EFG Hermes Holding

Investor Presentation I. EFG Hermes Overview EFG Hermes Overview A Regional Champion

EFG Hermes Overview Current Simplified Group Structure

≡ EFG Hermes Holding S.A.E. (“EFG Hermes”) is the region’s premier investment banking firm with on the ground presence in 8 regional markets, and operations focusing on investment banking, securities brokerage, research, asset management, private equity, and commercial banking through its majority ownership in the Lebanese , Crédit Libanais Investment Securities Asset Commercial Research Private Equity ≡ The firm’s workforce exceeds 817 employees (excluding the commercial bank) Banking Brokerage Management Bank ≡ The firm currently has its two largest operations in and the UAE, employing 571 and 106 Egypt Office UAE Office KSA Office Office employees respectively Established 1994 Established 2002 Established 2006 Acquisition 2008 ≡ The firm has a capital base of USD1.3 bn and is listed on the EGX and the LSE with a market Securities Brokerage Securities Brokerage capitalization of c.USD1.4 billion Services Services Securities Brokerage Services Services Securities Brokerage Investment Banking Investment Banking Investment Banking ≡ EFG Hermes has a well diversified shareholder base encompassing several large institutions and Asset Management Asset Management Asset Management Private Equity Research regional HNWI as well as SWFs, namely DFG Private Equity The Bank of New Research Research York (GDRs), 12.5% Crédit Libanais Office Office Financial Office Group, 11.0% Acquired 2010 Established 2007 Acquisition 2010 Acquisition 2008 Well Diversified Commercial Banking Securities Brokerage Shareholder Base Abdel Moneim Al Services Services Asset Management Services Securities Brokerage Services Research Rashed, 7.7% Free Float, 62.3% EFG Hermes (Treasury Shares), 6.4% Strong Platform Capabilities Selected Awards From Key Institutions Investment Banking Brokerage

≡ #1 Investment Banking platform in ≡ Leading brokerage platform in the the MENA region region ≡ Top ranking in Egypt, 2nd in Kuwait, Most Innovative Investment Best Brokerage House in = USD16.6 bn in equity raised; Bank from the Egypt, KSA, and Oman 2013 Best Broker in Egypt 2013 and leading positions in other emeaFinance African Banking = USD52.9 bn of M&A; regional markets 2014 Global Investor/isf Middle East The Banker Magazine Awards Awards = USD4.3 bn of debt ≡ Solid market share across markets transactions where EFG Hermes has presence ≡ Extensive and diversified client base, served by a strong sales and trading team specialized in the region Best Investment Bank in Egypt 2013 African Investment Bank of Best Research Provider Research Private Equity Asset Management Euromoney Awards for the Year 2011 Overall 2013 Excellence African Banker Awards Euromoney Annual Middle East ≡ Ranked # 1 in the Euromoney ≡ One of the region’s leading PE houses ≡ Largest asset manager in the region Equity Research Poll MENA Research Polls in six out of with USD0.6 bn in private equity funds with USD 3.3 bn of AUM dedicated the seven past years ≡ Investments in 36 MENA companies with to the MENA region ≡ Widest coverage of MENA equities 26 exits to date ≡ In the past couple of years, the and economies with a diversified ≡ Completed a USD150 mn exit from division managed some of the best Best Brokerage House in Best MENA Asset Manager Best Brokerage House in the product range Damas generating a cash multiple of performing funds in Egypt, Saudi Egypt 2012 of the Year 2012 Middle East 2010 ≡ 133 companies covered across the 1.8x and a 38% IRR in less than 2 years Arabia and the region Global Banking & Finance Zawya MENA Funds Ranking Banker Middle East Awards MENA region ≡ InfraMed: Largest investment vehicle Review Awards ≡ Covers around 61% of the region’s dedicated to infrastructure in the market capitalization Mediterranean region 3 EFG Hermes Overview Organizational Structure and Board Composition

The Organization Structure

K. Awad Group CEO

K. Ellaicy I. El Sherbini Head of Non-Market Group CFO Operations

S. Yassa/K. Moussa A. El Guindy A. Seif M. Wakeel M. Ebeid/ A. Waly W. Ziada Co-Heads of Private Head of Investment Head of Asset Head of Market Co-Heads of Brokerage Head of Research Equity Banking Management Operations

Board of Directors

Mona Zulficar Non Executive Chairperson

Non Executive Director Executive Director Non Executive Director Non Executive Director Non Executive Director Yasser El-Mallawany Karim Awad Takis Arapoglou Robert Eichfeld Thomas S. Volpe Group Vice- Chairman Group CEO

Non Executive Director Non Executive Director Non Executive Director Non Executive Director Marwan Elaraby Joseph Iskander Ahmed Al Qassim Charles Mcveigh III Ex-CEO of NBG 4

Partner, Shearman & Sterling Director, Dubai Group CEO, Dubai Group Ex-CEO of Samba

Managing Partner Volpe

Chairman, Citi Corporate & IB, Private Banking Partnership EFG Hermes Overview Current Model and Focus

Phase I: Restructuring (May 2013 to March 2014)

≡ Starting May 2013, EFG Hermes Cost Optimization management proceeded with an ≡ Management successfully cut the expense base through a aggressive program that included: (1) the restructuring of the contracts restructuring plan of all senior management; (2) layoff of expensive and that aimed at unproductive staff members; (3) combination and increasing the elimination of certain functions; and (4) the systematic financial strength targeting of all non-employee expenses including rentals, of the company telephones, data and others. and enhancing the sustainability of its profits in a highly volatile market place Return of Cash to Shareholders Sale of Non-Core Assets ≡ As communicated in May 2013, management followed through with ≡ With a number of ≡ Marked by the successful implementation of: (1) the sale of the its plan to return some of the cash from the initiatives mentioned in targets set, almost company’s old HQ in Dokki; (2) swapping one of the floors this strategy by executing the first phase of a buyback program and all phases of this owned in Index Towers in Dubai into a more liquid instrument, returning EGP425 million to shareholders. The scope of the second plan have been and (3) the sale of the majority of the company’s stake in phase of the buyback program is expanded to include share buy-back achieved SODIC; and/or cash dividend distribution with its execution extended till the ≡ Management is also keen to turn all unutilized and unsold end of the second quarter of 2015; assets on the balance sheet into yielding instruments. As was ≡ Management is currently studying reallocating its capital base from the case with the company’s office space in Nile City Towers in traditional businesses to new lines in an effort to enhance returns and which was rented on a 15 year to the European supplement revenues from the current business lines. Union.

Full Balance Sheet Clean-up ≡ Management proceeded to do a full balance sheet clean-up in 2013 with emphasis on impairing all investments that have deteriorated in value whether in Syria, Oman or Kuwait; thereby turning the company’s balance sheet and book value into a true and fair representation starting January 1st, 2014. 5 EFG Hermes Overview Current Model and Focus

Phase II: Growth Strategy (January 2014 – Ongoing)

≡ The second phase of the Maintain Leadership Position in Egypt management’s strategy aims at ≡ EFG Hermes continues to maintain its number one position growing the between brokers; is still the biggest equity asset manager in business and Egypt with excellent performance for the past three years; creating value for executed a number of IBD transactions including most our shareholders in recently the IPO of ACC, the first Egypt has seen in four the coming years years.

≡ As a result of Phase I and II of the strategy, EFG Hermes stock price is up over 100% Diversify Product Range since June 2013 Increase Non-Egypt Operations Especially in GCC ≡ EFG Hermes is currently looking at venues to enter the financing sector; ≡ EFG Hermes’ brokerage business is number one in Kuwait and a business that entails potential synergies with EFG Hermes’ current among the top 10 in the UAE, Jordan and Oman; business model and is a market that is slated to see a lot of growth ≡ Asset Management operation manages over USD1.2 billion of during the coming years; regional equity funds and portfolios; ≡ Areas of interest for EFG Hermes include leasing, consumer finance and ≡ IBD operations have grown extensively in the GCC with: (1) the working capital finance among others; sale of Dubai First last year to FGB; (2) a placement for Exeed; ≡ The Firm is already taking a number of steps towards its first expansion (3) the IPO of Emirates REIT, and (4) the advisory to Al-Futtaim in that segment and it will disclose to the market once appropriate. Group on the acquisition of CMC in .

Expand Operations in Sub-Sahara ≡ The Sub-Sahara African market remains one of the least tapped markets globally with a lot of value in expanding EFG Hermes business there during the coming 12-18 months. The establishment of a hub in that can serve a number of the growing economies of the region is being considered. The choice of partner there will be key 6 EFG Hermes Overview Investment Banking | Unparalleled Execution Track Record in the Arab World and Beyond

Equity & Debt Raising Capabilities Notable Advisory Assignments

In USD billion Egypt Deal Count

Paradise Capital Total 73.8 191 A Leading Egyptian Private Hospital Arabian CementAdvisory on Palm Hills Japan Tobacco Int’l Wadi Degla Al Mokhtabar Labs Egyptian Refining Co Orascom Telecom Advisory on Holding Advisory on Advisory on Advisory on Advisory on Advisory on Advisory on Advisory on Placement of Secondary Advisory on Sale of 100% stake Sale of 52% Stake IPO Stake followed by Rights Issue Acquisition of Merger with Private Placement De-merger of to in Olympic Group Private Placement Capital Increase to (US$ 109,233,590) Al Borg Group OTMT S.A.E Debt 4.3 19 Joint Global Coordinator (US$ 70,000,000) (US$ 86,000,000) Al Nakhla Tobacco (US$ 41,200,000) (US$ 510,000,000) and Book-runner Placement Manager (Not Disclosed) (Not Disclosed) (US$ 2,592,397,686) (US$ 452,000,000) (Undisclosed) Lead Arranger Financial Advisor Financial Advisor Financial Advisor Placement Manager Financial Advisor Financial Advisor Sell Side Advisor May 2014 December 2013 July 2014 April 2014 March 2013 February 2013 August 2012 June 2012 January 2012 September 2011

UAE Kuwait KSA Equity 16.6 88

EFG-Hermes A Consortium of Capital Partners Investors Management Advisory on Advisory on Advisory on Advisory on Advisory on Advisory on Advisory on Emirates REIT Sale of 100% Advisory on M & A 52.9 Emaar Malls Group Advisory on Acquisition of 78.3% Technical Listing 84 Stake of Acquisition of 3rd Acquisition of Sale of 2nd GSM Advisory on Sale of 15% stake in Advisory on stake in on IPO on Sale of 19% Stake in IPO Egyptian a majority and Data License Stake in an IPO GSM License (US$ 660,490,000) Undisclosed (c. US$ 500,000,000) (US$ 164,000,000) Sole Global Incomplete Saudi Bank (US$ 3,457,000,000) M &A Track Record (US$ 1,579,090,662) (US$ 41,000,000) (US$ 201,000,000) (US$ 28,500,000) Sole Financial Coordinator & Incomplete Sole Financial (US$ 151,000,000) Corporate Broker & Joint Financial Co-Lead Manager Advisor Bookrunner Buy Side Advisor Joint Bookrunner Advisor Sell Side Advisor Sell Side Advisor Listing Manager Buy Side Advisor Advisor April 2014 Total 52.9 October 2014 June 2014 March 2014 March 2014 October 2013 June 2013 March 2006 July 2006 December 2006 December 2004 Others 2.0

Consumer Durables 1.1 Tunisia Qatar Sudan Palestine Bahrain Oman Morocco Food and Beverage 1.4 Industrials 2.4 Advisory on Advisory on Advisory on Advisory on Building Materials 3.8 Advisory on 100% Share Swap Advisory on Advisory on Advisory on Advisory on Sale of OT’s 50% Acquisition of Acquisition of a 100% Stake in in Acquisition of a Acquisition of 100% Sale of 35% stake Shareholding in nd Acquisition of 2nd Stake in Acquisition of 2 Stake in Stake in to Financial Inst. Group 5.5 Tunisiana to Qatari License Bahraini GSM Haggar Cigarette& License Tobacco Factory TMT 36.7 Incomplete (US$ 171,000,000) N.A. (US$ 132,000,000) Incomplete (US$ 1,200,000,000) Incomplete (US$ 450,000,000) Incomplete Sole Financial Financial Advisor Financial Advisor Financial Advisor Buy Side Advisor Financial Advisor Financial Advisor Sell Side Advisor Buy Side Advisor Advisor Equity Track Record January 2011 June 2007 October 2011 May 2009 October 2008 November 2007 April 2003 May 2009 April 2009

Total 16.6 Algeria Libya Italy Slovenia Kenya Jordan Iran Others 1.0

Advisory on Consumer Durables 2.1 WIND TELECOM Ownership Jordan Cement restructuring & Advisory on Factories Financial Inst. Group Advisory on Advisory on Re-capitalization Advisory on Advisory on Advisory on Advisory on Advisory on 1.2 Advisory on Sale of 100% Acquisition of a Acquisition of Acquisition of 92% Merger with Acquisition of 35% Acquisition of 98% Sale of 33% Stake Acquisition of 3rd Stake to Stake in 100% Stake in Stake in Oil & Gas 1.2 Stake in stake in to Iranian GSM license (US$ 68,000,000) (East Africa) Building Materials 2.8 (US$25,700,000,000) (US$ 56,000,000) (US$ 423,900,000) (US100,531,225) Incomplete Incomplete Incomplete (US$ 34,000,000) (US$ 88,000,000) Real Estate 3.3 Sell Side Advisor Financial Advisor Financial Advisor Financial Advisor Buy Side Advisor Buy Side Advisor Buy Side Advisor Financial Advisor Sell Side Advisor Financial Advisor May 2010 November 2008 July 2014 April 2011 May 2009 November 2007 April 2014 December 2002 December 1998 January 2009 TMT 5.0 7 EFG Hermes Overview Securities Brokerage | The Leading Brokerage Platform Across the Region Regional Presence, Market Share and Ranking Widest Distribution Network

Europe USA Oman Egypt Dubai Abu Dhabi Kuwait Oman KSA* 40 Clients 173 Clients 4,675 Clients Ranking 1 7 4 2 4 5 UK Kuwait

(1) 105 Clients 21,727 Clients Market 27.3% 11.0% 16.5% 26.4% 18.4% 0.9% Share UAE Our footprint and client base exceeds 101,500 investors (Retail and VIP), 320 HNWI and family office spread 19,689 Clients across MENA as well as 350 foreign institutions and 190 Jordan Qatar Bahrain Morocco Iraq Qatar Ranking 3 N/A N/A N/A N/A N/A 10 Clients GCC institutions (1) Market Asia (Ex. Gulf) Jordan Share 9.2% 9.4% 10.6% 3.3% 3.0% Swaps 5 Clients 5,877 Clients (Launched 2012) South Africa Egypt KSA (1) Market shares for 9M2014 (*) over brokers only – excluding trading 25 Client 49, 257 Clients 330 Clients Average Daily Commissions Fees Contribution by Country Dominant Brokerage Platform

In USD thousand Extensive Presence & Leadership Strong Sales Force Retail Service channels Egypt UAE Kuwait Others Jordan, Others, ≡ 120 sales and traders ≡ EFG Hermes offers its 1% ≡ EFG Hermes is the Arab 282 285 3% dedicated to MENA retail and VIP clients a Qatar, 5% world’s premier equities house, with strong and GCC equities complete trading specialized by client platform including call 44 58 ADX, 10% regional presence and leadership position in type, product and center, customer geography 24 18 Egypt many of these markets service, online, ATMs 184 43% and retail branches 167 70 Unparalleled Corporate Access Diversified Products Online Trading 147 108 43 DFM, 132 125 32 131 121 27 15 21% ≡ Grant access to ≡ Provide flexible product ≡ Our Online trading 26 99 98 24 offering depending on 21 32 21 corporates management platform provides 70 53 market accessibility and clients with all the 31 22 15 18 23 through tailored country 5 26 39 trips and a series of clients’ needs. Examples: resources needed to 14 21 18 28 143 7 18 distinguished Total Return Swaps (9 make investment 10 29 100 Oman, 81 74 conferences in Egypt, countries) and decision. Online trading 62 55 55 60 4% Kuwait, 45 49 36 , UAE, and USA Participatory Notes (KSA) available in Egypt, UAE, KSA, 5% 7% Oman, KSA and Kuwait 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Based on 9M2014 Figures 8 EFG Hermes Overview Research | A Leading Research House

Research Coverage Universe Research Capacity Online via New Portal ≡ EFG Hermes houses an Number of companies industry leading research department that is currently Egypt UAE KSA Oman Others comprised of a team of 33 138 131 133 professionals focusing on 124 120 26 areas including equity 28 22 25 13 23 coverage, economics, and 90 13 13 strategy 18 13 26 38 53 30 51 50 ≡ The department also offers 22 in-depth reports on 23 25 19 23 15 economies, strategy and 16 31 30 sector focused notes 23 23 18 26 2009 2010 2011 2012 2013 Sep-14 ≡ The quality of this team is Market Cap. Coverage by Country Research Coverage by Sector accentuated by the top Covering around 61% of the region’s market capitalization ranking of its analysts during Consumer Energy & the past six years Telecoms 7% Utilities 16% 68% 64% Real Estate 1% 59% ≡ Capping a two-year process, 54% 52% & 46% 45% 43% Hospitality EFG Hermes Research 37% launched its new portal in 30% 0% May 2012, providing access Financials to all research products and Materials 47% 24% a three-year product archive Saudi Abu Dhabi Qatar Oman Dubai Lebanon Kuwait Jordan Egypt Morocco Industrials Research Team Euromoney Poll Rankings 4%

Research House Banking & Finance Strategy Property /Real Estate Telecoms Transport & Shipping Pharmaceuticals Utilities

2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 EFG Hermes 12122111111111 HSBC 31314233322243 _ 57776_5____5=5 NCB Capital 23231222____22 Global Investment House 44443344233334 9 EFG Hermes Overview Asset Management | Diversified Client Base and Product Offerings

Evolution of Assets Under Management Total AuMs Breakdown by Clients Region ≡ 47 professionals across In USD billion three countries (Egypt, UAE and ) Egypt Equity Funds Money Market & Fixed Income with more than 18 Regional Equity Funds Portfolios Asia 0% Others 0% years of investment USA 1% 4.7 experience in the region 4.4 making it the largest 4.2 0.9 and most experienced 0.9 28% on-the-ground team of 0.9 3.3 3.3 3.3 1.0 3.1 any investment 1.0 0.6 0.8 manager in the Middle 1.2 0.9 1.1 0.6 East 0.6 0.7 0.8 2.6 ≡ Loss of AuMs during 2.3 1.8 2.0 1.8 MENA 71% FY2013 has been 1.2 1.1 mainly triggered by the 0.3 0.3 0.2 0.1 0.2 0.2 0.2 change of regulations governing MMFs in 2008 2009 2010 2011 2012 2013 Sep-14 Egypt, which has impacted all Egyptian asset managers Performance of Select Funds 2013 & 9M2014 Total AuMs Breakdown by Investor Type

≡ Markets pick-up in FY2013 9M2014 Tracking Index Performance 2014 was reflected in Others 4% Private Bank 4% AuMs appreciation In %, unless otherwise stated 48.8% 25.5% 48.2% 27.2% ≡ Building on the funds’ Saudia Arabia Equity Fund HNWI/Family Office 12% stellar performance, the 45.1% 26.3% team is increasing its 31.1% MEDA Fund 25.3% Foundation/Pension focus on assets / 44% 26.6% gathering initiatives in 43.7% SWFs 15% 36.6% 25.5% the coming period MENA Opportunities Fund

31.3% 25.9% 29.1% 25.3% Al Waseela Fund

16.7% 11.6% 30.0% Egypt Fund 34.6% Institutions 22% 10 EFG Hermes Overview Private Equity | Large Base of AuMs. InfraMed | A EUR385 mn Long Term Infra Fund Focusing on SEMED

EFG Hermes Private Equity Overview* InfraMed Overview InfraMed Structure EFG Hermes Role

≡ Invested USD652 million in 36 unique investments ≡ Investment ≡ 26 exits with proceeds totaling USD504 million ≡ A EUR 385mn private equity Mgmt/Advisory fund investing in infrastructure including origination, ≡ Total realized gains USD211 million in the Southern and Eastern analysis and execution ≡ Aggregate exit USD IRR 20% Mediterranean (SEMED) region ≡ Portfolio Mgmt ≡ Aggregate exit USD cash multiple 1.7x ≡ Fund has a 14+1 year term including board

Sponsors representation on

that reached first closing in Management ≡ 10 investments in current portfolio projects and day to day

€15mn Egypt Investments May 2010 with EUR 385mn of € 50mn € 20mn € 150mn € 150mn management *Data is for Horus I, EFG CP sponsor commitments ≡ To date, InfraMed invested ≡ Member of the regional Investment II &III and Horus Agri. Fund c.40% of its commitments in Committee investments in Egypt, Turkey Acquisition of 19% EFG Hermes Private ≡ Ad-hoc support for of Damas alongside Equity Exits from and Jordan transactions and MANNAI Damas Co- Co- ≡ Headquarters in Paris with networking Corporation investment investment IRR of 38% local presence in Cairo and agreement agreement particularly on Levant and Cash multiple 1.8x Casablanca initially through for Morocco for March - 2012 March - 2014 advisory and co-investment Egypt Management ≡ Support fundraising agreements with EFG Hermes activities and LP USD85 million USD150 million and CDG Capital Other Co- Other Co- Regional Investments relationship investor investor management Private Equity AuMs ≡ Strong pool of 15+ investment professionals in Paris, Cairo, In USD million Dubai and Casablanca ≡ Founding partner of InfraMed

1,228 Size |€50mn Size |€385mn Size |€100mn ≡ Hold of EUR15 mn 1,125 LP position 1,036 980 Sponsor 665 692 600 Investments to Date

. Country: Egypt Iskenderun . Country: Turkey Tafila Wind . Country: Jordan 2008 2009 2010 2011 2012 2013 Sep-14 ERC . Investment: USD 100mn Port Facility . Stake: c.20% Farm . Stake: 49% Others (c.15% stake) . Capacity: 1.3mn TEU . Capacity: 114MW Telecoms, 9% . Capacity: 4.7MT of light . Total Cost: Not . Total Cost: Not Media & IT Construction & distillates disclosed disclosed 4% Real Estate . Total Cost: USD 3.7bn . Other Stakeholders: . Other Stakeholders: EP Investments Financial 33% . Other Stakeholders: Limak, Garanti, Global Energy, EIB, IFC 4% by Sector Retail KEXIM, DEG, JBIC, IFC & Unicredit and Proparco 13% Qatar Petr. Int.

Food & Agri 17% Oil & Gas 11 20% EFG Hermes Overview Private Equity | Acquisition of a 49% Stake in EDPR in a USD208 mn Leveraged Buyout With Co-Investors

Partnering with the 259GWh 15-Year 33 USD208 mn 132MW 4th Largest Net Annual Feed in Tariff Operational Wind Acquisition Price Net Capacity Generation Arrangement Farms Wind Energy Producer Globally Highlights Transaction Transaction

≡ c. USD208 mn investment for a 49% stake in an operational renewable wind energy GCC Sponsor portfolio encompassing 33 wind farms with a total capacity of 334MW in France in EFG Hermes Holding Investors partnership with EDP Renovaveis (“EDPR”), a global leading renewable energy company (top 5 globally) with 8.5GW installed capacity, and a subsidiary of major Portuguese 95% 5% utility, EDP

≡ The 33 assets have a 15-year Feed in Tariff arrangement with the French government’s Investment majority owned Électricité Réseau Distribution France, which secures the Investment’s Management EFG PE future cash flows by an A+ rated off-taker with quasi-sovereign risk Agreement Lending Acquisition ≡ Approximately half of the USD208 mn will be funded via a long-term acquisition finance Investor SPV EDPR facility secured from two leading European banks. EFG Hermes will provide seed capital of Bank(s) Finance 49% 51% Transaction Overview Transaction approximately USD5 mn for the equity component of the transaction, with the remaining equity provided by investors in the GCC EDPR France

≡ EFG Hermes PE will manage the investment vehicle, while EDPR France will retain Structure Envisaged operational control over the acquired assets O&M Wind Assets Agreement Key Key Advisors ` About EDPR

France 334MW EUR1.4 bn 8.5GW EUR 4.5bn 8.5 GW Portfolio >5k 19.9TWh 2013 Installed Market Cap UK Offshore Under Turbines Generation Canada 30MW Poland 370MW Turnover Capacity (Oct 2014) Development Belgium 71MW ≡ Incorporated in 2007 and first publicly listed in June 2008; EDPR is EDP Group's renewable energy subsidiary (77.5% owned). Post 2013 expansions, EDPR became the 4th largest wind energy company in the world Romania 521MW USA 3,637MW ≡ The Company’s focus on operational excellence led to EDPR achieving one of the highest Italy 70MW levels of performance in the industry, with availability figures well above 97% ≡ The Asset Rotation Program is one of EDPR’s core objectives with the aim of reducing Spain 2,310 MW Brazil 84MW dependence on external funding sources, through selling minority stakes in operational assets Portugal 1,074MW EDPR’s Footprint Geographic and reinvesting proceeds in new projects 12 EFG Hermes Overview Commercial Bank | Crédit Libanais Presence

Lebanon Nationwide Cyprus branches Limassol 67 Iraq Canada branch Canada 1 Baghdad - Irbil Montréal

1 Rep. Office 2 branches

Lebanon Cyprus Iraq

Bahrain

Bahrain Senegal Manama (Credit International) Senegal Dakar 1 branch

Crédit Libanais 1 Subsidiary 71 branches

Crédit International 1 branch

13 II. Overview of Financial Performance In EGP million

Overview of Financial Performance Group | Key Financial Highlights

Group Revenues In EGP million Group Net Profit After Tax & Minority Interest

EGP221 million Egypt Regional normalized net profits excluding 708 the one-off items 2,463 and impairment 552 charges 2,165 407 1,908 1,828 1,690 221 49% 1,528 120 1,431 60 25 In EGP million 69% 71% 69% 47% 61% 75%

51% 53% 29% 31% 39% 31% 25% (540) 2009 2010* 2011 2012 2013** Sep-13 Sep-14 2009 2010 2011 2012 2013 Sep-13 Sep-14 *Includes the capital gain recorded **EGP781 mn one-offs &impairment changes: one-off charges of EGP735 mn & capital gains of EGP24 mn Group Total Assets Total Equity/Capitalization from the sale of stake in Bank Audi In EGP billion Shareholders' Equity Market Capitalization operating expenses of EGP70 mn, impairment 75,457 13.0 67,372 66,425 10.7 59,496 9.6 9.4 52,491 9.2 48,824 8.7 8.7 8.7 8.8 8.2

4.8 5.3 5.0 4.2

10,941

2009 2010 2011 2012 2013 Sep-13 Sep-14 2009 2010 2011 2012 2013 Sep-13 Sep-14 15 Overview of Financial Performance Investment Bank | Business Lines Revenue

In EGP million Brokerage Revenue Asset Management Revenue

≡ Brokerage revenues ≡ The division’s increased 69% Y-o-Y in Management Fees Incentive Fees 9M2014 revenue soared in 9M2014 on strong 464 ≡ Egypt was the largest incentive fees contributor to brokerage ≡ 9M2014 revenues commissions in 3Q2014 207 increased 55% Y-o-Y 377 349 166 163 154 282 97 18 35 240 121 220 117 69 206 In EGP million 105 10 23 28 136 131 110 107 98 95 77

2009 2010 2011 2012 2013 Sep-13 Sep-14 2009 2010 2011 2012 2013 Sep-13 Sep-14

Investment Banking Revenue Private Equity Revenue

In EGP million In EGP million Management Fees* Incentive Fees ≡ The division sealed three landmark ≡ 9M2014 revenues transactions in 3Q2014 declined 25% Y-o-Y 167 in UAE and Egypt 145 144 due to lower fx- gains recorded in ≡ Revenues spiked 260% 134 131 11 9M2014 Y-o-Y in 9M2014 31 122 24 110 106 106 96 80

133 114 43 107 40 27

2009 2010 2011 2012 2013 Sep-13 Sep-14 2009 2010 2011 2012 2013 Sep-13 Sep-14 16

*Includes fx-gains Overview of Financial Performance Investment Bank | Revenue Generation

9M2014 Revenues (1) 9M2014 Breakdown of Fees and Commissions

≡ Core Investment Bank In EGP million operations in the first nine months of 2014 25% were the primary drivers 922 of this impressive yearly growth

≡ Capital markets and Egypt 53% Regional treasury operations 9% 234 47% included EGP97 million one-off gain related to the sale of part of the 18% Investment Bank’s stake in SODIC 80

≡ Revenue generated 10% from regional operations represented 163 47% of fees and 38% Evolution of Investment Bank Revenues commissions in 9M2014 up from 40% in 9M2013, reflecting 96 1,190 management’s continuing focus on 995 growing operations in 922 the GCC 830 668 694 564 349

In EGP million

Brokerage IBD AM PE Treasury Total 2009 2010* 2011 2012 2013 Sep-13 Sep-14

17

(1): Net revenues as per earnings release includes treasury and capital markets income

* 2010 revenue excludes EGP717 milli

on of capital gain booked from the sale of Bank Audi Overview of Financial Performance Investment Bank | The Cost Base

9M2014 Operating Expenses (1) (2) 9M2014 Breakdown of Expenses

≡ Management’s In EGP million continued focus on cost control saw the employee-cost-to- 530 income ratio fall to 43% in 9M2014, far below 28 Other the 70% rate recorded expenses in the same period of 37 25% last year 37 ≡ The fixed portion of the Employee operating expenses is expenses under constant control; 75% while the variable portion reflects the pick- up in the business 164 momentum and higher results Evolution of Investment Bank Expenses

874 799 730 717 665

264 552 530

In EGP million

Holding Brokerage IBD AM PE Total 2009 2010 2011 2012 2013 Sep-13 Sep-14 (1): Some of the business lines’ expenses are booked on the Holding level, thus the above expenses do not entirely capture the (2): Operating Expenses before deduction of taxes and minority interest 18

divisions’ full operating expenses Overview of Financial Performance Investment Bank | Balance Sheet

Investment Bank Balance Sheet as at 30th of September 2014

Assets - Liabilities In EGP million ≡ The balance sheet of EFG Hermes today is well Cash and Cash Equivalents 3,369 capitalized, and unleveraged with significant scope for value Asset Management Seed Capital 834 optimization and returning money to shareholders Private Equity Seed Capital 220 ≡ EFG Hermes enjoys a clean balance sheet since January Fixed Assets and Real Estate 2014, thanks to the 463 management strategy which saw impairment Other Assets charges taken at the end of 50 2013 Receivable (Payables) (1,322)

Goodwill 199

Other Trading and AFS Investment 185

Crédit Libanais 3,296

SODIC 205

Total 7,498

19 Overview of Financial Performance Crédit Libanais | Highlights

$9.0 bn Total Assets

8.8% ROAE (after tax) $2.8 bn Total Loans 14.3% Core Tier-1 (3)

0.7% ROAA $770mn Total Equity (after tax) $7.6 bn Total Deposits 16.0% CAR(Basel II) (3)

$58mn Net Profit $581mn Core Equity after tax (1)

36.3% Loans/Deposits 81.2% NPL Coverage Ratio 62.1% Cost/Income (2) Loans 5.6% Market Share 71 Crédit Libanais branches 1.6% NIM (Lebanon – Cyprus – Bahrain – Iraq) Credit Int’l branch 1 1,633 Employees (Senegal) 290,000 Customers served in Lebanon 85 ATMs across Lebanon All figures are as at September 2014/3Q2014 (1) Annualized 9M2014 Net Profit After Tax (2) Including extraordinary items (3) As at June 2014 20 In USD million

Overview of Financial PerformanceIn USD million Crédit Libanais | Balance Sheet and Asset Quality Highlights

Total Assets Customer Loans Customer Deposits In USD million

2,775 8,972 2,599 7,637 8,359 6,961 7,158 7,948 2,234 6,293 7,174 1,976 6,532 5,646 nU D m linIn %, unlessIn USD otherwise million 5,482 1,654 4,819 1,292

2009 2010 2011 2012 2013 Sep-14 2009 2010 2011 2012 2013 Sep-14 2009 2010 2011 2012 2013 Sep-14 ttdIn %, unlessstated otherwise stated Total Shareholders’ Equity NPL/Gross Loans Provisions/NPL (Coverage Ratio)

Total Equity Preferred Tier 2 Core Equity 99.1% 766 770 96.5%

100 100 619 6.5% 91.1% 561 569 90 89 90 50 91 428 86 87.3% 81.2% 50 84.2% 10 4.7% 576 581 3.9% 478 529 3.9% 425 368 3.4% 3.3%

2009 2010 2011 2012 2013 Sep-14 2009 2010 2011 2012 2013 Sep-14 2009 2010 2011 2012 2013 Sep-14 Source: Bank Information 21 Overview of Financial Performance Crédit Libanais | Profitability, Performance and Capital Ratios

Net Interest Income Operating Expenses Net Profit After Tax & Minority Interest In USD million In USD million Interest Income Interest Expense Net Interest Income Salaries Other Operating Expenses

79 418 442 66 370 397 62 344 69 324 56 65 61 49 47 47 50 127 126 137 122 96 100 52 43 31 31 32 31 28

(243) (228) (243) (276) (292) (305) In USD million 2010 2011 2012 2013 Sep-13 Sep-14 2010 2011 2012 2013 Sep-13 Sep-14 2010 2011 2012 2013 Sep-13 Sep-14

NII versus Non Interest Income RoAE & RoAA (after tax) Capital Ratios (Basel II)

Net Interest Income Non Interest Income RoAE RoAA Tier 1 Ratio Tier 2 Ratio

21.1% 17.0% 27.5% 31.9% 32.4% 30.1% 27.3% 16.0% 14.5% 14.8% 1.3% 4.6% 13.7% 1.7% 14.9% 1.6% 12.9% 2.4% 2.1% 12.1%

8.8% 72.5% 72.7% 68.1% 67.6% 69.9% 1.0% 12.4% 12.1% 13.2% 14.3% 0.8% 11.6%

0.8% 0.7%

2010 2011 2012 2013 Sep-14 2010 2011 2012 2013 Sep-14 2010 2011 2012 2013 Jun-14

Source: Bank Information 22 Disclaimer

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EFG Hermes Holding SAE has its address at Building No. B129, Phase 3, Smart Village, Km 28 Cairo Alexandria Desert Road,6 October, Egypt and has an issued capital of EGP 2,867,422,500

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