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NAV Quarterly Update Conference Callas at 31st March 2019

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Asif Siddique

Chief Financial Officer

ENBD REIT

Anthony Taylor

Head of Real Estate

ENBD REIT

Presenting team

NAV Quarterly Update Conference Call as at 31st March 2019 3

www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2019

SnapshotAs at 31st March 2019

Portfolio property value

USD 450m

Offices: 64%

Residential: 18%

NAV

USD 270m

NAV per share

USD 1.08

LTV*

40%Occupancy

86%

Al Thuraya 1

Burj Daman

DHCC 49

DHCC 25

Binghatti Terraces

Arabian Oryx House

Remraam

WAULT 3.48 years

Uninest

Alternative: 18%

South View School

4

The Edge

* Loan-to-value on GAV

Souq Extra Retail Centre

Office: 1.80 yearsResidential: 0.83 years

Alternative: 12.14 years

Properties

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Payments to shareholders

NAV Quarterly Update Conference Call as at 31st March 2019 5

Payments made to shareholders relating to

FY ending 31st March 2018USD USD per share

% of NAVUSD 1.18

% of share priceUSD 0.99

Interim dividend (paid 12th July 2017)

9,718,131 USD 0.0382 3.24% 3.86%

Final dividend (paid 13th June 2018) 3,281,777 USD 0.0129 1.09% 1.30%

Return of capital (paid 13th June 2018)

8,725,966 USD 0.0343 2.91% 3.46%

Total paid to shareholders 21,725,874 USD 0.0854 7.24% 8.63%

Payments made to shareholders relating to

FY ending 31st March 2019USD USD per share % of NAV % of share price

Interim dividend* 6,868,836 0.0270 2.41% 3.60%

Final dividend** 5,399,754 0.0215 2.00% 3.81%

* As at 30th September 2019 NAV USD 1.12 and share price of USD 0.75**As at 31st March 2019 NAV USD 1.08 and share price of USD 0.57, subject to shareholder approval at the AGM

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Update on Share Buyback Programmeas at 31st March 2019

6

3,250,000

1,151,340

0

450,000

900,000

1,350,000

1,800,000

2,250,000

2,700,000

3,150,000

3,600,000

4,050,000

4,500,000

Share Buyback Programme

Shares purchased Balance to buy

74% purchased

26% to buy

No

of

Shar

es

NAV Quarterly Update Conference Call as at 31st March 2019

Number of shares % completion

Shares purchased 3,250,000 73.84%

Balance to buy 1,151,340 26.16%

Number of shares purchased 3,250,000

Total price paid USD 1,934,636

Average price per share USD 0.595

Total value of cancelled shares at NAV

USD 3,510,000

Value addition to the existing shareholders

USD 1,575,364

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Capital structureas at 31st March 2019

40%

60%

Finance terms:

ENBD:

• 3mth EIBOR + 3.14%

Standard Chartered:

• 3mth LIBOR + 2.15%

DebtEquity

Equity Debt LTV

USD 270m USD 180m 40%

7

134

45

13

45

0

50

100

150

200

250

Lender

ENBD drawn SC drawn * ENBD undrawn SC undrawn

7% undrawn

40% drawn

Fully drawn

LTV 47%

USD

m

NAV Quarterly Update Conference Call as at 31st March 2019

Portfolio

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Portfolio overview and diversificationBy sector as % of portfolio

NAV Quarterly Update Conference Call as at 31st March 2019 9

Office 64%

Residential 18%

Alternative 18% Education 5%

Student accommodation 7%

Retail 6%

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Portfolio characteristics

NAV Quarterly Update Conference Call as at 31st March 2019

78%

100%

74%

88%

83%

73%

86%

88%

100%

100%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Al Thuraya 1

The Edge

Burj Daman

DHCC49

DHCC25

Binghatti Terraces

Arabian Oryx House

Remraam

Uninest

Souq Extra

South View School

Strong occupancy of 86% across the portfolio

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Offices

64%

Residential

18%

Alternative

18%

Target

50-60%

Target

15-20%

Target

25-35%

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ENBD REIT’s Portfolio has remained strong

NAV Quarterly Update Conference Call as at 31st March 2019

0

50

100

150

200

250

300

350

400

450

500

31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 31/3/19

Overall portfolio valuations

Office Residential Alternative Total

Despite challenging market conditionsU

SD m

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ENBD REIT’s Portfolio valuations

NAV Quarterly Update Conference Call as at 31st March 2019

20

40

60

80

100

31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 31/3/19

Office valuations

Al Thuraya 1 Burj Daman DHCC49 DHCC25 The Edge

15

25

35

45

31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 31/3/19

Residential valuations

Binghatti Terraces Arabian Oryx House Remraam

10

15

20

25

30

35

40

31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 31/3/19

Alternative valuations

Uninest South View School Souq Extra Retail Centre

USD

m

USD

m

USD

m

+1%

Flat

Flat

-4%

+3%

+40%

+9%

-29%

-23%

-15%-3%

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Asset snapshot

NAV Quarterly Update Conference Call as at 31st March 2019

Al Thuraya 1Media City

Acquired: Nov 2006

The EdgeDubai Internet

CityAcquired: Oct

2017

Burj DamanDIFC

Acquired: Jun 2015

DHCC 49Healthcare CityAcquired: Apr

2007

DHCC 25Healthcare City

Acquired: Jul 2007

Overall Office

Portfolio

Overall Portfolio

Market value (USD) 90m 76m 66m 31m 25m 288m 450m

% of portfolio value 20% 17% 15% 7% 5% 64% 100%

Net leasable area (Sq. Ft.)

208,565 92,208 87,618 80,808 71,034 540,233 1,293,017

Occupancy rate 78% 100% 74% 88% 83% 84% 86%

WAULT (years) 0.55 2.46 2.76 1.65 1.92 1.80 3.48

Gross rental yield 9.2% 7.7% 6.3% 10.2% 9.7% 8.3% 8.2%*

Office

* Annual contractual rental; excludes cash and debt (gross rental revenue / portfolio value)

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Asset snapshot

NAV Quarterly Update Conference Call as at 31st March 2019

Binghatti TerracesSilicon Oasis

Acquired: May 2016

Arabian Oryx HouseBarsha Heights

Acquired: Oct 2014

RemraamDubailand

Acquired: Sep 2015

Overall Residential Portfolio

Overall Portfolio

Market value (USD) 31m 33m 17m 82m 450m

% of portfolio value 7% 7% 4% 18% 100%

Net leasable area (Sq. Ft.) 178,907 133,432 112,154 424,493 1,293,017

Occupancy rate 73% 86% 88% 81% 86%

WAULT (years) 1.15 0.59 0.74 0.83 3.48

Gross rental yield 7.5% 8.2% 9.6% 8.2% 8.2%*

Residential

* Annual contractual rental; excludes cash and debt (gross rental revenue / portfolio value)

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Asset snapshot

NAV Quarterly Update Conference Call as at 31st March 2019

UninestDubailand

Acquired: May 2017

Souq Extra Retail Centre

Acquired: Dec 2017

South View School

RemraamAcquired: Aug

2017

Overall Alternative

PortfolioOverall Portfolio

Market value (USD) 34m 25m~ 21m 81m 450m

% of portfolio value 7% 6% 5% 18% 100%

Net leasable area (Sq. Ft.) 160,264 36,027 132,000 328,291 1,293,017

Occupancy rate 100% 100% 100% 100% 86%

WAULT (years) 5.16 2.65 34.36 12.14 3.48

Gross rental yield 7.8% 9.3% 6.4% 7.9% 8.2%*

Alternative

~ Further commitment of USD 35m for Phase 2* Annual contractual rental; excludes cash and debt (gross rental revenue / portfolio value)

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Financials

www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2019

Financial highlightsAs at 31st March 2019

17

• Net rental income / FFO flat on previous year

• Gross income up 16% due to additional rental fromacquisitions

• Cash return on NAV stable, despite soft real estatemarket

• Unrealised valuation losses negatively impacted netincome

www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2019

Financial performance12 months ending 31st March 2019

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USD

Gross income Net rental income / FFO

Net incomeExpenses Unrealised valuation gain/(loss)

38,171,997

(25,807,255)

12,364,742

(21,713,870)

(9,349,128)

32,983,478

(20,541,698)

12,441,780

559,247

13,001,027

(30,000,000)

(20,000,000)

(10,000,000)

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

FY 2018-2019

FY 2017-2018

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Breakdown of total expensesas at 31st March 2019

NAV Quarterly Update Conference Call as at 31st March 2019

Operating expenses, (8,240,625)

Finance cost, (11,367,334)

Fund expenses, (6,199,297)

USD USD FY 2019 FY 2018 Variance

Gross income 38,171,997 32,983,478 5,188,519

Total expenses (25,807,255) (20,541,698) (5,265,557)

FFONet Rental Income(excl. valuation)

12,364,742 12,441,780 (77,038)

Unrealised valuation gain/(loss)

(21,713,870) 559,247 (22,273,117)

Net income (9,349,128) 13,001,027 (22,350,155)• Increased finance costs due to higher profit rates and

additional drawdown

Appendix

www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2019

Statement of financial position (USD)Appendix 1

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As at 31st Mar 2019 As at 31st Mar 2018

Investment properties 450,322,080 462,561,122

Cash and cash equivalent 15,754,585 18,693,403

Trade and other receivables 3,926,006 4,913,400

Total assets 470,002,671 486,167,925

Current liabilities

Payable for investments 2,153,945 2,041,928

Trade and other payables 13,905,318 14,742,856

Total current liabilities 16,059,263 16,784,784

Non-current liabilities

Mudaraba payable 178,564,658 168,254,833

Other 5,311,875 866,728

Total non-current liabilities 183,876,533 169,121,561

Total liabilities 199,935,796 185,906,345

Net Asset Value 270,066,875 300,261,580

www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2019 22

Statement of comprehensive income (USD)Appendix 2

FY 31st Mar 2019 FY 31st Mar 2018

Rental Income 38,040,334 32,434,112

Profit on Deposits 131,663 549,366

Total Income 38,171,997 32,983,478

Operating expenses (8,240,625) (7,483,319)

Operating income 29,931,372 25,500,159

Other expenses (2,076,276) (2,365,198)

Management fee (4,123,021) (4,167,172)

Fund expenses (6,199,297) (6,532,370)

Finance costs (11,367,334) (6,526,011)

FFO (Net rental income excluding valuation movement) 12,364,741 12,441,778

FFO Margin 32.39% 37.72%

Net Unrealised gain/loss (21,713,870) 559,247

Net income (9,349,129) 13,001,025 Net income Margin (24.49)% 39.42%

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General EnquiriesENBDREITIR@emiratesnbd.com+971 (0)4 509 3010

Investor RelationsJulia Ward-Osseiranjuliao@emiratesnbd.com+971 (0)4 509 3016

Company SecretaryJean Kenny Labuttejeank@apexfunddubai.ae+971 (0)4 428 9221

Tenants/LeasingMelanie Fernandesfernandesmm@EmiratesNBD.com+971 (0)4 509 3029

MediaGeorge Allengeorge.allen@instinctif.com+971 (0)4 369 9353

Contact us

NAV Quarterly Update Conference Call as at 31st March 2019 23

http://www.enbdreit.com/reit/contact-us/ENBDREITIR@emiratesnbd.comtel:0097145093010mailto:juliao@emiratesnbd.comtel:0097145093016mailto:jeank@apexfunddubai.aetel:0097145093016mailto:fernandesmm@EmiratesNBD.comtel:0097145093015mailto:george.allen@instinctif.comtel:0097143699353

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Disclaimer

NAV Quarterly Update Conference Call as at 31st March 2019

The information, estimates and opinions (“Information”) expressed herein are made in good faith and are based on sources believed to be reliable, but norepresentation or warranty, express or implied, is made as to the accuracy, completeness or correctness of the Information. The Information is not intended to serve asinvestment advice and should not be used as a substitute for independent judgement and advice. This Information has been obtained from or is based upon sourcesbelieved 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 ENBDREIT (CEIC) PLC (“ENBD REIT” or the “Fund”), Emirates NBD Asset Management Limited (“Emirates NBD AM”), Emirates NBD Group nor any of their respectivedirectors, employees or agents (the “ENBD Parties”) give any representation or warranty as to the reliability, accuracy or completeness of the Information, nor, to theextent permitted by relevant laws and regulations, do they accept any responsibility or liability arising in any way (including by negligence) for errors in, or omissionsfrom, the Information. None of the ENBD Parties give any undertaking to provide additional information to update this material, or to correct any inaccuracies whichmay become apparent. This document is provided for informational and illustrative purposes only. It does not constitute a solicitation, recommendation or offer to buyor 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, independentfinancial 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 wholeor 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 injurisdictions where the Fund is authorised for distribution or where no such authorisation is required. Investment in ENBD REIT is intended only for investors whounderstand the risks involved in investing in the Fund and can withstand any potential loss therefrom. Neither ENBD REIT’s historical performance nor that of itspredecessor 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 likelyperformance 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 thepossible loss of the whole of the principal amount invested. The Information does not have any regard to the specific investment objectives, financial situation or theparticular 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.

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