NAV Quarterly Update Conference Call as at 31 st December

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1 NAV Quarterly Update Conference Call as at 31 st December 2017

2 Presenting team Anthony Taylor Head of Real Estate ENBD REIT Asif Siddique Chief Financial Officer ENBD REIT ENBD REIT Investor Presentation as at 31st December

3 Snapshot As at 31 st December 2017 Offices: 63% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value USD 460m Properties 11 Residential: 21% Alternative: 16% Burj Daman Arabian Oryx House South View School DHCC 49 Remraam Souq Extra Retail Centre Occupancy 87% WAULT 3.5 years Loan-to-Value* 36% Gross yield^ 8.4% * on GAV ^ on property portfolio (gross rental revenue / portfolio value) DHCC 25 The Edge ENBD REIT Investor Presentation as at 31st December

4 Post-listing performance Date 31 st Dec th Sep th Jun st Mar 2017 Property portfolio value NAV* NAV per share* Dividend per share Annualised dividend % on NAV* Annualised dividend % on Share Price Share price USD 460m USD 300m USD USD 0.99 USD 353m USD 295m USD USD 1.00 USD 352m USD 292m USD 1.15 USD % 7.1% USD 1.08 USD 315m USD 297m USD USD 1.17 * On a dividend paying quarter, figures are based on ex-dividend NAV per share. Annualised period refers to ENBD REIT s financial year, ending 31 st March 2018 ENBD REIT Investor Presentation as at 31st December

5 NAV highlights for the quarter 31 st December 2017 Property portfolio value Cash Gross Asset Value (GAV) USD 460m USD 15m USD 468m NAV per share USD 1.18 Net Asset Value (NAV) USD 300m Loan-to-Value (LTV) 36% Gross yield on NAV* 12.12% Net yield on NAV 6.7% Number of shares in issue 254,401,340 *includes cash position ENBD REIT Investor Presentation as at 31st December

6 Portfolio

7 Footprint ENBD REIT Investor Presentation as at 31st December

8 Asset snapshot Office Al Thuraya 1 Media City Acquired: Nov 2006 The Edge Dubai Internet City Acquired: Oct 2017 Burj Daman DIFC Acquired: Jun 2015 DHCC 49 Healthcare City Acquired: Apr 2007 DHCC 25 Healthcare City Acquired: Jul 2007 Overall Office Portfolio Overall Portfolio Market value (AED) 333m 296m 250m 111m 91m 1,081m 1,689m % of portfolio value 19% 17% 15% 7% 5% 63% 100% Net leasable area (Sq. Ft.) 208,565 92,208 87,618 80,808 71, ,233 1,293,017 Occupancy rate 87% 100% 56% 88% 90% 84% 87% WAULT (years) Gross rental yield 10.4% 7.0% 5.2% 10.2% 10.0% 8.2% 8.4%* * Annual contractual rental; excludes cash and debt (gross rental revenue / portfolio value) ENBD REIT Investor Presentation as at 31st December

9 Asset snapshot Residential Binghatti Terraces Silicon Oasis Acquired: May 2016 Arabian Oryx House Barsha Heights Acquired: Oct 2014 Remraam Dubailand Acquired: Sep 2015 Overall Residential Portfolio Overall Portfolio Market value (AED) 144m 139m 81m 364m 1,689m % of portfolio value 8% 8% 5% 21% 100% Net leasable area (Sq. Ft.) 178, , , ,493 1,293,017 Occupancy rate 95% 90% 60% 85% 87% WAULT (years) Gross rental yield 12.6% 8.0% 4.6% 9.0% 8.4%* * Annual contractual rental; excludes cash and debt (gross rental revenue / portfolio value) ENBD REIT Investor Presentation as at 31st December

10 Asset snapshot Alternative Uninest Dubailand Acquired: May 2017 Souq Extra Retail Centre Acquired: Dec 2017 South View School Remraam Acquired: Aug 2017 Overall Alternative Portfolio Overall Portfolio Market value (AED) 126m 90m 55m 271m 1,689m % of portfolio value 8% 5% 3% 16% 100% Net leasable area (Sq. Ft.) 160,264 36, , ,291 1,293,017 Occupancy rate 100% 100% 100% 100% 87% WAULT (years) Gross rental yield 7.8% 9.2% 9.0% 8.5% 8.4%* * Annual contractual rental; excludes cash and debt (gross rental revenue / portfolio value) ENBD REIT Investor Presentation as at 31st December

11 Key tenants ENBD REIT Investor Presentation as at 31st December

12 Recent acquisition Souq Extra (December 2017) Property highlights Souq Extra Phase 1 is an existing 36,027-sqft community retail centre, well situated in Dubai Silicon Oasis. 100% leased to 42 retail tenants including Carrefour Market, KFC, McDonalds and Starbucks. Transaction highlights Phase 1 acquired for AED 84m. Commitment to acquire the adjoining c.45,000 sq ft Phase 2 at completion, with construction due to commence in Q Property to be managed by Souq Extra, with a rental guarantee provided for the first two years following acquisition, at nil cost across both Phases. The acquisition of Phase 1 takes ENBD REIT s LTV up to 36%, which will reach c. 40% upon the acquisition of Phase 2. Property delivers a net return of 8% on cash and 11% on equity. ENBD REIT Investor Presentation as at 31st December

13 Recent acquisition The Edge (October 2017) Property highlights The Edge is a premier 92,000-sqft office building, home to global tech outfit Oracle, social media giant Snapchat, and American education publisher McGraw Hill, acquired on 5 th October 2017 As a prime grade A property, tenants enjoy a central and easily accessible address within Dubai Internet City. 233 parking bays offering high parking-to-office ratios. Transaction highlights The acquisition utilizes ENBD REIT s existing Islamic debt facility, meaning that the property portfolio is running at an efficient Loan-to-Value (LTV) ratio of 32%. Property delivers a leveraged return on equity of 9%. The entire asset will deliver a gross yield of 7.0% and a net yield of 6.6%. ENBD REIT Investor Presentation as at 31st December

14 Financials

15 Funds from operations (FFO) as at 31 st December 2017* 30,000,000 28,045,711 25,000,000 23,943,794 20,000,000 Jun-17 USD 15,000,000 10,000,000 7,541,811 7,288,262 9,113,721 10,119,282 7,389,832 10,536,597 Sep-17 Dec-17 YTD 5,000,000 2,577, ,570 4,101, ,422,876 Gross income Unrealised gain Total income * YTD period 1 April 31 st December See Appendix 2 for Statement of Comprehensive Income ENBD REIT Investor Presentation as at 31st December

16 ENBD REIT s expenses as at 31 st December 2017* USD 5,765,675 12,608,995 Margin = 45% 4,738,188 Operating expenses Fund expenses Finance cost Net profit 4,932,854 * YTD period 1 April 31 st December See Appendix 2 for Statement of Comprehensive Income ENBD REIT Investor Presentation as at 31st December

17 Capital structure as at 31 st December % 64% Equity Debt Equity Debt LTV Finance terms Profit only Matures month EIBOR + 2.5% Repayment: 10% end of year 4 90% end of year 5 Available drawdown remaining: USD22m Fully drawn, LTV would be approx. 40% USD 300m USD 168m 36% ENBD REIT Investor Presentation as at 31st December

18 Appendix

19 Statement of financial position (USD) Appendix 1 As at 31 Dec 2017 As at 30 Sep 2017 As at 30 Jun 2017 Investment properties 459,853, ,362, ,549,142 Cash and cash equivalent 15,178,076 63,025,827 71,241,221 Trade and other receivables 2,970,781 3,437,661 1,618,282 Total current assets 18,148,857 66,463,488 72,859,503 Total assets 478,002, ,826, ,408,645 Current liabilities Trade and other payables 9,877,999 7,924,320 14,912,288 Total current liabilities 9,877,999 7,924,320 14,912,288 Non-current liabilities Mudaraba payable 168,254, ,070, ,070,515 Total non-current liabilities 168,254, ,070, ,070,515 Total liabilities 178,132, ,994, ,982,803 Net Asset Value 299,869, ,831, ,425,842 ENBD REIT Investor Presentation as at 31st December

20 Statement of comprehensive income (USD) Appendix 2 YTD ending Dec 2017 Quarter ending Dec 2017 Quarter ending Sep 2017 Quarter ending Jun 2017 Rental income 23,404,949 9,084,535 7,076,843 7,243, 571 Profit share 538,847 29, , ,241 Net unrealised gain 4,101,918 1,422, ,571 2,577,471 Total income 28,045,714 10,536,598 7,389,832 10,119,283 Operating expenses 5,765,675 2,308,112 1,879,431 1,578,132 Operating profit 22,280,039 8,228,486 5,510,402 8,541,151 Operating Profit Margin 79% 78% 75% 84 % Other expenses 2,043, , , ,406 Management fee 3,036,604 1,153, , ,169 Fund expenses 5,080,014 1,543,075 1,631,364 1,905,575 Finance Costs 4,591,026 1,647,433 1,473,306 1,470,287 Net profit 12,608,996 5,037,978 2,405,732 5,165,289 Net Profit Margin 45% 48% 33% 51% ENBD REIT Investor Presentation as at 31st December

21 Contact us General Enquiries +971 (0) Investor Relations Julia Ward-Osseiran +971 (0) Company Secretary Jean Kenny Labutte +971 (0) Tenants/Leasing Ben Coombe +971 (0) Media George Allen +971 (0) ENBD REIT Investor Presentation as at 31st December

22 Disclaimer The information, estimates and opinions ( Information ) expressed herein are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to the accuracy, completeness or correctness of the Information. The Information is not intended to serve as investment advice and should not be used as a substitute for independent judgement and advice. This Information has been obtained from or is based upon sources believed to be reliable, and is believed to be fair and not misleading. The Information contained in this presentation is subject to change without notice. None of ENBD REIT (CEIC) Limited ( ENBD REIT or the Fund ), Emirates NBD Asset Management Limited ( Emirates NBD AM ), Emirates NBD Group nor any of their respective directors, employees or agents (the ENBD Parties ) give any representation or warranty as to the reliability, accuracy or completeness of the Information, nor, to the extent permitted by relevant laws and regulations, do they accept any responsibility or liability arising in any way (including by negligence) for errors in, or omissions from, the Information. None of the ENBD Parties give any undertaking to provide additional information to update this material, or to correct any inaccuracies which may become apparent. This document is provided for informational and illustrative purposes only. It does not constitute a solicitation, recommendation or offer to buy or sell any shares or other securities of the Fund, any specific investment product or to subscribe to any specific investment management or advisory service. Prospective investors in ENBD REIT should obtain and carefully read the Fund s most recent prospectus and supplement, if any, as well as seek separate, independent financial advice prior to making an investment in ENBD REIT in order to fully assess the suitability, lawfulness and risks involved. This presentation is not for distribution to the general public but for intended recipients only and may not be published, circulated, reproduced or distributed in whole or part to any other person without the written consent of Emirates NBD AM. This presentation is directed to persons authorised to invest in ENBD REIT and residing in jurisdictions where the Fund is authorised for distribution or where no such authorisation is required. Investment in ENBD REIT is intended only for investors who understand the risks involved in investing in the Fund and can withstand any potential loss therefrom. Neither ENBD REIT s historical performance nor that of its predecessor fund, Emirates Real Estate Fund Limited, is indicative of the future performance of the Fund and should not be used as a proxy for the future or likely performance of the Fund. The value of the investment in and the income from ENBD REIT can fall as well as rise as the Fund is subject to investment risks, including the possible loss of the whole of the principal amount invested. The Information does not have any regard to the specific investment objectives, financial situation or the particular needs of any person. All Shari a compliant products and services are approved by the Shari a Supervisory Board of Emirates NBD AM. This Information has been prepared by Emirates NBD AM for ENBD REIT. Emirates NBD AM and ENBD REIT are regulated by the Dubai Financial Services Authority. ENBD REIT Investor Presentation as at 31st December

23 Thank you

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