#1May 2021 Strictly Private and Confidential All Figures as of FY20 Unless Otherwise stated Qalaa Holdings Investor Presentation ༼ལ ΟΛΙΛΛ HOLDINGS القلعة AFRICAN LEADER IN INFRASTRUCTURE & INDUSTRY#2Contents | Overview II 3-8 Industries & Companies 9-28 III Highlights 29-36 2 S ༼ ΟΛΙΛΛ HOLDINGS ä القلع#3Overview ༼ལ ΟΛΙΛΛ HOLDINGS AFRICAN LEADER IN INFRASTRUCTURE & INDUSTRY القلعة#4Qalaa Holdings at a Glance 4 Leading investment company in energy and infrastructure, established in 2004 FY20 Revenues of EGP 35,973.4 mn vs. EGP 14,916.8 mn in FY19 Building businesses in the core industries that will define our region's future, including refining, energy distribution and transportation and logistics Currently operating in 5 Middle Eastern and African countries FY20 EBITDA of EGP 1,645.1 mn and stood at EGP 1,626.4 mn (excluding ERC) vs. EGP 1,249.2 mn in FY19 FY20 Net Loss after Minority Interest of EGP 2,553.0 mn vs. a net loss of EGP 1,135.5 mn in FY19 Total bank debt as at 31 December 2020 stood at EGP 58.02 bn, of which EGP 42.98 bn was related to ERC* +17,500 employees across the organization Total consolidated assets of c. EGP 82.0 bn as at 31 December 2020 (at current book value) * ERC is the Egyptian Refining Company, a greenfield second-stage refinery under Qalaa's energy platform (please refer to slide number 13 for more details) ༼ ΟΛΙΛΛ HOLDINGS ä القلع#55 Qalaa Holdings Ownership Structure and Share Information CCP, 23.5%* Shareholder Structure (as at 31 December 2020) EIIC, 5.5% Olayan, 9.1% Dubai Holding, 3.8% CCAP.CA on the EGX CIB, 2.9% O HNW Local Individuals, 15.0% Number of Shares 1,820,000,000 Of which preferred shares* ** 401,738,649 Of which common shares Paid-in Capital Share Price as of Dec 31, 2020 Market Cap Others, 40.2% 1,418,261,351 EGP 9,100,000,000 EGP 1.44 EGP 2,620,800,000 * CCP is owned by the senior management of Qalaa Holdings. ** Preferred shares are fully owned by CCP and only enjoy a higher voting weight where each share has the voting power of three ordinary shares. SR ད ΟΛΙΛΛ HOLDINGS ä القلع#6African Leader in Infrastructure and Industry Qalaa Holdings' operations span a diverse geographic footprint, where it is helping build businesses in the core industries that will define the region's future. Leadership in Core Industries Across MEA ENERGY PACKAGING & PRINTING 父 MINING AGRIFOODS TRANSPORTATION & LOGISTICS CEMENT Current Operations Algeria Egypt ^ As of December 31, 2020 - Share price of EGP 1.44 6 Deep Regional Knowledge, Strong Industry Know-How Experienced and Dedicated Management Team Sudan South Ethiopia Sudan EGP 9.1 bn Paid-in capital EGP c. 2.6 bn Market capitalization^ Revenue Progression EBITDA Progression (in EGP mn) (in EGP mn) 35,973.4 14,916.8 1,645.1 FY19 FY20 FY19 1,249.2 FY20 ད་ ΟΛΙΛΛ HOLDINGS ä القلع#7Divestments Update Qalaa divested over 20 companies over the past 6 years that allowed the company to deleverage and devote maximum focus to high-growth businesses in sectors that are vital to the development of our region. ☐ 7 Divestments Concluded Sale of ESACO (Cement Construction) (1Q19) Sale of Rally (Upstream oil & Gas) (1Q19) Sale of full 60% stake in Bonyan for Trade and Development (Designopolis Mall) (1Q18) Sale of ACST (Dina Farms retail supermarket chain) (4Q17) Exit from DICE Sport & Casual Wear through an IPO (4Q17) Sale of Djelfa Cement Co. (2017) Sale of Enjoy (dairy and juice producer) and El Aguizy (agri-product packager and exporter) (2016) Sale of Tanmeyah Microenterprise (1Q16) Sale of glass containers producer Misr Glass Manufacturing (MGM) (1Q16). Sale of confectioner Rashidi El-Mizan (4Q15) Sale of confectioner El Mesharraf (Sudan) (4Q15) Transfer of Mashreq concession (3Q15) Sale of cheese manufacturer El Misrieen (3Q15) Sale of ASEC Cement's stakes in ASEC Minya Cement & ASEC Ready Mix (3Q15) Sale of 27.5% stake in Misr Cement Qena (20/3Q15) Sale of full 80% stake in Pharos Holding (1Q15) The sale of 100% of AAC & AMC, two companies owned by United Foundries (1Q15) The sale of Sudanese Egyptian Bank, (2014) S ༼ ΟΛΙΛΛ HOLDINGS ä القلع#8Core Industries at a Glance Energy Packaging & Printing KA Mining Agrifoods Transportation & Logistics 82% of Consolidated Revenues in FY20 • A leading regional player in the energy segment with investments in midstream and downstream operations. •Activities include refining, energy distribution, power generation, solid waste management. •Two core subsidiaries: the Egyptian Refining Company ("ERC") and TAQA Arabia Footprint: Predominantly Egypt 5% of Consolidated Revenues in FY20 ⚫Through its subsidiary National Printing Company, Qalaa Holdings has invested in the printing and packaging sector with investments of over USD 60 million to date. •National Printing Company has four subsidiaries: Shorouk, Al- Baddar, Windsor, and Uniboard and a total of 2,000 employees. • It is a leading printing and packaging company that uses some of the most advanced technology available in Egypt. Footprint: Egypt 2% of Consolidated Revenues in FY20 An investment play in the region's geology and mining industry •Activities include research and development, precious metals mining, mining for the cement industry, quarry management, production of ground calcium carbonate, rockwool and glasswool (insulation materials) •Gold concession in Ethiopia at the prefeasibility study phase • A core subsidiary with multiple active portfolio companies Footprint: Algeria, Egypt, Ethiopia, and Sudan 2% of Consolidated Revenues in FY20 ⚫Largest farm in Egypt with over 15 thousand heads of cattle. •Inhouse-planted feedstock satisfies c.80% of the company's consumption with the balance sourced locally •Market leader in fresh (short shelf- life) dairy produce with a variety of SKUs in the market. Footprint: Egypt 1% of Consolidated Revenues in FY20 •Investments in river transport and seaport services • Activities include logistics, river transport services, port management, stevedoring. ⚫One core subsidiary with multiple active portfolio companies. •Inland Container Depot launched in August 2016 (Nubareya-Alex Port). ⚫100k tons grain storage facility launched in Sep 2019 (Nubareya- Alex Port). Footprint: Egypt, Sudan, and South Sudan 8 ERC NATIONAL PRINTING UNIBOARD TAQA BLODAR المتحدة الصناعة الورق والكرتون ASCOM GEOLOGY & MINING DINA FARMS Λ NILE LOGISTICS Sup ག ΟΛΙΛΛ HOLDINGS القلع#9Industries & Companies ༼ལ ΟΛΙΛΛ AFRICAN LEADER IN INFRASTRUCTURE & INDUSTRY HOLDINGS القلعة#10Overview of Subsidiaries 10 Industry Energy Slide Number 11 Packaging & 16 Printing ☑ Mining 18 New Holland 21 Agrifoods Transportation & 23 Logistics Cement 27 TAQA TAQA RSK TAQA ༼དག ΟΛΙΛΛ HOLDINGS ä القلع#11Energy#12Energy Overview The Energy Industry is Supported by Strong Macro Fundamentals Energy at Qalaa Holdings Region-wide, trends are towards higher consumption of natural gas coupled with an increasingly unreliable supply The region's energy-intensive industries are in need of reliable, quality fuel. Interest in the use of alternative fuels is rising, as are government incentives for the same • To keep pace with projected economic growth and provide much-needed energy capacity in the region, Qalaa Holdings has invested in energy as one of our core industries. Two core subsidiaries: the newly operational USD 4.4bn Egyptian Refining Company and TAQA Arabia. Platform Companies ERC TAQAC Arabia Electricity price increases in Egypt will necessitate a number of energy efficiency projects and greenfield power projects The Government of Egypt is in the process of cutting back on fuel subsidies and deregulating the energy sector % of Consolidated Revenues (FY20) Revenues EGP 29,482.5 mn (FY20) Qalaa's energy plays that capitalize on these trends: ERC; TAQA Arabia 12 82% EBITDA EGP 813.7 mn (FY20) ད་ ΟΛΙΛΛ HOLDINGS ä القلع#13ERC c.13.1% owned by QH The Egyptian Refining Company is Reached financial close in June 2012 a state-of-the-art USD 4.4 bn greenfield second- stage refinery Reached full production in November 2019 Company Overview Starting January 2020, ERC has been recognized as an operational asset. Total debt of USD 2.9 bn and total equity of USD 1.5 bn 25-year supply & off- take agreement with EGPC at international prices ERC today: In 2020, ERC refined total feedstock of c.4.8 million tons, including 3.8 million tons of atmospheric residue and c.0.7 million tons of tolling crude. During the same period, ERC supplied c.4.2 million tons of refined product to the Egyptian General Petroleum Corporation (EGPC), and approximately 519 thousand tons of pet coke and 98 thousand tons of Sulphur to key cement and fertilizer players, respectively. Product LPG Light Naphtha Reformate Fuel Oil 4Q20 Quantity 33,576 62,683 136,376 124,888 (tons) FY20 Quantity 125,249 (tons) 281,569 512,765 468,928 Jet Fuel Diesel Total Supplied to EGPC 606,856 964,379 147,635 2,420,618 3,956,765 ERC Among the largest-ever Designed to non-recourse project finance transactions in Africa produce 4.7 MTPA of products, including 2.3 MTPA Euro V diesel The project will reduce Egypt's present-day imports of diesel by some 30%. This comes as the Government of Egypt is redefining its energy policy ERC Financials ERC Consolidated Revenues | EGP mn 5,400.1 21,558.8 4Q20 FY20 ERC Consolidated EBITDA | EGP mn ERC's Gross Refining Margin (GRM) was growing steadily since the start of production in August 2019 and peaked at c.USD 3 million per day during the Nov-Dec 2019 period. However, the challenging external environment caused by COVID-19, coupled with historically low global prices of refined petroleum products leading to narrowing spread between diesel and heavy fuel oil - hindered the refinery's profitability. Management has implemented multiple initiatives to mitigate the impacts of COVID-19 and its effect on the refinery's margins, including optimizing product mix by reducing jet fuel production and prioritizing diesel, as well as shifting the refinery's input to 100% atmospheric residue oil (HFO) instead of previously sourcing a portion in crude oil. 13 (323.4) 4Q20 ལ 18.7 FY20 ΟΛΙΛΛ HOLDINGS ä القلع#14Egyptian Refining Company ERC Inauguration - 27 September 2020: ERC's official inauguration by President Abdel Fattah El Sisi on the 27th of September 2020, is further testament to the project's strategic importance for Egypt's economy and energy security as it provides a local alternative to imports, helping to meet the increase in consumption in the local market. The project integrates economic, social, and environmental returns that are fully in accordance with Egypt's Vision 2030 and President Sisi's mandate to encourage private sector investments in productive projects that create value. 14 ERC ERC ERC ༼ལ ΟΛΙΛΛ HOLDINGS ä القلع#15TAQA Arabia TAQAQ Arabia 55.9% owned by QH TAQA Company Overview TAQA Arabia is Egypt's largest private sector energy distribution company. The company's three arms cover: gas EPC* & distribution (residential, commercial and industrial); electricity distribution and generation; and fuels & lubricants marketing. TAQA Gas 4 Concessions covering 7 governorates 155,475 6.6 BCM Distributed in FY20 Households converted throughout FY20, on par with FY19 despite the challenging external environment and disruptions related to COVID-19. Household conversions exceeded management's target of 150,043 at year end. TAQA Arabia Financials TAQA Arabia Consolidated Revenues | EGP mn 7,724.2 7,923.7 * Compressed natural gas stations under the brand name of Master Gas 15 *Engineering, procurement, and construction TAQA 50MW TAQA Power ~42 MW Solar power plant in ~1000 MW FY19 FY20 of captive power generated Benban-Aswan of distribution capacity TAQA Arabia Consolidated EBITDA | EGP mn TAQA Marketing 59 Filling stations across Egypt as of December 2020 16 CNG* filling stations across Egypt as of December 2020 JV formed with BP Castrol to produce and distribute lubes in Egypt and the wider region, making TAQA- Castrol into a retailer as opposed to a wholesaler 661.0 795.0 FY19 FY20 ༼༽ ΟΛΙΛΛ HOLDINGS ä القلع#16Packaging & Printing 4 5 6 7 8 9 30 1 2 3 4 5 6 7 8 $671 94012 112345678912345678927dade#17NATIONAL PRINTING Packaging and Printing Building Capacity in Packaging and Printing Through its subsidiary National Printing Company, Qalaa Holdings has invested in the printing and packaging sector with investments of over USD 60 million to date. 17 National Printing Company has four subsidiaries: Shorouk, Al-Baddar, Windsor, and Uniboard and a total of 2,000 employees. It is a leading printing and packaging company that uses some of the most advanced technology available in Egypt. Company Overview EGP 1,788.3 mn Total group sales in FY20 50% Reduction in Egypt's Duplex imports 80k tons Recycled paper used USD 60 mn QH investment in the sector ལ ΟΛΙΛΛ HOLDINGS ä القلع#18Mining#19ASCOM 19 Company Overview 54.1% owned by QH From quarrying for the cement industry to the manufacture of world-class technical calcium carbonate and environmentally friendly building materials, Qalaa Holdings' approach in the mining sector focuses on investing in the entire value chain helping nations develop and obtain value from their natural resources. ΟΛΙΛΛ HOLDINGS القلع ASCOM GEOLOGY & MINING Mining Sector Footprint Algeria Egypt Current operations Ethiopia Core platform ASCOM includes several operating companies Subsidiaries ACCM (technical calcium carbonate) and Glass Rock (glasswool and rockwool insulation) are promising export plays APM holds highly promising gold concessions in Ethiopia at the prefeasibility study phase with significant proven shallow reserves ASCOM (leading provider of quarrying materials for the cement industry, including high-grade limestone, glass sand, and clay) ASCOM for Chemicals & Carbonates Manufacturing (ACCM, focused on the production of world- class ground technical calcium carbonate) Glass Rock (specialized in manufacturing both Glass wool and Rock wool which are widely used in different insulation application) ASCOM Precious Metals "APM" (currently has an asset base of a 1.6 million OZ gold reserve in Western Ethiopia) ACCM is diversifying its sales channels, placing greater emphasis on the local market. This will position the company to hedge against foreign exchange risk and allow it to benefit from the local market's increasingly favourable fundamentals Serves limestone and gypsum needs of +40% of Egyptian cement industry Operating across multiple countries in the Middle East and Africa ད་ ΟΛΙΛΛ HOLDINGS ä القلع#20ASCOM (cont'd) ASCOM Financials ASCOM Revenues | EGP mn ACCM revenues of USD 23.2 mn 967.1 841.9 FY19 FY20 in FY20, a 6% y-o-y decrease GlassRock revenues of ASCOM GEOLOGY & MINING ༼༽ ΟΛΙΛΛ HOLDINGS ä القلع 97.4 FY19 40.2 FY20 USD 7.8 mn in FY20, a 19% y-o-y decrease 311.6k tons sold by ACCM in FY20, down 4% y-o-y 15.5 mn tons sold by Egypt's Quarrying Business in FY20, down 32% y-o-y ASCOM EBITDA | EGP mn 20 20#21Agrifoods#22Gozour Increasing Our Milk Volumes Company Overview ו 54.9% owned* by QH Qalaa Holdings' investments in agrifoods aim to overcome challenges facing the agricultural and food production sector in Egypt and the region. Through its subsidiary, Gozour, the Group operates Dina Farms and ICDP (Dina Farms' fresh dairy producer). DINA FARMS جذور Gozour c.7,000 acres of land at km 80 of the Cairo- Alexandria Desert Road 15,149 cows (of which 6,979 are milking cows) +20k tons of raw milk sold on average each quarter 12,669 tons of SKUs sold by ICDP in FY20 *Direct &/or indirect stakes 22 Rising prices of imported skimmed milk powder (SMP) drive higher demand for fresh milk At Dina Farms, management had been implementing multiple initiatives aimed at enhancing its manufacturing capabilities and increasing efficiency ICDP (the distributor of Dina Farms fresh products) is the leading market player with c.75% of fresh milk (short shelf-life) products market in Egypt This strategy led to an increase in raw milk production by 6% y-o-y to 81,388 tons, and a similar increase in raw milk sales per milking cow in FY20 ༼ལ ΟΛΙΛΛ HOLDINGS ä القلع#23Transportation & Logistics#24Nile Logistics Transporting Goods Efficiently and Economically 67.6% owned* by QH Company Overview Alexandria Footprint Port Said Damietta Dekheila ☑ NILE LOGISTICS East Port Said Arish Suez Petroleum Dock Adabiya Sokhna Nuweiba Al-Tor Nile Logistics is a leading logistics service provider in Egypt, and South Sudan, using river transportation and sea-port services as its backbone operations. Nile Logistics Owns and operates a barge fleet in Egypt that covers river transport routes from Alexandria and Damietta to Aswan. The service started to gain more traction following the removal of fuel subsidies as transporting goods on the Nile is cheaper and more efficient than trucking and railway. Nile Barges currently operates in Sudan under the auspices of the WFP, using one pusher (one other pusher is undergoing refurbishments) and aims to finish eight trips in 2021. WAT Fra Ports where Nile Logistics operates stevedoring and feeder services Egyptian ports Sharm El-Sheikh Hurghada Safaga The business' upside potential in Egypt Energy subsidy removals started by the Egyptian Government which drives a shift towards river transport, a significantly cheaper alternative Energy consumption per ton-km of river transported goods is c.17% of that of road transport and c.50% that of rail** 24 *Direct &/or indirect stakes European Commission ༼ག ΟΛΙΛΛ HOLDINGS ä القلع#25Nile Logistics (cont'd) Stevedoring The company also runs stevedoring (loading/offloading) activities in seaports The company offers services in three locations: Stevedoring services around Dekheila, Alex Port and Adabiya Suez Port The company handles around 1.2 mn tons of coal/pet coke per year Storage At the company's facilities, customers have access to storage facilities which allow for the safekeeping of various types of products. The company offers: Coal storage facilities The company's new grain storage warehouse at Nubareya commenced operations in October 2019 Inland container depot with reefers for products which require storage at refrigerated temperatures commenced operations in August 2016 In July 2020, the depot was connected to the national electricity grid as opposed to the previous reliance on diesel generators 25 25 SEALAND MARSK fantuzzi Coal storage near Alex port ☑ NILE LOGISTICS Inland container depot at Nubareya (near Alex port) Inland container depot at Nubareya (near Alex port) ༼ ΟΛΙΛΛ HOLDINGS ä القلع#26Nile Logistics (cont'd) Grain Storage Warehouse (GSW) - Nubareya, Alexandria Port The company's grain storage warehouse delivered strong results with over 247 thousand tons of grain stored in FY20 compared to 157 thousand tons in FY19. 100k tons warehouse storing capacity (with an estimated 6-7 rounds per annum) GSW interior- Nubareya 26 SENEBOGEN Grain storage warehouse - Nubareya Grain storage warehouse - Nubareya ☑ NILE LOGISTICS ༼ལ ΟΛΙΛΛ HOLDINGS ä القلع#27Cement#28Cement asec holling القابضة ASEC Cement* Al Takamol Cement Zahana Cement (Algeria) 35% 55% ASEC Cement currently has two international production facilities: Al Takamol Cement in Sudan and Zahana Cement in Algeria (currently under divestment*) Al-Takamol Cement currently has the third largest share of the Sudanese cement market with a 28% market share. Construction Technical Management ASEC Automation ASEC Engineering 100% 100% ARESCO 100% ARESCO is a turnkey contractor specializing in industrial projects for industries ranging from cement to power plants to water treatment. ASEC Automation offers solutions and systems spanning enterprise control systems, high- medium voltage cables & systems and enterprise control software. ASENPRO 100% ASEC Engineering provides cement plant consultancy, engineering, and management services in the MENA region. ASENPRO specializes in controlling pollution and dust emissions resulting from cement production. 870 ktons Volume Sold (FY20) Sudan 570 ktons Volume Sold (FY20) Algeria - Percentage ownership by ASEC Cement Holding *Qalaa Holdings directly owns a 10% share of ASEC Cement 28 8.1 mn tons Managed clinker production (ASEC Eng.) (FY20) 13.5 MPTA Combined capacity managed by ASEC Engineering S ༼ ΟΛΙΛΛ HOLDINGS ä القلع#29Highlights ༼ལ ΟΛΙΛΛ HOLDINGS القلعة AFRICAN LEADER IN INFRASTRUCTURE & INDUSTRY#3030 30 Debt Progression 45.00 As at 31 Dec 2020 40.00 ERC's debt stands at c.EGP 42.98 billion (equivalent of c.USD 2.7 billion), contributing c.74% of the total debt QH'S SPVs debt related to financing ERC shares stands at c.EGP 3.25 billion (equivalent of c. USD 204 million) QH's holding-level debt and that of all other consolidated entities, excl. ERC & ERC related, stands at c.EGP 11.78 billion. Qalaa's senior debt at the hold level stands at c.USD 207 million. 35.00 30.00 25.00 20.00 EGP Billion 15.00 10.00 5.00 0.00 November 2016: EGP floatation 2014 Mar'2014 Jun '2014 A Sep '2014 2015 2016 2017 2018 Dec'2014 Mar'2015 Jun'2015 Sep '2015 Dec'2015 Mar'2016 Jun '2016 Sep 2016 Dec'2016 Mar'2017 Jun '2017 Sep '2017 Dec'2017 Mar'2018 Jun '2018 ∞ Sep '2019 2019 Dec'2019 Mar 2019 Jun '2019 Sep '2019 Dec'2019 Mar'2020 All Others ERC Jun '2020 2020 11.78 3.25 Sep '2020 Dec'2020 QH SPVS related to financing ERC Shares SP ༼ ΟΛΙΛΛ HOLDINGS ä القلع 42.98#31Financial Highlights - FY20 Consolidated Income Statement 1Q 2020 2Q 2020 Revenue COS Gross Profit 10,375.4 7,402.5 3Q 2020 8,760.1 4Q 2020 9,435.4 FY 2020 35,973.4 1Q 2019 3,426.4 2Q 2019 3,519.6 Restated** Q3 2019 3,829.1 Q4 2019 3,731.3 FY 2019 14,506.5 (9,248.1) (6,678.5) 1,127.3 724.0 (8,161.9) 598.2 (8,526.2) (32,614.8) (2,838.1) (2,957.1) (3,244.1) 909.2 3,358.6 588.4 562.4 585.0 (3,065.9) 665.4 (12,105.2) 2,401.2 Total Operating Profit 1,127.3 724.0 SG&A (368.6) (360.7) 598.2 (396.2) Other inc/exp-Net 3.0 3.3 EBITDA before one-off charges 761.7 366.6 12.0 214.0 909.2 (623.6) 17.3 3,358.6 (1,749.1) 588.4 562.4 585.0 665.4 2,401.2 (270.7) (281.7) (283.1) (344.3) 302.9 35.7 1,645.1 10.8 9.7 0.6 6.5 (1,179.8) 27.7 328.5 290.4 302.6 327.7 1,249.2 SG&A (Non recurring) EBITDA 21.8 783.6 (15.0) 351.5 Dep./Amort. (707.5) (1,165.0) (7.9) 206.1 (980.1) (30.4) 272.4 (31.5) (5.3) (8.4) (27.1) (6.6) 1,613.6 323.3 282.0 275.5 321.0 (47.4) 1,201.8 EBIT 76.1 (813.4) (774.0) (1,547.5) (1,275.1) (4,400.0) (122.2) (132.4) (133.1) (2,786.4) 201.1 149.6 142.4 (150.9) 170.1 (538.7) 663.1 Bank interest exp. (1,039.5) (1,032.4) (878.9) (695.5) (3,646.3) (365.3) (375.6) (370.6) (427.5) (1,539.0) Other Finance cost Bank PIK Bank Fees (ERC - PIK) 3rd party Shareholder (1,635.4) (1,635.4) (32.6) (26.4) (26.4) (32.9) (118.4) (32.8) (24.3) (23.6) (33.6) (114.3) (37.6) 3.3 0.5 (0.7) (34.5) (74.3) (79.7) (68.5) (65.4) (287.9) (64.8) (71.8) (76.6) (71.9) (285.1) Interest income Lease payments 104.6 98.0 92.3 85.6 380.5 72.2 64.3 60.6 57.0 254.1 (32.7) (13.7) (66.4) (17.3) (130.0) (8.6) (3.7) EBT (before one-offs) (998.5) (1,867.6) (1,721.9) Gain (Loss) on sale of investments 47.0 0.0 Impairments/write downs (18.5) (15.6) (85.7) (3,635.9) (96.4) (111.1) (8,223.9) (235.9) (258.1) (13.6) (281.1) 11.9 (14.0) (49.4) 27.8 (294.7) 0.1 (1,069.8) 27.8 (230.9) (4.8) (3.0) 2.2 (138.9) (144.4) Acquisitions and restructuring (25.9) (0.3) 88.9 62.8 (6.8) (3.9) (2.7) (2.1) (15.5) Share in associates' results (2.4) 2.0 21.6 (44.1) (22.8) (29.9) 38.9 (12.8) (50.3) (54.0) Layoffs/Severances CSR Provisions (5.3) (10.8) (1.2) (38.0) (55.3) (2.7) (1.4) (4.9) (31.3) (40.4) (6.3) (2.8) (1.5) (26.7) (37.4) (2.5) (0.1) (0.2) (34.0) (36.8) (108.3) (96.8) (52.2) (524.5) (781.7) (54.4) (159.7) (158.2) (57.1) (429.4) Discontinued operations * (14.6) (28.0) (35.1) (77.7) 47.3 (57.2) (1.9) (21.8) (33.6) Forex 150.4 (166.5) 147.4 (80.4) 50.9 EBT (982.5) (2,186.4) Taxes (600.6) NP/L Including Minority Share Minority Interest (1,583.1) (315.3) (2,501.7) NP/L for the Period * Discontinued operations include: (1,178.0) (405.1) (1,789.6) (712.1) (1,728.6) (450.4) (2,178.9) (1,735.4) (443.5) (4,468.2) (9,365.7) 1,158.9 (3,309.3) (207.4) (9,573.1) (2,317.0) (7,020.0) 181.3 (108.4) (63.1) (171.5) (16.8) 221.1 189.1 33.0 624.5 (195.7) (82.5) (405.5) (46.0) (992.3) (2,553.0) (154.6) (278.2) (53.7) (224.5) (451.6) (56.2) (395.3) (597.2) (26.9) (624.0) (262.9) (361.1) (1,306.7) (218.5) (1,525.3) (389.7) (1,135.5) (1) Assets included in 2019: Enjoy (Falcon, sold in 1Q20) (2) Assets included in 2020: Tawazon **Restatements relate to ARESCO being recognized as continued operations and Tawazon as discontinued operations. 31 ༼༢ QALAA HOLDINGS ä القلع#32Financial Highlights - Consolidated Income Statement for the three months ending 31 Dec 2020 32 Energy Cement T&L^ Mining Agrifoods Others QH SPVs Orient Silverstone NDT CCTO ASCOM Revenue Cost of Sales Gross Profit 5,400.1 (5,421.3) (21.2) 2,139.3 (1,840.9) (641.7) 934.7 67.1 228.0 Falcon 205.2 Wafra Misc.* Grandview Elimination 32.2 432.1 (3.3) (17.9) (157.8) (137.3) (24.4) (286.4) 1.6 298.5 293.0 49.2 70.1 67.9 7.7 145.7 (1.7) 4Q 2020 9,435.4 (8,526.2) 909.2 Advisory fee 36.6 (36.6) Total Operating Profit 36.6 (21.2) 298.5 293.0 49.2 70.1 67.9 7.7 145.7 (38.3) 909.2 SG&A (44.8) (9.1) (302.7) (65.3) (73.1) (4.1) (65.2) (34.5) (0.1) (7.8) (53.2) 36.3 (623.6) Other Income/Expenses (Net) (2.5) 0.6 (3.7) 0.8 0.5 0.8 0.1 2.8 18.2 (0.2) 17.3 EBITDA (before one-offs) (8.1) (11.6) (323.4) 229.4 220.7 45.5 5.7 33.4 (0.1) 2.7 110.8 (2.2) 302.9 Dividends Income 9.0 (9.0) SG&A (Non recurring) 0.1 (8.1) (21.3) (4.2) 0.9 2.2 (30.4) EBITDA (8.1) (2.5) (323.4) 229.4 212.6 45.5 (15.6) 29.2 (0.1) 2.7 111.7 (9.0) 272.4 Depreciation & Amortization (0.5) (1,387.2) (39.4) (29.7) (16.9) (22.5) (22.0) (1.1) (14.5) (13.6) (1,547.5) EBIT (8.7) (2.5) (1,710.6) 190.1 182.9 28.6 (38.2) 7.1 (0.1) 1.6 97.2 (22.6) (1,275.1) Bank Interest Expense (89.5) (49.0) (402.1) (85.5) (11.3) (30.1) (22.9) (5.3) (0.9) (10.8) 11.8 (695.5) Other Finance cost (1,635.4) (1,635.4) Bank PIK 3rd Party Shareholder (32.9) (32.9) (12.8) (6.8) (127.9) (18.5) (8.2) 108.9 (65.4) Interest Income 65.3 36.1 96.1 1.7 (5.0) 0.1 (0.3) (7.0) (101.4) 85.6 Lease Payments (13.1) (9.9) (0.2) (7.0) 16.0 (1.8) (1.4) (17.3) EBT (before one-offs) (32.8) (61.2) (3,768.0) 190.8 45.2 (26.9) (50.1) 0.2 (0.1) (7.8) 78.0 (3.3) (3,635.9) Gain (Loss) on sale of investments (13.8) (80.4) (2.2) (96.4) Impairments/Write-downs (43.9) (29.7) (1.8) 12.0 (186.5) 2.0 (0.8) (0.1) 74.4 (1.2) 64.5 (111.1) Acquisitions and restructuring (0.5) (2.6) 92.0 88.9 Share in associates' results 13.0 (52.1) (5.0) (44.1) Layoffs/Severances CSR Provisions (0.4) (37.5) (38.0) (24.0) (2.5) (0.2) (26.7) (56.0) (42.9) 8.3 (388.3) (2.1) 4.5 (1.7) (19.4) (27.4) 0.6 (524.5) Discontinued Operations ** FOREX (30.8) EBT (164.4) 14.0 (133.6) (3,792.7) 1.0 Taxes Net P/L Before Minority Share (164.4) Minority Interest Net Profit (Loss) (164.4) 1,188.9 (133.6) (2,603.8) (1,382.8) (133.6) (1,221.1) (10.7) 195.4 (37.2) 158.2 41.6 116.6 (16.8) (571.0) 2.2 26.3 1.1 (0.1) 1.5 (54.2) (14.1) (80.4) (24.9) 19.8 (0.8) (0.2) (31.7) (4.8) 40.6 13.5 (557.5) (15.4) (542.1) 0.8 2.0 (1.2) (0.1) (9.1) 1.4 (4,468.2) 1,158.9 (24.1) 21.8 (2.1) (0.2) (31.8) (13.8) 42.0 (8.3) 5.9 15.3 (973.4) (15.8) 15.9 (2.1) (0.1) (31.8) (29.1) 1,015.4 (3,309.3) (2,317.0) (992.3) Miscellaneous includes UCF and Sphinx Egypt ** Discontinued operations include: (1) Assets included in 2019: Enjoy (Falcon, sold in 1Q20) (2) Assets included in 2020: Tawazon AT&L represents Transportation & Logistics SP ༼ ΟΛΙΛΛ HOLDINGS ä القلع#3333 33 Financial Highlights - Consolidated Income Statement for the nine months ending 31 Dec 2020 T&LA Mining Others Energy Cement Agrifoods QH SPVs Orient Silverstone NDT CCTO ASCOM Revenue Cost of Sales Gross Profit 21,558.8 (20,927.5) 631.3 7,923.7 2,508.7 292.4 841.9 Falcon 877.6 Wafra Misc.* Grandview Elimination (6,906.9) (2,121.9) (113.9) (580.6) (600.2) 1,016.8 386.8 178.4 261.3 277.5 198.5 (158.8) 39.7 1,788.3 (16.6) (1,216.8) 11.9 FY 2020 35,973.4 (32,614.8) 571.5 (4.7) 3,358.6 Advisory fee 110.8 (110.8) Total Operating Profit 110.8 SG&A (192.1) (21.3) 631.3 (614.0) 1,016.8 386.8 178.4 261.3 277.5 39.7 571.5 (115.4) 3,358.6 (217.7) (177.1) (43.1) (211.1) (149.1) (0.4) (31.0) (196.9) Other Income/Expenses (Net) (2.8) 1.4 EBITDA (before one-offs) (81.3) (24.1) 18.7 (4.1) 795.0 3.2 (0.5) 1.8 0.9 8.9 25.8 104.7 1.0 213.0 134.8 52.0 129.3 (0.4) 17.5 400.5 (9.8) (1,749.1) 35.7 1,645.1 Dividends Income 11.7 (11.7) SG&A (Non recurring) (28.3) (15.0) 11.1 (21.3) (17.6) 12.2 27.4 (31.5) EBITDA (81.3) (40.8) 3.7 795.0 224.1 134.8 30.7 111.7 (0.4) 17.5 412.8 5.9 1,613.6 Depreciation & Amortization (2.4) (3,800.2) (144.8) (100.7) (65.9) (91.1) (78.4) (0.2) (4.6) (57.4) (54.3) (4,400.0) EBIT (83.7) (40.8) (3,796.5) 650.3 123.4 68.9 (60.5) 33.3 (0.6) 12.9 355.4 (48.4) (2,786.4) Bank Interest Expense (393.2) (210.4) (2,339.4) (330.9) (42.2) (135.7) (65.5) (24.1) (4.1) (112.7) 11.8 (3,646.3) Other Finance cost (1,635.4) (1,635.4) Bank PIK 3rd Party Shareholder (118.4) (118.4) (51.6) (53.6) (512.2) (63.1) (33.1) 425.6 (287.9) Interest Income 258.4 144.7 4.7 357.2 6.6 0.2 0.1 0.4 (0.3) 1.1 (392.6) 380.5 Lease Payments (54.9) (32.3) (0.9) (28.9) (2.0) (5.7) (5.4) (130.0) EBT (before one-offs) (218.5) (276.5) (7,875.1) 644.3 (425.3) (158.6) (127.8) 3.9 (0.6) (24.5) 238.4 (3.7) (8,223.9) Gain (Loss) on sale of investments (12.6) (20.2) 47.0 (80.4) 16.9 (49.4) Impairments/Write-downs (173.6) (314.7) 10.6 (10.1) (198.1) (0.6) (2.9) (0.4) (12.8) (13.3) 485.0 (230.9) Acquisitions and restructuring (10.5) (18.7) 92.0 62.8 Share in associates' results 14.4 (28.7) (8.6) (22.8) Management Fees Layoffs/Severances (6.0) (6.7) (42.3) (0.3) (55.3) CSR (0.1) (25.4) (8.6) (3.0) (0.2) (37.4) Provisions (56.2) (136.7) (3.9) (522.4) (3.4) 2.5 (1.7) (19.5) (31.5) (8.9) (781.7) Discontinued Operations ** - (77.7) (77.7) FOREX EBT (33.1) (510.6) Taxes Net P/L Before Minority Share Minority Interest (510.5) Net Profit (Loss) (510.5) 26.7 (721.3) (7,914.5) (3.6) (721.3) (7,918.0) (4,497.4) (721.3) (3,420.7) (17.8) (22.5) 153.0 580.4 (1,023.8) (175.9) 7.5 404.6 (1,016.2) 116.3 (13.9) 288.2 (1,002.4) 15.6 (147.0) 0.8 (146.2) (50.7) (8.8) 5.8 (3.1) 18.4 (57.0) (26.4) 50.9 (73.7) 53.9 (3.7) (196.5) 136.7 454.4 2.0 (8.0) 0.1 (35.9) 5.6 (9,365.7) (207.4) (71.7) 45.9 (3.7) (196.4) 100.8 (1.0) (0.2) (32.0) 93.0 459.9 (2,634.3) (9,573.1) (7,020.0) (95.6) (70.7) 45.9 (3.6) (164.4) 7.7 3,094.2 (2,553.0) * Miscellaneous includes UCF and Sphinx Egypt ** Discontinued operations include: (1) Assets included in 2019: Enjoy (Falcon, sold in 1Q20) (2) Assets included in 2020: Tawazon ^ T&L represents Transportation & Logistics SP ༼ ΟΛΙΛΛ HOLDINGS ä القلع#34Financial Highlights - Consolidated Balance Sheet as at 31 December 2020 Energy Cement T&L^ Mining Agrifoods Others QH Orient Silverstone NDT CCTO ASCOM Falcon Wafra Misc.* Grandview Aggregation Eliminations/ SPVs FY 2020 FY 2019 Current Assets Trade and Other Receivables 2,032.4 Inventory 1,929.8 959.1 1,524.1 1,722.9 338.0 728.9 89.0 10.7 294.5 80.9 96.8 160.6 426.4 44.7 460.9 8,560.9 (2,805.1) 311.6 Assets Held For Sale 5.7 118.2 Cash and Cash Equivalents 5.9 454.8 3,050.2 83.0 18.2 33.4 19.9 4.1 22.2 183.9 Others 12.8 Total Current Assets 2,038.3 3,343.6 4,912.2 2,540.6 117.9 424.7 274.2 593.4 978.6 2,650.3 146.2 3,853.3 12.8 15,223.5 5,755.8 2,650.3 7,099.3 2,670.7 (111.1) 51.0 5.4 35.1 432.2 3,904.3 3,667.8 (2,859.8) 18.2 12,363.7 21.2 13,891.2 Non-Current Assets PP&E 33.0 59,234.4 Investments 5,547.0 Goodwill/Intangible assets Others 4,094.0 Total Non-Current Assets 280.0 39.2 9,674.0 59,553.6 Total Assets 11,712.3 62,897.2 2,576.1 52.1 413.3 248.8 3,290.3 8,202.4 1,295.4 354.9 814.6 750.0 752.0 39.1 1,041.3 125.8 4.9 101.2 0.5 342.8 1,993.2 4,533.7 814.6 876.3 932.5 1,301.1 430.7 1,182.7 1,456.9 44.0 637.4 61.1 1,203.7 2,182.3 66,535.9 6,185.9 693.8 5,216.7 78,632.3 93,855.9 560.9 (5,575.4) 67,096.8 610.4 70,047.5 293.4 89.0 (4,082.9) 1,133.8 (9,008.5) 69,623.8 (11,868.3) 81,987.5 782.8 563.6 1,403.6 72,308.1 86,199.3 Shareholders' Equity Total Equity Holders of the Company Minority Interest 4,672.4 7,494.5 1,185.9 (5,364.1) 6,002.2 Total Equity 4,672.4 13,496.7 (881.9) 558.1 1,137.4 (412.6) 1,743.9 (4,226.6) (1,294.5) (0.8) (79.3) (80.1) 89.1 (1,109.7) 0.0 (12.9) 89.1 (1,122.6) (410.0) 11.5 (398.6) 90.4 327.7 418.1 5,765.8 7,532.1 13,297.9 (15,957.6) 5,001.5 (10,956.1) (10,191.8) (7,553.4) 12,533.5 19,736.7 2,341.8 12,183.3 Current Liabilities Borrowings Trade and Other Payables Shareholder Loan Provisions 159.6 Liabilities Held For Sale Total Current Liabilities 7,039.9 39,912.7 5,295.2 35,324.1 1,328.1 1,111.4 1,585.1 4,271.3 2,673.4 1,741.6 317.3 2,230.3 1,115.0 0.2 6,198.4 230.1 884.9 164.9 147.1 425.6 884.9 30.8 82.4 1,042.5 1,121.4 37.8 604.7 815.4 420.0 128.0 45,044.3 14,032.6 3,560.4 2,744.2 47,788.6 16,967.9 (696.6) (884.9) 26.7 28.6 1.2 38.1 67.4 1,697.5 4,231.6 1,947.6 617.2 1,153.5 1,122.6 0.7 809.3 1.0 1,302.8 64,335.8 411.6 0.8 1,575.1 13,336.0 11,642.1 2,675.5 2,329.9 2,109.0 1.8 65,910.9 1,627.7 132.5 32,700.1 Non-Current Liabilities Borrowings Shareholder Loan Long-Term Liabilities Total Non-Current Liabilities Total Liabilities Total Equity and Liabilities * Miscellaneous includes UCF and Sphinx Egypt ^ T&L represents Transportation & Logistics 7,660.3 553.1 1,274.4 9,487.8 7,039.9 49,400.5 11,712.3 62,897.2 1,467.8 730.2 106.0 2,545.6 759.0 16.3 2,226.9 2,561.9 6,458.5 8,760.4 8,202.4 4,533.7 147.7 131.7 33.8 279.4 764.0 2,227.0 1,381.2 932.5 1,301.1 1,456.9 108.2 214.2 226.1 0.6 226.7 1,367.8 1,122.6 1,036.0 637.4 263.6 100.9 96.9 461.4 1,764.2 2,182.3 10,227.9 3,573.4 2,420.8 16,222.2 80,558.0 93,855.9 (2,532.8) 45.5 (2,487.3) (912.2) 10,227.9 1,040.6 39,568.9 789.3 2,466.3 957.8 13,734.9 41,315.9 79,645.7 74,016.0 (11,868.3) 81,987.5 86,199.3 34 ༼ད༽ ΟΛΙΛΛ HOLDINGS ä القلع#35Effective Ownership & Paid-in Capital Highlights Qalaa Holdings Ownership Stakes Paid-in Capital (EGP bn) TAQA Tawazon ERC ASEC Holding 13.1% 55.9% 54.9% Gozour Nile Logistics ASCOM Grandview Investments 35 * Capital increase concluded in April 2014 **Capital increase concluded in September 2015 48.0% 54.1% 2005 0.002 2006 68.1% 2007 2008 2009 69.3% 0.9 1.7 2.8 3.3 2010 3.3 2011 2012 67.6% 4.4 4.4 2013 4.4 2014* 2015** 2016 to 2020 8.0 9.1 9.1 ༼ད༽ ΟΛΙΛΛ HOLDINGS ä القلع#3636 36 Board of Directors Executive Board Members (Representing CCP) Ahmed Heikal Hisham El-Khazindar Karim Sadek Non-Executive Board Members Magdy El Desouky Philip Blair Dundas (Independent) Mona Makram Ebdeid (Representing CCP) Moataz Farouk Dina Sherif (Independent) ΟΛΙΛΛ HOLDINGS ä القلع#37Important Notice Important Notice/Disclaimer This investor presentation (the "Presentation") is being furnished on a confidential basis to a limited number of sophisticated investors and shareholders for informational and discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. The information set forth herein does not purport to be complete and is subject to change. The information contained herein must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part for any other purpose, without the prior written consent of Qalaa Holdings. Each prospective investor and/or shareholder accepting this Presentation agrees to return it promptly upon request. In considering investment performance information contained in this Presentation, prospective investors and/or shareholders should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that Qalaa Holdings will achieve comparable results, that diversification or asset allocations will be met or that Qalaa Holdings will be able to implement its investment strategy and investment approach or achieve its investment objective. Unless otherwise indicated, all internal rates of return are presented on a "gross" basis (i.e., they do not reflect the management fees, carried interest, taxes, transaction costs and other expenses to be borne by investors in Qalaa Holdings, which in the aggregate are expected to be substantial). Prospective investors and/or shareholders may, upon request, obtain an illustration of the effect of such fees, expenses and other charges on such returns. Actual returns on unrealised investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realised returns on unrealised investments may differ materially from the returns indicated herein. There can be no assurance that "pending" investments described herein will be completed. Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained in this Presentation constitutes "targets" or "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Qalaa Holdings may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties. Certain information contained herein (including targets, forward-looking statements, economic and market information and portfolio company data) has been obtained from published sources and/or prepared by third parties (including portfolio companies) and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, Qalaa Holdings nor its affiliates nor their employees assume any responsibility for the accuracy or completeness of such information. No person has been authorised to give any information or make any representations other than as contained in this Presentation and any representation or information not contained herein must not be relied upon as having been authorised by Qalaa Holdings or any of its partners or affiliates. The delivery of this Presentation does not imply that the information herein is correct as of any time subsequent to the date hereof. The use of this Presentation in certain jurisdictions may be restricted by law. Prospective investors and/or shareholders in Qalaa Holdings should inform themselves as to the legal requirements and tax consequences of an investment in Qalaa Holdings within the countries of their citizenship, residence, domicile and place of business. 37 SP ༼ ΟΛΙΛΛ HOLDINGS ä القلع#38༼ག QALAA HOLDINGS ä القلعـ Thank You Amr El-Kadi Nora Ghannam Head of Investor Relations Investor Relations Manager Tel: +20 (0) 2 2791-4440 Tel: +20 (0) 2 2791 4440 Dir: +20 (0) 2 2791-4462 Dir: +20 (0) 2 2791-4458 Fax: E-mail: +20 (0) 2 2791-4448 Fax: +20 (0) 2 2791-4448 [email protected] E-mail: [email protected]