HOUSING DEVELOPMENT CORPORATION Investors Presentation

6 Healthy balance sheet with strong financial support from the government ☑ HOUSING DEVELOPMENT- CORPORATION Government loans Sovereign guaranteed loans Cash flow from operations Overseas bond markets Breakdown of financing (as of November 2020) Others 3.6% Financing ability ■14 existing loan facilities from the Ministry of Finance (MoF) HOUSING DEVELOPMENT CORPORATION ■ MoF is expected to continue refinancing until HDC becomes financially independent ■ Debt of US$689m (99% of current debt) are either financed or guaranteed by the Government of Maldives ■Largest portion of sovereign guaranteed loans among all SOEs at 34% ■Implicit support by GoM, given existence of cross default clauses in existing agreements (lowest threshold of US$1m) ■Future opportunities for HDC to tap directly onto international bond markets Total debt / Total assets (%) From MoF 14.3% US$695m Sovereign guaranteed 82.1% 26.8% 2018 32.1% 29.7% 2019 11M2020 HDC benefits from healthy capital structure and steady lease income with strong financial support from government Source: Company information, Maldives Ministry of Finance. 22 22

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