#1Amanat Invest. Grow. Impact Investor Presentation 1Q-2022 May 2022#2Table of Contents 01 02 03 Company Overview pg. 3 Results Update 1Q-2022 pg. 8 Strategic Outlook pg. 14 04 05 06 Healthcare Platform Update pg. 17 Education Platform pg. 24 Enabling Platform Update pg. 29 07 Appendix pg. 33 2#3Amanat at a Glance HEALTHCARE PLATFORM N3 Investments in Healthcare Total Operational Beds བའི་ 418 KSA Sukoon IEC exp Investments Across Cambridge r كامبريدج 4 Countries 5 Specialized Hospitals USA BEGIN Healthcare AUMS AED 1.1 BN ROYAL HOSPITAL WOMEN & CHILDREN Bahrain L Cambridge UAE EDUCATION PLATFORM NEMA القابضة HOLDING Middlesex University Dubai كامبريدي North London Collegiate School Cambridge Dubai كامبريدج Venture Capital 1 EdTech Investment Total AUMS ENABLING PLATFORMS Social Infrastructure 2 Real Estate AED 0.5 BN Assets 2 Investments in Education Total Number of Students c.11k 3 Universities Education AUMS AED 0.8 BN 3#4Investment Breakdown Amanat manages c. AED 2.4 billion in assets in addition to AED 887 million of cash AUMS by Sector 21% 32% Healthcare 47% Education Enabling Platforms AUMS by Geography AUMS by Portfolio Company 1% 6% UAE ■KSA Bahrain USA 91% 40% 6% 2% 16% 16% 17% 2% 1% Sukoon RHWC CMRC ■NEMA MDX NLCS CMRC RE BEGIN#5Strong Track Record In: Executing Transactions Executed 15 transactions valued at over AED 4.3 BN including 3 profitable exits Growing Platforms Acquisition of Cambridge Medical & Rehabilitation Center ("CMRC") alongside Sukoon created the largest provider of post-acute care & rehabilitation across the GCC, with strategic expansion underway Investing in Market Leaders Abu Dhabi University (part of NEMA) ranked in UAE's top 10 universities and Middlesex University Dubai ranked highest KHDA Institution for enrolments in 20-21' with a 5- star rating from KHDA & QS Diversifying Investments Investing in social infrastructure and venture capital as enabling platforms that support the growth and sustainability of the portfolio Increasing Total Shareholder Returns ("TSR") c. AED1 BN or 50% growth in shareholder return in FY- 2021 driven by share price appreciation and highest dividend payout to date Deploying Capital Deploying capital into yielding assets that position Amanat's portfolio for synergy extraction and scale to generate attractive shareholder returns * KHDA - Knowledge and Human Development Authority | QS - Quacquarelli Symonds 5#6A Unique and Diversified Portfolio The region's only listed healthcare and education investment company Healthcare Platform Our healthcare investments encompass, specialized care facilities CMRC Post-Acute Care & Rehabilitation Education Platform Our education investments cover graduate, post-graduate and vocational training Sukoon NEMA Acute & Post-Acute Care University, Post-Graduate & Vocational MDX University & Post-Graduate Cambridge كامبريدج Stake: 100% Investment: AED 873 MN UAE & KSA Operational Beds 256 Feb 2021 RHWC Mother & Child Sukoon IEC المركز الدولي الرعاية المعتدة : tende Stake: 33.25% NEMA القابضة HOLDING Stake: 35.0% Middlesex University Stake: Dubai 100% Investment: AED 161 MN KSA Operational Beds 130 Aug 2015 & Feb 2016 Investment: AED 330 MN UAE Number of Students c.7,500 Mar 2018 Enabling Platforms Investment: AED 419 MN UAE Number of Students c.4,000 Aug 2018 Our enabling investments include venture capital and real-estate NLCS Education Real Estate CMRC Healthcare Real Estate BEGIN EdTech ROYAL HOSPITAL -for WOMEN & CHILDREN Stake: 69.24% Real Estate Assets of North London Collegiate School Dubai Investment: AED 157 MN Bahrain Operational Beds 32 Aug 2018 Investment: AED 408 MN UAE Jun 2018 Stake: 100% Cambridge كامبريدج Investment: AED 53 MN Stake: 100% BEGIN Investment: AED 19 MN USA Abu Dhabi | UAE Sep 2021 Oct 2020 Stake: c.2% 9#702 Results Update 1Q-2022 187#8Key Highlights | Strong Performance, Underlying Growth 1 Total income grew 12% to AED 46.9 MN in 1Q-2022 vs. the AED 42.0 million recorded in 1Q-2021. On an adjusted basis, excluding the prior year result from divested entities total income grew 40% to AED 46.9 MN vs. AED 33.5 million recorded in 1Q-2021. 2 Growth of 66% year-on-year in adjusted EBITDA, to record AED 48.5 MN in 1Q-2022 vs. 29.3 MN in 1Q-2021. Strong growth in underlying performance with adjusted Net Profit of AED 32.1 MN, growth of AED 9.0 MN or 39% vs. AED 23.1 MN in 1Q-2021 3 4 5 Healthcare platform growth of AED 11.5 MN or 5x, positively impacted by the full quarter inclusion of CMRC (+AED 9.2 MN), 2x revenue growth at RHWC significantly reducing losses (+AED 1.7 MN or 41%) and revenue growth at Sukoon (+AED 0.3 MN) Steady growth at the Education platform (+AED 0.9 MN or 3%), with record enrollments at Middlesex (4k students, 16% increase and the #1 ranked private education institution in Dubai by enrollments), driving +AED 2.5 MN or 18% growth in profitability, partly offset by post-COVID normalization at NEMA Holding AED 887 MN of cash at quarter end, to be utilized, with potential additional leverage, against a strong deployment pipeline and post period dividend settlement. Facility expansion at Sukoon and ramp-up of CMRC KSA & RHWC in progress 8#9Financial Highlights | Strong Underlying Growth Total Income(1) (2) (4) 1Q-2022 AED 46.9 MN vs AED 42.0 MN in 1Q-21 (+12%) Total Income | AED MN Net Profit (1) 1Q-2022 AED 32.0 MN vs AED 31.5 MN in 1Q-21 (+2%) Net Profit | AED MN Adjusted Net Profit (1) (3) 1Q-2022 AED 32.1 MN vs AED 23.1 MN in 1Q-21 (+39%) Adjusted Net Profit | AED MN 371.0 112 60.0 74.2 42.0 46.9 20.3 10.1 280.8 26.0 32.0 14.6 31.5 5.7 103.4 3.1 32.1 23.1 FY19 FY20 FY21 1Q20 1Q21 1Q22 FY19 FY20 FY21 1Q20 1Q21 1Q22 FY19 FY20 FY21 1Q20 1Q21 1Q22 (1) Excluding NCI (2) Includes share of net income from subsidiaries (Middlesex University Dubai, Royal Hospital for Women & Children and CMRC), Finance Lease income generated from the real estate assets of North London Collegiate School Dubai and result from associates (Sukoon and NEMA Holding), net of PPA. The prior year also includes share of results from divested associates (Taaleem and International Medical Center). (3) Excludes the trading performance of Taaleem and International Medical Center in the prior year and transaction costs in the current and prior year. Refer to other financial information for a detailed reconciliation. (4) Finance charges in relation to the Royal Hospital for Women & Children have been reclassified from platform income to finance charges in the current period. The prior period has been restated accordingly. (*) Due to rounding, numbers presented may not add up precisely to the totals provided and the percentages may not precisely reflect the absolute percentages 9#10Financial Summary | Growth Across All Platforms AED MN 1Q-21 1Q-22 Change Key Highlights Strong underlying growth in Adjusted Net Profit (+AED 9.0 MN or 39%), noting that the prior year includes AED 8.5 MN of trading result from entities divested in 2021. Mainly driven by: 80% • Growth at the Healthcare platform, (+AED 11.5 MN or >5x), mainly driven by the impact of full quarter performance at CMRC (+AED 9.2 MN, acquired on February 28, 2021), 2x revenue growth at RHWC, reducing losses by +AED 1.7 MN or 41% and profitability at Sukoon (+AED 0.3 MN) • Growth at the Education platform, (+AED 0.9 MN or 3%), mainly due to Middlesex performance (+AED 2.5 MN or 18%) from a 16% increase in student numbers driving 10% growth in academic revenue, offset by post COVID revenue and cost normalization in NEMA Holding (-AED 1.8 MN or 19%) Total Income 42.0 46.9 12% Adjustments (8.5) 0.0 Adjusted Total Income (1) 33.5 46.9 40% Platform and Other Income Education 31.6 32.6 3% Healthcare 2.5 14.0 458% Purchase Price Amortization (2.4) (2.9) (22)% Interest & Other Income 1.8 3.3 Holding Level Costs (8.6) (11.1) (28)% Transaction Related Costs 0.0 (0.1) (100)% Finance Charges (1.8) (3.8) (107)% Net Profit 31.5 32.0 2% Adjusted Net Profit (1) 23.1 32.1 39% AED Y/E 21 1Q-22 Change Assets Under Management (BN) 2.4 2.4 1% Cash (2) (MN) 878 887 1% • Leverage (MN) 465 437 6% Net Cash (3) (MN) 414 450 9% Leverage %(4) Share Price (AED) 16% 15% 5% 1.15 1.17 2% • Market Capitalisation (BN) 2.9 2.9 2% • Higher holding level costs (-AED 2.5m) from portfolio expansion, one-time carry forward of provisions in the prior year and post-covid return to travel Increase in interest and other income (+AED 1.5 MN or 80%), from higher cash deposits following profitable divestitures in 2021, offset by higher finance charges from interest on CMRC acquisition finance (-AED 2.0 MN) Approximately AED 0.9 BN of available cash balances, with a AED 36 MN increase in overall net cash, due to a positive cash movement offset by scheduled debt repayments (1) For a reconciliation of adjusted measures please refer to other financial information; (2) Cash balances include the cash balances of Amanat Holdings PJSC and its subsidiaries; (3) Net cash excludes lease liabilities; (4) Leverage calculated as debt/debt + paid up capital. Share price at quarter end was AED 1.17 vs. AED 1.15 at year- end with overall market capitalization of AED 2.9 BN 10 10#11Portfolio Highlights | Healthcare & Education Platforms QTD Healthcare Investments Income (1&2) AED MN I 13.5 0.2. 17.1 I 14.9 I 14.0 17.0 19.9 17.4 2.5 0.3 15.9 (0.2) (0.2) 0.1 6.7 (3.4) ■ (1.7)|| (2.9) (1.9) (2.8) 0.0 (2.5) (4.2) (5.2) (4.7) | (17.8) (6.8) (6.6) (4.8) (22.6) 2Q20 2Q21 3Q20 3Q21 4Q20 4Q21 1Q21 1Q22 ■Sukoon RHWC CMRC CMRC RE QTD Education Investments Income (1) 45.4 41.5 I 8.5 8.2 31.6 32.6 8.1 8.3 22.7 18.8 7.8 9.5 AED MN 39.7 34.5 8.3 7.9 14.5 10.9 1.3 7.9 15.7 17.0 14.6 14.2 14.0 16.5 6.8 8.5 (13.4) (14.0) (5.4) (10.9) 2Q20 2Q21 3Q20 3Q21 4Q20 4Q21 I 1Q21 1Q22 ■Middlesex ■NEMA NLCS Key Highlights Q1 income of AED 14.0 MN versus prior-Q1 income of AED 2.5 MN or <6x growth, (or AED 13.0 MN vs. a prior-Q1 income of AED 2.0 MN including PPA amortization), driven by: • Impact of full quarter income from CMRC (+AED 9.2 MN, three months of result vs. one month in the prior Q1) Reduced losses at RHWC (+AED 1.7 MN) from 2x growth in revenue, predominantly in OBG and IVF only partly offset by a related increase in costs Income of AED 0.3 MN at Sukoon versus breakeven in the prior Q1, driven by higher revenue from higher average daily rates Key Highlights Q1 income of AED 32.6 MN vs. a prior-Q1 income of AED 31.6 MN, growth of 3% (or AED 30.7 MN vs. AED 29.7 MN including PPA amortization), driven by: Improved performance at Middlesex (+AED 2.5 MN or 18%) from 16% growth in student numbers driving 10% growth in academic revenue Post covid revenue and cost normalization at NEMA Holding (-AED 1.8 MN or 19%) (1) Income from Investments excludes PPA amortization and gain/trading results from divested entities (2) Finance charges in relation to the Royal Hospital for Women & Children have been reclassified from platform income to finance charges in the current period. The prior period has been restated accordingly. 11#12Standalone Balance Sheet AED MN 31-Dec-21 31-Mar-22 Change Middlesex University Dubai 404 388 (17) NEMA Holding 377 384 7 • Key Highlights AED 117 MN decrease in net assets mainly driven by: North London Collegiate School - Real Estate 421 417 (3) Education Platform Investments 1,202 1,189 (13) Cambridge Medical and Rehabilitation Centre 931 946 15 Increase in other current liabilities, mainly driven by the dividend payable of AED 150MN, paid subsequent to the quarter-end Cambridge Medical and Rehabilitation Centre - RE 52 52 (1) Sukoon International Holding Company 129 129 0 Royal Hospital for Women and Children 59 56 (4) Healthcare Platform Investment 1,171 1,182 11 Begin 19 19 0 Increase in non-current assets (AED 13 MN) mainly driven by RHWC capital contribution (AED 15 MN), quarterly platform income (AED 44 MN), partly offset by dividend receipts from Middlesex (AED 32 MN) and rental collections from NLCS (AED 12 MN) Other Non-Current assets 44 59 15 Total Non-Current Assets 2,436 2,449 13 Cash and Bank Balances 782 786 4 Decrease in bank borrowings (AED 10 MN) due to scheduled quarterly amortization re acquisition finance associated with the CMRC acquisition Other Currents Assets 31 30 (1) Total Current Assets 812 816 3 Total Assets 3,248 3,265 16 • Retained Earnings movement was AED (118) MN due to the dividend payable of AED (150) MN, partly offset by AED 32 MN net profit for the quarter Share capital, premium and statutory reserves 2,548 2,550 2 Fair Value Reserve (22) (23) (1) Other Reserve (18) (18) 0 Retained Earnings 263 145 (118) Total Equity Attributable To The Owners Of The Company 2,772 2,655 (117) Bank Borrowings 388 378 (10) Other Non-Current Liabilities 22 22 (0) Total Non-Current Liabilities 410 400 (11) Other Current Liabilities 66 210 144 Total Current Liabilities 66 210 144 Total Liabilities 476 610 134 Total Equity And Liabilities 3,248 3,265 16 12#1303 Strategic Outlook#14Strategic Outlook | FY-2022 1 3 ་ Scale newly launched campuses in DIAC (MDX) and Al-Ain (ADU) ▸ Launch ed-tech & e-learning initiatives ▸ Explore new sectors such as Special Education Needs and K-12 ▸ Assess international expansion options Through underlying growth, strategic expansion and the implementation of Amanat's corporate strategy, develop IPO ready platforms in 2023 and beyond, across PAC, Higher Education, K-12 and Social Infrastructure Education Portfolio 2 Platform Growth 4 5 At quarter-end, Amanat's cash position was c.AED 0.9BN, which when combined with potential debt results in capital for deployment in excess of AED1.0BN, with further potential to grow AUM's Balance Sheet ▸ Complete phase 1 of 100-bed expansion of Sukoon by 2Q22 ▸ Strategic integration of PAC platform ▸ Expand CMRC facilities in KSA & UAE Introduce new service lines & diversify client base Healthcare Portfolio Maintain balanced portfolio of majority-owned / significant influence investments Drive debt-funded deployment and portfolio growth Derive value from current and future investments to grow bottom line of underlying portfolio from AED 103.4MN recorded in FY-2021 Transactions Returns ▸ Implement dividend policy ▸ Develop ESG roadmap and strategically integrate ESG across all portfolio companies Shareholders Explore opportunities in new territories to drive further growth and build presence in key regions Geography 14 14#15Recap | Why Invest in Amanat? The only publicly listed healthcare and education investment company in MENA Access to a diversified portfolio of market leaders in resilient sectors A profitable business with a strong track record of generating solid returns Operating in a region with favorable demographics supportive of demand-led growth Active portfolio management as an influential shareholder with clear strategic objectives Strong balance sheet with dry powder to deploy and create scalable investment platforms for future monetization 15#1604 Healthcare Platform Update Business activity of company and subdivisions 700#17Healthcare Platform | CMRC CMRC Post-Acute Care & Rehabilitation Feb. 2021 Cambridge Medical & Rehabilitation Center كامبريدج مركز الماية الطبية وإعادة التأهيل UAE & KSA Stake: 100% Investment AED 873 MN Cambridge Medical and Rehabilitation Centre (CMRC) is a provider of specialized rehabilitation and long-term care, with facilities in Abu Dhabi and Al Ain in the UAE, and Dhahran in Saudi Arabia. CMRC provides multidisciplinary and intensive rehabilitation for individuals suffering from a range of medical conditions such as strokes, brain or spinal cord injuries, or congenital conditions including Cerebral Palsy. CMRC is accredited by the Joint Commission International and Commission on Accreditation of Rehabilitation Facilities, the pre-eminent bodies for healthcare quality in the world. CHRC Investment Thesis Specialized healthcare provider offering best-in-class capabilities and clinical quality in post acute care services including long term care, rehabilitation and homecare; Large supply and demand gap in the GCC estimated at c. 4k and 20k beds in the UAE and KSA respectively; Attractive market segment with strong market fundamentals conducive to growth, supported by ageing population, increased life expectancy and prevalence of chronic diseases; and ✓ Proven, cohesive and experienced top management team. الركامبريدج للطلب وإعادة التأميل OGE MEDICAL ITATION CENTR NOTE PORED COL السلطة التجمع ASSEMBLY PONT 17#18Healthcare Platform | CMRC Financial and Operational Review | Period Ended 31st March 2022 Revenue | AED MN (1) 24.9 1Q21 EBITDA | AED MN (1) Financial Performance 72.1 1Q22 Significant year-on-year growth through inclusion of 3 months of result in 1Q-2022 vs. only one month in the same period last year • On a like-for-like basis net profit is in line with the prior year with overall revenue growth of 1%, offset by post COVID cost normalization Ramp-up of KSA Dharan facility continues with 70% occupancy delivered in March-2022 vs. 40% in March-2021 moving the facility close to EBITDA breakeven for the full quarter In the UAE, onsite expansion opportunity in Al Ain to add additional inpatient and outpatient capacity underway, and new Abu Dhabi outpatient clinic under renovation Net Cash / (Debt) AED (302.8) MN (2) 31 Mar. 2022 ✓ Completed Initiative Ongoing Initiative 30.0% 22.0 Action Plan 32.0% 8.7 1Q21 1Q22 EBITDA Margin Net Profit | AED MN (1) (3) Corporate Strategy • Expand in UAE from existing base into Dubai and/or Northern Emirates → Al Ain facility onsite expansion to add additional 10+ inpatient beds and outpatient capacity • Expand in KSA from existing base into a new facility in KSA (Eastern Province, Riyadh, Jeddah) Launch new services (e.g., Sports Medicine, Orthopedic Surgery, Mental Health) ✓ Achieve Patient Satisfaction Score of 90% 22.0% 15.9 Corporate Finance Evaluate optimal capital structure and funding options for expansion plans 27.0% 6.7 Corporate Governance ✓ Approve Delegation of Authority ✓ Develop financial and operational KPIs to track Management performance 1Q21 1Q22 Net Profit Margin (1) 102021 includes the month of March only (2) Excluding third party lease liabilities of AED 76 MN (3) Excluding finance costs associated with acquisition finance 18#19Healthcare Platform | Sukoon Sukoon Provider of Long-Term Care Aug. 2015 & Feb. 2016 Sukoon IEC المركز الدولي للرعاية الممتدة Istemotional Extended Core Centre KSA Stake: 33.25% Sukoon International Holding Company ("Sukoon") provides post acute extended care and critical care medical services to patients who are no longer suited for care within a traditional hospital setting. International Extended Care Center (IECC), Sukoon's flagship JCI-accredited facility located in Jeddah, has current capacity of 130 beds with plans to increase physical capacity to up to 230 beds. Investment AED 161 MN Investment Thesis Specialized healthcare provider offering best-in-class capabilities and clinical quality in post-acute care services including long term care and home care; Large supply and demand gap in KSA at c. 20k beds; Attractive market segment with strong market fundamentals conducive to growth, supported by an ageing population, increased life expectancy and prevalence of chronic diseases; and ✓ Market leader in the Western Province of KSA. 19#20(1) Healthcare Platform | Sukoon Revenue | SAR MN (1) 86.6 84.7 20.1 20.9 Financial and Operational Review | Period Ended 31st March 2022 Financial Performance 4% year-on-year growth in revenue, driven by favorable patient mix, with higher volumes of acuity patients, more than offsetting a marginal decline in census due to the ongoing facility expansion works SAR 2.7MN of EBITDA delivered in 1Q-2022, up from SAR 2.2MN in the same period last year, driven by revenue increases and effective cost management increasing margin to 13% vs. 11% in the prior year Facility renovation works to expand bed capacity by c100 beds in progress FY20 FY21 1Q21 1Q22 EBITDA | SAR MN (1) Net Cash (Debt) SAR 91.6 MN ✓ Completed Initiative Action Plan 12.1% 11.0% 13.0% 10.2 2.2 (63.8) FY20 FY21 1Q21 EBITDA Margin Net Profit | SAR MN (1) 2.7 Corporate Strategy 1Q22 Corporate Finance 31 Mar. 2022 • Ongoing Initiative ✓ Complete facility redesign and renovation to improve patient flow and increase capacity Complete Phase 1 of facility renovation by 2Q22 Introduce new service lines such as homecare and training programs → Diversify client base and contract with new payors Implement new ERP system → Fund facility renovation and growth plans from available cash and internally generated funds, explore additional sources of funding as required 0.8 0.0 ✓ Maintain JCI accreditation (0.9) Corporate Governance ✓ Maintain CBAHI accreditation (78.2) FY20 FY21 1Q21 1Q22 Includes one-off items of SAR 54.3 MN in FY20 ✓ Develop financial and operational KPIs to track Management performance 20#21Healthcare Platform | RHWC RHWC A World-Class Hospital for Women & Children Aug. 2018 ROYAL HOSPITAL. for WOMEN & CHILDREN Bahrain Stake: 69.24% Royal Hospital For Women & Children ("RHWC") is a specialized world-class hospital for women and children located in the Kingdom of Bahrain. The facility provides end to end holistic care for women including maternity, gynecology, IVF, aesthetic and other surgical services, while also providing general and surgical pediatric services. The facility launched its operations in March 2019 Investment AED 157 MN Investment Thesis ✓ Multi-specialty provider covering the full cycle of maternity including gynecology, IVF, prenatal care, obstetrics, pediatrics, and cosmetic services; State-of-the-art infrastructure (e.g., only private hospital offering NICU level 3 capabilities); Strong local strategic partners aligned on execution and capabilities to fund growth plans; Located in an affluent area of Bahrain with limited competition in the catchment area; and Favorable long-term lease with available land bank for capacity expansion. ROYAL HOSPITAL WOMEN & CHILDREN 21 21#22Healthcare Platform | RHWC Revenue | BHD MN 1.2 3.1 1.0 Financial and Operational Review | Period Ended 31st March 2022 Financial Performance 2x growth in revenue on the back of strong performance across IVF, Pediatrics and OBG Significant narrowing of EBITDA losses to only BHD 0.1MN in 1Q-2022 Dental department launched, ongoing partnerships with key players in aesthetics and with visiting doctors Reduced operating leverage through use of revenue share arrangements whilst facility remains in its ramp-up phase 0.5 Net Cash / (Debt) FY20 FY21 I 1Q21 1Q22 Action Plan EBITDA | BHD MN (2.0) I (0.1) (0.4) Corporate Strategy (1.0) FY20 FY21 1Q21 1Q22 Net Loss | BHD MN(2) Corporate Finance BHD (7.1) MN(1) Completed Initiative Launch of the Cosmetology and Bariatrics departments 31 Mar. 2022 Ongoing Initiative ✓ Establish in-house laboratory service to improve lab referral volume and overall patient experience ✓ Launch tie-ups with renowned physicians to perform procedures at RHWC on a visiting basis ✓ Expand offering to allow visiting consultants to perform surgical procedures on male patients ✓ Launch "Pediatric Centre of Excellence" Repurpose existing space to allow addition of at least 5+ OP consultation rooms Improve Working Capital Cycle ✓ Hire an independent management team to drive the Company through the next phase of growth ✓ Develop financial and operational KPIs to track Management performance Corporate Governance (0.4) (0.6) ✓ Obtain National Healthcare Regulatory Authority Accreditation (2.0) (3.0) FY20 FY21 1Q21 1Q22 (1) Excluding lease liabilities of BHD 1.9 MN (2) Excluding finance costs associated with debt and shareholder funding 22#23TI!!!! NG OVERVIEW OUR PRODUCT ARE THE MOST TOPULAN OF MASS MARKETING SEUMA 50.25 Update Platform 05 Education#24Education Platform | NEMA NEMA Leading Local Provider Of Higher Education Mar 2018 L NEMA القابضة HOLDING UAE Stake: 35% Investment AED 330 MN NEMA Holding ("NEMA") is specialized in the private higher education field in Abu Dhabi and Al Ain, with recent expansion to Dubai and Al Dhafra Region. With c. 7,000 students and an almost 20-year track record in the market, spanning higher education, vocational and corporate training sectors, NEMA's mission is to become the leading platform in the Arab world for higher education and learning solutions. Investment Thesis ✓ Premier private higher education provider in Abu Dhabi and Al Ain, with the largest market share among private players; Differentiated offering versus other Abu Dhabi based private universities, with a vast and high-quality portfolio of job-relevant programs; ✓ Diversified revenue base (higher education, vocational and corporate training) as well as substantial infrastructure and land bank to support future growth; and ✓ Catering to different price points within the market through Abu Dhabi University and Khawarizmi International College. Abu Dhabi University bolaeol بجامعة ابوظبي Abu Dhabi University 24 24#25Education Platform | NEMA Revenue | AED MN 468.8 533.6 120.6 108.9 Financial and Operational Review | Period Ended 31st March 2022 Financial Performance (*) 10% decline in revenue following post-COVID normalization in credit hours per student due to return of in-person learning and the timing of corporate services contracts Higher G&A from one-time professional fees and post COVID health and safety measures implemented on return to in-person learning Growth in G&A partly offset by direct cost reductions from lower revenues, lower receivables provisioning and an AED 2.2MN one time impact from credit balance releases pertaining to old student's payables FY20 FY21 1Q21 1Q22 Net Cash / (Debt) AED (175.2) MN(1) 31 Mar. 2022 EBITDA | AED MN Action Plan ✓ Completed Initiative Ongoing Initiative 37.4% 33.3% 1 32.0% 31.0% ✓ Launched the College of Health Sciences ✓ Executed cost optimization strategy 177.9 175.3 39.0 FY20 FY21 1Q21 33.3 1Q22 Corporate Strategy -o-EBITDA Margin Net Profit | AED MN ✓ Introduced additional co-ed programs to improve efficiency ✓ Completed construction of the new Al Ain campus ✓ Acquired remaining 49% stake of Khawarizmi Holding Company to reach 100% ownership Screening suitable acquisition targets Introducing new programs/courses • Enhancing the online learning and digitization across the group Developing marketing strategy to increase international student acquisition • Seeking to expand geographical reach of the training vertical within the GCC region Improving utilization of group's real estate assets ✓ Implemented cash management initiative • Optimizing capital structure to fund growth initiatives and improve cost and maturity profile of debt 24.2% 22.1% 23.0% 20.0% 113.4 118.1 Corporate Finance 27.3 22.1 FY20 FY21 1Q21 1Q22 Corporate Governance Focusing on obtaining further academic excellence and recognition • Developing a revised legal structure • Optimizing organizational structure and human capital -NP Margin (1) Net Debt/Cash excluding lease liabilities of AED 8.2 MN | (*) The university's fiscal year ends on 30 August, results are presented based on Amanat's fiscal year ending on 31 December 25 25#26Education Platform | Middlesex University Dubai MDX First Overseas Campus of the Renowned MDX London Aug. 2018 Middlesex University Dubai UAE Stake: 100% Middlesex University Dubai was established in 2005 as the first overseas campus of the internationally renowned Middlesex University in London. Middlesex has a diverse student body of over 4,000 students from 118 nationalities across two campuses providing students from across the GCC and beyond the opportunity to obtain a top quality UK degree, which uses the same validation and monitoring system as the London campus while living in the heart of Dubai. Middlesex University bai Investment AED 419mn Investment Thesis ✓ Unique value proposition of offering high quality education and a leading UK degree at an affordable price point; Demonstrated ability to outperform enrolment growth vs. main competitors and overall market; ✓ Robust financial profile coupled with a cash generative and negative working capital business model; and ✓ Institutionalized corporate structure, internal controls and governance. Middlesexversity Dubai 26#27Education Platform | Middlesex University Dubai Revenue | AED MN 131.6 137.0 Financial and Operational Review | Period Ended 31st March 2022 Financial Performance (*) 49.1 44.1 FY20 FY21 1Q21 1Q22 13% growth in revenues driven by a 10% increase in admission revenues, from 16% growth in enrolments to over 4,000 students International students account for 28% of the student body vs. 23% at the same time in the prior year Positive impact on net profit as top-line growth was only partly offset by increased manpower cost to support higher student numbers, higher marketing spend to drive enrolments and costs associated with the expansion to the new DIAC campus EBITDA | AED MN(1) Net Cash / (Debt) 42.0% 0 Action Plan 29.7% 33.0% 28.4% 39.1 38.9 AED 27.1 MN(2) Completed Initiative 31 Mar. 2022 Ongoing Initiative ✓ Achieved 16% enrolment growth against the backdrop of a challenging macro environment and competitive Dubai higher education market ✓ Became largest KHDA regulated institution for student enrolments in AY 2020-21 ✓ Launched a second campus in Dubai International Academic City in Sep 2021 ✓ Awarded a 5-star rating from the KHDA 20.5 14.5 Corporate ✓ Developed, enhanced and tailored international student admissions and marketing plan FY20 FY21 1Q21 1Q22 Strategy -o-EBITDA Margin Net Profit | AED MN 32.0% 34.0% 23.7% 22.7% Corporate Finance ✓ Launched a host of new virtual events and other recruitment initiatives ✓ Implemented a hybrid delivery model Introducing new programs in line with market needs Continuing assessment of international expansion options as well as domestic business development opportunities to increase market share ✓ Distributed AED 100 MN dividends over the past 2 years (AED 36 MN in Jun 2020, AED 32 MN in Feb 2021 and AED 32 MN in Mar 2022) Optimizing capital structure to fund growth initiatives 31.1 31.1 16.5 14.0 FY20 FY21 1Q21 1Q22 -O-NP Margin ך Reviewing organization structure design Corporate Governance Enhancing internal systems through technology and automation, allowing for an increased speed and accuracy of information and better planning around resources (1) Prior year 1Q-21 includes AED2.9MN of rent expense now recognized below EBITDA as per IFRS 16 (2) Net Debt/Cash excluding lease liabilities of AED 49 MN (*) The universities fiscal year ends on 30 August; results are presented based on Amanat's fiscal year ending on 31 December 27#28NG OVERVIEW TI!!!! OUR PRODUCT ARE THE MOST TOPULAN OF MASS MARKETING SEUMA 50.2 Update Platforms Enabling 90#29Enabling Platform | CMRC Abu Dhabi Real Estate CMRC Abu Dhabi Real Estate Sep. 2021 Real-Estate Cambridge Medical & Rehabilitation Center كامبريدج مركز الرعاية الطبية وإعادة التأهيل. لتعافي عيا UAE - Abu Dhabi Stake: 100% The property leased by CMRC Abu Dhabi comprises c. 6,000 square meters of land and a built-up area of c. 6,600 square meters encompassing 2 three-leveled building blocks with 106 inpatient licensed beds alongside rehabilitation facilities including 14 outpatient rooms, 3 gyms, a hydrotherapy pool and a series of other amenities. Investment AED 53 MN Investment Thesis ✓ The transaction marks Amanat's first investment in healthcare real estate; The acquisition is in line with Amanat's strategy to create a Social Infrastructure Platform ("SIP"); Serves as an enabler for the growth of Amanat's portfolio companies; and ✓ Generates a resilient, consistent, and steady yield. (1) Initial acquisition of AED 46 MN plus additional consideration of AED 7 MN Cutter 480 مركز كامري الطب و إمات الأمل - CAMBRIDORDICAL VALITATE CENTRE TASMACK PERSONAL 48 29 29#30Enabling Platform | NLCS Dubai NLCS Premium IB Curriculum School Jun 2018 Real Estate Assets of North London Collegiate School Dubai UAE Stake: 100% Investment AED 408 MN Amanat owns the real estate assets of North London Collegiate School Dubai ("NLCS"). NLCS was established in 2018, as a premium International Baccalaureate curriculum K-12 school and is one of the top schools in the UK in terms of academic results in the International Baccalaureate for twelve consecutive years. The campus, located in Dubai has a total land area of 38,217 sqm and a built-up area of 41,143 sqm. During the past 4 years, NLCS has significantly ramped-up student numbers to over 1,100 as of Fall 2021. Amanat leases the assets to the operator under a finance lease arrangement. Investment Thesis Diversify Amanat's education investment portfolio into the social infrastructure space; ✓ A stable asset class generating attractive yields and long-term recurring income; ✓ A premier UK education provider with solid academic affiliations and potential to expand and grow the campus; and ✓ Attractive catchment area with growing population and conducive demographics. 30#31Enabling Platform | BEGIN Dubai BEGIN Oct 2020 BEGIN US-based Stake: c. 2% (1) Investment AED 19 MN Education Technology Company Amanat invested in the Series C funding round of BEGIN, a US-based, award-winning, early education technology company. BEGIN's investors and partners include some of the most recognized children's brands including Sesame Workshop, LEGO Ventures, Gymboree Play & Music and Fisher-Price. BEGIN's flagship brand is HOMER, the essential proprietary learning framework for young children. The HOMER Method delivers academic skills like literacy and math, in addition to personal skills like problem solving and social emotional awareness through content that is personalized to kids' interests, age and learning level. Investment Thesis ✓ Diversify Amanat's education investment portfolio into EdTech; ✓ Potential for expansion in the MENA region, with Amanat acting as the strategic partner; Talented and experienced management including CEO Neal Shenoy; with a proven track record of building highly successful businesses; Provides effective research-based products with high quality content developed from top industry experts based on existing and proprietary pedagogy research with proven results of engagement and efficacy; and Partnerships with renowned global household players. (1) On a fully diluted basis, as of the time of acquisition (Oct 2020). Amanat's stake in BEGIN is subject to frequent changes, as the company raises subsequent funding rounds or shares and other dilutive securities for the purpose of acquisitions and employee compensation. 31#3206 Appendix#33Appendix Table of Contents 07 Strategic Roadmap pg. 47 08 09 Divestments pg. 55 Leadership Team pg.58 10 11 12 Share Performance pg. 61 Market Overview pg. 63 Other Financial pg.66 Information 33#3407 Strategic Roadmap 99 5 17-11#35Guiding Principles Amanat has established clear guiding principles to deliver its corporate strategy 1 Invest in both the Healthcare and Education sectors. 2 Establish specialized platforms with operational capabilities as an influential shareholder 3 Grow earnings and improve Return on Investment Achieve a sustainable dividend yield above market average 5 Earmark funds to invest in EdTech and HealthTech 35#36Value Creation Plan To deliver on the strategic objectives set, portfolio performance will continue to be enhanced, capital structure optimized and deployment into high-yielding assets accelerated Current Portfolio Value Creation Plan for Cash & Debt Ramp up of brownfield assets Deploy existing cash Continue to grow top line and improve profitability Future Investments Raise debt financing to be deployed into new investments Prioritize deployment in assets characterized by high, stable and sustainable ROE - dividend yields Assess strategic divestures Re-invest proceeds from sale of assets into higher yielding companies Execute on share swap deals through newly- issued Amanat shares Allocate funds to venture capital, with a view to generate substantial capital gains -high money-on-money multiples 36#37Target Operating Model Amanat's strategy is to invest through specialized platforms which form the basis for further acquisitions, creating value through economies of scale and building larger and more attractive companies for monetization Value Creation Levers 1 Optimization & Synergies 2 Consolidation 3 10 5 M&A & Bolt-on Acquisitions Co-Investors Amanat Amanat to be an anchor investor across each platform Enabling Platforms Education Middlesex Asset Contribution Higher Education University Dubai L NEMA Transactions Enhanced Exit Opportunities Flexible Exit Options 6 (Company / Platform Level) Venture Capital K-12 Investments Social Infra. Platform BEGIN North London Collegiate School Dubai Cambridge كامبريدج Healthcare Sukoon IEC البركة الجمالي الرعاية المولدة و Cambridge كامبريدج ROYAL HOSPITAL WOMEN CHILDREN Long- term Care Mother & Child 37 32#38Platform Focused Strategy Benefits The implementation of a platform-focused strategy presents several advantages enabled by clear designation of roles and responsibilities Benefits for Amanat |中 Provides increased diversity of business models, target customer base and Diversification regulatory exposures, as well as different stages of maturity and growth profile Control and Optimization Synergy Extraction Ability to fully drive strategy and operations through a strong specialized management at the platform level, optimizing operations and enabling partnerships between assets Ability to leverage shared services and marketing channels to realize cost efficiencies as well as revenue and cost synergies M&A Firepower Larger scale provides increased financing capacity to pursue M&A opportunities Opportunistic Restructuring Potential to raise capital at platform level, partnering with minority investors and increasing AUM Multiple Arbitrage Monetization Options Large and well-run integrated platforms command higher valuations than single assets Larger scale, improved business profile, strong management teams, leading market positions, ideally position platforms for liquidity events such as IPOS, investments from premier institutional investors and other liquidity events 38#39The Amanat Value-Add Amanat has an active and hands-on role in its investments by leveraging its broad-based operational teams and centralized expertise A Corporate Strategy Corporate Finance Corporate Governance Develop organic and inorganic growth strategies and improve efficiency of operations. Where possible, develop cross asset integration and synergies Formulate efficient corporate finance strategies, including capital structure optimization and support funding requirements. Lead on execution of opportunistic add-on acquisitions, JVs and PPPs Implement efficient governance and decision- making frameworks by establishing best-in-class processes and policies to ensure long-term, sustainable value creation 39#40Delivery of Strategic Priorities Invest in Healthcare and Education ✓ AED 2.4 billion of Assets Under Management AED 1.1 billion managed in Healthcare, AED 0.8 billion in Education and AED 0.5 billion in Enabling Platforms 418 beds and c.11,000 students across portfolio of 8 assets ✓ Capacity expansion underway at Sukoon Ramp up of 60 bed CMRC KSA facility ✓ MDX DIAC campus & ADU Al Ain new campus opened ✓ c. AED 926 million capital deployed in healthcare in 2021 ✓ Establish Majority Positions in Platforms with Operational Capability Acquisition of 100% of CMRC in February 2021 Acquisition of 100% of the Abu Dhabi real estate of CMRC in September 2021 ✓ Divestment of minority positions in Taaleem (22%) and IMC (13%) in FY-2021 ✓ 5 investments either wholly owned or majority stakes, 2 influential stakes (+30%) and 1 early-stage investment ✓ Launched Social Infrastructure Platform to diversify portfolio Grow Earnings and Improve ROI Record net profit delivered in 2021 ✓ Significant growth in underlying net profit in 2021 and 1Q-2022 ✓ Profitable exit from minority investments in 2021 generating significant return for shareholders (AED 203 million) Achieve Sustainable Dividend Yield above Market Average ✓ Record dividend payout of AED 150 million, representing 53% of profit attributable to equity holders in 2021 40 40#41Building a Portfolio of Leading Assets Established and listed on the Dubai Financial Market (DFM) in November 2014 with a paid-up capital of AED 2.5 billion February Amanat invested a further AED 16.3 MN in Sukoon through a capital increase April Amanat acquired 16.34% in Taaleem Holdings PSC for AED 145.8 MN Amanat shareholders approved 1.5% dividend at company's first Annual General Meeting 2017 2018 March Amanat concluded the acquisition of 35% in NEMA Holding for AED 329.7 MN Amanat shareholders approved 1.727% dividend at company's Annual General Meeting June Amanat acquired the real estate assets of North London Collegiate School Dubai for AED 375 MN August Amanat acquired a 100% stake in Middlesex University DXB for a consideration of AED 419 MN Amanat acquired a 69.3% stake in the Royal Hospital for Women & Children in Bahrain for AED 142.1 MN 2019 2020 February Amanat's shareholders approved distribution of 2.2 fils per share cash dividend at the company's Annual General Meeting October Amanat acquired a c.2% stake n BEGIN a US-based EdTech Company for AED 18.4 MN 2022 March Amanat shareholders approved dividend payout of AED 150 million, equating to 6 fils per or 53% of profit attributable to equity shareholders 2015 May 2016 Amanat acquired 4.14% stake in Al Noor Hospitals Group August Amanat acquired 35% stake in Sukoon International Holding Company CJSC December Amanat sold stake in Al Noor Hospitals Group January Amanat completed the acquisition of a 13.18% stake in International Medical Center for AED 360 MN April Amanat shareholders approved 1.5% dividend at company's Annual General Meeting December Amanat increased its stake in Taaleem Holdings PSC to 21.7% March Amanat shareholders approved 1.5 fils per share dividend at company's Annual General Meeting July Amanat led bolt-on acquisition for 3 medical clinics in Jeddah for IMC October 2021 Amanat to invest an additional AED 33 MN in the NLCS expansion to increase its student capacity February Amanat acquires Cambridge Medical and Rehabilitation Center for AED 873 MN April Amanat divests its 21.7% in Taaleem Holdings for AED 350 MN September Amanat acquires Cambridge Medical and Rehabilitation Center Abu Dhabi Real Estate for AED 53 MN Amanat divests its remaining 13.13% in International Medical Center for AED 433 MN 41#4208 Divestments Jan Feb March April May Nile July Ave Sep 20770 10.95 210.95 20 149.16 25,1 23.26 18.92 1.41% June July Aug Sep E 12.3 27.5#43Divestment | International Medical Center ("IMC") IMC Dec 2016 Best in Class Multi-Disciplinary Hospital المركز الطبي الدولي International Medical Center KSA Stake: 13.13% International Medical Center ("IMC") operates a 300-bed multi-disciplinary tertiary care hospital that serves Saudi Arabia's Western Region and targets the high-end segment of the market. In July 2019, IMC completed the acquisition of a medical complex in North Jeddah, comprised of a primary care center with over 100 highly qualified doctors; a state-of-the-art radiology center; and a stand-alone day-care surgery center with four ORs. Investment AED 361 MN Divestment Thesis Divestment Highlights ✓ Strategically aligned with target operating model Exited minority position to potentially reallocate funds in high yielding assets with a majority or influential stake Despite strong market position, market challenges resulted in a muted growth in earnings The multiple expansion from 10x to 15x indicates the value of exit achieved ✓ Preserving value and divesting at a profit Challenging exit given illiquidity, size of stake and influential position in a private company Exited at an estimated multiple of c. 15x EV/EBITDA on LTM Jun21 vs. entry multiple of 10.3x in FY2016 The divestment is strategically beneficial for shareholders Total cash returns of circa AED 100 million (including dividends) Gain on sale of AED 42.6 million; Cash-on-cash return of circa 1.3x and unlevered IRR of 5% 43 33#44Divestment | Taaleem Holdings Taaleem Apr 2016 & Dec 2017 táaleem inspiring young minds UAE Stake: 21.7% Leading Provider of K12 Education in the UAE Taaleem Holdings Psc ("Taaleem") is one of the largest providers of early learning, primary and secondary education in the UAE with approximately 8,800 students spread across 9 institutions, seven of which are located in Dubai and two in Abu Dhabi. It enjoys a reputation for premium education across multiple curricula, including British, American and International Baccalaureate, as well as a multi-lingual early childhood program Investment AED 198 MN Investment Thesis Investment Thesis ✓ Strategic divestment of minority stake ✓ Financially attractive exit for Amanat with strong returns Opportunity to recycle cash & invest in value accretive influential stakes in healthcare and education ✓ Adds balance sheet bandwidth to explore and seize on investment opportunities that are more coherent with Amanat's target platform operating model ✓ Built successful track record of investing in K-12 Amanat has completed its first exit from its education portfolio since inception ✓ Divestment of its 21.7% stake in Taaleem delivers expected net gain on sale of AED 160 MN as net income in 2Q-2021 Sale has generated strong returns with an IRR of 21% and MoM of 2.2x ✓ Transaction is in line with strategic objectives to grow platforms and focus on influential stakes ✓ The divestment is a testament to Amanat's capabilities in buying, developing and selling investments that create shareholder value. Our investment mandate will remain focused on K-12 and Higher Education as well as specialized healthcare including post-acute care 44#4509 Leadership Team#46Board of Directors Mr. Hamad Alshamsi Chairman Highlights • Wealth of business experience that spans more than two decades; ⚫ CEO of a private investment company specializing in large scale real estate development projects; • Chairman and board member of several government and private entities, including Dubai Islamic Bank, Kuwait Food Company and Marka Holding. Mr. Hamad Alnuaimi Non-Executive Board Member Highlights • Board member on numerous leading investment, real estate and public sector institutions. • Managing Director of His Highness Sheikh Dhiab Bin Zayed Al Nahyan's Office and His Highness Sheikh Nahyan Bin Zayed Al Nahyan's Office. • Executive Director of Ministry of Presidential Affairs and serves as the Chairman of Electronic Stock and Brokerage Co. and the Managing Director at Reem Investments. Mrs. Sara Nooruddin Non-Executive Board Member Highlights • . Head of Private Investments at Osool Asset Management; Serves on the board of a London-based Real Estate company, Aegila Capital Management; She previously served on the Board of Gulf Medical and Diabetes Center. Mrs. Elham Al Qasim Non-Executive Board Member Highlights • CEO of Digital14; • Serves on the boards of International Holding Company and the Khalifa Fund; Previously served as CEO of Abu Dhabi Investment Office (ADIO) and Director of Mubadala Investment Company; • Previously served on the executive leadership team of Emirates Global Aluminum Mr. Dhafer Al Ahbabi Non-Executive Board Member Highlights • An accomplished executive, investor, and entrepreneur with over 25 years experience in managing Investment and real estate; • Chairman of Al Ramz Corporation; • Founder & Chairman of Hameem Investments. Dr. Ali Aldhaheri Non-Executive Board Member Highlights • Over two decades of experience in establishing and launching successful ventures in various industries; ⚫ CEO and Founder of NEMA Holding and Managing Director of Bin Harmal Group; • Chairman and board member of several government and private entities, including Emirates International Hospital, Magna Investment and Al Ramz Cooperation. 46 46#47Executive Management Dr. Mohamad Hamade Chief Executive Officer Highlights Prior to joining Amanat in November 2017, Dr. Mohamad served the roles of Chief Investment Officer at VPS Healthcare, Principal at TVM Capital and lead Associate at Booz and Company. He holds an M.D. and a BSc in Biology from the American University of Beirut, an MBA from Cornell University in the USA, and a Research Fellowship Certificate in ENT Surgery from Harvard Medical School. John Ireland Chief Financial Officer Highlights Prior to joining Amanat in September 2021, John held senior finance, strategy, and business development roles across a variety of industries including real estate, media, and entertainment. He holds a Bachelor of Arts in Business Management from the University of Exeter and is a Qualified Chartered Accountant. Amer Jeambey Head of Healthcare Investments Highlights Prior to joining Amanat in April 2018, Amer spent over a decade gaining investment experience with institutions such as Booz & Company, CPC Africa and Ithmar Capital Partners. He holds a Masters in Financial Economics from the American University in Beirut and an MBA from Columbia University. Fadi Habib Head of Education Investments Highlights Prior to joining Amanat in April 2015, Fadi was Senior Associate in Equity Research at Scotiabank Global Banking & Markets in Toronto, covering publicly-listed Canadian banks and insurance companies for institutional investors. Fadi is a CFA charter holder, and holds a BSc in Engineering, with Honors, from Queen's University in Canada and an MBA from McMaster University in Canada. Sara Shadid Head of Investor Relations Highlights Prior to joining Amanat, Sara was the Head of IR and Corporate Communications at Arabtec Holding and served as Lead Sales and Corporate Access for Renaissance Capital Dubai. She holds a BA with Honors in Political and International Studies & Media and Cultural Studies from Middlesex University in London and is also a certified board secretary and a member of the Middle East Investor Relations Association. Celine Schreiber People Champion Highlights Prior to joining Amanat in September 2021, Celine led the Programs and Research Team at the Pearl Initiative and started her career as an M&A consultant within EY's Transaction Advisory, with a focus on sell- side transactions in retail and healthcare sectors. She holds an MBA from IE Business School in Spain and a master's degree from Vienna University of Business Administration in Austria. 47#4810 Share Performance#49200 180 160 140 120 100 80 60 40 20 0 Nov-14 Feb-15 F May-15 Aug-15 Share Information Nov-15 Feb-16 May-16 IAMANAT Volume 2014 Listed on the Dubai Financial Market (1) Based on the closing price on 26 May 2022 Nov-16 Feb-17 May-17 Share Performance мини Millions 450 Ownership as of 26 May 2022 (5% and above) 7.8% 6.8% 400 10.0% 350 AED 2.5 BN 6.1% 300 Paid-Up Capital 5.6% 250 5.0% 16.2% 200 150 100 50 0 Feb-18 May-18 Nov-18 = May-19 AMANAT Rebased 100 Feb-20 May-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 DFMGI Rebased 100 ■Invest Bank PJSC ■Osool Asset Management Company ■ EMIRATES INVESTMENT BANK Al Salem Company Limited LLC ■Chimera Investment LLC ■H.H. Sheikh Dheyab Bin Zayed Bin Sultan Al Nahyan ■International Capital Trading (LLC) AMANAT Share Information 2,500,000,000 AED 2.5 BN Share Symbol Shares Outstanding Market Capitalization¹ 49 49#5011 Market Overview " N $21.3 $21.7 $19.0 $17.4 15% $17.9 $25.4 10% 1596 15% 11% 13% $5.19 $11.7 $4.48 $5.29 6% $3.96 $4.34 $5.6 $2.26 $1.35#51Strong Market Fundamentals | Healthcare Across the GCC, a growing and simultaneously ageing population, and the increasing prevalence of lifestyle diseases, has seen healthcare quickly climb the ranks and become a top priority for the region's governments as they strive to diversify their economies away from a reliance on oil. Sizable and Growing Market Total Worldwide Healthcare Expenditure (1) | USD BN (%) Healthcare Expenditure GCC Healthcare-related Expenditure (2) | USD bn 7.3% 50% 76 5.5% 5.4% 7,544 60 279 5,793 196 3.5% 4,175 3,509 2,279 1,745 North America Western Europe 2017 2022e Global --% CAGR MENA Shifting Demographics Population Aged 65+(3) | mn, % of total (1) 2013 89 2019 2022 Prevalence of Lifestyle Diseases Diabetes Prevalence in Population aged 20 to 79(4) | % 19.3% 17.6% 12.7% 16.2% 7.6% 5.7% 754 609 517 2019 2030 2050 15.2% 14.6% 14.0% 10.4% 9.8% 9.2% 5.2% 4.8% 4.5% MENA North America Europe 2021 2030 2045 Africa Source: Deloitte Global Healthcare Outlook 2019. (2) Source: KPMG. (3) World Population Prospects, 2019. (4) IDF Atlas Factsheet 2021: MENA 51#52Strong Market Fundamentals | Education In recent years, an increasingly favourable operating environment coupled with the region's solid demographic profile, has seen the GCC's K-12 and higher education sector represent an increasingly attractive investment opportunity for international investors and school operators. Growing Population Across the GCC GCC Population (1) | mn Growing Student-Age Population Under 15 GCC Population in GCC(2) | mn 63.6 62.1 60.8 59.4 58.1 56.8 16.4 16.1 15.7 15.4 15.0 14.7 2018 2019e 2020f 2021f 2022f 2023f 2018 2019e 2020f 2021f 2022f 2023f Increasing Government Resources Dedicated to Education GCC Government Education Budget, 2019 (3) | % of total spending GCC Enrolment Trends Total Enrolments Progression | '000 17.5% GCC Average 13% 17.1% 12.2% 12.4% 15.0% 10.4% 11.0% 9.3% Bahrain Kuwait Oman Qatar KSA UAE US UK 1.7% CAGR 4.1% CAGR 1,646 979 1,282 7,940 8,322 10,134 387 227 344 753 900 786 288 1,112 946 247 362 2012 2018 2023f Bahrain Kuwait Oman Qatar KSA UAE (1) Source: IMF, World Bank. (2) Source: IMF, World Bank. (3) Source: Ministry of Finance & Ministry of Education of respective countries. (4) Source: UNESCO, Statistics authorities of respective countries, GFH Analysis 52 62#5312 Other Financial Information פכככמד 5 2 Earnings per share: Basic + Diluted BUSINESS Weighted average shares outstanding: Basic Diluted Cash dividends declared per common share 5.795 9.775 IM 1 S 8,402 8.497 570 8391 KARS 5306 0.40 5 032 5000 4,000 3,000 2,000 1,000#54Financial Performance | Detailed Profit and Loss AED MN Middlesex University Dubai NEMA Holding y North London Collegiate School - Real Estate Purchase Price Amortisation Education Platform Income Cambridge Medical and Rehabilitation Centre Cambridge Medical and Rehabilitation Centre - Real Estate Sukoon International Holding Company Royal Hospital for Women and Children" (2) Purchase Price Amortisation Healthcare Platform Income Total Platform Income Share of Prior Period Trading Result Other Income Interest and Investment Income Total Income Holding Level Costs Portfolio Management Costs Finance Charges (2) Transaction Related Costs Net Profit Adjusted Net Profit (1) 1Q-21 1Q-22 Change 14.0 16.5 18% 9.5 7.8 (19)% 8.1 8.3 3% (1.9) (1.9) 0% 29.7 30.7 3% 6.7 15.9 136% 0.0 0.3 0% (0.0) 0.3 >100% (4.2) (2.5) 41% (0.5) (1.0) (102)% 2.0 13.0 547% 31.7 43.7 38% 8.5 0.0 (100)% 0.6 0.6 0% 1.2 2.6 122% 42.0 46.9 12% (8.3) (10.7) (30)% (0.4) (0.4) 1% 141 (1.8) (3.8) (107)% 0.0 (0.1) 90 0% 31.5 32.0 2% 23.1 32.1 39% (1) For a reconciliation of adjusted measures please refer to other financial information (2) Finance charges in relation to the Royal Hospital for Women & Children have been reclassified from platform income to finance charges in the current period. The prior period has been restated accordingly. 54 54#55Financial Performance | Detailed Profit and Loss by Quarter AED MN Middlesex University Dubai 1Q-21 2Q-21 3Q-21 4Q 21 FY 21 1Q-22 14.0 17.0 (14.0) 14.2 31.1 16.5 NEMA Holding 9.5 14.5 (5.4) 22.7 41.3 7.8 North London Collegiate School - Real Estate Purchase Price Amortisation Education Platform Income 8.1 8.3 8.5 8.5 33.4 8.3 (1.9) (1.9) (1.9) (1.9) (7.5) (1.9) 29.7 37.9 (12.7) 43.6 98.4 30.7 Cambridge Medical and Rehabilitation Centre 6.7 17.0 19.9 17.4 61.1 15.9 Cambridge Medical and Rehabilitation Centre - RE 0.0 0.0 0.2 0.2 0.4 0.3 Sukoon International Holding Company (0.0) (0.2) (0.2) 0.1 (0.3) 0.3 Royal Hospital for Women and Children (2) (4.2) (3.4) (2.9) (2.8) (13.3) (2.5) Purchase Price Amortisation (0.5) (1.5) (1.5) 0.1 (3.4) (1.0) Healthcare Platform Income 2.0 12.0 15.6 15.0 44.6 13.0 Total Platform Income 31.7 49.8 2.8 58.6 143.0 43.7 Gain on Disposal 0.0 160.3 42.6 0.0 202.9 0.0 Share of Prior Period Trading Result 8.5 3.6 2.5 0.0 14.5 0.0 Other Income 0.6 0.6 0.6 0.6 2.5 0.6 Interest and Investment Income 1.2 1.2 2.2 3.6 8.2 2.6 Total Income 42.0 215.4 50.8 62.9 371.0 46.9 Holding Level Costs Portfolio Management Costs Finance Charges (2) Transaction Related Costs (8.3) (7.4) (6.9) (12.1) (34.7) (10.7) (0.4) (0.5) (1.1) (1.0) (2.9) (0.4) (1.8) (3.6) (3.6) (3.7) (12.7) (3.8) 0.0 (0.1) (0.7) (19.2) (20.0) (0.1) Non-Recurring Items Net Profit Adjusted Net Profit (¹) 0.0 0.0 0.0 (20.0) (20.0) 0.0 31.5 203.8 38.5 7.0 280.8 32.0 23.1 40.1 (5.9) 46.2 103.4 32.1 (1) For a reconciliation of adjusted measures please refer to other financial information (2) Finance charges in relation to the Royal Hospital for Women & Children have been reclassified from platform income to finance charges in the current period. The prior period has been restated accordingly. 55 55#56Consolidated Group Balance Sheet AED MN Property and equipment 31-Dec-21 31-Mar-22 Change 251 247 (4) Right-of-use assets 118 140 22 Goodwill and intangible assets Investments in associates Finance lease receivables Financial assets at FVOCI Derivative Instrument Total Non-Current Assets Cash and bank balances Finance lease receivables Other current assets Total Current Assets TOTAL ASSETS 1,211 1,209 (2) 506 513 7 383 382 (1) 34 33 (1) 0 0 0 2,502 2,524 22 878 887 9 38 35 (3) • 126 110 (16) 1,042 1,031 (11) 3,544 3,556 12 Share capital, premium and statutory reserves 2,530 2,531 1 Cash flow hedge reserve (2) 0 2 Fair value reserve of financial assets at FVOCI (22) (23) (1) Retained earnings 263 145 (118) Total Equity Attributable to the Owners of the Company 2,770 2,654 (116) Non-controlling interests (1) 1 2 Total Equity 2,769 2,656 (113) Bank financing 392 385 (7) Lease liabilities 107 138 31 Other long-term payables 4 4 0 • Other long-term liabilities 28 28 (0) Total Non-Current Liabilities 531 555 24 Bank overdraft 21 5 (16) Bank financing 52 47 (5) Accounts and other payables 119 98 (21) Dividend Payable 0 150 150 Lease liabilities 17 12 (5) Other current liabilities 35 34 (1) Total Current Liabilities 244 346 102 Total Liabilities 775 900 125 TOTAL EQUITY AND LIABILITIES 3,544 3,556 12 Key Highlights AED 113 MN decrease in net assets mainly driven by dividend payable of AED 150 MN paid subsequent to the quarter-end AED 22 MN increase in non-current assets, mainly driven by: ⚫ Revaluation of the Al-Ain lease facility at CMRC (AED 26 MN) following a contract extension and in line with IFRS-16, offset by current period depreciation Quarterly share of profitable result at NEMA Holding and Sukoon (AED 7 MN) AED 11 MN decrease in current assets, mainly driven by: • . Quarterly collection of outstanding receivables (AED 17 MN) at CMRC Collections at NLCS (AED 12 MN) more than offsetting quarterly finance lease income (AED 8.3 MN) Partly offset by increase in cash balances (AED 9 MN) AED 31 MN increase in non-current lease liabilities mainly driven by: Increase in CMRC Al-Ain facility lease liability following a contract extension (AED 27 MN) Decrease in bank overdrafts and bank financing (AED 21 MN), driven by scheduled amortization payments of the CMRC acquisition finance facility and partial repayment of the RHWC overdraft (facility is fully available post period end) Retained Earnings movement is AED 118 MN due to the dividend payable of AED 150 MN, partly offset by AED 32 MN net profit for the quarter 56#57Statutory to Adjusted Total Income & Net Profit Reconciliation AED MN Total Income (*) Adjustments for: FY19 FY20 FY21 1Q - 21 2Q-21 3Q-21 4Q - 21 1Q-22 112.0 74.2 371.0 42.0 215.4 50.8 62.9 46.9 One-Time Receivable Provision at Sukoon 0.0 16.8 0.0 0.0 0.0 0.0 0.0 Gain on Contingent Consideration re Middlesex (20.1) 0.0 0.0 0.0 0.0 0.0 0.0 Gain on Disposal 0.0 0.0 (202.9) 0.0 (160.3) (42.6) 0.0 Share of Prior Period Trading Result (28.7) (11.4) (14.5) (8.5) (3.6) (2.5) 0.0 8 888 0.0 0.0 0.0 Total Adjustments (48.9) 5.4 (217.4) (8.5) (163.8) (45.1) 0.0 0.0 Adjusted Total Income 63.1 79.6 153.7 33.5 51.6 5.7 62.9 46.9 AED MN Net Profit FY19 FY20 FY21 1Q-21 2Q-21 3Q - 21 4Q - 21 1Q-22 60.0 10.1 280.8 31.5 203.8 38.5 7.0 32.0 Adjustments for: One-Time Receivable Provision at Sukoon 0.0 16.8 0.0 0.0 0.0 0.0 0.0 0.0 Gain on Contingent Consideration re Middlesex (20.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gain on Disposal 0.0 0.0 (202.9) 0.0 (160.3) (42.6) 0.0 Share of Prior Period Trading Result (28.7) (11.4) (14.5) (8.5) (3.6) (2.5) 0.0 88 88 Transaction Related Costs 3.4 10.5 20.0 0.0 0.1 0.7 19.2 0.1 Non-Recurring Items 0.0 0.0 20.0 0.0 0.0 0.0 20.0 0.0 Total Adjustments Adjusted Net Profit (45.5) 15.9 (177.5) (8.5) (163.8) (44.4) 39.1 0.1 14.6 26.0 103.4 23.1 40.1 (5.9) 46.2 32.1 (*) Finance charges in relation to the Royal Hospital for Women & Children have been reclassified from platform income to finance charges in the current period. The prior period has been restated accordingly. 40 57#58Alternative Performance Measures | Explanation Amanat assess the performance of the Group using a variety of alternative performance measures (APMs), including total income and net profit presented on both a "core" and an "adjusted basis". A summary of the statutory IFRS and alternative approaches is included below: Statutory IFRS Alternative Performance Measures - Non IFRS • • Control is achieved when the Group is exposed, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee Non-controlling interests i.e. minority stakes are presented separately in equity in the consolidated statement of financial position and the results and total comprehensive income attributable to the NCI is disclosed in the consolidated statement of profit or loss and consolidated statement of other comprehensive income, respectively Investments in associates are accounted for using the equity method, associates being those entities where over a 20% stake is held and / or significant influence is exercised Under the equity method on initial recognition the investment is recognized at cost and then adjusted for the subsequent share of profit or loss and OCI of the investee. Distributions received reduce the carrying value Investments where there is no significant influence or control, generally where less than 20% stakes are held, are held at fair value • Under the income and net profit approach the net profit of each investment where control or significant influence is exercised is proportionately consolidated e.g. AED 100 earned from a 35% investment would be recognized as net profit of AED 35 Similarly AED 100 earned from a 75% investment would be recognized as net profit of AED 75 Holding company revenues and expenses are recognized 100% A standalone income statement and balance sheet is presented to aid the understanding of the user Net profit attributable to equity holders of the parent and overall net profit is the same in both the statutory IFRS and APM measures 58#59Alternative Performance Measures | Reconciliation Amanat assess the performance of the Group using a variety of alternative performance measures (APMs), including total and net profit presented on both a "core" and an "adjusted basis". A summary of the statutory IFRS and alternative approaches is included below: As per Statutory Financial Statements Share of Net Income from Subsidiaries Share of Net Income from Equity Investments Net Income from Assets Held under Finance Lease Reclass to Holding Income Statement Interest and Finance Income Allocation AED MN Statutory Financial Statements Revenue Direct Costs 130.8 (69.3) (130.8) 69.3 Gross Profit 61.5 (61.5) 0.0 0.0 General and Administrative Expenses (44.1) 32.9 0.0 11.2 0.0 Share of results of associates 7.3 (7.3) Income from finance lease 8.3 (8.3) Other Operating Income Operating Profit/ (Loss) Finance Income Finance Costs NCI APM Financial Statements Middlesex University Dubai NEMA Holding North London Collegiate School - Real Estate 0.8 (0.2) (0.6) 33.8 (28.8) (7.3) (8.3) 11.2 (0.6) 2.6 0.0 (2.6) (6.0) 2.3 3.8 1.6 (1.6) Purchase Price Amortisation - Education Cambridge Medical and Rehabilitation Centre Cambridge Medical and Rehabilitation Centre - Real Estate Sukoon International Holding Company Royal Hospital for Women and Children Purchase Price Amortisation - Healthcare Finance Income Other Income Holding Level Costs Portfolio Management Costs Transaction Related Costs Finance Costs Profit for the Period As Per APM 0.0 | 8 8 8 8 8 888 88 16.5 7.8 8.3 (1.1) (0.8) 15.9 0.3 0.3 (2.5) (1.0) 16.5 7.8 8.3 (1.9) 15.9 0.3 0.3 (2.5) (1.0) 2.6 2.6 0.6 0.6 (10.7) (10.7) (0.4) (0.4) (0.1) (0.1) (3.8) (3.8) 32.0 (0.0) (0.0) 0.0 (0.0) 0.0 32.0 59#60Contacts Sara Shadid Head of Investor Relations [email protected] Claudia Madfouni Marketing Analyst [email protected] Λ Stay Connected amanat.com