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INVESTOR RELATIONS PRESENTATION May 2021

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INVESTOR RELATIONS PRESENTATION May 2021 INVESTOR RELATIONS PRESENTATION May 2021 1 UAE economy Mashreq heritage Structure and Leadership Mashreq Strategy Investor Presentation Financial track record Trading history, rating and dividends Corporate governance Accolades 2 UAE ECONOMY – MACROECONOMIC OUTLOOK UAE Macroeconomic Outlook: Underlying drivers remains Stable; Growth expected to rebound in 2021 UAE – The second largest economy in the GCC Real GDP Growth – 2021-22F (%) ▪ Second largest economy in the GCC with nominal GDP of USD 671 billion (at PPP) for 2021F B+ B+ AA- AA-1 A- AA ▪ Well diversified economy with oil & gas contributing only ~25% of the total GDP 11.0% ▪ Despite volatile oil prices, UAE economy remains strong 3.9% 3.2% 3.4% with current account surplus 2.3% 2.8% 2.5% 3.1% 2.2% 0.6% 1.3% ▪ Holds 8.0% of the proven OPEC crude oil reserves, primarily concentrated in Abu Dhabi (0.5%) Oman Bahrain Qatar Kuwait KSA UAE* ▪ Young population with ~68.0% aged between 25-54 years and a literacy rate of ~94% Sovereign Rating by S&P 2021 2022 GDP Breakdown by Sector – 2019 (%) Current Account Balance to GDP – 2021-22F (%) Crude Oil and Natural Gas 7% 9% 19% Wholesale Retail Trade 25% 1% 3% 3% Manufacturing 5% Financial & Insurance Services (2%)(1%) (5%) (3%) 6% Construction (6%) (6%) 12% 7% Public Administration (13%) 8% 9% Transportation and Storage 9% Real Estate Oman Bahrain Kuwait KSA Qatar UAE Other 2021 2022 Source: IMF WEO Oct 2020, S&P Ratings, CIA & OPEC, Federal Competitiveness & Statistics Authority of UAE Note: * Represents rating of Abu Dhabi; (1) Negative Outlook 3 UAE ECONOMY – MACROECONOMIC OUTLOOK Best Ranked Economy on Ease of Doing Business and Global Competitive Index Among the GCC Nations Current Account Balance to GDP – 2021-22F (%) Govt. Net Lending/(Borrowings) to GDP – 2021-21F (%) 2021 2022 9% 8% 2021 2022 7% 3% 3% 3% 1% (2%)(1%) (4%) (3%) (5%) (4%) (5%) (6%) (6%) (6%) (7%) (8%) (11%) (11%) (9%) (13%) (17%) Oman Kuwait Bahrain KSA Qatar UAE Oman Kuwait Bahrain KSA UAE Qatar Global Competitiveness Index – 2019 Ranking1 Ease of Doing Business – 2019 Ranking2 53 45 46 83 68 77 36 62 25 29 43 16 UAE Qatar KSA Bahrain Kuwait Oman UAE Bahrain KSA Oman Qatar Kuwait 1 Rank out of 141 economies; 2 Rank out of 190 countries SOURCE: IMF WEO Oct 2020, World Economics Forum-Global Competitiveness Index 2019, Trading Economics 4 UAE ECONOMY – MACROECONOMIC OUTLOOK Solid Institutional and Policy Framework as Reflected by Relatively Higher Scores Among the GCC Nations Scores Highest Among GCC on Govt. Among the Best Ranked in GCC on Rule of Law Index1 Effectiveness Index1 1.4 0.8 0.7 0.7 0.6 0.5 0.3 0.3 0.2 0.3 0.2 -0 UAE Qatar KSA Oman Bahrain Kuwait UAE Qatar Oman Bahrain Kuwait KSA Highest Ranking in GCC on Control of Corruption Enforcement of Contracts - Ranked Best in GCC Index1 1.1 115 0.8 69 74 51 59 0.3 0.5 0 9 -0.1 UAE Qatar KSA Oman Bahrain Kuwait UAE KSA Bahrain Oman Kuwait Qatar 1 Score ranges from -2.5 (weak) to 2.5 (strong) SOURCE: World Bank – Worldwide Governance Indicators 2019 update, World Bank- Doing Business 5 UAE ECONOMY – MACROECONOMIC OUTLOOK Consumer borrowing has slowed due to weak economy and flat employment levels Consumer borrowing growth has slowed… … due to flat employment levels Domestic credit to Individuals [AED Bn] Emirates NBD Employment index [#] 65 Increasing rate of growth 0% 47 48 46 48 48 47 49 50 49 48 49 60 45 42 326 338 337 333 330 331 55 50 Mar- Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar- 20 21 45 Increasing rate of contraction 40 2016 2017 2018 2019 2020 1Q 2021 50 – no change on previous month Non oil economy gaining slight traction as PMI slowly edges above …while rents continue to bottom out 50 Emirates NBD UAE PMI [#] Dubai 1Q’21 Abu Dhabi 1Q’21 Increasing rate of growth 65 Average Grade A Average Grade A Office CBD rents down by CBD rents down by 60 2% YOY 2% YOY 52 53 55 50 51 51 51 51 49 50 50 Average rental rates Average rental rates 47 Residential 45 44 down by 10% YOY down by 3.5% YOY 50 Mar- Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar- 20 20 Average rental rates Average rental rates 45 across primary & across primary & Retail Increasing rate of contraction secondary malls secondary malls 40 down 10% down 7% 50 – no change on previous month SOURCE: JLL, UAE Central Bank, Emirates NBD, Property Monitor 6 UAE ECONOMY – MACROECONOMIC OUTLOOK Well Regulated and Diversified Banking Sector Diversified and Highly Regulated Banking Sector GCC Banking Assets – 2020 (AED bn) ▪ As of December 2020, UAE banking sector comprised 48 banks ‒ 21 National Banks with 541 branches (-115 branches vs 2019) 245% 117% 310% 221% 599% 129% ‒ 27 Foreign Banks with 73 branches ( -6 branch vs 2019) ▪ Diversified loan portfolio - Real Estate and Construction sector 3,188 2,914 accounted for only ~21% of loan book in FY 2020 1,683 ▪ Well regulated banking system, in line with internationally followed 882 761 best practices 296 ▪ UAE Banking sector has a long-standing track record of Government support during crisis situations UAE KSA Qatar Kuwait Bahrain Oman Total Banking Assets to GDP Ratio Source: IMF WEO Oct 2020, Central Bank of respective country UAE – Gross Credit and Deposits (AED billion) UAE - Loans by Sector – 2020 (%) 1% CAGR 2015- 2020: 3.7% 2% Mining and Quarrying Manufacturing CAGR 2015- 2020: 5.1% 9% 5% Electricity, Gas and Water 1,870 1,885 1,756 1,759 1,779 21% Construction and Real Estate 1,627 1,657 20% 1,575 1,563 1,580 Trade 1,485 1,472 Transport, Storage and Comm. Financial Institutions 9% 7% Government 5% Personal Loans for Business 15% 7% 2015 2016 2017 2018 2019 2020 Personal Loans for Consumption Gross Credit Deposits Others Source: UAE Central Bank Source: UAE Central Bank Note: Others include loans to Service Sector & Non Profit Institutions/Resident Credit Largest banking system in the GCC with total assets of AED 3.2 trillion; sound regulatory framework with widespread support from the Government 7 UAE economy Mashreq heritage Structure and Leadership Mashreq Strategy Investor Presentation Financial track record Trading history, rating and dividends Corporate governance Accolades 8 MASHREQ HERITAGE Mashreq is one of UAE's leading financial institutions ▪ Established in 1967 by the Al-Ghurair family Heritage ▪ 54 years of experience in the UAE banking and financial services market ▪ Oldest regional bank based out of UAE Publicly listed ▪ Combines the entrepreneurial spirit of Dubai with enduring trade banking relationships across the region ▪ Listed on the DFM on the creation of the local stock exchange Strong ▪ Prominent Regional bank with a presence in most GCC countries and a leading international network regional / with 24 branches / rep-offices in MENA, Asia, Europe and United States international presence ▪ Well positioned to finance regional trade flows ▪ Universal bank offering a comprehensive suite of products and services to individuals and corporates Diversified across all lines of business business case ▪ Most diversified revenue streams with fee and other income contributing ~ 50% of total income Strong management ▪ Mix of long serving senior executives and executives with international management expertise team Strong and supportive ▪ Stable ownership structure backed by strong institutional shareholders ownership ▪ Mashreq has been the flagship business for the key shareholders since its inception in 1967 structure 9 MASHREQ HERITAGE Stable and supportive ownership structure Mashreq’s Leadership Ownership – Al-Ghurair flagship brand ▪ Al-Ghurair families holds the majority stake in H.E. Abdul Aziz Abdulla Al-Ghurair Mashreq (approximately 87%) and are the Chairman founders of the Bank ▪ Chairman of UAE Banks Federation ▪ Al-Ghurair family has a strong commitment to the Vice Chairman of the higher board of DIFC ▪ continued growth and financial solidity of Chairman of Masafi ▪ Mashreq ▪ Chairman of Oman Insurance ▪ Board Member of Emirates Foundation ▪ Al-Ghurair family is one of the oldest and ▪ Former Speaker of the Federal National Council wealthiest families in the UAE – Featured in Forbes billionaire list for over 10 years – Business interests include shopping malls, real estate, cement manufacturing, food industries, Masafi (mineral) water, contracting, trading, retailing, shipping, Key shareholders (March 2021) printing & packaging, aluminium extrusion, building materials, oil refinery, manufacturing, steel and canning 9.6% Saif Al Ghurair Investment LLC Abdulla Ahmed Al Ghurair Inv. Co. ▪ Mashreq’s shares are listed and traded on the 3.6% Masar Investments Dubai Financial Market 3.5% 39.5% Majid Capital 12.7% National Cement Company Other shareholders 31.1% 10 MASHREQ HERITAGE Regional and international banking presence with ~23% of revenues from outside of UAE London New York Pakistan Nepal Bangladesh Kuwait India Hong Kong International Egypt branches Bahrain Financial Institution Qatar branches Representative Offices Centres of Excellence 11 MASHREQ HERITAGE Strong track record in International expansion 10 12 Egypt, London, UAE Pakistan, Hong Kong Bahrain Bangladesh Nepal 2010 1967 1978 1981 2001 1971 1980 1984 2009 Qatar India New York Kuwait 2 7 9 11 Presence in number of countries 12 UAE economy Mashreq heritage Structure and Leadership Mashreq Strategy Investor Presentation Financial track record Trading history, rating and dividends Corporate governance Accolades 13 Simple Organization Structure Board of Directors Nomination & Credit Audit Risk Compensation Group Chief Executive Officer Committee Committee Committee Committee Head of Head of Group Head
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