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Palm Hills Developments | January 2015 Investor Presentation April 2019 1 Market Overview M ARKET O VERVIEW Egypts Unique Dynamics and Urbanization Trends Demand is estimated in Housing Units Supply Evolution (000) 2017 Housing

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Palm Hills Developments | January 2015

Investor Presentation

April 2019

SLIDE 2

Market Overview

1

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Palm Hills Developments | 2019 | Investor Presentation Housing Units Supply Evolution (‘000) 3

MARKET OVERVIEW

Egypt’s Unique Dynamics and Urbanization Trends

Source: CAPMAS, FRA, and Jones Lang LaSalle Cairo Real Estate Market Overview 2Q2017

1 Assumed by PHD

♦ Demand is estimated in

the upper middle to high end market segments to be 7% - 9% of annual marriages or 70 - 90k units per annum

♦ Supply as reported by

CAPMAS is around 35k units for the same segments

♦ Market gap estimated at

35 - 55k units (primary demand) in addition to those moving from Cairo to the suburbs estimated at another 30 - 40k units

0.0 146 96 25 10 Low Economic Middle Upper Middle High End 196 184 177 136 146 352 264 277 2010 2011 2012 2013 2014 2015 2016 2017 Upper-mid/Luxury Housing Middle Housing Low Cost Housing Targeting Households with annual income of USD65 - 125K Targeting Households with annual income of USD10 - 25K Targeting Households with annual income of USD1.7 - 2.5K Middle/Upper Housing1 Targeting Households with annual income of USD25 - 65K 19.4% 18.3% 9.1% 1.6% 1.2% 0.2% UAE Morocco Tunisia Saudi Arabia Qatar Egypt

2017 Housing Units Supply Breakdown by Class (‘000) Potential Opportunities 2015 Mortgage Penetration Rate (%)

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Palm Hills Developments | 2019 | Investor Presentation 4

MARKET OVERVIEW

…And is Expected to Maintain Its Growth Profile Over the Foreseeable Future

Source: IMF, Euro-monitor and Bloomberg 2018E - 2023E CAGR 2,480 3,340 3,988 4,674 5,344 6,034 6,810 7,687 2016 2017 2018 2019 2020 2021 2022 2023 Lending Rates (%) Private Consumption (EGP bn) 15.75% 19.75% 16.75% 13.25% 11.25%11.25% 11.25%11.25% 2016 2017 2018 2019 2020 2021 2022 2023 2,267 3,069 3,674 4,313 4,929 5,570 6,291 7,106 2016 2017 2018 2019 2020 2021 2022 2023 A portion of the freed up liquidity resulting from the 20% yield CDs maturing in 2018 will spill over into the real estate sector

…Underpinned by Rising Prosperity

Disposable Income (EGP bn) Growing Population (mn) High Urbanization Rates (%) 90 92 94 96 98 100 102 104 2016 2017 2018 2019 2020 2021 2022 2023 986 999 1,012 1,021 1,030 1,038 1,048 1,061 2016 2017 2018 2019 2020 2021 2022 2023 44.4% 44.7% 44.9% 45.2% 45.5% 45.9% 46.2% 46.6% 2016 2017 2018 2019 2020 2021 2022 2023

Egypt Boasts an Attractive Demographic Profile…

Increasing Marriages (‘000)

♦ Egyptians are expecting a

substantial influx of liquidity due to the following: ▪ The maturity of the 20% 18-month CDs which have attracted more than EGP840 bn ▪ The maturity of the Suez Canal CDs which have attracted more than EGP64 bn ▪ Lowering interest rates as inflation continues to ease ▪ In addition to the post revolution baby boom, the long term underlying demographics of Egypt will continue to support the Egyptian real estate sector and ensure a sustainable and stable stream of demand for housing

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Palm Hills Developments | 2019 | Investor Presentation 5

19,600 12,400 16,044 29,086 42,074 52,684 64,996 90,707 105,287 119,502 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F

MARKET OVERVIEW

Resilient Real Estate Market Expected to Continue in FY2019

Contracted Sales Evolution (EGP mn)1

▪ January 25 Revolution ▪ President Morsi assumes power ▪ Anti-Morsi protests begin which led to Morsi being

usted

▪ Sisi elected as president ▪ Sinai explosion ▪ Egypt Economic Development Conference (“EEDC”) launched ▪ New Suez Canal launched ▪ Russian plane crash ▪ Subsidy cuts ▪ VAT system announced ▪ EGP flotation ▪ Egypt plane crash ▪ Policy rates hikes ▪ Headline CPI reached its highest level since 2011 in Jul 2017 Source: Companies filings, and research reports

1 Market contracted sales are calculated as the sum of contracted sales of PHD, MNHD, Emaar Misr, SODIC, TMG and the

remaining players are assumed to contribute to 50% of the market

♦ The Egyptian real estate

market remained resilient despite the political turmoil and economic challenges

♦ During times of high inflation

and currency depreciation, investors shifted towards real estate investments as a hedge to protect the value of their wealth

♦ The Egyptian real estate sector

is expected to be on a fast- track growth trajectory, spurred by: ▪ Robust economic growth

n the back of economic

and political reforms ▪ The government encouraging expansion into surrounding areas, especially to the east and west of the city ▪ Rising purchasing power and accelerated household formation, especially for the middle class, as economic growth has accelerated

2010 – 2017 CAGR 2017 – 2019 CAGR

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PHD in Brief

2

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Palm Hills Developments | 2019 | Investor Presentation 7 Raw Land

Project Name Land Area (000 sqm) Residential Land Area (000 sqm) Developed Residential Land (000 sqm) Area Under Development (000 sqm) Commercial Area (000 sqm) Botanica 7,138

Riyadh, KSA

5,000

Red Sea

Subtotal

12,230

Total Land Bank

40,657 25,889 8,917 5,695 2,524 Recently launched projects.

Raw Land Strategy

▪

Botanica land plot: PHD’s Management learned about the reallocation and rezoning of some state-

wned land on Cairo Alexandria highway to the New Urban Communities Authority (“NUCA”) in

accordance with the recent presidential decrees, which will positively impact Botanica’s allowable built up area and valuation as part of the New Sphinx City, given Botanica’s proximity to Sphinx International Airport. The Company awaits official communication from NUCA in that regards.

▪

Saudi Arabia land plot: Held for sale.

▪

The Company sold one of its non-core land plots (Galala plot in the North Coast) spreading 487k sqm to a non-listed property developer, for a total consideration of EGP375 mn including capital gain of EGP218 mn during 4Q2017.

Completed Projects

Project Name Land Area (000 sqm) Residential Land Area (000 sqm) Developed Residential Area (000 sqm) Area Under Development (000 sqm) Commercial Area (000 sqm) Phase 1-5 & Cascade, Bamboo, Goldan Palm 1,659 1,542 1,542

Bamboo Extension 168 168 168

The Village

105 105 105

Village Avenue

35 35 35

Village Gate

146 131 101 10 16 CASA 294 294 294

Village Garden

Katameya 297 285 267

Palm Hills Katameya Extension 275 275 173 37

Hacienda White 1

216 199 199 17 Subtotal 3,195 3,034 2,884 47 144

Projects Under Development/Launched Projects

Project Name Land Area (000 sqm) Residential Land Area (000 sqm) Developed Residential Area (000 sqm) Area Under Development (000 sqm) Commercial Area (000 sqm) Palm Parks 470 418 259 159 52 Golf Views 2,061 2,049 1,798 251 12 Golf Extension 1,012 958 958

Woodville 289 251

38 Palm Valley 238 206

11 Palm Hills Katameya 928 928 904

Palm Hills Katameya Extension "Phase 2" 159 159

159
Palm Hills New Cairo

2,100 1,680

2,100

420 Capital Gardens 434 434

434
The Crown

798 734

64 Hacienda West 585 585

585
Badya(2)

12,600 11,088

1,512

Alexandria(3) 567 482

Hacienda Bay 2,519 2,411 1,911 500 108 Hacienda White 2 472 472 203 269

Subtotal

25,232 22,855 6,033 5,648 2,380

1 Land Bank data as at December 31, 2018, which excludes 205 feddan in West Cairo. Management

expects to conclude the co-development agreement during 1H2019.

2 PHD signed the co-development agreement with NUCA on September 11, 2017 3 Palm Hills Alexandria project’s soft launch was held mid December 2018

PHD IN BRIEF

The Largest Land Bank1 in Egypt of 41 mn sqm

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Palm Hills Developments | 2019 | Investor Presentation

♦ PHD

ffers

secondary homes by the Mediterranean sea in 4 projects in the North Coast, catering to upper middle to upper class

♦ The net cumulative number of secondary homes

sold reached 3,005 units as at end of 2018

♦ The Company launched Hacienda West in June

2017 and completed Hacienda White 1 and handed over a cumulative number of 2,394 units in Hacienda White 1, 2 and Hacienda Bay as at end of 2018

♦ Customers are mostly households ♦ PHD offers first homes in 24 projects in West

and East Cairo since 1997, catering to various income brackets starting from middle to upper class

♦ The Company completed 12 projects and

delivered 4,968 units in such projects as at end of 2018

PHD IN BRIEF

Boasting a Well Diversified and Balanced Project Portfolio

…As Well as Strong Recurring Revenue Streams

First Homes Secondary Homes Commercial

♦ PHD owns approx. 2.5 mn sqm of land allocated

for commercial projects

♦ The commercial portfolio includes 3 operating

hotels managed by Accor

♦ The Company recently started to unlock and

monetize value from non-core commercial assets with the launch of Palm Valley Mall and Palm Central Office Building in West Cairo and VGK Mall in East Cairo

♦ PHD

plans to develop PHNC commercial component with a recreational club, retail & administrative complex, and an international school

10%

PHD mitigates residential real estate earnings volatility through commercial real estate yielding assets, allocating 2.5 mn sqm of its undeveloped land bank for commercial projects

% of 2018 Net Profit

A Well Diversified Land Bank… …With 33% Currently Launched / Under Development

PHD Commands a Geographically Diversified and Balanced Project Portfolio…

% of 2022 Net Profit 20%

Target West Cairo 48% Red Sea & Other Locations 18% KSA 12% East Cairo 11% North Coast 9% Alexandria 1% Launched Projects/Projects Under Development 33% Raw Land 30% Projects to be Launched 29% Completed Projects 8%

Project Location Status Mercure Ismailia Operating Novotel October West Cairo Operating Novotel Sharm El Sheikh South Sinai Operating Palm Club West Cairo Operating Palm Central West Cairo Operating The Lane West Cairo Under Development Village Garden Katameya Mall East Cairo Under Development Village Gate East Cairo Under Development Golf View West Cairo Under Development Palm Hills New Cairo Commercial East Cairo Under Development Badya Commercial West Cairo Under Development

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Palm Hills Developments | 2019 | Investor Presentation

4.8 6.5 7.4 10.4 14.4 19.0 2.3 3.0 3.5 5.4 8.1 9.4 4.2 6.8 8.3 8.5 12.0 13.5 2.0 2.6 2.7 3.2 4.1 4.1

2013 2014 2015 2016 2017 2,018

Apartments Standalone Units Land Construction Cost

PHD boasts a stellar track record of project deliveries and owns the largest land bank among Egyptian real estate players

Projects Portfolio

Co-Development Projects

New Sales have been steadily growing at a 2013 -2018 CAGR of 61%. Moreover, PHD was able to increase its selling prices for apartments, standalone units, and land at a 2013-2018 CAGR of 32%, 26%, 33% respectively

Projects Completed 2005 1997-2004 2006 2007 2008 2009 2010 2013 2014 2015 2016 2017 2018

1 2

205 Feddan Project

Growing New Sales (EGP bn) 9,643

Cum. Delivered Units as

at end of 2018 15,156

Cum. Net Units Sold as

at end of 2018

PHD mitigates the cyclical nature of residential real estate through its recurring income portfolio, allocating 2.5 mn sqm of undeveloped land bank to commercial projects

10%

% of 2018 Net Profit % of 2022 Net Profit

20%

Target

A Diversified Commercial Assets Portfolio Project Mercure Novotel Sharm Novotel West Cairo Palm Club October PHNC Commercial2 Operational Year 1980 1996 2005 2005 2020F PHD Ownership 55% 50% 80% 100% Varies by project Escalating Selling Prices (000’s EGP/sqm)

PHD launched an expedited construction plan in 2013, aided by equity and debt raising, helping it increase its construction spending, reflecting positively on unit deliveries

Exceeded the annual target of 1,500 units

PHD IN BRIEF

Successfully Delivering on our Corporate Strategy

1 Including the awarded 205 feddan land plot 2 PHNC Commercial stands for Palm Hills New Cairo commercial component. PHD expects to own 100% of PHNC club, 60% of

the retail and administrative complex and 50% of PHNC school

3 Excluding Badya’s selling prices

40,657 3,195 13,485 11,747 7,230 5,000 Completed Projects Projects Under Development Projects to be Launched Raw Land Total

Egypt’s Largest Land Bank (‘000 sqm)

Saudi Arabia land plot - currently earmarked for sale

Construction Spending (Earned Value EGP mn) Handover (Units)

1,159 1,868 2,005 2,148 1,550 2014 2015 2016 2017 2018 981 1,573 2,049 1,781 1,541 2014 2015 2016 2017 2018 1.2 3.9 6.3 8.5 10.5 12.5

2013 2014 2015 2016 2017 2018

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Palm Hills Developments | 2019 | Investor Presentation 10

PHD IN BRIEF

Spearheaded by a Seasoned Management Team

Board of Directors Executive Management

Board Member Position Yasseen Mansour Chairman & Group CEO Mohamed Mansour Vice Chairman Tarek Abdel Rahman Non-executive Board Member Mohamed Ahmed Sultan Chief Executive Officer Ali Thabet Chief Financial Officer Yasser El Mallawany Non-executive Board Member Youssef M. Medhat El Far Non-executive Board Member Hassan Darwish Non-executive Board Member PHD’s management is characterized by… ✓ Diverse experience in their respective fields ✓ Solid industry knowledge ✓ Strategic approach in decision making ✓ Hands on management and strong involvement in running of the business ✓ Leadership capabilities and guidance of employees Yasseen Mansour

Chairman & Group CEO

Mohamed Sultan

Chief Executive Officer

Dr. Azza El Bendary

Chief HR&A Officer

Mr. Yasseen Mansour serves as Chairman of the Board of Directors and Group CEO of

PHD, and has guided the Company from a single-project entity into a leading real estate player in Egypt. Mansour began his career in 1986 at Mansour Motors Group, and has since lead the companies he owns and presides over to growth

Eng. Mohamed Sultan joined PHD in 2008 as VP Development – North Coast and

Alexandria, and was appointed CEO in 2011. Sultan began his career at OBALCO, working with the US Army Corp of Engineers. In 1986, Sultan founded the Engineering Group for Urban Development, of which he is President. Sultan holds a bachelor’s degree in Architectural Engineering from Al Azhar University Mona El Helw Chief Commercial Officer Ahmed Atalla SVP Development West Cairo Amr Mahfouz VP Development East Cairo Ali Thabet

Chief Financial Officer

Mr. Ali Thabet joined PHD in 1997 as VP for Finance, Accounting and Administration,

and was promoted to CFO in 2011. Previously, Thabet ran his own office for Chartered Accounting and Financial Management Services. Thabet holds a B.Sc. of Commerce from Ain Shams University and received a Master in International Business Administration from ESLSCA Business School

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Palm Hills Developments | 2019 | Investor Presentation

PHD IN BRIEF

That Was Able to Replenish the Company’s Land Bank by Entering into Co-Development Agreements…

PHNC Capital Gardens Hacienda West Alexandria Badya 205 feddan Date

March 2015 July 2015 February 2016 February 2017 July 2017 March 2019

Land Area (Sqm)

2,100k 434k 585k 769k 12,600k 861k

Location

East Cairo East Cairo North Coast Alexandria West Cairo West Cairo

Seller/ Partner and Terms

▪ A Co-Development project with NUCA ▪ PHD will be entitled to 72% revenue share ▪ NUCA will be entitled to cash revenue share of 28.4%, in addition to an in-kind payment of BUA of 150k sqm ▪ NUCA will be entitled to a minimum guarantee of EGP10 bn payable over 13 years ▪ PHD is responsible for the development and management of the project ▪ A Co-Development agreement with Madinet Nasr Housing and Development (“MNHD”) spanning 100 feddan in East Cairo in its Sarai project ▪ PHD will be entitled to 64% revenue share ▪ PHD will be responsible for all construction and development related costs while MNHD will contribute the land and accompanying infrastructure ▪ A Co-Development agreement with a private land owner in the North Coast ▪ PHD will be entitled to a revenue share of 80%, with partner holding the remaining 20%, at a minimum revenue guarantee of EGP200 mn

ver 10 years

▪ PHD will be responsible for all construction, development, internal infrastructure, marketing and sales activities, while the owner will be contributing the land ▪ A Co-Development agreement with a government agency with the purpose of co-developing on revenue sharing basis 135 feddan in Alexandria ▪ PHD will be entitled to a revenue share of 65%, with the partner holding the remaining 35% ▪ PHD will be responsible for all construction, development, infrastructure, marketing and sales activities of the project ▪ A Co-Development agreement between PHD and NUCA ▪ PHD will be responsible for all construction and development related costs ▪ NUCA will be contributing the land bank in addition to all the external associated infrastructure ▪ NUCA will be entitled to a cash revenue share of 25.3% in addition to an in-kind payment of up to 371k sqm

f residential BUA and 50k

sqm of commercial BUA ▪ A Co-Development agreement with NUCA through Palm Alamein, which is 40% owned by PHD and 60% by Arkan Developers ▪ NUCA will be entitled to an fixed annual cash portion of up to EGP10 billion payable

ver 12 years (NPV of

EGP2.5 billion at discount rate of 16%) and will also receive an annual revenue share of 12.5% from the project’s proceeds of EGP13 billion (NPV EGP3.5 billion) payable over 10.5 years, starting after 1.5 years from signing the agreement, plus an in-kind portion of BUA of 95.5k sqm (33k sqm residential and 62.5k sqm of commercial space)

Launch Date

4Q2016 4Q2015 2Q2017 1Q2019 2Q2018 4Q2019E

Project Highlights

▪ Project includes 4,588 units with a total BUA of 1.03 mn sqm ▪ Sales since launch EGP5.9 bn ▪ 2,513 units with a total BUA

f 494,000 sqm

▪ Integrated residential community over four phases up until 2024 ▪ Sales since launch c.EGP2 bn ▪ 812 units, with a total BUA

f 145,000 sqm

▪ Include community retail facilities ▪ Sales since launch EGP1.2 bn ▪ 3,225 mixed use residential units with a total BUA of 575,000 sqm and 102,213 sellable land area ▪ Integrated community with complete residential complex, complemented by full spectrum of commercial facilities ▪ 34,561 residential units with a total BUA of 6.4 mn sqm ▪ Sales since launch EGP4.8 bn ▪ 3,300 units with a total BUA

f 1.03 mn sqm

▪ Integrated residential & commercial community

SLIDE 12

Palm Hills Developments | 2019 | Investor Presentation

426

239 353 490 639 806 812 2013 2014 2015 2016 2017 2018 1,163 3,936 6,332 8,467 10,539 12,463 2013 2014 2015 2016 2017 2018 959 2,106 3,642 5,631 6,604 7,422 2013 2014 2015 2016 2017 2018 541 981 1,573 2,049 1,781 1,555 2013 2014 2015 2016 2017 2018

…And Improved Profitability …Which in Turn, Resulted in Increasing Recognized Revenues…

New Sales (EGP mn) Construction Spending (EGP mn)

A Surge in New Sales … …And a Pick-up in Construction Activity…

Revenue (EGP mn) Net Profit (EGP mn)

In 2015, the Company sold two land plots located in Alexandria and North Coast 2013-2018 CAGR

PHD IN BRIEF

Successfully Concluded a Turnaround and Growth Story

♦ The Company’s operational

turnaround translated into robust growth in new sales, construction outlay and revenue, reporting 2013-2018 CAGRs of 50% in Revenue.

♦ New

Sales (Residential and Commercial) amounted to EGP12.5 bn, a growth of 18% YoY. Growth was largely driven by strong uptake of launched units in Badya (EGP4.8 bn/1,935 units sold), demand for residential units in Palm Hills New Cairo, and the remarkable 168% YoY growth in commercial sales to record EGP1.8 bn.

♦ PHD has spent c.EGP8.5 bn on

construction activity from 2013 to 2018, capitalizing on the rights issues and bank borrowings, which accelerated projects delivery and translated into superior profitability where the Company registered a net profit 2013-2018 CAGR of 28%.

SLIDE 13

Key Financials

3

SLIDE 14

Palm Hills Developments | 2019 | Investor Presentation New Sales1 (EGP mn) PHD’s Average Selling Prices & Construction Cost (EGP/sqm) FY2018 New Sales1 (Percentage by Location) Highlights

KEY FINANCIALS

18% YoY growth in New Sales to EGP12.5 bn driven by Badya, PHNC, and strong uptake of commercial offerings

(1) New Sales represent Gross New Sales including residential and commercial segments. 6,332 8,467 10,539 12,463 2,140 1,894 2,136 3,102 2015 2016 2017 2018 59% 27% 4% West Cairo EGP7.4 bn East Cairo EGP3.4 bn North Coast EGP1.6 bn

New Sales (Residential and Commercial) amounted to EGP12.5 bn, a growth of 18% YoY with 3,102 units sold, compared to 2,136 units during FY2017. Growth in New Sales was led by the successful launch of Badya, continued uptake of residential units in Palm Hills New Cairo, complemented by the remarkable 168% YoY growth in commercial sales to EGP1.8 bn. During the year, the Company sold PK2 Mall, clinics in Hale Town, and retail space in Hacienda Bay’s Lake Yard, Golf Extension, VGK Mall, and The Lane Mall. During the year, commercial sales witnessed an unprecedented growth of 168% YoY to record EGP1.8 bn, driven by the sale of PK2 Mall in East Cairo, retail outlets in Hacienda Bay’s Lake Yard, in addition to units in VGK and The Lane Malls, as well as sales of retail space in Golf Extension and clinics (Hale Town) in Golf Views. Total number of units sold (residential and commercial) increased 45% YoY to 3,102 units (2,136 units in FY2017), comprising 2,977 residential and 125 commercial units. The Company handed over 1,541 units, surpassing its previously announced target of 1,500 units in FY2018. The majority of handed overs units were in Palm Parks, Golf Views, Golf Extension, Hacienda Bay, and Hacienda White 2. Notably, PHD started delivering units in Palm Valley and The Lane Mall in West Cairo. In 4Q2018, New Sales grew 9% YoY to EGP2.6 bn. Residential sales increased 3% YoY to EGP2.3 bn, while commercial sales witnessed a remarkable 95% growth YoY reaching EGP303 mn.

4,820 6,500 7,350 10,387 14,391 19,000 4,175 6,793 8,337 8,527 11,984 13,483 2,339 2,950 3,500 5,384 8,110 9,440 2,024 2,631 2,707 3,188 4,100 4,100 2013 2014 2015 2016 2017 2018 Apartments (BUA) Land Standalone Units (BUA) Construction Cost

SLIDE 15

Palm Hills Developments | 2019 | Investor Presentation

425 654 1,015 1,347 1,624 20% 18% 18% 20% 22%

0% 5% 10% 15% 20% 25%

1,000

2,000 3,000 4,000 5,000

2014 2015 2016 2017 2018 2,106 3,642 5,631 6,604 7,422 2014 2015 2016 2017 2018 705 1,150 1,679 2,103 2,587 33% 32% 30% 32% 35%

0% 10% 20% 30% 40%

1,000

2,000 3,000 4,000 5,000

2014 2015 2016 2017 2018

Revenue (EGP mn) Gross Profit (EGP mn) EBITDA (EGP mn)

KEY FINANCIALS

Solid P&L Growth coupled with Improvements in Profitability Margins

2014 – 2018 CAGR 1.4 2.3 3.1 4.6 5.5 2014 2015 2016 2017 2018

Net Income after Tax & Minority Interest (EGP mn) Cash Inflows from Operations (EGP bn)

353 916 640 806 812 17% 25% 11% 12% 11% 2014 2015 2016 2017 2018

SLIDE 16

Palm Hills Developments | 2019 | Investor Presentation Net Debt/EBITDA Receivables/Net Debt Total Debt/Equity Land Liabilities(1) and Total Debt (EGP mn) Highlights

The Company successfully concluded its recent EGP1.54 bn Rights Issue, with 3.3 times oversubscription during the second subscription round. The newly issued shares commenced trading on the EGX & LSE on December 30, 2018. PHD concluded securitization and discounting of receivables portfolio of EGP942 mn in relation to 663 handed over units during FY2018, with proceeds mostly directed towards deleveraging the Balance Sheet. In 1Q2019, the Company expects to finalize discounting and securitization (non-recourse) transactions of receivables portfolio of c.EGP1.0 bn, in relation to 861 delivered units in the following projects: Palm Parks, Palm Valley, Golf Views, Golf Extension, Palm Hills Katameya (1 & 2), Hacienda Bay and Hacienda White 2. The transactions’ proceeds will be utilized entirely in the partial repayment of existing debt. Net Debt/EBITDA stood at 1.2x in FY2018, down from 2.6x in FY2017. By end of 2018, Receivables recorded EGP18.4 bn, compared to EGP15.3 bn in 2017, covering Net Debt by 9.4 times.

(1) Land Liability figures represents the Net Present Value of lands payments.

KEY FINANCIALS

Translating Into a Solid Financial Standing

5,394 7,621 11,353 15,252 18,385 3.7x 5.0x 4.3x 4x 9x

(0.2x) 1.8x 3.8x 5.8x 7.8x 9.8x 11.8x

5,000

10,000 15,000 20,000 25,000 30,000

2014 2015 2016 2017 2018 41% 48% 55% 64% 53%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2014 2015 2016 2017 2018 1,481 1,464 2,658 3,553 1,950 2.9 2.2 2.6 2.6 1.2 2014 2015 2016 2017 2018 Net Debt Net Debt/EBITDA 1,557 842 875 3,432 3,420 1,676 3,110 3,620 4,583 4,657 2014 2015 2016 2017 2018 Land Liabilities Total Debt

SLIDE 17

Palm Hills Developments | 2019 | Investor Presentation

To be Launched, 38125 Total Inventory, 58254 Launched, 20129 Sold, 15047 Unsold, 5082 Handed Over, 9233 Backlog, 5814 427 685 879 1,246 795 294 616 399 342 463 267 567 727 560 296 2014 2015 2016 2017 2018 West Cairo East Cairo North Coast 2,399 2,631 2,707 3,188 4,100 4,100 2013 2014 2015 2016 2017 2018

Handovers by Region Construction Spending (Earned Value) by Region (EGP mn) Average Construction Cost / sqm Inventory Breakdown (Delivery/Backlog)2

(1) Average construction progress PoC calculation for existing projects and projects under development; (2) Inventory excluding Alexandria project and as of December 31, 2018. Floatation of local currency took place in November 2016, while the partial removal of fuel subsidy took place in June 2017.

KEY FINANCIALS

Delivering on Schedule

561 727 488 475 919 138 499 1210 648 128 282 347 351 658 494 981 1,573 2,049 1,781 2014 2015 2016 2017 2018 1,541

SLIDE 18

Palm Hills Developments | 2019 | Investor Presentation

KEY FINANCIALS

2019 Outlook & Guidance

EGP14.0 bn New Sales Management is eyeing further improvements in profitability margins, on the back of expectations to deliver higher margins units alongside foreseen YoY growth in sales of standalone units. EGP2.2 bn Construction Spend 1,350 homes Handovers Above EGP7.5 bn Revenue Above 38% Gross Profit Margin Above EGP1 bn Net Profit The Company expects to achieve New Sales of EGP14.0 bn, with sales growth to be driven by Badya, Palm Hills Alexandria, Palm Hills New Cairo and The Crown complemented by further monetization of commercial assets. Management is targeting to complete a number of projects during 2019 including: Palm Valley, Golf Extension and Woodville in West Cairo, as well as Palm Hills Katameya extension 2 in East Cairo. The Company is targeting to deliver 1,350 units in 2019 (lower number compared to 2018), as the sales backlog

f projects under development projects come to an end between 2019-2020.

Management expects a solid top line, driven by the handovers coupled with new sales in Alexandria and Badya in 2019 Bottom line should improve further as the Company deliver higher margin units and reduce G&A further.

SLIDE 19

Appendix

4

SLIDE 20

Appendix - Commercial Projects

SLIDE 21

Palm Hills Developments | 2019 | Investor Presentation

APPENDIX

Commercial Real Estate1 - Monetization of Non-Core Assets Underway

Land Size 12k sqm Sellable Area 4.5k sqm Targeted Sales EGP170 mn Cumulative New Sales EGP161 mn PHD’s Effective Ownership 100% PHD’s Share from Sales 100% Construction Cost EGP7k/sqm Sales Launch Date 2Q2017 Completion Date 2018 Estimated Profits to PHD EGP70 mn

The Lane, West Cairo Village Garden Katameya Mall, East Cairo

Land Size 11k sqm Sellable Area 11k sqm Targeted Sales EGP660 mn Cumulative New Sales EGP629 mn PHD’s Effective Ownership 51% PHD’s Share from Sales 55% Construction Cost NA Sales Launch Date 2Q2017 Expected Completion Date 2019 Estimated Profits to PHD EGP322 mn Land Size 13k sqm Sellable Area 10k sqm Targeted Sales EGP400 mn Cumulative New Sales EGP448 mn PHD’s Effective Ownership 100% PHD’s Share from Sales 60% Construction Cost NA Sales Launch Date 2Q2016 Expected Completion Date 2019 Estimated Profits to PHD EGP198 mn

1 Projects data as at September 30, 2018

Village Gate, East Cairo Hale Town, West Cairo

Land Size 16k sqm Sellable Area 10.5k sqm Targeted Sales EGP220 mn Cumulative New Sales

PHD’s Effective Ownership

51% PHD’s Share from Sales

Construction Cost

5,333 Sales Launch Date TBC Expected Completion Date TBC Estimated Profits to PHD NA Land Size 12k sqm Sellable Area 11k sqm Targeted Sales 420 Cumulative New Sales 62 mn PHD’s Effective Ownership 100% PHD’s Share from Sales 63% Construction Cost NA Sales Launch Date 2H2018 Expected Completion Date 2020 Estimated Profits to PHD EGP241 mn

EGP2.4 bn

Palm Central, West Cairo Cumulative new sales from 3 non-core assets since launch

SLIDE 22

Palm Hills Developments | 2019 | Investor Presentation

Operations began 1980 Hotel Category 4 Stars Number of Keys 169 Average Room Rate EGP860/night Average Occupancy Rate 73% GOP 45% NOP 41% Stake in Asset 55.12%

APPENDIX

Commercial Real Estate1 - Core Assets without retail outlets currently contributing 10% to Net Profit

22 Palm Club, West Cairo

Land Size 85k sqm Targeted Sales EGP2.5 bn Cumulative New Sales EGP300 mn PHD’s Effective Ownership 100% PHD’s Share from Sales 100% Sales Launch Date Ongoing Expected Completion Date Completed Estimated Membership Capacity 12.5k Existing Memberships 3.2k Time to Full Capacity 7-8 years

Mercure, Ismailia Novotel October, West Cairo Novotel Sharm El Sheikh, Sinai

Operations began 2005 Hotel Category 3 Stars Number of Keys 195 Average Room Rate EGP1,250/night Average Occupancy Rate 81% GOP 57% NOP 51% Stake in Asset 79.95% Operations began 1996 Hotel Category 5 Stars Number of Keys 382 Average Room Rate EGP960/night Average Occupancy Rate 80% GOP 40% NOP 37% Stake in Asset 49.99%

1 Properties data as at December 31, 2018

SLIDE 23

Palm Hills Developments | 2019 | Investor Presentation 23

♦ PHD is currently negotiating a new

international school brand through a newly created JV

♦ PHD’s revenues from the

international school project will be generated from two sources:

♦ The construction of the international

school is set to cost a total of EGP294 mn, spread over 3 years starting 2019

International School Certifications International School Key Facts

▪ 50% of annual net cash flows ▪ School lease revenue calculated as 10% of annual net revenues PHD’s Revenue Sources ✓ Internationally accredited school ✓ Strategic location in a high-end residential area ✓ High student capacity compared to other schools in the surrounding area International Affiliation School Accreditations Technical Affiliation Location Palm Hills New Cairo Launch date 2020 Students Capacity 1,750 Land Area 60,400 sqm BUA 29,141 sqm

Key Attractions

APPENDIX

Palm Hills New Cairo - International School

SLIDE 24

Palm Hills Developments | 2019 | Investor Presentation 24

♦ PHD’s plan of building a recurring

income portfolio continues with developing a hub for mixed-use commercial properties serving the area of New Cairo over a radius

f 15 km

♦ The commercial properties will

include a recreational club, an international school, and a retail & administrative office complex

♦ PHD is in the process of designing a

flagship recreational club building

n the success of Palm Club West

Cairo

♦ The project is set to cost EGP787

mn in construction costs, spread

ver the span of 5 years starting

2019

♦ The recreational club will be fully

wned by PHD, whereby PHD

receives 100% of the annual net cash flows Commercial Component

f Palm Hills New Cairo

Retail & Administrative Office complex Recreational Club International School

1 2 3

Recreational Club Project Key Facts PHNC Commercial Component Masterplan

✓ Fully owned by PHD ✓ Strategic location in a high-end residential area in New Cairo, and a walking distance from PHD’s international school and retail & administrative complex ✓ Ample membership capacity of 25,000 memberships

International School Recreational Club Other components

Location Palm Hills New Cairo Land Area 150,000 Sqm Maximum Capacity 25,000 Members

Key Attractions

APPENDIX

Palm Hills New Cairo - Recreational Club

SLIDE 25

Palm Hills Developments | 2019 | Investor Presentation 25

♦ The retail & administrative complex

project will be developed on a total land area of 105k sqm, and a total BUA of 90k sqm, split between offices and retail into 60k sqm and 30k sqm respectively

♦ PHD will have two sources of

revenue from the project:

Retail & Administrative Complex Location

✓ Prime location in a luxurious area of Cairo ✓ Walking distance from PHD’s recreational club and international school ✓ Boosted footfall by the project’s office space, will increase the lease prices of the retail space As a Project Partner ▪ 60% of annual net cash flows As a Landowner ▪ Revenue share: – 35% of units sale inflows – 15% of leasing inflows PHD’s Revenue Sources

Retail & Administrative Complex Project Key Facts

Location Palm Hills New Cairo Launch Date 2019 Land Area 105,000 sqm Value of Units EGP2.1 bn Offices BUA 60,000 sqm Retail BUA 30,000 sqm Total BUA 90,000 sqm

Key Attractions

Cairo International Airport Palm Hills Village Avenue Palm Hills Village Katameya

APPENDIX

Palm Hills New Cairo - Retail & Administrative Complex

SLIDE 26

Appendix - Residential Projects

SLIDE 27

Palm Hills Developments | 2019 | Investor Presentation

APPENDIX

Residential Component - Projects Summary

27 Number of Projects Delivered Units

Av. For Sale

Inventory1 (EGP bn)

Av. For Sale

Inventory1 (Volume) Receivables2 (EGP bn) Remaining Construction (EGP bn) Land Liability (EGP bn) Cumulative Sales3 (EGP bn)

1- Available for sale inventory as at December 31, 2018 including Alexandria’s project preliminarily figures. Please note that above data exhibits value of each project including escalations 2- Receivables related to residential projects only 3- Cumulative Net Sales after deducting cancellations 4- Residential component excludes the 205 feddan co-development project

Recognized Revenue (EGP bn) Revenue Backlog (EGP bn)

29 9,643 510 43,114 16.2 181 3.1 41.3 27.6 13.8

Projects Portfolio

13 4,968 0.07 11 0.4 0.03 0.02 5.7 5.6 0.1

Completed Projects

10 4,675 5.4 1,027 5.8 2.7 0.2 21.2 18.3 2.3

Projects Under Development

60.9

8,008 6.9 31 2.8 10.3 3.1 7.8

New Projects4

Palm Hills New Cairo, East Cairo Bamboo Extension, West Cairo Golf Views, West Cairo Capital Gardens, East Cairo

34,068 3.1 147

0.6 3.6

Badya

SLIDE 28

Palm Hills Developments | 2019 | Investor Presentation 28

♦ In September 2017, PHD co-bid

with Arkan Developers (through Palm Alamein) to acquire a 205 feddan land plot in an attempt to maximize its land bank through co- development agreements. Palm Alamein is 40% owned by PHD and 60% by Arkan Developers

♦ In September 2018, PHD received

the letter of award for the 205 feddan land plot from NUCA and to sign a definitive agreement within 3-6 month

♦ The prime land plot is planned to

be developed into an innovative residential and commercial project with potential to include a high rise tower (c.130 -150 meters).

♦ In March 2018, Arkan Palm for

Real Estate Investment Company (40% owned subsidiary) signed the co-development agreement with ("NUCA") Total Land Area 861,000 sqm Total Built Up Area 1,033,200 sqm Total Value of Units EGP78.2 bn1 Completion Date 2029 Select Residential Highlights Total No. of Units 3,300 BUA 495,000 sqm Type of Units Apartments & Villas Select Commercial Highlights Land Area 688,800 sqm BUA 538,200 sqm Types of units Tower, Clinics, Medical Stores, Offices Complex, Retail Stores, and Entertainment

1 Excluding NUCA’s revenue share 2 Project key facts are tentative and subject to change according to the final master plan, which is expected to be concluded

during the current year

205 Feddan Project Key Facts2

✓ A strategic land location overlooking 26 of July axis, the main high street in Sheikh Zayed City adjacent to Nile University ✓ Lower initial cash outlays

205 Feddan Project Location NUCA Revenue Share

Cash In Kind BUA NUCA Revenue Share ▪ Residential in-kind BUA

f 33k

▪ Commercial in-kind BUA of 62.5k sqm ▪ Fixed annual cash portion of up to EGP10 billion payable over 12 years (NPV of EGP2.5 billion at discount rate of 16%) ▪ Annual revenue share of 12.5% from the project’s proceeds of EGP13 billion (NPV EGP3.5 billion) payable over 10.5 years, starting after 1.5 years from signing the agreement

Key Attractions

APPENDIX

205 Feddan, West Cairo

SLIDE 29

Palm Hills Developments | 2019 | Investor Presentation 29

♦ On September 11, 2017 PHD

signed the co-development agreement with NUCA, the project will encompass 12.6mn sqm (3,000 feddans) with the right of first refusal on another 3,000 feddans

♦ The project is located in the south-

western edge of 6th of October City boasting ease of accessibility

n the back of the following

features: ✓ Close to industrial areas located north of Wahat Road ✓ 15 kilometers away from the Pyramids, 45 minutes away from the New Administrative Capital ✓ Bound by regional road network including a new ring road currently under construction that will directly connect west Cairo to east Cairo without any exits, in addition to other accessible ring roads and highways ✓ The project expanded PHD’s Land Bank by 12.6mn sqm, positioning PHD as the largest property developer in Egypt ✓ Lower initial cash outlays ✓ Target new market segments mainly middle income wallets ✓ Develop large integrated communities ✓ Act as master developer ✓ Expected to create 300k jobs ✓ Expected to house up to c.150k inhabitants

Badya Location & Masterplan

Social Assets Recreational Assets Commercial Assets ✓ General Hospital ✓ Local / regional branded private school ✓ Internationally branded private school ✓ College ✓ International University ✓ Iconic park ✓ Sports stadium ✓ Desert sports complex ✓ Public library ✓ Heritage / socio-cultural ✓ center ✓ Golf course ✓ Theme park ✓ Water park ✓ Zoo ✓ Concentrated retail (e.g.,

pen-air mall)

✓ Super / Hyper market ✓ Retail box park ✓ MICE hotels ✓ Wellness resorts ✓ Nursing homes ✓ Specialty hospitals ✓ Co-working spaces ✓ Office complex / HQs ✓ Art galleries ✓ Marriage halls

Main Components - All Residents’ Needs Will Be Located Within the City Key Attractions

APPENDIX

Badya, West Cairo

SLIDE 30

Palm Hills Developments | 2019 | Investor Presentation 30

♦ The project will be developed

between 2018-2038 with a total

f 32,319 units (27,687

apartments & 4,632 standalone units) excluding NUCA’s residential BUA

♦ The commercial component will

spread over 12% of the land including: education, office, retail, and hospitality

♦ The government will make in-kind

contribution of land plus all required infrastructure to the boundaries of the project site alongside road network (currently under construction)

♦ In May 2018, PHD successfully

launched Badya achieving new sale of 1,935 units worth of EGP4.8 bn by end of FY2018.

1 Excluding NUCA’s revenue share

Phase 1A Overview

Cash In Kind BUA NUCA Revenue Share ▪Residential BUA of 372k sqm (2,242 units delivered between years 9-12) ▪Commercial BUA of 50k sqm (delivered in year 12) ▪In-kind payment translates to EGP110/sqm on NPV basis ▪26% of cash revenue payable over the first 12 years capped at EGP640/sqm on NPV basis

2018 Sales Figures

Apartments Sold (Units) Standalone Units Sold (Units) Total Value Sold 1,579 356 EGP4.8 bn

Badya Project Key Facts NUCA Revenue Share Agreement

Land Area 12.6mn sqm Total Built Up Area 7.4mn sqm Total Value of Units EGP503 bn1 Select Residential Highlights Total No. of Units 35,711 BUA 6.4mn sqm Type of Units Apartments & Villas Select Commercial Highlights BUA 985,000 sqm Hospitality 3 Hotels Office Space & Retail Offices complex 1 Convenience retail Education 8 schools Healthcare 1 Hospital 26 Clinics

APPENDIX

Badya, West Cairo

SLIDE 31

Palm Hills Developments | 2019 | Investor Presentation 31

♦ In January 2017, PHD acquired a

190 feddan plot located in 6th of October City from the Egyptian Ministry of Housing

♦ The land plot is strategically

located adjacent to the Company’s existing developments in West Cairo including Palm Hills Golf Views and Golf Extension

♦ The total number of units for The

Crown project stands at 707 standalone units, with sales of phase one commenced in May 2017

The Crown Project Key Facts Key Attractions The Crown Project Masterplan

✓ Prime location adjacent to the Company’s established projects including Golf Views and Golf Extension projects ✓ The project will allow PHD to charge high premiums given the scarcity of land in that area Location 6th of October Sales launch date May 2017 Value of Units EGP9 bn Land Price 2,440 EGP/sqm Land Area 798,000 Sqm BUA 263,120 Sqm Project Duration 2017 - 2028 Select Residential Highlights Total No. of Units 972 Type of Units Apartments - Standalone

The Crown Project Location

APPENDIX

The Crown, West Cairo

SLIDE 32

Palm Hills Developments | 2019 | Investor Presentation

Land Area 769k sqm Total Built Up Area 575k sqm Total No. of Units 3,225 Type of Units Villas/Apar. Value of Units EGP17.4 bn Project Launch Date 1Q2019

✓ Access to Alexandria, Egypt’s second largest city, which did not see any major development for at least the past 20 years ✓ First mover into Alexandria, granting PHD access to this underserved property market ✓ Project is strategically located in proximity to Al Nozha International Airport ✓ Alexandria’s maximum real estate credit terms currently stands at 2/3 years, so PHD offering 5/6 years will be a major advantage

♦ PHD will be entitled to a revenue share of 65% from the finished units mainly the apartment component,

with the partner holding the remaining 35%. In addition, the partner will receive 10% from the residential component’s net profit after tax out of the Company’s revenue share. For the unfinished units (standalone villas), PHD will be entitled to a revenue share of 70%, while the partner will hold the remaining 30%.

♦ Financial indicators are based on G+7, in addition to two underground levels for parking. ♦ The project is expected to offer a number of commercial facilities including a community club and school ♦ In February 2017, PHD

signed a co-development agreement with a government agency with the purpose of co- developing on revenue sharing basis 135 feddan in Alexandria

♦ PHD will be responsible

for all construction, development, infrastructure, marketing and sales activities of the project

♦ The project’s soft launch

took place on December 7, 2018.

Highlights Project Master Plan1

1 Master plan is subject to change in the project’s final master plan

APPENDIX

Alexandria

Key Attractions Project Key Facts

SLIDE 33

Palm Hills Developments | 2019 | Investor Presentation

✓ Lower initial cash outlays ✓ Replenish PHD’s Land Bank and presence in East Cairo ✓ Develop Large Integrated Communities ✓ Project is located in vicinity of the New Capital being developed by the Egyptian government ✓ Prime location with access to a number of main highways

Project Key Facts

Land Area 2.1 mn sqm Total Built Up Area 1.03 mn sqm Total No. of Units 3,576 Type of Units Apartments & villas Value of Units EGP29.1 bn Project Launch Date 4Q2016

♦ Government’s Contribution: In-kind contribution of land ♦ Down payment: EGP50 mn were paid upon signing the contractual agreement in March 2015 plus

another EGP50 mn to be paid upon the issuance of relevant ministerial decree

♦ Development: PHD is responsible for the development and management of the project ♦ Revenue sharing: 71.6% of revenue to PHD. NUCA will be entitled to 28.4% in cash, in addition to an in-

kind payment of BUA of 150k sqm

♦ Minimum guarantee: EGP10 bn payable over 13 years to the Government ♦ PHD expects to convert part of the area allocated for villas into apartments, which is expected to

increase revenue by EGP2~3 bn

♦ PHD signed a co-

development agreement with NUCA in March 2015

♦ SWA Group finalized the

master plan in July 2016

♦ Phase 1 was successfully

launched in November 2016, while Phase 2 was launched in March 2017

♦ Cumulative New Sales since

launch stood at EGP6 bn as at end of 2018

Highlights Key Attractions

APPENDIX

Palm Hills New Cairo, East Cairo

SLIDE 34

Palm Hills Developments | 2019 | Investor Presentation Project Key Facts

Land Area 434k sqm Total Built Up Area 494k sqm Total No. of Units 2,513 Type of Units Apartments Value of Units EGP9.1 bn Project Launch Date 4Q2015

✓ PHD’s first co-development project in East Cairo ✓ Project allows PHD to cater to middle income bracket ✓ Project replenish PHD’s land bank in East Cairo ✓ No minimum guarantee required by partner

♦ Phase 1 was launched during December 2015, with New Sales recording EGP1.2 bn by end of 2016,

equivalent to 774 units

♦ Contractors (UECC & MedCom) commenced construction of Phase 1 during September 2016, which will be

developed over 36 month and will encompass 38 buildings (756 apartments)

♦ Realized strong progression in terms of selling prices reaching EGP12.2k/sqm, compared to a launch

price of EGP6.5k/sqm in Q42015

♦ Phase 2 was successfully launched in April 2017 which encompasses 684 apartments, at a launch price of

EGP11.9k/sqm, with New Sales recording EGP0.5 bn by of FY2017

♦ Co-Development project

with Madinet Nasr for Housing & Developments (“MNHD”) spanning 100 feddan in East Cairo in a prime location

♦ MNHD is entitled to a

revenue share of 36%

♦ PHD is responsible for all

construction, development, internal infrastructure, marketing and sales activities, while MNHD will be contributing the land alongside all associated external infrastructure

Highlights Key Attractions 34

APPENDIX

Capital Gardens, East Cairo

SLIDE 35

Palm Hills Developments | 2019 | Investor Presentation

Hacienda West

Project Key Facts

Land Area 585k sqm Total Built Up Area 145k sqm Total No. of Units 868 Type of Units Villas/Chalets/ Cabanas Value of Units EGP4.8 bn Project Launch Date 2Q2017

✓ Prime location with a large beachfront ✓ Access to nearby new highway connecting to Cairo in a couple of hours ✓ Replenish PHD’s Land Bank in the North Coast ✓ No minimum guarantee required by partner ✓ Branded Hacienda – premium brand

♦ In February 2016, PHD

signed a Co-Development agreement with private land owner in the North Coast spanning 139.4 feddan with beachfront of 411 sqm

♦ PHD will be responsible

for all construction, development, internal infrastructure, marketing and sales activities, while the owner will be contributing the land

Highlights Project Master Plan Key Attractions

♦ The project is located in Ras El Hekma on the North Coast, 65 km west of Hacienda White 1 ♦ PHD will be entitled to a revenue share of 80%, with partner holding the remaining 20%, at a minimum

revenue guarantee of EGP200 mn over 10 years

♦ Phase one was successfully launched in June 2017 and realized New Sales of EGP1.2 bn since launch and

until end of FY2018

APPENDIX

Hacienda West, North Coast

SLIDE 36

Palm Hills Developments | 2019 | Investor Presentation

Note: Projects data as at December 31, 2018 Land Size 0.3 mn sqm Type of Units Twin/Town Value of Inventory EGP1.7 bn Number of Units 475 Delivered Units 141 Recognized Revenue EGP1.4 bn Sales Backlog EGP0.2 bn Receivables EGP0.7 bn Starting Delivery Date 2017 Expected Completion of Construction 2019 Living Families

Woodville, West Cairo

Land Size 0.5 mn sqm Type of Units Apartments Value of Inventory EGP3.2 bn Number of Units 1,304 Delivered Units 771 Recognized Revenue EGP1.2 bn Sales Backlog EGP0.2 bn Receivables EGP0.5 bn Starting Delivery Date 2014 Expected Completion of Construction 2020 Living Families 164

Palm Parks, West Cairo

Land Size 2 mn sqm Type of Units Villas/Twin/Town Value of Inventory EGP4.3 bn Number of Units 688 Delivered Units 498 Recognized Revenue EGP3.2 bn Sales Backlog EGP0.4 bn Receivables EGP0.5 bn Starting Delivery Date 2012 Expected Completion of Construction 2020 Living Families 67

Golf Views, West Cairo 36

APPENDIX

Projects Under Development

SLIDE 37

Palm Hills Developments | 2019 | Investor Presentation

Land Size 219k sqm Type of Units Standalone Units Value of Inventory EGP1.3 bn Number of Units 237 Delivered Units 31 Recognized Revenue EGP1.04 bn Sales Backlog EGP0.05 bn Receivables EGP0.6 bn Starting Delivery Date 2018 Expected Completion of Construction 2019 Living Families

Palm Valley, West Cairo

Land Size 1 mn sqm Type of Units Villas/Twin/Town Value of Inventory EGP4.3 bn Number of Units 965 Delivered Units 656 Recognized Revenue EGP3.3 bn Sales Backlog EGP0.3 bn Receivables EGP0.9 bn Starting Delivery Date 2014 Expected Completion of Construction 2019 Living Families 77

Golf Extension, West Cairo Palm Hills Katameya, East Cairo

Land Size 928k sqm Type of Units Standalone Units Value of Inventory EGP2.3 bn Number of Units 516 Delivered Units 435 Recognized Revenue EGP2.1 bn Sales Backlog EGP0.1 bn Receivables EGP0.4 bn Starting Delivery Date 2010 Expected Completion of Construction 2019 Living Families 30

APPENDIX

Projects Under Development

Note: Projects data as at December 31, 2018

SLIDE 38

Palm Hills Developments | 2019 | Investor Presentation Palm Hills Katameya Extension (Ph2), East Cairo

PHK VGK PK2 PK2 Phase 2 Land Size 150k sqm Type of Units Standalone Units Value of Inventory EGP1,165 bn Number of Units 33 Delivered Units 10 Recognized Revenue EGP0.8 bn Sales Backlog EGP70 mn Receivables EGP0.2 bn Starting Delivery Date 2018 Expected Completion of Construction 2020 Living Families

Palm Hills Katameya Extension, East Cairo

Land Size 230k sqm Type of Units Standalone Units Value of Inventory EGP807 mn Number of Units 275 Delivered Units 256 Recognized Revenue EGP784 mn Sales Backlog EGP19 mn Receivables EGP70 mn Starting Delivery Date 2014 Expected Completion of Construction 2019 Living Families 23

APPENDIX

Projects Under Development

Note: Projects data as at December 31, 2018

SLIDE 39

Palm Hills Developments | 2019 | Investor Presentation

Land Size 472k sqm Type of Units Standalone & Apartments Value of Inventory EGP2.1 bn Number of Units 824 Delivered Units 442 Recognized Revenue EGP1.6 bn Sales Backlog EGP0.3 bn Receivables EGP0.4 bn Starting Delivery Date 2014 Expected Completion of Construction 2021 Living Families 75 Land Size 2,411k sqm Type of Units Standalone & Apartments Value of Inventory EGP6.1 bn Number of Units 2,191 Delivered Units 1,690 Recognized Revenue EGP4.2 bn Sales Backlog EGP0.4 bn Receivables EGP1.3 bn Starting Delivery Date 2010 Expected Completion of Construction 2019 Living Families 665

Hacienda White 2, North Coast Hacienda Bay, North Coast 39

APPENDIX

Projects Under Development

Note: Projects data as at December 31, 2018

SLIDE 40

Appendix - Financial Statements

SLIDE 41

Palm Hills Developments | 2019 | Investor Presentation

EGP Millions

4Q2018 4Q2017 % 2018 2017 % Revenue 1,766,740 1,845,734 (4%) 7,422,756 6,603,539 12% Cost of Revenue

(1,300,562) (1,218,232) 7% (4,835,433) (4,500,248) 7% Gross Profit 466,179 627,503 (26%) 2,587,323 2,103,291 23% Gross Profit Margin 26% 34% (8pp) 35% 32% 3pp General Administrative, Selling and Marketing Expenses (283,288) (218,754) 30% (963,480) (756,284) 27% EBITDA 182,891 408,749 (55%) 1,623,843 1,347,007 21% EBITDA Margin 10% 22% (2pp) 22% 20% 2pp Administrative Depreciation (25,402) (5,402) NA (66,807) (20,476) NA Operating Profit 157,489 403,347 (61%) 1,557,035 1,326,531 17% Less: Finance Cost & Interests 7,671 (50,582) (115%) (200,064)3 (207,738) (4%) Securitization of Notes Receivables Discounting Charges

(114,003)

(116,441) (2%) Interest on Land Purchase Liabilities (59,123) (14,301) NA (249,565) (124,024) NA Provisions (59) (65,638) NA (12,248) (70,308) (83%) Add:

Recoverable Interest on Land Purchase Liabilities

80,744

163,568

NA Interest Income - Amortization of Discount on Notes Receivables 20,131 16,798 20% 80,526 67,191 20% Gains on investments in fair value through profit or loss 43,137 13,500 220% 88,882 58,571 52% Interest Income on held-to-maturity investments 2,550 1,422 79% 8,693 6,011 45% Net Profit Before Income Tax & Minority 171,796 385,289 (55%) 1,159,257 1,103,360 5% Income Tax Expense 24,338 (45,866) NA (251,517) (162,100) 55% Deferred Tax (420) (5,587) (92%) (874) (4,790) (82%) Net Profit After Tax 195,714 333,835 (41%) 906,866 936,471 (3%) Non-Controlling Interest (24,191) 4,808 NA (95,124) (130,833) (27%) Net Profit After Tax & Minority Interest 171,523 338,643 (49%) 811,742 805,637 1% Net Profit After Tax & Minority Interest Margin 10% 18% (8pp) 11% 12% (1pp)

APPENDIX

Income Statement Summary

Note : Consolidated financial statements are prepared in accordance with Egyptian Accounting Standards (‘EAS’), can be downloaded from our Company’s website: www.palmhillsdevelopments.com 1- Finance cost & Interest includes Capital lease interest of EGP115 mn and Finance Cost of EGP84 mn.

SLIDE 42

Palm Hills Developments | 2019 | Investor Presentation 42

APPENDIX

Balance Sheet Summary

Note : Consolidated financial statements are prepared in accordance with Egyptian Accounting Standards (‘EAS’), can be downloaded from our Company’s website: www.palmhillsdevelopments.com

EGP Thousand December 31, 2018 December 31, 2017 Long-Term Assets Investments in Associates 97,447 83,615 Investment Property 769,612 758,690 Notes Receivable - Long Term 13,087,429 11,356,555 Projects Under Construction 106,030 882,473 Advance Payments for Investments Acquisitions 194,598 184,336 Fixed Assets (net) 1,427,791 347,278 Deferred Tax Asset 4,469 5,485 Other Long-Term Assets 1,391 1,391 Employee Stock Options Program (ESOP)

83,414

Total Long-Term Assets 15,688,768 13,703,236 Current Assets Works in Process 9,091,530 9,193,761 Held to Maturity Investments 1,750,819 467,935 Cash & Cash Equivalents 955,738 562,030 Notes Receivable - Short Term 4,235,390 3,012,453 Investments at Fair Value 75,867 51,427 Accounts Receivable 1,061,705 883,344 Suppliers - Advance Payments 494,373 486,084 Debtors & Other Debit Balances 984,451 589,211 Due from Related Parties 359,633 251,408 Guaranteed Payments - Joint Arrangements Partners

50,000

Total Current Assets 19,009,505 15,547,652 Total Assets 34,698,273 29,250,888 Current Liabilities Banks - Credit Balances 57,736 50,561 Banks – Overdraft 897,807 374,696 Advances from Customers 11,484,809 10,132,168 Completion of Infrastructure Liabilities 95,083 95,083 Provisions 251,706 240,244 EGP Thousand December 31, 2018 December 31, 2017 Current Liabilities (continued) Current Portion of Land Purchase Liabilities 158,982 102,493 Notes Payable - Short Term 1,586,918

Current Portion of Term Loans

1,101,130 1,239,625 Suppliers & Contractors 704,440 979,574 Income Tax Payable 251,569 543,392 Creditors & Other Credit Balances 617,219 162,100 Due to Joint Arrangements Partners 749,683 523,428 Due to related Parties 28,188 174,562 Total Current Liabilities 17,985,273 14,714,542 Working Capital 1,024,234 833,110 Total Investment 16,713,001 14,536,345 Financed as Follows: Shareholders’ Equity Issued and Paid-In Capital 6,157,199 4,617,899 Legal Reserve 708,524 682,810 Special Reserve 476,064 476,064 ESOP Re-measurement Reserve

43,010

Retained Earnings 556,922 76,127 Net Profit for the Period/Year 811,742 805,638 Equity Attributable to Equity Holders of Parent Co. 8,710,451 6,701,549 Non-Controlling Interest 505,090 538,436 Total Shareholders' Equity 9,215,541 7,239,985 Long Term Liabilities Land Purchase Liabilities 298,280 335,844 Notes Payable - Long Term 1,660,457 1,912,929 Other Long-Term Liabilities - Residents’ Association 1,671,536 1,083,208 Loans 2,657,712 3,228,805 Due to Joint Arrangements Partners 1,209,477 735,573 Total Long-Term Liabilities 7,497,460 7,296,360 Total Equity & Long Term Liabilities 16,713,001 14,536,345

SLIDE 43

Palm Hills Developments | 2019 | Investor Presentation

EGP Millions 2018 2017 Net Profit for the Period (Before Income Tax & Non-Controlling Interest) 1,159,257 1,103,360 Administrative Depreciation

85,077 36,820

Provision Formed

12,248 70,308

Securitization of Receivables Interest

114,003 116,441

Interest on Land Purchase Liabilities

249,565 124,024

Finance Costs & Interest

200,064 207,738

Gain on Disposal of Property & Equipment

(1,039) (1,538)

Share of Profit/Loss of Associates

(11,852) (4,390)

Gains on Investments in Fair Value through Profit or Loss

(8,693) (6,011)

Interest Income on Held to Maturity Investments

(88,882) (58,571)

Recoverable Interest on Land Purchase liabilities

(163,568)

Interest Income-Amortization of Discount on Notes Receivables

(80,526) (67,191)

Operating Profit Before Changes in Working Capital Items 1,629,220 1,357,423 Changes in Working Capital Items Change in Work in Process

(204,574) (2,090,446)

Change in Notes Receivables

(2,873,286) (3,706,248)

Change in Investments in Fair Value through Profit or Loss

(1,282,884) (314,607)

Change in Held to maturity Investments

(24,440) 7,044

Change in Accounts Receivable

(178,362) (126,287)

Change in Suppliers - Advance Payments

(8,289) 2,981

Change in Debtors & Other Debit Balances

(395,240) (370,734)

Change in Due from Related Parties

(108,225) (7,283)

Change in Guaranteed Payments - Joint Arrangements

50,000 (10,000)

Change in Advances from Customers

1,352,641 2,387,413

Change in Investments purchase liabilities

(44,257)

Provisions

(786) 549

Change in Due to Related Parties

(68,429) (34,717)

Changes in Notes Payables

(154,744) 1,605,095

Change in Suppliers & Contractors

161,047 94,927

Income Tax Paid

(162,048) (126,629)

Change in Creditors and Other Credit Balances

93,791 1,172

Change in Other Long Term - Residents’ Association

588,327 346,764

Due to Joint Arrangements Partners

1,049,025 749,710

Net Cash (Used In) Operating Activities

(537,252) (278,131)

EGP Millions 2018 2017 Cash Flows from Investing Activities Payments for Purchase of Fixed Assets

(52,297) (38,329)

Proceeds from Sale of Fixed Assets

1,250 1,560

Investments in sister companies

(1,979)

Payment for Investments Acquisition

(10,262)

Proceeds from Payments for Projects Under Construction

(9,581) (24,812)

Proceeds from real estate investments

(12,673) 128,066

Cash Flows from Investing Activities (12,032) 131,066 Cash Flows from Financing Activities Proceeds from Capital Increase

1,539,299

Banks - Credit Balances

7,175 8,384

Banks - Overdraft

523,111 295,285

Adjustments to Retained Earnings

(299,129) (288,521)

Proceeds from ESOP

40,404 9,390

Non-Controlling Interest - Dividends

(128,471) (4,548)

Deferred Tax

141 28

Special Reserve

(48,149)

Proceeds from Loans

566,192 559,832

Repayment of Loans

(1,015,730) (306,944)

Finance Costs & Interests

(314,067) (324,179)

Net Cash Provided by Financing Activities 918,928 (99,422) Net Increase in Cash & Cash Equivalents during the Period 393,707 (246,486) Cash & Cash Equivalents at Beginning of the Period 562,030 808,517 Cash & Cash Equivalents as at 31 December 2018 955,738 562,030

APPENDIX

Cash Flow Statement Summary

Note : Consolidated financial statements are prepared in accordance with Egyptian Accounting Standards (‘EAS’), can be downloaded from our Company’s website: www.palmhillsdevelopments.com

SLIDE 44

Appendix - Corporate Structure

SLIDE 45

Palm Hills Developments | 2019 | Investor Presentation

Rakeen Egypt for Real Estate Investments (99.95%) Nile Palm Al-Naeem for Real Estate Development (51%) Middle East Co. for Real Estate & Touristic Investment (87.50%) Gawda for Trade Services (100%) Al Naeem for Hotels & Touristic Villages (60%) Gamsha for Touristic Development (59%) Royal Gardens for Real Estate Investment (51%) Hacienda White 1 Bamboo Extension Casa Palm Parks Palm October for Hotels (99.75%) Palm Gamsha Hotels (98%) Sixth of October for Hotels & Touristic Services Co.(79.95%) Hotels & Touristic Floating Restaurants

Co. (99.99%)

Palm North Coast Hotels (98%) Ismailia for Toruism Co. (55.12%) El Nema for Toursim & Real Estate Co. (49.99%)

Palm Hills Development SAE

Cascade Botanica Golden Palm Golf Views Bamboo Golf Extension Palm Hills Katameya Woodville New Cairo for Real Estate Development (99.99%) Macor for Securities Investment Co. (60%) Palm Hills for Hospitality (98%) Palm Hills Middle East Co. for Real Estate Investment (99.99%) Saudi Urban Development Co. (51%) New East Cairo for Real Estate Development (99.99%) The Village Village Gardens Katameya Hacienda Bay Palm Valley

Projects Tier 1 Subsidiaries Tier 2 Subsidiaries

Palm Hills Katameya Extension Village Gate Village Avenue Hacienda White 2 Palm Hills for Education (71%) Palm Clubs (99%) Palm Alexandria for Real Estate (99%)

APPENDIX

Corporate Structure - Subsidiaries & Projects

SLIDE 46

Palm Hills Developments | 2019 | Investor Presentation

IR Team Mamdouh Abdelwahab

Investor Relations & Investments A. Vice President

Radwa Abu El Naga

Investor Relations Manager Contact Details Investor.relations@phdint.com Direct: +202 35351200 Extension: 1230 / 1504 Fax: +202 3535 1208/9 Headquarters Smart Village, A4 - B84 Kilo 28, Cairo/Alexandria Desert Road Abou Rawash, Egypt Download our IR App Download the App on your smart phone or tablet today: IOS: https://itunes.apple.com/app/ id1075708830 Android: https://play.google.com/store /apps/details?id=com.eurolan d.mobiletools.eg_phdc

APPENDIX

Investor Relations Contacts

SLIDE 47

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