.

IN PARTICULAR, NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OF AMERICA (THE "UNITED STATES") OR TO U.S. PERSONSOR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS. NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO, ORDISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN, OR TO ANY RESIDENT THEREOF.

ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF UNITED STATES, AUSTRALIAN, CANADIAN OR JAPANESE SECURITIES LAWS. THE DISTRIBUTION OF THISDOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE,ANY SUCH RESTRICTIONS.

THIS DOCUMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION INWHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE AN OFFER OR SOLICITATION. THE SECURITIES OF OD HOLDING HAVE NOTBEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR THE BENEFITOF “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATIONUNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. OD HOLDING NOR ITS SHAREHOLDERS INTEND TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR CONDUCT APUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.

THIS DOCUMENT IS DIRECTED ONLY AT PERSONS (i) WHO ARE OUTSIDE THE UNITED KINGDOM OR (ii) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLINGWITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER") OR (iii) WHO FALL WITHIN ARTICLE 49(2)(a)TO (e) ("HIGH NET WORTH COMPANIES, UNICORPORATED ASSOCIATIONS ETC.) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). ANY PERSONWHO IS NOT A RELEVANT PERSON MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITS CONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THISCOMMUNICATION RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY EEA MEMBER STATE, THE “PROSPECTUSDIRECTIVE”) THIS COMMUNICATION IS ONLY ADRESSED TO AND IS ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT EEA MEMBER STATE WITHIN THE MEANING OF THE PROSPECTUSDIRECTIVE.

THIS DOCUMENT CONSTITUTES NEITHER AN OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES AND IT DOES NOT CONSTITUTE A PROSPECTUS PURSUANT TO ARTICLES 652a AND/OR1156 OF THE SWISS CODE OF OBLIGATIONS OR ARTICLES 32 ET SEQ. OF THE LISTING RULES OF THE SWX SWISS EXCHANGE. A DECISION TO INVEST IN SHARES OF THE GROUP SHOULD BE BASEDEXCLUSIVELY ON THE ISSUE AND LISTING PROPECTUS PUBLISHED BY THE GROUP FOR SUCH PURPOSE.

THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED TO LEAD TO THE CONCLUSION OF ANY CONTRACT OF WHATSOEVER NATURE, IN PARTICULAR WITHIN THE TERRITORY OFEGYPT, THE UNITED ARAB EMIRATES, KUWAIT, MOROCCO, OMAN AND SAUDI ARABIA.

RoundingNumbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. For presentation purposes, figures are rounded to the nearest decimal place. Percentages, percent changes and absolute variances, however, are calculated based on the exact figures as shown in the financial statements.

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