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Mashreq Was the First Bank in the UAE To Mashreq INVESTOR PRESENTATION September 2019 Over 50 years… S P I R I T Socially Passionate Respect for Innovative Integrity Transparent Responsible about clients colleagues “To be the region’s most progressive bank enabling innovative possibilities for our clients, colleagues and communities” 2 UAE economy Mashreq heritage Structure and Leadership Mashreq Strategy Investor Presentation Financial track record Trading history, rating and dividends Corporate governance Accolades 3 UAE - Second Largest Economy in the GCC with Promising Growth Prospects UAE - The second largest economy in the GCC Real GDP Growth Potential – 2018-24F (%) Sovereign Rating by Moody's . Second largest economy in the GCC with nominal GDP of USD 428 billion for 2019E A1 Ba1 B2 Aa2 Aa3 Aa2* . Well diversified economy with oil & gas contributing only 2.8 2.9 ~26% of the total GDP 2.4 2.4 2.7 2.2 . Despite volatile oil prices, UAE economy remains strong with current account surplus at 5.9% of GDP for 2019E . Holds 8.0% of the proven OPEC crude oil reserves, primarily concentrated in Abu Dhabi KSA Oman Bahrain Kuwait Qatar UAE . Young population with ~61.1% aged between 25-54 years and a literacy rate of ~95% Nominal GDP per Capita – 2019E (USD thousand) GDP Breakdown by Sector – 2018 (%) Nominal GDP 2019E (USD billion) Oil & Gas 79 762 39 137 428 194 18% 26% Trade 70.3 Financial Corporations 39.8 6% Manufacturing 22.5 25.8 29.1 18.1 Construction 6% Public Admin 11% Oman KSA Bahrain Kuwait UAE Qatar 7% Real Estate Transportation 8% 9% 9% Others* SOURCE: IMF WEO Apr 2019,CIA & OPEC, Moody's. * Represents rating of Abu Dhabi *Others include Agriculture, Utilities, Education, Hotel and Accommodation and Other segments 4 Best Ranked Economy on Ease of Doing Business and Global Competitive Index Among the GCC Nations Current Account Balance to GDP – 2019E (%) Govt. Net Lending/(Borrowings) to GDP – 2019E (%) 7.4 5.9 4.6 9.5 3.5 6.1 -3.6 -0.8 -8.7 -9.9 -8.4 -7.9 Oman Bahrain KSA Qatar UAE Kuwait Oman Bahrain KSA UAE Qatar Kuwait Global Competitiveness Index – 2018-19 Ranking1 Ease of Doing Business – 2018 Ranking2 50 54 97 47 83 92 39 78 27 30 62 11 UAE Qatar KSA Oman Bahrain Kuwait UAE Bahrain Oman Qatar KSA Kuwait 1 Rank out of 137 economies; 2 Rank out of 190 countries SOURCE: IMF WEO Apr 2019, World Economics Forum-Global Competitiveness Index 2018, Trading Economics 5 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 0.4 0.4 0.2 0.2 0.1 0.2 0.1 -0.2 UAE Qatar KSA Oman Bahrain Kuwait UAE Qatar Bahrain Oman Kuwait KSA Highest Ranking in GCC on Control of Corruption Enforcement of Contracts - Ranked Best in GCC Index1 122 128 1.1 0.7 73 77 59 0.4 0.2 9 -0.1 -0.3 UAE Qatar KSA Oman Bahrain Kuwait UAE KSA Oman Kuwait Qatar Bahrain 1 Score ranges from -2.5 (weak) to 2.5 (strong) SOURCE: World Bank – Worldwide Governance Indicators 2018 update, World Bank- Doing Business 6 UAE ECONOMY – MACROECONOMIC OUTLOOK Non-oil growth is supported by strong hospitality and logistics sectors Non-oil growth continues to be steady with PMI remaining Non-oil direct trade flows have witnessed steady growth over the above 50 last few years Emirates NBD UAE PMI index UAE non-oil direct trade flows (AED billion) Increasing rate of growth CAGR 65 Re-exports Exports Imports ’13-’18 1,079 60 1,065 1,072 1,059 1,075 1,025 (1.3%) 57 57 57 215 55 55 56 55 55 55 56 232 244 221 252 217 55 54 3.0%) 55 169 148 132 161 159 172 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec- (1.5%) 685 696 695 18 676 664 636 45 Increasing rate of contraction 40 2013 2014 2015 2016 2017 2018 50 – no change on previous month The hospitality sector, especially in Dubai, is one of the major … along with the logistic sector growth drivers … Dubai Abu Dhabi Hotel guests (million) Air passengers (million) UAE container volumes (TEU million) 18.0 18.6 20.2 21.2 20.4 21.0 15.8 15.9 88 89 16.6 14.9 84 14.2 78 13.2 70 66 11.0 10.0 58 UAE air freight (million tonnes) Dubai Abu Dhabi 5.0 4.4 4.9 25 25 * 3.3 3.4 3.5 3.5 4.1 20 23 22 2.9 3.1 3.2 2.8 2.4 2.8 15 17 2.4 2.5 2.6 2.7 2.3 2.4 2.6 0.6 0.7 0.8 0.8 0.8 0.8 0.1 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 SOURCE: Emirates NBD, Federal Customs Authority, Hotel and Airport authorities of UAE, World Bank, Khaleej Times, National * Estimate for full year 2018 7 UAE ECONOMY – MACROECONOMIC OUTLOOK Consumer borrowing has slowed due to flat employment levels Rents continue to be falling … … as can also be seen in the fall in Dubai property prices over the year Dubai 3Q ‘19 Abu Dhabi 3Q ‘19 Dubai residential sale prices (AED / SQM) YOY % 14,500 2 Rent Rent Rent Rent 14,000 0 (2 ) growth falling growth falling 13,500 (4 ) slowing slowing 13,000 (6 ) 12,500 (8 ) 14,012 14,011 14,008 13,971 13,971 13,937 13,928 13,820 (10 ) Rent Rent Rent Rent 13,532 12,000 13,358 13,128 12,385 growth bottoming growth bottoming 12,804 (12 ) acceler- out acceler- out 11,500 (14 ) ating ating 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Residential Office Retail Hotel Sale price Dubai (LHS) Sale price growth Dubai (RHS) 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 +5% 50 50 51 50 50 48 49 48 49 48 60 46 48 48 338 337 333 311 326 283 55 50 Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep- 19 45 Increasing rate of contraction 40 2014 2015 2016 2017 2018 Sep-19 50 – no change on previous month SOURCE: JLL, UAE Central Bank, Emirates NBD 8 Well Regulated and Diversified Banking Sector Diversified and Highly Regulated Banking Sector GCC Banking Assets – 2018 (AED billion) . As of December 2018, UAE banking sector comprised 49 185% 80% 202% 155% 503% 94% banks 2,878 ‒ 22 National Banks with 743 branches and 2,311 ‒ 27 Foreign Banks with 80 branches 1,430 . Diversified loan portfolio - Real Estate and Construction sector 802 708 accounted for only ~20% of loan book in FY 2018 285 . Well regulated banking system, in line with internationally followed best practices . UAE Banking sector has a long-standing track record of UAE KSA Qatar Kuwait Bahrain Oman Government support during crisis situations Total Banking Assets to GDP Ratio Source: IMF WEO Apr 2019, Central Bank of respective country UAE – Gross Credit and Deposits (AED billion) UAE - Loans by Sector – FY 2018 (%) 1% Mining and Quarrying CAGR 2013- 2018: 5.4% 2% Manufacturing CAGR 2013- 2018: 6.5% 10% 6% Electricity, Gas and Water 1,756 Construction and Real Estate 1,627 1,657 20% 1,575 1,563 1,580 20% Trade 1,485 1,472 1,378 1,421 Transport, Storage and Comm. 1,276 1,279 Financial Institutions 5% 10% Government 12% 5% Personal Loans for Business 9% 2013 2014 2015 2016 2017 2018 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 Largest banking system in the GCC with total assets of AED 2.9 trillion; sound regulatory framework with widespread support from the Government 9 UAE economy Mashreq heritage Structure and Leadership Mashreq Strategy Investor Presentation Financial track record Trading history, rating and dividends Corporate governance Accolades 10 MASHREQ HERITAGE Mashreq is one of UAE's leading financial institutions . Established in 1967 by the Al-Ghurair family Heritage . 52 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 across all lines of business Diversified business case . Most diversified revenue streams with fee and other income contributing ~ 40% of total income; and high degree of geographic diversification with 21% of revenue coming from outside of the UAE . Mix of long serving senior executives and executives with international management expertise Strong delivering a robust growth model management . Led by Abdul Aziz Abdulla Al-Ghurair, Chief Executive Officer for over 28 years and now Chairman team .
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