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Talaat Mostafa Group Holding Company

Group Presentation
J June 2010

Safe Harbour Statement

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Certain information disclosed in this presentation consists of forward looking statements reflecting the current view of the company with respect to future events, events and are subject to certain risks, risks uncertainties and assumptions. assumptions Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including worldwide account of trends, economic and political climate of Egypt, the Middle East, and changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove i incorrect, t actual t l results lt may vary materially t i ll from f th those d described ib d in i such h forward f d looking l ki statements. t t t

Outline

TMG GC Corporate P Profile fil

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TMG at a Glance Projects Development, Achievements and Growth Prospects Share Data Board of Directors and Corporate Governance, Executive Team and Business Partners Strategy and Business Model, Quality Control and Operating Systems

Market and Operational Review

Macroeconomic Indicators, Indicators Real Estate Drivers, Drivers Tourism Drivers Financial and Operational Review, Hotels & Resorts Operational Review

Future Growth

Real Estate Development Plans And Projects Progress Real Estate Future Growth Hotels & Resorts Future Growth

Investment and Risk Considerations

TMG GC Corporate P Profile fil

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TMG at a Glance Projects Development Achievements and Growth Prospects Share Data Board of Directors and Corporate Governance Executive Team and Business Partners Strategy and business model Quality Control and Operating Systems

TMG TMG at a Glance

A successful, s ccessf l 20-year 0 ear track record in which hich 8.5 8 5 mn sqm of land was developed and over 57 thousand real estate units with a BUA that exceeded 9 mn sqm were sold Strong management capabilities with 10 board members, 13 vice presidents, 3,000 employees and 60,000 on-sites workforce 50 mn sqm of quality land bank in prime locations and high growth areas Geographic Diversification: Expanding in the region with an eye on markets of shared similarities with the Egyptian real estate markets First market: KSA markets. Business line Diversification to increase contribution of stable income: Five additional Hotel & Resort projects currently under development Self contained urban communities targeting the middle to upper middle classes Different styles and size of units that cater to changes of income levels, average household size, life style and consumer preference Three operational large scale luxury hotel complexes including high-end residencies, shopping malls and office parks and soft launch of a fourth boutique hotel specifically tailored to business travelers A yearly turnover that reached EGP 14 bn in 2008 representing 17.6 thousand units A sales backlog of EGP 23.3 bn at the end of June 2010. Healthy financial position and minimal gearing: cash EGP 1.84bn, debt EGP 2.2bn, debt to equity ratio of 1:12 as at June 30,2010.

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TMG

Projects Development
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TMG A hi Achievements t
Breakdown of Sold Units
0 8% 0.8% 1.1% 2.5% 0.2% 0.5% 2.8%

Growth Prospects
Breakdown of Land Bank

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43.4%

48.7%

Developmentrightsof50millionsqm inEgyptandKSA

Developed p 8.5millionsqm q ofland Soldover57thousandresidentialunits Developedover9millionsqm residential BUA S ld30%of Sold fmadinaty di t residential id ti lBUA(as ( perrevisedprogramareawith19% increaseinresidentialBUA*),47%ofAl RehabIIand59%ofAlRabwa IIunits A Award dwinning i i operational ti l h hotels t l
*RevisedareasofNovember2009

Masterdevelopment p of8.14millionsqm q ofq quality yland forstrategicnonresidentialdevelopersforvalue creationandknowhow Salesbacklogof23.3bn tobedeliveredandrecognized overnextfoury years 1,725hotelkeysand2,524attachedresidentialunitsin variousdesignanddevelopmentstages,upcomingin nextthreetofouryears Increasecontributionofstableincomefromoperatingassets toreach35%oftotalrevenue(atargetof5,000hotelrooms) Maintainminimumof35mn sqm oflandinventorythrough 7 ongoinglocalandregionalexpansion

TMG

Share Data
Share Performance
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Shareholders Structure

Other major shareholders 25.75%

TMG RE & Tourism Investment * 50.27%

EGXRebased
300 250 200 150

REINDEXRebased

TMG

Other shareholders including free float 23.98%

100 50 0
31.12.08 15.07.09 06.08.09 27.08.09 17.09.09 13.10.09 24.11.09 17.12.09 10.01.10 22.02.10 15.03.10 07.04.10 29.04.10 20.05.10 10.06.10 25.07.10 15.08.10 25.1.09 15.2.09 30.3.09 22.4.09 13.5.09 24.6.09 3.11.09 1.02.10 4.07.10 8.3.09 3.6.09

*Including Talaat Mostafa Family and Saudi group

Fair Value and Target Price valueby: DeutscheBank:EGP7.8targetprice EFG:EGP12.9 JPMorgan:EGP10.7targetprice HC AlFuttaim :EGP11.5targetprice,EGP15.1NAV HSBC:EGP10.8targetprice,EGP13NAV Citigroup:EGP10.1targetPrice CreditSuisse:EGP10.38targetprice CICapital:EGP10.2targetprice,EGP12.8

21.62%YoYappreciationinsharevalue OutperformingREindex(2.78%)downandEGX30(3.25%)down

asofAugust15,2010

TMG Board of Directors and Corporate Governance

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Executive and nonexecutive members with longstanding experience in real estate and construction in the MENA region Four independent and non executive members that are publicly renowned in the economic, legal and commercial circles Audit, nomination and remuneration committees h have b been appointed i d The audit committee has the responsibility to review and approve related party transactions Directors are bound by non-compete rules in Egypt.

B Board d of f Directors Di t Tarek Talaat Moustafa (Executive Chairman) Hani Talaat Moustafa Yehia Mohamed Awad Omar Mohamed Awad Adel Fattouh Hammad Ali Abdallah Ali (executive) Mahmoud Mohamed Mahmoud Mohamed Hisham Al Sharif Hany Sarie El Din (Chairman of the nomination and remuneration committee) Hossam Abdallah Helal (Chairman of the audit committee)

Shareholder directors

Independent

TMG Executive Management

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In addition to the board, the executive management of the company is composed of 13 Vice Presidents. A number of committees including the Steering Committee, Higher Management Committee and Executive Committee support the Management decision making process. Over 3000 professionals are directly di l employed l di in the various sectors and subsidiary companies of the Group. In addition, addition a workforce of approximately 60,000 technical staff is operational in the various projects sites.

E Executive ti Ch Chairman i and d Vi Vice P Presidents id t Tarek Talaat Mostafa (Executive Chairman) Sherif Ghoneim V.P. Sales and Marketing, Joined: 1993 Zaki El Guiziri V.P. Hotels & Business Development, Joined: 2004 Jihad M. Sawaftah V.P. Chief Financial Officer, Joined: 2004 Ali Abdallah V.P. Banking and Real Estate, Joined: 2000 Gamal El Guindy V.P. Administration of the Chairmans Office, Joined: 1983 Ahmed Afifi V.P. Madinaty Project Management, Joined: 1995 Mohamed Atef Atef V.P. V P Technical Affairs Affairs, Joined: 2005 Ashraf El Banna V.P. Operations, Joined: 2005 Nagi El Touny V.P. Touristic Projects, Joined: 1994 Sabry Kamal V.P. Quality and Systems, Joined: 1995 Sami Mokhtar V.P. San Stefano Project, Joined: 1992 Ayman Ali V.P. Human Resources, Joined: 2005 Mohamed Al Shazly V.P. Sales, Joined: 2001
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TMG Business Partners

The Th A A
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Four F Seasons S and d Kempinski K i ki :internationally i t ti ll reputable t bl management g t chains h i of f our h hotels t l

Joint Venture with Hill International for projects management

joint venture with Al Mehedeb, Al Fawzan and Al Kahtani through Al Oula for Real Estate S.A.E, Local Saudi Partners for Saudi Developments class worldwide contractors, master planners, designers of projects components and execution:

Top

Main contractor for our projects as Joannou and paraskavides, Hyundai, Murray and Roberts and Binladen The master planning of madinaty was made by a group of consulting firms from the United States: Sasaki, SWA and HHCP and their Egyptian counterparts Cairo Group for planning and architecture Architects as HKS, USA for sharm extension design WZMH, Canada for luxor design, Studio sergi, Italy for marsa alam design MEP companies as MMM Canada for sharm extension I t i d Interior design i companies i as GA GA, UK f for L Luxor Signature golf courses designers as Robert Trent Jones II and HHCP Design International

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TMG Strategy and Business Model

Geographical diversification Integrated development concept

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Integratedprocesscapitalizingonbrand name,reputation t ti and dexperience i

Stableandrecurring incomefrom Operatingassets

Scaleand Landbankpositioning Inhouse Centralized Operations

TopClass Designers and Contractors

Reputable Business Partners

flexiblephasing f p g construction model

selffinancing realestate unitssales FlagshipDevelopments

financingschemes cateringto customers' affordability

Lowrisk, model: (sellfirst thenconstruct) O Ongoing i after f sale l integrated i dfacilities f ili i managementoperations
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TMG Quality Control and Advanced Operating Systems

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2007: Application of the SAP Enterprise Resources Planning System (ERP) on all functions of the Group Subsidiaries. The result is a smooth process integration between sales, accounting and treasury, with facilitated financial and managerial reporting, streamlined accounting bookkeeping and consolidation, improved administration of internal controls, corporate governance and transparency, and an optimized cash management process. process Feb 2008: qualified for the ISO 9001:2000 certification requirements for a quality management system and maintained the certificate upon renewal in 2009 where an organization: 1. 2 2. needs to demonstrate its ability to consistently provide product that meets customer and applicable regulatory requirements, and aims to enhance customer satisfaction through the effective application of the system system, including processes for continual improvement of the system and the assurance of conformity to customer and applicable regulatory requirements.

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Market k and dO Operational i lR Review i

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Macroeconomic Indicators Real Estate Market Drivers Tourism Market Drivers Financial Review Consolidated Operational Review Hotels & Resorts Operational Review

TMG Macro Economic Indicators

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The Government estimates GDP growth to be 5.3% for FY 2009/2010 compared to 4.7% for FY 2008/2009 Growth in Construction & building was 13.2% in FY 09/10 versus 11.4% in FY 08/09 Construction & building and tourism sectors constituted approximately pp y 21% of FY 08/09 GDP These sectors are main contributors in fuelling GDP growth and have a great socioeconomic effects relating to employment and dependent industries The CBE have kept the overnight deposit rate at 8.25 %, and the lending rate at 9.75% since the reductions that took place i 2009 in Annual headline inflation reached 10.72 % in July 2010, however experts estimate it in the range of 13% for 2010 due to the rise of global prices Egypts net FDI reached US$46.72bn from July 2004 to march 2010 Net international reserves reached US$35.27 bn by the end of July 2010

Growth in Real GDP

8.0% 6.0% 4.1% 4.0% % 2.0% 0.0%
2001/2 2002 2002/2 2003 2003/2 2004 2004/2 2005 2005/2 2006 2006/2 2007 2007/2 2008 2008/2 2009 2009/2 2010
13.20%

6.9% 4.9% 2 8% 2.8% 3.1%

7.1%

7.2% 4.70% 5.30%

Growth in Construction and Building Material

20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

2001/20 002 2002/20 003 2003/20 004 2004/20 005 2005/20 006 2006/20 007 2007/20 008 2008/20 009 2009/20 010
4.9% 4.3% 4.2% 4.0% 14.2% 15.8% 14.8% 11.40%

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TMG Real Estate market drivers in Egypt

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Growing population

78.8 mn population with 60% under the age of 30, and 600,000 new marriages per annum Urban and general population growing by 3.1% and 1.9%, respectively Growing middle to upper classes has created a growing demand for good quality, affordable housing
Supply / Demand Gap

Total demand of 450k units per year. Approximate demand of 225k units per year in urban areas Supply/demand gap in urban areas of 5k, 50k and 70k in the High-end, Middle and Low-end residential units, respectively
Developments that support mortgage finance

favorable financing schemes broadens the pool of potential customers and has proved very successful in the recent Madinaty pre-sales Supportive S i government i initiatives ii i h have l led d the h E Egyptian i mortgages market k to reach h EGP 4.33 4 33 bn b at end d of f 2009, 2009 up significantly from a very low base of LE 202 mn at the end of September 2005 A vast room for development with low penetration to GDP of less than 1%, and 62% of current mortgages supplied pp by y banks Lower interest rates by the CBE and new mortgage companies entering the market are expected to boost up the real estate market

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TMG Tourism market drivers in Egypt

Key

Figures

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A fast-growing economic sector, with an average annual growth of 25 % in arrivals and 32.5% increase in receipts i over the h past f four years 12.54 million tourists visited Egypt and revenue from tourism was US$ 10.8 billion in 2009 Over 7 million tourists visited Egypt in the first half of 2010, up 21 percent from same period last year and, revenue reached $5.58 $5 58 billion up 17.6 17 6 percent from same period last year Top hard currency earner, key contributor to GDP and employs 13.7% of the Egyptian workforce The governments target for tourist arrivals in Egypt is to reach 14 million tourists generating US$12 bn by 2011/2012
Government initiatives to support tourism development

intensify promotion and advertising campaigns to preserve Egypts Egypt s share of international tourists flow Offer variety in product and open new markets while maintaining prices Increase hotel capacity to reach 240 thousand rooms by 2011/2012 up from 175 thousand rooms in 2006/2007 at an average of 15,000 15 000 rooms/ annum to mach the increase in tourism flow Offer incentives and encourage investors to support the sector growth

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TMG Financial Review

Revenue Contribution 1H 2010 1H 2010 Key figures Total assets: EGP 53.8 53 8 BN Cash and cash equivalents: EGP 1.84 BN, 3.4% of assets Total debt: EGP 2.2 BN, 4% of assets Debt to Equity Ratio: 1:12
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OtherRevenue 1% Hotels H t l 9%

Residential 90%

Assets Growth

2,200 2,100 2,000 1,900 1,800 1,700 1,600 1 500 1,500 1,400 1,300 1,200 1,100 1,000
EGP MN

Quarterly revenue recognition

1,923

1,638

1,606

1,549

EGP MN

2Q2010

2Q2009 1Q2010 Consolidatedrevenue

1Q2009
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TMG p Review Consolidated Operational

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Quarterly Review
2Q2010 2Q2009 1Q2010 1Q2009 Revenuesbreakdown Revenuesfromunitssold e e uesfrom o Hotels ote s Revenues Otherrevenues Totalconsolidatedrevenue COGSbreakdown RealEstate&ConstructionCost HotelsCost ServicesCost Totalcostofgoodssold Grossprofit GP% SG&A,Otherincomeandexpenses Netprofitbeforetax NPBT% co eta taxa and dde deferred e edta tax income NetProfit NP% Minority'sshare attributabletoshareholders (1,322) (80) (19) 502 26% (61) 441 23% (81) (8 ) 360 19% (22) 338 18% (1,158) (88) (7) 385 24% (49) 336 21% (8) 328 20% (7) 321 20% (1,058) (80) (5) 463 29% (41) 422 26% (77) ( ) 345 21% (21) 324 20% (1,008) (67) (5) 469 30% (47) 422 27% (80) 342 22% (28) 314 20% 1,742 153 53 29 1,923 1,478 145 5 15 1638 1,447 145 5 14 1,606 1,402 132 3 15 1,549

Quarterly profits

100

200

300

400

500 502

600

2Q2010 338 385 2Q2009 336 321

441

(1,421) (1,253) (1,143) (1,080)

463 1Q2010 324 469 1Q2009 314

EGP MN

422

422 Grossprofit Netprofitbeforetax Netprofit

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TMGH&R Operational Review

ARR and Rev Par
400 350

Nile Plaza
200 175
TotalReven nue(EGPMn)

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80% 65% 64% 60%

300 250 200 150 100 50 -

150 125 100

371 213

360 223

40%

75 50 25 0

155

154 20%

1H09
USD

1H10
combined Rev Par

combined ARR

0% 1H09 1H10

San Stefano 100

90 80
TotalRevenue(EGPMn)

40%

Sharm El Sheikh
140 56% 58%

70% 60% 50% 40% 30% 108

35% 30% 120

TotalRevenue(E EGPMn)

70 60 50 40 30 14%

25%

25%
GOP%

100 80 60 40 20 1H09 1H10 90

20% 15% 10%

20% 10% 0%

20 10

31

36 5% 0%

GOP%

GO OP%

20

1H09

1H10

Future Growth G h

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Real Estate Development Plans Real Estate Projects Progress Real Estate Future Growth Hotels and Resorts Future Growth

TMG

Future Growth
R l Estate Real E t t D Development l t Capitalizingonlandbank inexistingprojects MasterDevelopmentandsaleofprimeland plots;valuecreatedthroughproject developmentandunitsdeliveryover10ten yearp y period Lookingforworthwhileopportunitiesto expandlandbank inEgypt Expandingintheregionwithaneyeon marketsofshared similaritieswiththe Egyptianrealestatemarkets Thetargetistohaveaminimumlandbank of 35millionsqm atanypointoftime Hotels and Resorts

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The target is to build a stock of 5,000 hotel rooms with a minimum IRR of 18%, and increase the contribution of stable income to 35% of total revenue Development of hotel projects in the pipeline, early launch of real estate sales to co-finance development and enhance returns Continue to grow through purchase of minorities when the opportunity arise Looking for further local opportunities that enjoy prime location and have a market gap to increase weight of stable income from hotels operations.

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TMG

Real Estate Development p Plan

2010RealEstateMarketconditions:

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EgyptisoneoftheleastaffectedeconomiesataGDPgrowthof4.7% 4 7%inFY08/09(estimatedtobe5.3% 5 3%in FY09/10)andconstructiongrowthof11.4% Solidfinancialsector;NoactualproblemintheEgyptianrealestatemarket Astateofpentupdemand,buyersareadoptingatemporarywaitandseeapproachthatwilleventuallyend Astateofstagflationresultingfromovermoneysupplymayfollowin2010

TMGatstartof2010: SalesbacklogthatexceedsEGP24bn DeliverydatesoflargescaledevelopmentsstartingApril2010 planfor2010: TMGsp Introduceproductsthathavetherightmixofsizeandspaceutilization Offeraffordablefinancingschemetoattractnewbuyers DeliveryofsoldunitsinMadinaty andRehabExtensionwithrequiredservicesmakingthecitiesaliveand ready d f forthe h residents id movei in OpeningofNileKempinski HotelinCairo

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TMG

Madinaty: development progress

Key statistics*
Location Total land size (m2) L d area t Land to b be d dev. ( (m2) 2) BUA to be dev. (m2) Land for mega developments Expected p population p p Commence date Revised completion date % of sold residential BUA: new Cairo 33,600,000 33 600 000 33,600,000 20,856,908** 7,450,380 600,000 , July 2006 2020 30%*
Available forsale 70% Sold BUA 30%

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Madinaty - % of Sold Residential BUA

Project description*

Mix-use community designed by three prominent American companies Construction is to take place over 6 overlapping phases, each 3-4 years long Intended residential BUA of 16.82 million m2 (19% increase in BUA)* In addition to business district, international hospital, a university, 22 schools and 3 shopping malls
* As per revised program area of November 2009 ** including estimated BUA on land for mega developments

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TMG

Madinaty: progress to date

Infra structure work

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Residential BUA work

20 mn m3 of Land levelling and roads preparation 200 kms of roads levelling work 151 k m3 of base and sub base layers 90 km of borders works 71 k m3 of asphalt work 577 km length of water, sewage and irrigation water pipes 296 km of electricity cables 81 km k of f telephone l h cables bl 4.8 mn m3 of digging and filling 996 k tons of cement 408 k tons of steel 2.44 mn m3 of concrete 4.15 mn meters of walls 2.1 mn meters of ceramics 560 k meters of marble 5.9 mn meters of paints 41 k pieces of windows and doors

Updated July 15, 2010

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TMG

Madinaty Phase I:
delivery of residential units with complete community services in 2010
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Key statistics
Land area to be dev. (m2) Residential land area Facilities land area Residential BUA Expected population Commence date Delivery date % of developed land area: 7,830,011 7,208,040 621,971 3,199,981 68,620 Jan 2007 April 2010- Dec 2011 23%

Phase I Residential Units to be Delivered

Land Use Area/feddan Area/m2 TotalBUA/m2 No.ofUnit Zone1Apartment 267 1,119,300 1,111,754 6,524 Zone6Apartment 245 1,029,000 1,136,896 10,518 TotalApartment 512 2,148,300 2,248,650 17,042 Zone(I)VillaGolf 507 2,128,140 390,662 1,105 Zone(II)VillaGolf 698 2,931,600 560,669 1,381 TotalVillas 1,205 5,059,740 951,331 2,486 TotalResidentialUnits 1 716 1,716 7 208 040 3 7,208,040 3,199,981 199 981 19 528 19,528 Other Facilities Area/ m2 2 24,066 37,800 2,864 , 4,074 3,209 1,652 5,873 21,000 Area/ feddan
90.0 1.4

Services: Northern District LandUse languageschool Britishschool mosque medicalcenter centralpark districtpark Area/ feddan 6.7 9.0 2.6 1 5 1.5 5.0 3.0 27.7 Area/ m2 28,140 37,632 10,858 6 300 6,300 21,000 12,600 116,530

Services: Southern District Land L dUse U publicschool restuarants,foodcourt, retailandhypermarket policeandfirebrigade p g busstation districtmanagement carservice telephoneexchange districtpark, Children playarea,lakes area Area/ feddan f dd 5.7 9.0 0.7 1.0 0.8 0.4 1.4 5.0

Land Use

Area/ m2
378,000 5,903

phase1ofsportsclub 60retailshops commercialcenter zones1and6community centers: mosque,adminbuilding, commercialshops, nursery Villas GolfCourse RoadsandCityGates

5.0

21,000

26

23.9

100,538

TMG

Al Rehab Development Progress

Key statistics*
Location: New Cairo, an extension to Al Rehab I Total land size (m2) Land d size i to be b d dev. (m2) BUA to be dev. (m2) Land for mega developments (m2) Expected population Commence date Revised completion date % of sold residential BUA 9,900,400 4,684,225 2,839,834** 687,971 200,000 Nov 1996 / Jul 20061 [2011] / [2017]1 47%
1.

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Al Rehab II - % of Sold Residential BUA

Sold BUA 47%

Rehab I / Rehab II

Available forsale 53%

Project description* Al Rehab I:

Only the shopping centre and phase 6 villas (633 villas) are yet to be completed. Out of which 452 villas are remaining to be sold Rental revenue from two shopping malls (6,274 sqm) the British school as well as club fees (membership fees) and F&B

Al Rehab II:

Consists of 1,167 villas (BUA 0.405 million m2), 13,260 apartments (BUA 1.88 million m2) ** including estimated BUA on land for mega developments
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* As per revised program area of November 2009

TMG

Al Rabwa Development Progress

Key statistics
Location: Sixth of October City Total land size (m2) Land size to be dev. dev (m2) BUA to be dev. (m2) Expected population Commence date Revised completion date % of sold residential units (Rabwa II): 2,137,828 819 028 (Rabwa II) 819,028 118,320 4,965 January 2006 (Rabwa II) 2012 59%

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Al Rabwa II - % of Sold Units

Project description Al Rabwa I

an exclusive compound targeting the high end Construction is completed p and consists of 648 villas, a shopping centre, 9 hole golf course and sports pavilion. The development is fully sold and covers a land area of 1,318,800 m2 Al Rabwa II will follow a similar model consisting of 340 villas and an interlinking 9 hole golf course
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Al Rabwa II

TMG

Real Estate Future Growth:

Capitalise on Land with unrecognized value

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2010: Delivery of residential units completed with facilities and infra structure in Rehab II and Madinaty

2010 2020 2010 2020 Master development and sale of sqm 8.14 mn land plots in prime locations for strategic non residential use Estimated land sale of 500ksqm/annum at an estimated selling price of EGP 10K/sqm

Master planning and development of high quality land plots all set with the required infrastructure Land value created as a result of the development progress and delivery of a full full-fledged fledged phase of the project To be sold to strategic partners that would bring a know-how, fill an existing gap in the area; e.g. medical projects, banking corporations, large exhibits, key service providers, etc. The plan Th l is i to t create t more value l t to th the project, j t enhance h th the operational ti l cash h fl flow and d achieve hi more f favourable bl projects returns To be launched over a 10 years period starting 2010 after delivery of phase I units at an estimated selling price of EGP 10,000 10 000 per sqm. sqm
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TMG

Real Estate Future Growth:

Location of Land with unrecognized value
Al Rehab Madinaty

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TMG

Real Estate Future Growth:

Geographical Diversification: Nassamat Al Riyadh, Kingdom of Saudi Arabia
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Project description Location Total land size (m2) Estimated BUA to be developed Potential extension land (m2) Sales launch date Completion date Riyadh 3,000,000 1,609,575 1,001,081 2010 2013

Development Progress

Established Areez, a joint stock company I j t d SAR 349million Injected 349 illi capital it l Purchased 4 mn sqm of land Obtained higher authority of Riyadh City approval of development plan Issued construction licence Signed financing agreement with Riyadh bank assigned on-site workforce Obtained Obt i d approval l to t sell ll off ff plan l f from S Saudi di authorities and the specially formed real estate committee and became listed in Saudi developers register in May 2010

Key statistics Apartments Units Apartments average size Key statistics Villas Units Villas average size 2,033 425 sqm 2112 214 sqm

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TMG

Hotels and Resorts Future Growth

Business line l Diversification f to increase the h contribution b of f stable bl income to total revenue
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Targeted g Future Growth

Reach 5,000 hotel rooms with a minimum IRR of 18%, and increase the contribution of stable income to 35% of total revenue
Steps taken to achieve targeted growth

Acquisition of Marsa Alsadeed land in Sharm El Sheikh, upon which an extension of the existing Four Seasons resort will be constructed P h Purchase of fl land di in d downtown t C Cairo i t to d develop l a hi high-end h d office ffi and d hotel h t l complex l Purchase of Sednawy Villa adjacent to the Nile Hotel to develop an exclusive business club and parking that will also serve the hotel Obtained a 50 years renewable concession agreement to develop a resort on Sultana Malak Land in a prime location in the historic city of Luxor signed up management agreements with the Four Seasons renowned chain to operate the hotels in Luxor, Madinaty, and Sharm Extension and appointed Kempinski to operate the Nile hotel Raised R i d ownership hi stake t k t to 100% of f the th Four F Seasons S Sh Sharm el-Sheikh l Sh ikh R Resort tb by acquiring i i th the 39.3% 39 3% minority stake held by Kingdom Hotel Investments (KHI)

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TMG

B ild Build-up of f 2,600 2 600 hotel h l rooms

Operational: 684 rooms / keys Soft Launch July 2010: 191 rooms / keys Under development: 1,725 rooms / key 2013 2012 Four Seasons Sharm Extension Four Seasons Luxor 2013 Marsa Alam 2014 TMG Building Hotel

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2014 Four Seasons Madinaty

2010 Nile Hotel 2007 San Stefano

2004 Nile Plaza 2001 Four Seasons Sharm

33

200

566

684

875

971

1172

2172

2370

2600

TMG

U Upcoming i hotel h l projects j

Nile Hotel Rooms/ keys :191 Operator: Kempinski Land area: 2 k sqm BUA: 19.8 k sqm Four Seasons Sharm Extension Rooms/ keys :96 Residential properties: 114 Operator: Four Seasons Land area 960 k sqm q BUA: 490 k sqm Marsa Alam Rooms/ keys :750 Residential properties: 2250 phase one : 1000 units Land area 3.2 mn sqm BUA: 390 k sqm

Company Logo

Development Progress Hotel is complete Sednawy Villa extension is being revamped Appointed kempinski management company Soft launch of operations July 2010 Development Progress Purchased land Finished design Issued licenses and permits Appointed four seasons management company Development Progress Purchased land Finished design Obtained TDA approval pp Issued licenses and permits
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TMG

U Upcoming i hotel h l projects j

Four Seasons Luxor Rooms/ keys :201 Operator: Four Seasons Land area 20 k sqm BUA: 43 k sqm

Company Logo

Development Progress Signed concession agreement Finished design Issued licenses and permits Appointed four seasons management company Development Progress

Four Seasons Madinaty Rooms/ keys :240 Residential properties: 100 Operator: Four Seasons Land area 175 k sqm q BUA: 49 k sqm TMG Building Hotel Rooms/ keys :200 Operator: TBD Land area 2 k sqm BUA 16 k sqm BUA:

Finished design Appointed four seasons management company

Development Progress Purchased land Finished design Issued licenses and permits

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Company Logo

Investment Considerations Risks and Mitigants

TMG

Investment Considerations
RealMarketneed Conceptandsellingfeatures

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Investm ment Cons sideration ns

ExperienceandTrackRecord Integratedlowrisk,selffinanceBusinessModel Diversifiedproductsandmarkets Guaranteedrevenueandprofitability(salesbacklog) HealthyfinancialPosition HighGrowthProspects

37

TMG

Risks and Mitigants g

Risks
Competition from new entrants

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Mitigants
Entry barriers to prospective new comers: Integrated Business Model First mover advantage A diversified growth plan with no over-dependence on one revenue segment.; Revenue growth in one segment is likely to offset sluggish growth in another New N products d t and dl land dd development l t id ideas

Failure to achieve overall growth target

Difficulty to attract customers to the new product idea

Product features that meet customers needs and affordability ff d b l A carefully planned promotion strategy that aims at introducing the product idea and publicizing its value to the target market

Economic Slowdown

A safety cushion of a sales backlog that exceed EGP 23.3 bn to be recognized over next four years Stable income from operating p g assets Entering new markets with high growth potential

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