#1TPLProperties Pakistan's leading Real Estate Development and Fund Management Company Corporate Briefing October 4th, 2023 Refining. Building. Evolving.#2TPL Properties Limited Pioneer in Institutionalizing Real Estate in Pakistan 2007-13 2014-16 ■ Secured Foreign Currency Financing USD 20 Mn (2011) ■ 100% tenancy achieved (2014) DFC ■ OPIC (now DFC) facility prepaid ■ Centrepoint Office Tower (2013) - 350,000 sq.ft across 28 floors ■ Listed on PSX PSX ■ Pre-IPO placement TUNDRA FONDER 100% 2017-21 Acquisition of HKC Ltd (2017) ■ RMC Incorporated #TPLRMC Exited Centerpoint - Sold to BAHL Acquired land for Technology Park + 40 Acres for mixed-use development (Mangrove) 2022-23 Largest Pakistan equity offering: TPL REIT Fund I, PKR 18.35 Bn; now AUMS of PKR 29 Bn ■ Established an ADGM licensed Fund Manager +TPLInvestment ■ Shariah Compliant ■ FY 2024 initiatives include: (i) Acquisition ongoing for 10,500 Telecom Towers; (ii) Ultra Luxury Hospitality REIT Fund 47.4% +TPLREIT Fund I 94.6% +TPLProperties 100% TPLDevelopments Developer 100% 100% TPL Property Management Property Manager Technology Park One Hoshang Mangrove 100% +TPLRMC 100% REIT Manager +TPLInvestment Fund Manager (ADGM)#3TPL Properties Limited Key Investment: 47.4% of TPL REIT Fund I [PKR bn] NAV [LHS] 82% Growth in NAV in FY23 Undrawn Commitments [LHS] -NAV/unit [RHS] [PKR / Unit] 35 25 30 19.2 19.2 19.4 20 25 14.4 14.4 20 15 10.0 15 28.8 28.8 29.0 10 10 16.0 15.9 5 11.1 5 0 0 Financial Close Jun, 22 Sep, 22 Dec, 22 Mar, 23 Jun, 23 Development Assets Total Assets Fund Rating "2 PKR 32.1 bn RFR3+ LTV 2.7% Builtup Area 12 mn sq. ft.+ Investor Return 94% HBL BOP NBP THE BANK OF PUNJAB National Bank of Pakistan ***** Bank AL Habib askaribank 4 Bank AL Habib Ltd. HABIBMETRO Soneri Bank LIMITED Roshan Har Qadam Bank Alfalah#4TPL Properties Limited Key Projects under TPL REIT Fund I: One Hoshang and Mangrove ASIA PACIFIC PROPERTY AWARDS ARCHITECTURE in association with GROHE BEST RESIDENTIAL HIGH RISE ARCHITECTURE PAKISTAN One Hoshang by TPL Propercies Limited 2022-2023 One Hoshang Total Construction completion of piling, shoring & foundation works, by mid-October 2023 Structure works, to commence by November 2023 Completion by Mid-2026 I Mangrove Master Plan approved SSH, international consultant, doing detailed master plan & infrastructure design Infrastructure works to be initiated before end 4Q23 First phase launch by mid 2024 TAQ Associates, designed the Site Office & Biodiversity Park JABLA SANA SAFINAZ 22412 AANDEELS#5TPL Properties Limited Key Subsidiaries TPL RMC & IMC ■ TPL RMC is managing TPL REIT Fund I and earning management and performance fees (FY23: PKR 1,048 Mn), allowing for a dividend to TPL Properties in FY23 ■ Growth Pipeline: (i) Telecom Tower REIT (Project Aahan); (ii) Regional Hospitality Funds (MoU in place); (iii) Advisory mandate for Abhi Finance. Plans to use the 3-C licenced manager to aggressively grow business outside Pakistan ■ TPLD is developing the TPL REIT Fund I projects (Actively Mangrove and One Hoshang) TPL Developments ■ Fees earned in FY23 are PKR 120 Mn. Loss after Tax of PKR 67 Mn due to early stage of projects ■ New CEO, Rizwan Karim (Agha Khan Regional Projects Head) joined post year end TPL Property Management ■ First Year of new Contract with BAHL for Centrepoint smoothly executed. Second Year auto-renewal in place Agreement is cost plus with profit (PKR 15 Mn and PKR 12 Mn shared services cross charge) ■ New GM on boarded post year end ■ Potential growth opportunities to be sought#6TPL Properties Limited - Standalone Results P&L Comparison - for the year ended June 30, 2023 Description YTD-June-23 | YTD-June-22 Variance [PKR 000s] [%] Revenue 5,286,450 5,919,154 Total Revenue 5,286,450 5,919,154 Direct operating costs (42,600) (632,704) -11% (632,704) -11% (7,134) (35,466) -497% Gross profit 5,243,850 5,912,020 (668,170) -11% Administrative expenses (978,447) (950,363) Operating Profit/ (Loss) 4,265,403 4,961,657 Finance costs (160,558) (332,569) Other expenses Other Income 186,131 Profit/(Loss) before taxation 4,290,976 248,607 4,877,695 Taxation (20,111) (621) (28,084) -3% (696,254) 14% 172,011 52% ΝΑ (62,476) -25% (586,719) 12% (19,490) NM* Revenue: ■ Realized gain on TTZ sale of PKR 875 Mn (PY: 2 SPVS @ PKR 3.5 Bn) ■ Revaluation gain on REIT Fund units, PKR 4.3 Bn (PY: PKR 2.4 Bn) ■ Dividend of PKR 100 Mn from subsidiary Administrative Expense: ■ Consistent with the last year expenses except increase in legal cost due to issuance of bonus shares Finance Cost: ■ All facilities were settled at the time of SPVs transfer into REIT. This year cost includes term loan, fees paid on S-T borrowings Profit/ (Loss) for the period 4,270,865 4,877,074 (606,209) 12% EPS-basic and Diluted *NM - Not Meaningful 7.77 8.87#7TPL Properties Limited - Standalone Results Balance Sheet - June '23 vs June '22 Equity and Liabilities June-23 Jun-22 [PKR 000s] Total Assets June-23 Jun-22 [PKR 000s] CURRENT LIABILITIES SHARE CAPITAL NON-CURRENT ASSETS Property, plant and equipment 224,190 273,860 Issued, subscribed and paid-up capital 5,698,066 5,107,332 Intangible assets 57 151 Capital reserve (313,066) (313,406) Revenue reserve 8,341,585 5,721,066 Long-term investment 14,661,800 8,749,150 13,726,585 10,514,993 Long-term loan to subsidiaries Long-term deposits NON-CURRENT LIABILITIES Interest accrued Long-term financing 67,773 67,773 620,758 620,758 2,787 3,787 79,178 14,968,012 2,268 9,029,216 CURRENT ASSETS Long term investment ■ The key asset is Long-term investment of PKR 14.7 Bn, which reflects 47.4% ownership in TPL REIT Fund I (NAV of PKR 29 Bn) ■ Increased by PKR 5.9 Bn due to Unrealized gain in TPL REIT Fund I of PKR 4.3 Bn and additional investment in TPL REIT Fund I of PKR1.6 Bn. Receivables against rent, maintenance Trade and other payables 1,315,909 1,021,482 and other services Due to related parties 800,000 Due from related parties 845,814 67,285 Loans, advances, prepayments and Accrued mark-up 89,505 42,333 other receivables 737,357 806,072 Current Assets ■ Accrued Interest increased by PKR 76 Mn due to markup on advances given to subsidiaries Net Related Party balance reduced to PKR 45.8 Mn (PY PKR 67.3 Mn) Current Liabilities ■ Trade and other payables increased by PKR 294 Mn due to additional HKC equity purchase of PKR 250 Mn Short-term borrowings 1,546,984 41,941 Taxation - net Current portion of NC liabilities. 527,967 257,296 Short-term investments 108,880 419 Current portion of GIDC Liability 18,522 Cash and bank balances 1,464,070 Unclaimed dividend 49,829 202 3,156,540 4,330,194 1,381,776 Non-current asset held for sale 102,094 362 1,762,498 2,738,311 750,000 Net Debt ■ TPL Properties Net Debt stands at PKR 565 Mn (PY PKR (910) Mn) following dividend payout 18,124,552 12,517,527 18,124,552 12,517,527#8TPL Properties Limited - Consolidated Results P&L Comparison - for the year ended June 30, 2023 Description YTD-June-23| YTD-June-22 Variance [PKR 000s] [%] Revenue Total Revenue Direct operating costs Gross profit Administrative expenses 5,508,495 5,508,495 6,397,111 6,397,111 (42,600) 5,465,895 (2,098,159) Operating Profit/ (Loss) Finance costs Other expenses Other Income Profit/(Loss) before taxation Taxation 3,367,736 (170,771) (5,246) 116,438 3,308,157 (212,589) Profit from continued operations 3,095,568 (888,616) -14% (888,616) -14% (7,134) (35,466) -497% 6,389,977 (924,082) -14% (1,288,279) (809,880) -63% 5,101,698 (1,733,962) -34% (334,488) 163,717 49% (6,735) 1,489 22% 255,879 (139,441) -54% 5,016,353 (1,708,196) -34% (102,062) (110,527) -108% 4,914,291 (1,818,723) -37% Discontnued Operations (Loss) / Profit from discontinued operations. (186,725) 378,198 Profit for the year 2,908,843 5,292,489 Other comprehensive income for the year 57,719 50,366 Total comprehensive income for the year 2,966,562 5,342,855 EPS - basic and diluted 5.29 9.62 Revenue: REIT Fund units Revaluation Gain, PKR 4,311 Mn (PY: PKR 2,398 Mn) ■ TPL RMC Revenue - PKR 1,073 Mn ■ TPL Development Revenue - PKR 120Mn Administrative Expense: ■ Overall expenses increased by 63% due to higher administrative and taxation expenses in RMC due to full year operations of RMC Finance Cost: ■ All facilities were settled at the time of SPVs transfer into REIT. This year cost includes term loan, fees paid on S-T borrowings#9TPL Properties Limited - Consolidated Results Balance Sheet - June '23 vs June '22 Equity and Liabilities June-23 Jun-22 Total Assets [PKR 000s] June-23 [PKR 000s] Jun-22 SHARE CAPITAL NON-CURRENT ASSETS Property, plant and equipment Issued, subscribed and paid-up capital 5,698,066 5,107,332 Intangible assets 505,799 57 519,297 151 Capital reserve Revenue reserve 113,526 7,783,014 13,594,606 113,186 6,466,798 Long term investments 13,766,900 8,348,050 Advance against purchase of property 800,000 11,687,317 Advance against future issuance of shares 600,000 600,000 NON-CURRENT LIABILITIES Long-term deposits 6,735 6,615 Long-term financing 67,773 620,758 Interest accrued 9,146 2,268 Lease liability 155,310 147,873 Due from RP - non current portion. 480,157 193,146 Deferred tax liability - net 162,342 54,490 16,168,794 9,669,527 385,425 823,120 CURRENT ASSETS CURRENT LIABILITIES Trade receivables 62,803 52,921 Trade and other payables 1,848,557 1,114,471 Due from related parties 626,232 329,055 Due to related parties 998,049 51,518 Loans, advances, prepayments and other Accrued mark-up 90,884 42,333 receivables 367,092 253,905 Short-term borrowing 1,566,953 41,941 Taxation - net 40,947 55,329 Current portion of long term financing 527,967 257,296 Short-term investment 425 362 Current portion of lease liability 56,369 33,956 Cash and bank balances 1,852,346 1,891,882 Current portion of GIDC Liability 18,522 Unclaimed dividend 49,829 202 2,949,845 2,583,453 5,138,608 1,560,037 Liabilities classified as held for sale 1,097,596 Assets classified as held for sale 2,915,292 19,118,639 15,168,272 19,118,639 15,168,272 Long term investment ■ Increased by PKR 5.9 Bn due to Unrealized gain in TPL REIT Fund I of PKR 4.3 Bn and additional investment in TPL REIT Fund I of PKR1.6 Bn. Current Assets ■ Accrued Interest increased by PKR 76 Mn due to markup on advances given to subsidiaries. ■ Net Related Party position PKR 371M payables (PY PKR 277.5 Mn receivables) Current Liabilities ■ Trade and other payables increased by PKR 294 Mn due to additional HKC equity purchase of PKR 250 Mn Net Debt ■ TPL Properties Net Debt stands at PKR 837 Mn (PY PKR (722) Mn)#10TPL Properties Limited Part of MSCI EM Small Cap Index; KMI-30 Shariah Index Stable, Recurring & Contractual Revenue Streams Revenue (PKR Bn) 30,000 Low Gearing supported by Strong Balance Sheet IREIT Fund I REIT Management Telecom Infra Business New Initiatives Development Advisory -BVPS [RHS] Book Value (PKR/Share) Debt to Equity Asset Mix 0.51 120.0 0.44 0.42 0.39 25,000 20,000 15,000 10,000 5,000 0 100.0 22,725 22,044 0.29 0.14 0.09 13% 5% Liquid Investments PKR 16.5 bn Cash Other Assets 82% 80.0 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23E As at March 31, 2023 16,016 Healthy Payouts for Shareholders 60.0 Return (%) ■Bonus Shares ■Cash Payout 35.0% 40.0 30.0% 30.0% 30.0% 8,769 30.0% 25.0% 5,938 10.0% 5,114 20.0% דדד 20.0 15.0% 30.0% 20.0% 10.0% 20.0% 5.0% 10.0% 0.0% FY 23 FY 24E FY 25E FY 26E FY 27E FY 28E FY 21 FY 22 FY 23 Note: TPLP has announced and is in the process of share buyback of 50 mn shares (8.77% of outstanding shares)#11TPL Properties Limited - Consolidated Results Trading at a Steep Discount to Regional Peers & Intrinsic Value Key Metrics 1. ROI: 2.4x (since IPO) v/s 1.2x of KSE-100 Index 2. BVPS: PKR 24.1 / Shr 3. P/BV 0.51x is 62% discount to Comps (Regional P/BV: 1.35 x) 4. Share Price is at a 45.9% discount to 52 Week High of PKR 22.71 / Shr 5. Highly traded scrip @ 5.2% of Traded Volume (last 90 days of KSE 100 Index) 6. Target EPS FY23E = PKR 6 7. Latest Dividend of PKR 2 / Shr (June 2023) Regional Trading Comps Valuation Summary [PKR / Shr] 70 60 50 40 30 20 10 0 LDCP 2.6x Sum of Parts - Intrinsic Value 1.9x Implied P/BV Sum of Parts Company Ticker Country P/BV [PKR / Shr] 70 Ayala Land Godrej Properties Emaar ALI PM GPL IN Phillipines 1.65 60 India 4.67 50 EMAAR UH UAE 1.04 40 Country Garden Services Holdings Nova Land Investment Group Phat Daat Real Estate Development Corp Median 6098 HK NVL VN PDR VN Hong Kong 0.62 30 Vietnam 0.77 20 Vietnam 1.79 10 1.35 0 Source: Reuters TPL Developments TPL Property Management Net Debt TPL Properties Note: The valuation presented in this briefing is based on a series of assumptions, including but not limited to, financial projections, market conditions, and economic outlook. Changes in these assumptions can lead to variations in the estimated value. TPL REIT Fund I TPL RMC TPL IM#12TPL Properties Limited Key Management 9 Ali Jameel CEO, TPL Properties FCA, ICAEW (UK), BSc. LSE (UK) TPL Founder, xJS Inv. Bank; xKPMG Ali Asgher CEO, TPL RMC MBA (PK), FCMA (UK) TPL Group Rizwan Karim CEO, TPL Development MBA IBA (PK); MEng NED (PK) XAKU; xCivil Aviation Adnan Khandwala CFO, TPL Properties FCA TPL Group, xAIG Danish Qazi Group Legal Counsel TPL Corp, TPL Properties Barrister at Law (UK) Moid Shaikh Head of Investments, TPL IMC Bsc. LUMS (PK), CFA (USA) xElixir Shayan Mufti Company Secretary TPL Corp, TPL Properties LLB (UK) Sitvat Jamal Head of CSR & Marketing PGC, Berkeley xLakson Adeel Kharwa Head of Projects BEng NED (PK); MSc. Aberdeen (SCT); PMP (USA); xDhabi Contracting; xHill Fiza Afzal Head of Design B.Arch Indus Valley (PK); Urban Planning MIT (USA); xArif Habib; US experience#13RMC Board Members TPL Properties Board Members TPL Properties Limited Key Board Members and Advisors Jameel Yusuf Chairman of TPL Corp Ltd, ex Chairman of CPLC Vice Admiral (R.) M. Shafi Ex Pakistan Navy, ex Chairman of PNSC and Port Qasim Authority Sabiha Sultan ex SCB Singapore; ex JP Morgan LLB & Barrister at Law Khalid Mahmood Ex Chairman at Sindh Revenue Board, More than 15 years of experience in revenue & tax policy Adnan Afaq Ex Managing Director at PACRA, Ex CEO at Askari Investments Vanessa Eastham Fisk Board Risk Committee (Banque Saudi Fransi; Almarai), ex SCB MENAP; ex Barclays UK/UAE Abdul Wahab Al-Halabi Over 25 years of experience, held senior positions in Meraas Holding, Global Investment House PJSC, Dubai Holding and other renowned corporates. Imran Hussain Country Advisor at Fiat, Economic Advisor at Union Carbide Pakistan, Ex MD at Pangiro Sugar Mills Aliuddin Ansari Chairman at Alfalah CLSA Securities, Ex Engro, Ex Bank of America RMC Advisor#14*TPLProperties 20th Floor, Sky Tower - East Wing, Dolmen City Block 4, Clifton, Karachi, Pakistan DISCLAIMER This Presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. Consequently, no guarantee is presented or implied as to the accuracy of specific forecasts, projections or predictive statements contained in the Presentation. The projections are preliminary and subject to change and the actual results achieved may vary significantly from the forecasts