Orascom Development Holding - Q1 2018 Results 6 April 2018...of twin houses & villas. Hotels GOP...

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Q1 2018 Results

6 April 2018

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Q1 2018 Key Highlights & Destination Progress Page 3

Q1 2018 Financials and KPIs Highlights Page 7

Q1 2018 Financials and KPIs Appendix Page 13

Agenda

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Key Highlights Q1 2018

Turnaround Strategy Bearing Its Fruits with Significant Increase on the Operational and Financial Level across all

Segments. Revenues grew by 41.1% to CHF 74.1 million, Adjusted EBITDA Increased By 206.3% to CHF 14.7 Million

And Losses Significantly Reduced By 59.2% To Reach Only CHF 5.1 Million.

➢ Net real estate sales increased 2.5 times to CHF 39.8 million in Q1 2018.

➢ Hotels revenues increased by 30.5% to CHF 40.2 million and Gross Operating Profits (GOP) increased by 52.6% to CHF 17.7million vs. CHF 11.6 million.

➢ Town Management revenues increased by 29.8% to CHF 7.4 million.

➢ Adjusted EBITDA significantly increased by 206.3% to reach CHF 14.7 million.

➢ Net losses were tremendously reduced by 59.2% to reach CHF 5.1 million in Q1 2018 vs. CHF 12.5 million in Q1 2017.

➢ Orascom Development Egypt (ODE) entered into a partnership with the Egyptian Government to develop 1,000 feddan inWest Cairo, marking our first foray into the first home market in Egypt.

➢ Successfully sold Citadel Azur Hotel and signed the sale of 3 hotels in Makadi, Red Sea, Egypt both for a total EV of CHF98.5 million.

➢ ODE signed a contract for the sale of its stake in Tamweel Group at a total equity valuation of c. CHF 20.0 million.

➢ Sold 8.2% stake of ODE to a set of strategic investors for a total of c. CHF 33.2 million, reducing our stake to 76.59%.

➢ Finalizing all documentation for the sale 3 hotels in Makadi for EV of CHF 49.0 million and working diligently on our planwith the banks to reduce our debt by c. CHF 56.0 million in 2018.

➢ ODE Distributed a cash dividend of EGP 0.20 per share post the split on June 4, 2018.

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Destinations Progress during Q1 2018El Gouna, Egypt:

▪ Net sales more than doubled to reach CHF 21.3 million in Q1 2018.

▪ In January 2018, we launched Tawila phase III with a total inventory of USD 44.1 million. PhaseIII includes town houses and apartments and sold USD 16.0 million to date.

▪ In April 2018, we launched a new real estate project called “Ancient Sands Villas” with a totalinventory of USD 80.0 million. The launched phase inventory was USD 22.7 million & consistsof twin houses & villas.

▪ Hotels GOP increased by 70.7% to reach CHF 7.0 million vs. CHF 4.1 million in Q1 2017.

▪ Continuing with the renovation works across some of our hotels with plans to be finalizedduring 2018.

▪ Hosted the FIFA World Cup Trophy Tour in March and hosted El Gouna International OpenSquash Championship for men & women along with El Gouna Polo 2018 event in April.

▪ Looking into adding more hotel rooms and possibly a new hotel in 2018/2019

Makadi Heights, Egypt:

▪ We started an aggressive sales and marketing campaign to revive Makadi destination. Welaunched a new project in April 2018 with a total inventory of CHF 11.1 million to date wemanaged to sell and reserve more than CHF 5.5 million.

▪ Opened Makadi Heights club house during Q1 2018.

▪ On track with finalizing all necessary documentation for the sale of 3 hotels in Makadi fora total EV of CHF 49.0 million with cash proceeds of CHF 27.4 million and thedeconsolidation of CHF 14.4 million of debt

▪ Sold Citadel Azur hotel in Sahl Hashish for an EV of CHF 49.5 million. This sale resulted incash proceeds of c. CHF 31.7 million and the deconsolidation of c. CHF 17.8 million ofdebt.

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Destinations Progress during Q1 2018Hawana Salalah, Oman:

▪ Net sales increased by 100% to CHF 6.2 million in Q1 2018.

▪ Hotels revenues increased by 26.0% to CHF 13.1 million in Q1 2018.

▪ Hotels occupancy reached 97% in Q1 18 and GOP increased by 46.3% to CHF 6.0 million vs. CHF4.1 million in Q1 2017.

▪ Started the construction works for 176 new rooms in Al Fanar Hotel, capitalizing on the hugedemand, to be finalized this year.

Jebal Sifah, Oman:

▪ Net sales increased by 55.5% to CHF 8.4 million in Q1 2018 on the back of the great success ofphase 2 of the Golf Lake Residence launched in Nov. 2017 with a total inventory of CHF 18.0million.

▪ Additional pontoons will be installed at the Marina along with an enhanced water taxi servicescheduled to launch in 2018.

▪ Jebal Sifah is set to welcome a new bar, restaurant, supermarket and a fishing charter business.

Lustica Bay, Montenegro:

▪ Net sales increased by 100% to CHF 3.9 million in Q1 2018.

▪ Finalizing the 5-star Chedi Hotel (110 rooms) construction & holding its soft opening in July2018.

▪ Opened the new access road to the marina village and launching the Marina and over 1,000sqm of marina retail in summer 2018.

▪ Progressing with construction of “E” and “B” building clusters comprising 68 apartments duefor delivery in 2018 and early 2019.

The Cove, UAE:

▪ Hotels revenues increased by 19.1% to reach CHF 8.1 million in Q1 2018.

▪ Hotels GOP increased by 28.6% to reach CHF 3.6 million vs. CHF 2.8 million in Q1 2017.

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Agenda

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Business Segments Q1 2018

1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 Q1 2017 figures includes gains in relation to settlement of borrowings in the amount of CHF 6.4mn.3 Town Management includes revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.Revenues increased but EBITDA and Adj. EBITDA losses widened, due to the commencement of operations in Oman and Montenegro. This is usually thecase at first until the appropriate volumes and economies of scale are reached then it turns around positively.

Revenue EBITDA Adj. EBITDA1

(CHF mn) Q1 2018 Q1 2017 Δ in % Q1 2018 Q1 2017 Q1 2018 Q1 2017

Hotels2 40.2 30.8 30.5% 15.9 14.9 15.4 9.3

Real Estate 22.3 12.3 81.3% 5.9 1.7 5.8 1.4

Land - - - - - - -

Town Management3 7.4 5.7 29.8% (2.1) (1.2) (2.0) (1.2)

Tamweel Group 4.2 3.7 13.5% 1.0 1.0 1.0 1.1

Corporate & Unallocated Items - - - (9.1) (14.0) (5.5) (5.8)

ODH Group 74.1 52.5 41.1% 11.6 2.4 14.7 4.8

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Real Estate KPIs Q1 2018

Net value of contractedunits (CHF mn)

Number of contractedunits

Average selling price (CHF/m2)

Country Destination Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17

Egypt El Gouna 21.28 10.06 37 37 2,355 1,594

Fayoum - 0.37 - 7 - 567

Makadi 0.02 0.02 1 1 272 281

Oman Jebel Sifah 8.39 5.45 56 31 1,809 1,852

Salalah Beach 6.19 - 52 - 1,598 -

Montenegro Luštica Bay 3.90 - 7 - 5,998 -

ODH Group 39.77 15.90 153 76 2,176 1,577

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Deferred Revenue Recognition Schedule*

(CHF mn)

Country DestinationDeferred Revenue

Balance2018 2019 2020 2021

Egypt El Gouna 75.26 34.56 40.70 - -

Fayoum 1.58 0.32 0.83 0.33 0.10

Makadi - - - - -

Total Egypt 76.84 34.88 41.53 0.33

Oman Jebel Sifah 26.32 15.45 6.93 3.94 -

Salalah Beach 23.06 8.98 13.47 0.61 -

Total Oman 49.38 24.43 20.40 4.55 -

Montenegro Luštica Bay 19.72 19.16 0.56 - -

ODH Group 145.94 78.47 62.49 4.88 0.10

* Figures are rounded to the nearest decimal point.

* It is also important to note in addition to the outstanding deferred revenue balance; the Group alsohas a deferred interest income CHF 10.2 million.

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Hotel KPIs Q1 2018

Total number of hotel rooms

Number of available rooms

Occupancy for available rooms

(%)

TRevPAR*(CHF)

GOP PAR**(CHF)

Destination Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17

El Gouna 1 2,655 2,645 2,655 2,645 78 71 57 40 29 17

Taba Heights2 2,365 2,365 1,260 818 17 23 7 7 (3) (4)

Citadel Azur 514 514 514 514 70 47 48 30 25 13

Fayoum 53 50 53 50 27 55 28 24 4 (1)

Floating Hotel 27 27 27 27 25 26 164 109 81 47

Total Oman3 971 851 971 851 94 92 158 146 71 55

UAE4 471 346 471 346 79 89 189 218 83 91

Makadi5 1,113 1,113 - -

ODH Group 8,169 7,911 5,951 5,251

1. In FY 17 we transferred 87 hotel rooms of Fanadir and Bellevue into real estate products and in Q3 2017 Ancient Sands hotel room increased by 97 rooms2. During FY 2017, only 4 hotels were operating (Sofitel with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and 100 rooms in Bay View Hotel out of 394

existing rooms). Whereby, only 2 hotels were operating representing 718 rooms in FY 2016.3. In December 23nd, 2017, Al Fanar Hotel extension was opened with 98 rooms, thus brining total number of the hotel rooms to 400 rooms and also 22 new rooms were added to Rotana Hotel,

thus bringing total number of rooms to 422 room.4. In June 2017, we opened 145 new rooms in the Cove Hotel, and transferred 20 rooms into real estate units thus brining total number of the hotel rooms to 471 rooms.5. Our 3 hotels in Makadi were rented to FTI Group since Jan. 2017.

* Financial KPIs are calculated based on the number of available rooms during the reported period of Q1 2018.** Includes all expenses of the hotels in the destinations.

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Current and targeted Debt Maturity Profile for 2018

Current Maturity Profile & Balance in 2018

Cost of Debt is 9.2%

Maturity Profile after ODE Rescheduling + sale of Citadel in 2018

Expected Cost of Debt is 8.5%

Q1 2018 Balance: CHF 344.7 million. Expected FY 2018 Balance Post Egypt Debt reduction & Sale ofCitadel: CHF 299 million.

Cost of Debt is 8.4%

Maturity Profile after Oman Rescheduling

15 14

39

5360

6571

27

1

CF 2018 2019 2020 2021 2022 2023 2024 2025

10 14

3543 42 41

74

39

1

CF 2018 2019 2020 2021 2022 2023 2024 2025

10 1322

32 30 33

71

39

79

CF 2018 2019 2020 2021 2022 2023 2024 2025 -2032

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Agenda

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Destinations KPIsEl Gouna Financials & KPIs Q1 2018 Q1 2017 % ChgHotelsTotal Number of rooms 2,655 2,645 0.4%Occ. for available rooms (%) 78 71 9.9%TRevPAR (CHF) 57 40 42.5%GOP PAR (CHF) 29 17 70.6%

Total Revenues (CHFmn) 13.7 9.7 41.2%Real Estate

Net Contracted Units (CHFmn) 21.3 10.1 110.9%

No of Contracted Units 37 37 -

Avg. Selling Price (CHF/m2) 2,355 1,594 47.7%

Total Revenues (CHFmn) 12.9 7.0 84.3%

Deferred Revenue (CHFmn) 75.3 50.6 48.8%Destination Management Total Revenues (CHFmn) 6.2 4.6 34.8%

Taba Heights Financials & KPIs Q1 2018 Q1 2017 % Chg

Hotels

Total Number of rooms 2,365 2,365 -

Number of rooms available 1,260 818 54.0%


Occ. for available rooms (%) 17 23 (26.1%)

TRevPAR (CHF) 7 7 -

GOP PAR (CHF) (3) (4) (25.0%)

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Destinations KPIsMakadi Heights Financials & KPIs Q1 2018 Q1 2017 % ChgReal EstateNet Contracted Units (CHFmn) 0.02 0.02 -No of Contracted Units 1 1 -Avg. Selling Price (CHF/m2) 272 281 (3.2%)Total Revenues (CHFmn) 0.03 0.04 (25.0%)Destination Management Total Revenues (CHFmn) 0.1 0.07 42.8%

Fayoum Financials & KPIs Q1 2018 Q1 2017 % ChgHotelsNumber of rooms 53 50 6.0%Occ. for available rooms (%) 27 55 (50.9%)TRevPAR (CHF) 28 24 16.7%GOP PAR (CHF) 4 (1) 500.0%


Net Contracted Units (CHFmn) - 0.4 (100.0%)

No of Contracted Units - 7 (100.0%)

Avg. Selling Price (CHF/m2) - 567 (100.0%)

Total Revenues (CHFmn) - - -

Deferred Revenue (CHFmn) 1.6 0.9 77.8%

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Destinations KPIsHawana Salalah Financials & KPIs Q1 2018 Q1 2017 % ChgHotelsTotal Number of rooms 904 784 15.3%Occ. for available rooms (%) 97 96 1.0%TRevPAR (CHF) 160 148 8.1%GOP PAR (CHF) 74 58 27.6%


Net Contracted Units (CHFmn) 6.2 - 100.0%

No of Contracted Units 52 - 100.0%

Avg. Selling Price (CHF/m2) 1,598 - 100.0%

Total Revenues (CHFmn) - 1.6 (100.0%)

Deferred Revenue (CHFmn) 23.1 3.6 541.7

Jebal Sifah Financials & KPIs Q1 2018 Q1 2017 % ChgHotelsTotal Number of rooms 67 67 -Occ. for available rooms (%) 49 38 28.9%TRevPAR (CHF) 126 120 5.0%GOP PAR (CHF) 29 25 16.0%


Net Contracted Units (CHFmn) 8.4 5.4 55.5%

No of Contracted Units 56 31 80.6%

Avg. Selling Price (CHF/m2) 1,809 1,852 (2.3%)


Deferred Revenue (CHFmn) 26.3 32.9 (20.1%)

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Destinations KPIs

The Cove, UAE Financials & KPIs Q1 2018 Q1 2017 % ChgHotelsTotal Number of rooms 471 346 36.1%Occ. for available rooms (%) 79 89 (11.2%)TRevPAR (CHF) 189 218 (13.3%)GOP PAR (CHF) 83 91 (8.8%)


Lustica Bay, Montenegro Financials & KPIs Q1 2018 Q1 2017 % ChgReal Estate

Net Contracted Units (CHFmn) 3.9 - 100.0%

No of Contracted Units 7 - 100.0%

Avg. Selling Price (CHF/m2) 5,998 - 100.0%


Deferred Revenue (CHFmn) 19.7 42.5 (53.6%)

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(CHF mn) Q1 2018 Q1 2017

Revenue 74.1 52.5

Cost of sales (52.2) (39.5)

Gross profit 21.9 13.0

Gross profit margin 29.5% 24.8%

Investment income 2.1 0.9

Administrative expenses (9.3) (9.1)

Adj. EBITDA 14.7 4.8

Adj. EBITDA margin 19.8% 9.1%

Other gains & losses 0.8 1.1

Share of associates losses (3.9) (3.5)

EBITDA 11.6 2.4

Depreciation (5.4) (6.0)

Finance costs (9.0) (7.9)

Income tax expense (2.3) (1.0)

Net losses for the period (5.1) (12.5)

Attributed as follows:

ODH shareholders (7.2) (13.2)

Non-controlling interest 2.1 0.7

Basic EPS (CHF) (0.18) (0.33)

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1

2

3

Notes

Revenues and gross profit increased due to theenhanced operational performance across all businesssegments.

Investment income increased mainly due to:• The increase in real estate cash collection.• Increase in interest income on bank deposits.

Increase in Finance costs mainly due to:• Increase in interest rates Q-o-Q.• Increase in outstanding balance of debts as a result

of FY 2017 capitalized interest.

Income Tax expense increased due to the increase ofthe profitability of the subsidiaries.

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2

4

3

4

Income Statement

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Balance SheetNotes

PPE decreased mainly due to reclassification ofCitadel Azur Hotel as asset held for sale.

Inventory decreased mainly due to the first-timeadoption of the new revenue standard (IFRS 15)as well as increase in the completed anddelivered units.

Asset and liabilities held for sale include thefollowing:• Tamweel Group.• Makadi hotels.• Citadel Azur

Borrowings decreased mainly due to• (-) Payments of CHF 11.5 million.• (-) CHF 17.3 million related to Citadel Azur

Hotel which was transferred as asset andliabilities held for sale.

• (-) FX gain amounting CHF 7.0 million.• (+) Proceeds amounting CHF 5.8 million.

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2

(CHF mn) 31.03.18 31.12.17

Property, plant and equipment 716.5 765.1

Inventory 113.8 127.6

Receivables 111.5 107.0

Cash and bank balances 96.9 99.4

Investments in associates 56.4 60.8

Other assets 87.5 80.8

Non-current assets held for sale 159.5 107.0

Total assets 1,342.1 1,347.7

Borrowings 344.7 374.7

Payables 49.8 51.0

Provisions 65.0 65.6

Other liabilities 219.1 210.4

Liabilities related to assets held for sale

105.9 84.4

Total liabilities 784.5 786.1

Non-controlling interests 151.3 149.1

Equity attributable to ODE shareholders

406.3 412.5

Total liabilities and equity 1,342.1 1,347.7

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1

4

2

3

3

4

1919

Cash Flow Statement

(CHF mn) Q1 2018 Q1 2017

Cash from operations 6.1 (2.3)

Interest paid (3.9) (1.5)

Taxes paid (0.3) (0.5)

Operating Cash Flow 1.9 (4.3)

Payments for PP&E (9.7) (6.0)

Other items 1.2 0.9

Investing Cash Flow (8.5) (5.1)

Change in Borrowings 10.2 18.4

Other Items 1.2 2.0

Financing Cash Flow 11.4 20.4

Net change in cash/equivalents 4.8 11.0

Cash & bank balances beginning ofperiod

100.8 82.2

Effects of FX changes (1.4) (1.6)

Cash & bank balances end of period* 104.2 91.6

Notes

Cash flow from operations and operatingcash flow increased due to the enhancedoperational performance across allbusiness segments during the period.

Payments for PP&E includes paymentsmainly due to the increase inconstruction activities in El Gouna, Omanand Lustica.

Change in Borrowings mainly resultingfrom:(-) Debt repayment of CHF 11.5 million.(+) debt proceeds for CHF 21.7 million.

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2

1

2

1

3

* Includes cash related to assets held for sale.

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Financing profile1

1 All debt figures exclude debt relating to (Assets Hels for Sale Tamweel, Royal and Citadel Azur).2 Equity Ratio = Total Equity/Total Assets3 After the effectiveness of CTIA and the syndication agreements.

Total Debt by Countryin %, as of 31.03.18

Interest Expenses by Currency in %, as of 31.03.18

31.03.18 31.12.17

Equity ratio (%) 2 41.5% 41.7%

Weighted average cost of debt (%)3 9.2% 9.1%

Total Debt by Currency in %, as of 31.03.18

31%

42%

4%

6%

2%15%

EGP

USD

EUR

AED

CHF

OMR

12%

51%7%

8%

22% EGP

USD

EUR

AED

OMR

68%

22%

7%

3%

Egypt

Oman

UAE

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IR dashboard

Investor Relations Contact

Sara El Gawahergy

Head of Investor Relations

Phone EGY: +20 (0)22 461 89 61

Phone CH: +41 (0)41 874 17 11

E-Mail: [email protected]

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IN PARTICULAR, NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OF AMERICA (THE "UNITED STATES") OR TO U.S.PERSONS OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS. NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTEDINTO, OR DISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN, OR TO ANY RESIDENT THEREOF.

ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF UNITED STATES, AUSTRALIAN, CANADIAN OR JAPANESE SECURITIES LAWS. THE DISTRIBUTION OF THISDOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE,ANY SUCH RESTRICTIONS.

THIS DOCUMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION INWHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE AN OFFER OR SOLICITATION. THE SECURITIES OF OD HOLDING HAVE NOTBEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR THE BENEFITOF “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATIONUNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. OD HOLDING NOR ITS SHAREHOLDERS INTEND TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR CONDUCT APUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.

THIS DOCUMENT IS DIRECTED ONLY AT PERSONS (i) WHO ARE OUTSIDE THE UNITED KINGDOM OR (ii) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTSFALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER") OR (iii) WHO FALL WITHIN ARTICLE49(2)(a) TO (e) ("HIGH NET WORTH COMPANIES, UNICORPORATED ASSOCIATIONS ETC.) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). ANYPERSON WHO IS NOT A RELEVANT PERSON MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITS CONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THISCOMMUNICATION RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY EEA MEMBER STATE, THE “PROSPECTUSDIRECTIVE”) THIS COMMUNICATION IS ONLY ADRESSED TO AND IS ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT EEA MEMBER STATE WITHIN THE MEANING OF THE PROSPECTUSDIRECTIVE.

THIS DOCUMENT CONSTITUTES NEITHER AN OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES AND IT DOES NOT CONSTITUTE A PROSPECTUS PURSUANT TO ARTICLES 652aAND/OR 1156 OF THE SWISS CODE OF OBLIGATIONS OR ARTICLES 32 ET SEQ. OF THE LISTING RULES OF THE SWX SWISS EXCHANGE. A DECISION TO INVEST IN SHARES OF THE GROUP SHOULDBE BASED EXCLUSIVELY ON THE ISSUE AND LISTING PROPECTUS PUBLISHED BY THE GROUP FOR SUCH PURPOSE.

THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED TO LEAD TO THE CONCLUSION OF ANY CONTRACT OF WHATSOEVER NATURE, IN PARTICULAR WITHIN THE TERRITORYOF EGYPT, THE UNITED ARAB EMIRATES, KUWAIT, MOROCCO, OMAN AND SAUDI ARABIA.

RoundingNumbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. For presentation purposes, figures are rounded to the nearest decimal place. Percentages, percent changes and absolute variances, however, are calculated based on the exact figures as shown in the financial statements.

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Orascom Development Holding - Q1 2018 Results 6 April 2018...of twin houses & villas. Hotels GOP...

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