FY 2017 Results 5 April 2018 1 Agenda FY 2017 Destination - - PowerPoint PPT Presentation

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FY 2017 Results 5 April 2018

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Agenda

FY 2017 Destination Progress Page 3 FY 2017 Key Highlights Page 7 Financial Review Page 15 Outlook 2018 Page 21

El Gouna, Egypt

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FY 2017 Highlights and Outlook:

▪ Net sales reached CHF 79.1mn in FY 2017 vs. CHF 80.6mn, despite the 50% devaluation of EGP to CHF. ▪ Hotels GOP surged by 67.6% to reach CHF 23.3mn vs. CHF 13.9mn in FY 2016. ▪ Successfully launched a new high-end real estate project over looking the marina called “Abu Tig Hills” in Q4 2017 with a total inventory of USD 22.0mn & was sold out completely. ▪ Continuing with the renovation work across some of our hotels with plans to be finalized during 2018. ▪ Successfully launched Phase II of G-Space by end of Dec. 2017; all offices were rented out. ▪ In Jan. 2018, we launched Tawila phase III with a total inventory of USD 44.1mn. Phase III compromise of town houses and apartments and showed a positive sales momentum. ▪ Planning to launch a new real estate project in April with a total inventory of USD 80.0mn. ▪ Looking into adding more hotel rooms and possibly a new hotel in 2019. Financials & KPIs FY 17* FY 16 % Chg Hotels Number of rooms 2,657 2,650 0.3%

• Occ. for available rooms (%)

75 57 31.6% TRevPAR (CHF) 50 46 8.7% GOP PAR (CHF) 24 14 71.4% Total Revenues (CHF mn) 49.8 44.9 10.9% Real Estate Net Contracted Units (CHF mn) 79.1 80.6 (1.9%) No of Contracted Units 258 197 31.0%

• Avg. Selling Price (CHF/m2)

1,945 2,721 (28.5%) Total Revenues (CHF mn) 41.9 46.3 (9.5%) Deferred Revenue (CHF mn) 81.7 53.6 52.4% * Figures are impacted by the devaluation of EGP against the CHF.

Hawana Salalah, Oman

FY 2017 Highlights and Outlook: ▪ Net sales reached CHF 16.5mn vs. CHF 0.3mn in FY 2016 on the back of the great success of “Lagoon Project” that was launched in Q3 2017, with a total inventory of CHF 31.8mn . ▪ Hotels GOP increased by 19.5% to reach CHF 10.4mn vs. CHF 8.7mn in FY 16. ▪ Opened the 98 new rooms in Al Fanar Hotel and 22 new rooms in Rotana Hotel, by end

• f December 2017, making the total number of rooms in Hawana Salalah 904 rooms.

▪ The 120 new hotel rooms in Hawana Salalah, Oman were opened in December 2017 recording an occupancy rate of 93% in the first week of operations. ▪ Opened the Aqua Park in January 2018, the first Aqua Park in Oman. ▪ We are also planning to add more rooms and a new hotel in Hawana Salalah capitalizing

• n the huge demand we have.

Financials & KPIs FY 17 FY 16 % Chg Hotels Number of rooms 904 851 6.2%

• Occ. for available rooms (%)

72 69 4.3% TRevPAR (CHF) 117 114 2.6% GOP PAR (CHF) 36 34 5.9% Total Revenues (CHF mn) 33.6 29.4 14.3% Real Estate Net Contracted Units (CHF mn) 16.5 0.3 5,400% No of Contracted Units 140 1 13,900%

• Avg. Selling Price (CHF/m2)

1,543 3,228 (52.2%) Total Revenues (CHF mn) 3.3 11.4 (71.1%) Deferred Revenue (CHF mn) 18.6 5.3 250.9%

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Luštica Bay, Montenegro

FY 2017 Highlights and Outlook: ▪ Net sales remained unchanged to reach CHF 17.2mn in FY 2017. ▪ The construction of the 5-star Chedi Hotel and the also the Marina are quickly progressing, with plans to be finalized and opened in July 2018. ▪ Delivered the new “F” and “G” buildings comprising 88 apartments in 2017. ▪ Successful launch of Centrale Phase 1a; the town center concept, with approx. 60% contracted and reserved. ▪ Opened the new access road to the marina village. ▪ Initiated construction of “E” and “B” building clusters comprising 68 apartments due for delivery in 2018 and early 2019; and over 1,000 sqm of marina retail due for delivery in summer 2018.

Financials & KPIs FY 17 FY 16 % Chg Real Estate Net Contracted Units (CHF mn) 17.2 17.3 (0.6%) No of Contracted Units 56 37 51.4%

• Avg. Selling Price (CHF/m2)

4,774 5,883 (18.5%) Total Revenues (CHF mn) 21.0 0.2 10,400% Deferred Revenue (CHF mn) 38.2 44.9 (14.9%)

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Agenda

FY 2017 Destination Progress Page 3 FY 2017 Key Highlights Page 7 Financial Review Page 15 Outlook 2018 Page 21

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Key Highlights FY 2017

ODH Continues to Deliver Strong Results and Operational Growth Across its Business Segments Recording a Revenue Growth of 2.9% to reach CHF 244.4 million vs. CHF 237.4 million in FY 2016, increase in Adjusted EBITDA to reach CHF 33.4 million vs. CHF 19.6 million and reduction of losses to CHF 41.1 million vs. CHF 243.8 million in FY 2016.

➢ 9.5% increase in net real estate sales to CHF 126.2 million vs. CHF 115.2 million in FY 2016 with more contribution coming from El Gouna, Hawana Salalah, Sifah and Luštica. ➢ Revenues back to growth reaching CHF 244.4 million vs. CHF 237.4 million in FY 2016 accompanied by significant growth in the Egyptian subsidiary’s (ODE) revenues in EGP recording a 78.8% increase Y-o-Y. Yet, the jump was not hugely reflected in the Group’s revenues due to the 50.0% EGP devaluation against the CHF. ➢ 33.6% increase in Hotels Gross Operating Profits (GOP) to CHF 48.5 million vs. CHF 36.3 million in FY 2016. ➢ Adjusted EBITDA significantly increased by 70.4% to CHF 33.4 million vs. CHF 19.6 million in FY 2016. ➢ Net loss was tremendously reduced to CHF 41.1 million in FY 2017 vs. CHF 243.8 million in FY 2016. ➢ The OGM of ODE approved the sale of 3 hotels in Makadi destination which together with a sale of a land plot will generate cash proceeds of c. CHF 27.4 million and deconsolidate CHF 14.4 million of debt. ➢ Working on reducing the Debt of the Egyptian subsidiary by c. CHF 56.0 million, which will generate interest savings of

• c. CHF 33.3 million over the coming 6 years.

➢ In Egypt, we are holding several discussions to acquire a land plot in Cairo and the North Coast; marking our first entrance into the first and second homes market.

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Business Segments FY 2017

Revenue EBITDA

• Adj. EBITDA1

(CHF mn) FY 2017 FY 2016 Δ in % FY 2017 FY 2016 FY 2017 FY 2016 Hotels 131.5 120.2 9.4% 46.1 (9.4) 40.8 20.3 Real Estate 70.1 65.5 7.0% 19.3 50.2 19.0 20.8 Land

• 2.0
• 25.42
• 2.4

Town Management3 27.0 31.1 (13.2%) (5.5) (2.8) (6.0) (3.0) Tamweel Group 15.8 18.6 (15.1%) 3.6 5.0 3.9 5.2 Corporate & Unallocated Items

• (38.6)

(223.1)4 (24.3) (26.1) ODH Group 244.4 237.4 2.9% 24.9 (154.7) 33.4 19.6

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.

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Business Segments 4Q 2017

Revenue EBITDA

• Adj. EBITDA1

(CHF mn) 4Q 2017 4Q 2016 Δ in % 4Q 2017 4Q 2016 4Q 2017 4Q 2016 Hotels 41.0 34.3 19.5% 13.1 (16.6) 13.5 7.9 Real Estate 20.7 20.6 0.5% 10.1 26.4 10.3 4.6 Land

• 18.32
• (0.8)

Town Management3 7.9 8.4 (6.0%) (0.7) (0.4) (1.2) (0.4) Tamweel Group 4.0 4.2 (4.8%) 0.7 0.8 0.8 0.8 Corporate & Unallocated Items

• (14.0)

(168.6)4 (6.1) (6.4) ODH Group 73.6 67.5 9.0% 9.2 (140.1) 17.3 5.7

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.

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Real Estate KPIs FY and 4Q 2017

Net value of contracted units (CHF mn) Number of contracted units Average selling price (CHF/m2) Country Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 Egypt El Gouna 79.1 80.6 258 197 1,945 2,721 Fayoum 1.5 0.3 21 3 602 821 Makadi 0.1 0.1 2 1 267 477 Gardania

• 0.8
• 1
• 1,276

Oman Jebel Sifah 11.8 15.9 61 79 1,835 1,948 Salalah Beach 16.5 0.3 140 1 1,543 3,228 Montenegro Luštica Bay 17.2 17.3 56 37 4,774 5,883 ODH Group 126.2 115.2 538 319 1,950 2,692 Country Destination 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 Egypt El Gouna 26.4 26.4 85 75 2,028 2,467 Fayoum 0.5

• 5
• 593
• Makadi
• (0.2)

(1) 1

• 365

Oman Jebel Sifah 2.9 15.6 16 77 2,336 1,775 Salalah Beach 6.2 (0.5) 53 1 1,595 5,809 Montenegro Luštica Bay 4.1 5.3 12 10 4,876 6,756 ODH Group 40.1 46.6 170 164 1,933 2,349

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Deferred Revenue Recognition Schedule

(CHF mn)

Country Destination Deferred Revenue Balance 2018 2019 2020 2021 Egypt El Gouna 81.7 57.3 24.4

• Fayoum

1.6 0.2 0.8 0.3 0.3 Makadi

• Total Egypt

83.3 57.5 25.2 0.3 0.3 Oman Jebel Sifah 31.3 25.5 1.8 4.0

• Salalah Beach

18.6 6.1 11.8 0.6

• Total Oman

49.9 31.6 13.6 4.6

• Montenegro

Luštica Bay 38.2 34.2 4.0

• ODH Group

171.4 123.3 42.8 4.9 0.3

* Figures are rounded to the nearest decimal point.

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Total number of hotel rooms Number of available rooms Occupancy for available rooms (%) TRevPAR* (CHF) GOP PAR** (CHF) Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 El Gouna 1 2,657 2,650 2,657 2,650 75 57 50 46 24 14 Taba Heights2 2,365 2,365 1,260 718 27 30 10 22 (2) (5) Citadel Azur 514 514 514 514 61 44 42 41 19 29 Fayoum3 50 50 50 50 39 43 23 34 1 (22) Floating Hotels 27 27 27 27 19 7 100 54 32 (20) Total Oman4 971 851 971 851 69 67 116 113 35 32 UAE5 487 346 487 346 72 78 184 213 71 85 Makadi6 1,113 1,113

• 491

ODH Group 8,184 7,916 5,966 5,647

Hotel KPIs FY 2017

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. In December 23nd, 2017, Al Fanar Hotel extension was opened with 98 rooms, thus brining total number of the hotel rooms to 400 rooms and also 22 new rooms were added to Rotana Hotel, thus bringing total number of rooms to 422 room. 5. In June 2017, we opened 142 new rooms in the Cove Hotel, thus brining total number of the hotel rooms to 487 rooms. 6. Our 3 hotels in Makadi were rented to FTI Group since Jan. 2017. Whereby in 9M 2016 only one hotel was operating Royal Azur (491 rooms). * Financial KPIs are calculated based on the number of available rooms during the reported period of FY 2017. ** Includes all expenses of the hotels in the destinations.

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Total number of hotel rooms Number of available rooms Occupancy for available rooms (%) TRevPAR* (CHF) GOP PAR** (CHF) Destination 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 El Gouna 1 2,657 2,650 2,657 2,650 75 64 57 53 28 32 Taba Heights2 2,365 2,365 1,260 718 17 22 8 19 (2) 5 Citadel Azur 514 514 514 514 70 49 49 48 24 76 Fayoum3 50 50 50 50 38 45 31 35 10 (16) Floating Hotels 27 27 27 27 23 14 153 99 74 24 Total Oman4 971 851 971 851 83 82 140 130 46 44 UAE5 487 346 487 346 78 80 212 244 102 118 Makadi6 1,113 1,113

• 491

ODH Group 8,184 7,916 5,966 5,647

Hotel KPIs 4Q 2017

* Financial KPIs are calculated based on the number of available rooms during the reported period of 4Q 2017. ** 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. In December 23nd, 2017, Al Fanar Hotel extension was opened with 98 rooms, thus brining total number of the hotel rooms to 400 rooms and also 22 new rooms were added to Rotana Hotel, thus bringing total number of rooms to 422 room. 5. In June 2017, we opened 142 new rooms in the Cove Hotel, thus brining total number of the hotel rooms to 487 rooms. 6. Our 3 hotels in Makadi were rented to FTI Group since Jan. 2017. Whereby in 9M 2016 only one hotel was operating Royal Azur (491 rooms).

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Agenda

FY 2017 Key Highlights Page 3 FY 2017 Destination Progress Page 7 Financial Review Page 15 Outlook 2018 Page 21

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(CHF mn) 4Q 2017 4Q 2016 FY 2017 FY 2016 Revenue 73.6 67.5 244.4 237.4 Cost of sales (47.7) (46.6) (181.5) (183.5) Gross profit 25.9 20.9 62.9 53.9 Gross profit margin 35.2% 31.0% 25.7% 22.7% Investment income 2.9 1.4 6.9 6.4 Other gains and losses (3.4) (145.1) 8.4 (157.0) Administrative expenses (11.1) (11.9) (36.4) (40.7) Share of associates profit/losses (5.1) (5.4) (16.9) (17.3) EBITDA 9.2 (140.1) 24.9 (154.7) Depreciation (6.7) (12.1) (24.5) (35.9) Finance costs (11.2) (13.2) (35.9) (44.8) Income tax expense (2.1) (6.7) (5.6) (8.4) Net loss for the period (10.8) (172.1) (41.1) (243.8) Attributed as follows: ODH shareholders (11.1) (135.7) (41.4) (196.4) Non-controlling interest 0.3 (36.4) 0.3 (47.4) Basic EPS (CHF) (0.28) (3.36) (1.04) (4.86)

1 2 3

Notes Revenues and Gross profit increased due to enhanced operational performance. Yet the significant surge in the Egyptian subsidiary’s revenue was not captured as much due to the translation of the EGP revenues to CHF. Other gains and losses mainly includes:

• Gains

in relation to settlement

• f

borrowings in the amount of CHF 6.4mn.

• FX gain of CHF 4.3mn.
• Other losses of CHF 2.3mn

Administrative expenses decreased mainly due to the devaluation of EGP against foreign currencies. The decrease in depreciation & finance costs was mainly driven by the devaluation of the EGP against the foreign currencies.

1 2

4

3

Income Statement

4 4 1

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Balance sheet

(CHF mn) 31.12.17 31.12.16 Property, plant and equipment 765.1 762.6 Inventories 127.6 125.0 Receivables 107.0 98.3 Cash and bank balances 99.4 80.8 Investments in associates 60.8 78.6 Other assets 80.8 72.8 Non-current assets held for sale 107.0 67.2 Total assets 1,347.7 1,285.3 Borrowings 374.7 369.6 Payables 51.0 36.3 Provisions 65.6 68.6 Other liabilities 210.4 165.0 Liabilities related to assets held for sale 84.4 54.1 Total liabilities 786.1 693.6 Non-controlling interests 149.1 140.5 Equity attributable to ODH shareholders 412.5 451.2 Total liabilities and equity 1,347.7 1,285.3 Notes PPE movement incudes mainly the following: (+) Acceleration of construction work in Montenegro, Oman and UAE. (-) Reclassification of the 3 hotels in Makadi to assets held for sale. (-) Transferring some hotel rooms into real estate units. Receivables increased mainly due to the increase of new real estate revenues in Egypt, Oman and Montenegro. 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 the existing three hotels in Makadi. Borrowings increased mainly due to the increase in debts held

• n

Citadel Azur Hotel, UAE and Montenegro.

1 2 3 3 1 4 2 4 3

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(CHF mn) FY 2017 FY 2016 Cash generated from operations 30.0 4.6 Interest paid (7.8) (9.7) Income tax paid (3.2) (4.0) Operating Cash Flow 19.0 (9.1) Payments for PP&E (37.2) (41.6) Other items 5.2 12.1 Investing Cash Flow (32.0) (29.5) Change in Borrowings 35.9 (27.7) Other items 0.1 3.0 Financing Cash Flow 36.0 (24.7) Net change in the cash 23.0 (63.3) Cash and bank balances beginning of period 82.2 167.6 Effects of FX changes (1.5) (22.1) Cash and bank balances end of period 103.7 82.2 Notes Cash flow from operations increased as a result

• f enhanced performance across the business

segments. Interest decreased mainly due to capitalized interest in Egypt in 1H 2017. PP&E mainly includes payments of:

• CHF 23.0mn for Oman
• CHF 7.5mn for RAK extension
• CHF 5.1mn for Montenegro
• CHF 1.6mn for Egypt

Change in Borrowings mainly due to: (-) Debt Repayment in Oman amounting to CHF 5.2mn and CHF 1.4mn in Egypt. (+) Funding received from shareholders (CHF 27.7mn). (+) Funding received for UAE and Montenegro amounting to CHF 9.9mn and CHF 4.9mn respectively.

Cash Flow statement

1 1 2 2 4 3 3 4

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Current and targeted Debt Maturity Profile for 2018

Current Maturity Profile & Balance in 2017* Cost of Debt is 9.1% Maturity Profile after ODE Rescheduling in 2018 Expected Cost of Debt is 8.1% Maturity Profile after ODE Rescheduling & Oman Debt Reschedule Targeted Cost of Debt is 7.9%

FY 2017 Balance: CHF 378.1mn. Expected FY 2018 balance post Egypt debt reduction & Oman rescheduling: CHF 336.0mn.

9 21 36 45 44 43 83 39 1

CF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

9 9 24 35 34 37 83 43 7 56

CF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 - 2032

9 24 43 58 64 71 81 27 1 CF 2018 2019 2020 2021 2022 2023 2024 2025 * Including CHF 14.4mn debts held on Royal as of Dec. 31, 2017. * Excluding CHF 11.1mn of H2 2017 interest which will be settled in Q1 2018.

Expected FY 2018 Balance Post Egypt Debt reduction: CHF 322.2mn.

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Financing profile1

1 All debt figures exclude debt relating to Tamweel 2 Equity Ratio = Total Equity/Total Assets 3 After the effectiveness of CTIA and the syndication agreements.

Total Debt by Country

in %, as of 31.12.17

Interest Expenses by Currency

in %, as of 31.12.17

31.12.17 31.12.16 Equity ratio (%) 2 41.7 46.0 Weighted average cost of debt (%)3 9.1% 7.4 Total Debt by Currency

in %, as of 31.12.17

29% 43% 4% 6% 2% 16% EGP USD EUR AED CHF OMR 13% 54% 6% 7% 20% EGP USD EUR AED OMR 71% 20% 7% 2% Egypt Oman UAE Montenegro

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Agenda

FY 2017 Key Highlights Page 3 FY 2017 Destination Progress Page 7 Financial Review Page 15 Outlook 2018 Page 21

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Outlook 2018

Group:

▪ Positive KPI’s indicators for the Real Estate and Hotels segments for the first quarter of 2018.

Orascom Development Egypt (ODE):

▪ Selling non-core assets and reducing the subsidiaries debt by c. CHF 56.0 million, which will generate interest savings of c. CHF 33.3 million over the coming 6 years. Already received ODE’s OGM approval on the sale of 3 hotels in Makadi. ▪ Holding advanced discussions to acquire a land plot in Cairo and the North Coast; marking our first entrance into the first and second homes market. ▪ ODE’s BOD, proposed a cash dividend of EGP 1.0 per share subject to ODE’s AGM approval.

El Gouna, Egypt:

▪ New planned Real Estate launches in El Gouna along with the addition of more hotel rooms to accommodate the increased demand.

Makadi, Egypt:

▪ Launched a new real estate project in April 2018; along with an aggressive sales and marketing campaign to revive the destination and push back sales.

Hawana Salalah, Oman:

▪ Capitalizing on the high demand and proven quick return on investment in the hotels business, we are planning to add more rooms and a new hotel in the destination.

Luštica Bay, Montenegro:

▪ Finalizing the construction of the 110 room - Chedi Hotel, the Marina and 1,000 sqm of marina retail shops with plans to be

• pened by summer 2018.

Andermatt, Switzerland:

▪ The Radisson Blu hotel with 180 rooms is being built together with Gotthard Residences, expected to opened in October 2018.

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IR dashboard

Investor Relations Contact

Sara El Gawahergy Head of Investor Relations Phone EGY: +20 (0)22 461 89 61 Phone CH: +41 (0)41 874 17 11 E-Mail: ir@orascomdh.com

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• 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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