tamweel pjsc may 2008 c:/gaurav / iri version 7 / 14.05.08

Tamweel PJSCMay 2008

C:/Gaurav / IRI Version 7 / 14.05.08 C:/Gaurav / IRI Version 7 / 14.05.08

Investor RelationsConfidentialMay2008

Agenda

Who we are

Our Operating Environment

Our Business

Competitive Environment

Tamweel Stock

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Disclaimer

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The information herein has been prepared solely for informational purposes, is preliminary in nature and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. These materials and all information herein are highly confidential and may not be taken away from any meetings or be distributed, published, reproduced or disclosed (in whole or in part) without the prior written consent of Tamweel PJSC (“the Company”).

Tamweel PJSC, any of its Director, Executive, Employee, Advisor or any related party, do not take any responsibility for information contained here and any liability, claim or damages will not be entertained. Investor or any legal body relying on the information contained here in, is to conduct its own due diligence and research before making any investment or similar decision.

The information herein is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the issuer. No representation or warranty, express or implied, can be given with respect to the accuracy, completeness, sufficiency or usefulness of the information, or that any future offer of securities or instruments will conform to the terms hereof. Any investment offer would be made pursuant to a definitive offering memorandum prepared by the issuer (the “Prospectus”) which would contain material information not contained herein and to which prospective investors are referred. In the event of any such offering, these materials and any information herein shall be deemed superseded and replaced in their entirety by such Prospectus.

In addition, the information contains projections and forward-looking statements that reflect the company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. Changes to the assumptions made in this analysis may have a material impact on the returns or results shown by way of example herein. No representation is made that any returns or results indicated will be achieved or that all assumptions in achieving these returns or results have been considered or stated. Past performance is not necessarily indicative of future results. There can be no assurance that future results will not be materially different from those described herein. Price and availability are subject to change without notice. Tamweel PJSC disclaim any and all liability relating to these materials, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from, the information herein.

Additional information is available upon request. In addition, please note that these materials have been issued by Tamweel PJSC which is authorized and regulated by the Emirates Securities & Commodities Authority.

This presentation is strictly not to be distributed without the explicit consent of Tamweel PJSC under any circumstance.

Investor RelationsConfidentialMay2008 4

Tamweel – Who we are

Tamweel is the leading provider of Shari’a compliant mortgage finance in the U.A.E.

Tamweel’s market share ~ 32%

Investor in local real estate – leveraging from dominant position in end user financing

Tamweel has strong share holders where the Government of Dubai holds approximately 38% shares directly or indirectly

Tamweel is the highest rated non banking financial institution in the region- A/F1 by Fitch and an A3/P2 by Moody’s

Top Notch brand equity of the company regionally


Ownership

JV between Dubai world

Group & DIB Group

Capital

Paid up capital of AED 300 MM

Commercial

1 branch in Dubai

Assets

> AED 1.23 Bn

Net Profit

AED 18MM after 10 mths

Tamweel – Historical Timeline

2004

2005

Ownership

No Change

Capital

Raised to AED 450 MM through a rights issue of AED 150 MM

Commercial

2nd branch in Dubai

Assets

> AED 3.5 Bn

Net Profit

AED 43MM

2006

Ownership

Company converted to PJSC form

Capital

Funding raised to AED 1Bn through an IPO of AED 550MM. Issue oversubscribed 475

times. Listed on DFM

Commercial

Opening of 3rd and 4th branches in Sharjah & Abu Dhabi resp.

Assets

>AED 5.1 Bn

Net Profit

AED 153 MM (excl AED 700 MM from float on IPO

Ownership

No change

Capital

No changeDebt

USD 210MM RMBS

Commercial

Expansion into Saudi Arabia & Egypt

Assets

>AED 10 Bn

Net Profit

AED 451 MM

2007

2008

Ownership

No change

Capital

No change

Debt

USD 300MM convertible Sukuk.

USD 235MM syndication

Commercial

Launched 48 hour approval service

Assets

AED 11.5 Bn in Q1 2008

Net Profit

AED 176 MM in Q1 2008

Note: 3.675 Aed = 1USDNote: 3.675 Aed = 1USD


Tamweel – The Franchise Value

Tamweel has established itself as a strong and recognised brand:– Dominant market share in the UAE– High brand and franchise salience and recognition– Well-recognised as the “Home of Home Finance”

Product innovation and industry firsts: – First Shari’a-compliant real estate financing company – First company to offer a pre-approval service– First Company to conduct a true sale rated Islamic RMBS securitization deal in the

region (USD 210M in 2007)– First Financial institution to be licensed to act as Escrow account agent by Dubai’s

Lands Department– First ever sub libor convertible sukuk in the region– First Company to introduce a TAT with money back guarantee (48 Hours)

Management Team and People focus– Experienced management team members– First finance company to introduce Employee Stock Option Plan (ESOP)


Tamweel – Shareholding

Dubai Government ownership in excess of 38% Number of public shareholders in excess 65,000 shareholders Free Float of AED 550M Foreign Ownership up to AED 400M (40% of Capital of AED 1B) RIC Code: TAML.DU Bloomberg Code: TAMWEEL UH ISIN Code: AE000A0KFPL7 Market Capitalization in excess of AED 7.7 Billion (USD 2.0 Billion)

(Number of shares held # / Total shares #)

Total Shareholders Tamweel Ownership

100%

Government of Dubai Ruler of Dubai

Dubai IslamicBank

Dubai World

Istithmar DubaiHolding

100%

30% 100%

Tamweel

20% 22% 10%


Tamweel – Awards

39th most admired company in the GCC

Considered the 39th most admired company in the GCC

Considered the 4th most admired amongst financial institutions in the GCC

Awarded the Super-brand status in 2007

Awarded the ‘Best Islamic Mortgage Product’ in 2008 Awarded the ‘Deal of the year – Tamweel Residential ABS’ in 2008


Agenda

Who we are


Our Business


Tamweel Stock

9


Macro Economic Overview – UAE

The UAE is the second largest economy among the Gulf Co-operation Council (GCC)

The UAE’s GDP per capita accomplished an outstanding increase of 72%, from USD 24,945 to USD 42,934

Non-oil sectors have contributed to over 60% of the GDP over the last four years, signalling successful income diversification and lower dependence on oil

The strong economic performance of the UAE has been recognized in its significantly improved credit rating

The 2007 UAE’s GDP per capita was very close to the US and UK figures

GDP per capita (current prices) - USD

Source: IMF


Macro – Economic Overview

UAE GDP (current prices) AED Bn

CAGR 11%

CAGR 16%

Actual Forecast

Growing economy projected at CAGR of 11.32% for the next 5 years

The 2007 UAE GDP was equal to AED 707 Billion

Dubai’s GDP grew 10.5% to AED 168B in 2006, where oil accounted for only 5% of the total

Ongoing infrastructure investments include the AED 15.5B Dubai Metro project and AED 6B road expansion projects

Passenger traffic through Dubai International Airport has increased 260% over the last ten years with 60mn passengers expected by 2010

Total hotel guests in Dubai increased to 5.9M with occupancy at 89% for Q1 2007 alone, signaling a substantial growth in tourism

Under the Dubai “Strategic Plan”, 882,000 additional workers are expected to join the workforce by 2015

UAE population estimated at 4.5 Mn in 2007 & forecast to grow at CAGR 5.6% to 6 Mn by 2012

Source: Ministry of Planning, UAE Govt


UAE GDP – sector-wise

UAE strategy is to diversify away from oil sector

The UAE diversification strategy is 2 fold :

Vertical diversification through increased investments in the tourism, manufacturing, construction, and service sectors

Horizontal diversification by increasing the production of refined and semi-refined products

Real estate and construction sectors are

expected to be the new growth drivers in the UAE economySource: Gulf News, UAE ministry of Economy, Central Bank of the UAE, NCB Capital, UAE 2008 year book

2010 GDP 2006 GDP

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GCC – Mortgage Overview

Residential GrowthUAE -72%Qatar – 35%Oman – 28%Bahrain – 83%KSA – 10%Kuwait – 28%

85% growth in GCC mortgages over last 3 yrs

75% growth in expatriate ownership in UAE, Bahrain, Oman & Qatar due to recent ownership law changes

80% of the market captured by Islamic products

Source: GIH, Government Website, Gulf News

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Industry Outlook – Mortgage Market Potential

The emergence of Dubai’s residential mortgage market is fairly recent; nevertheless, it has been expanding at a high rate driven by a growing real estate market

The volume of facilities extended in Dubai has almost quadrupled between 2004 and 2007 to reach approximately AED 31B

The overall UAE mortgage market is expected to grow to 9% of GDP by 2010

The variable rates of return payable by borrowers under real estate financings have been relatively stable at around 7 to 9%, ensuring stable revenues for mortgage providers

Currently less than 30% of real estate transactions are mortgage financed

Global Mortgage Debt to GDP Ratios (2005)

Source: European Mortgage Federation, November 2006

Opportunity

3%

Mortgage Debt as %of GDP-UAE

Source : Cheuvreux Report

AED 30 Bn

AED 110 Bn


Industry Outlook – Legal Framework

HOME OWNERS ASSOCIATION

LONG TERM LEASE CONTRACT

SECURITIZATION LAW

Tamweel firmly believes that the legal framework in the UAE is continuously strengthening

Evidence of the progress lies in the substantial legal advancements made in the last 2-3 years:

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Title Deeds


Agenda

Who we are


Our Business


Tamweel Stock

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Robust framework guiding the business – The 4 PILLARS

Multiple sales channels

Product innovation

Wide networks and partnerships

Adequately capitalized

Securitization

Sukuk Programs

CID

Bilateral facilities

Sound and stable core banking platform

Workflow management

Servicing capability

Operational risk management

Risk adjusted pricing model

Rated assets & portfolio management

Credit scoring

Credit risk framework

Support: Governance, Strategic planning, Scalable Services

Values: Team work, Reliability, Caring professionalism, Inclusive Islamic, Preserving confidentiality

Origination Underwriting Servicing Funding

VisionTo be the most admired leader in the financial industry regionally


Key financial indicators reflect Tamweel’s position as market leader

Market Share (2007)

Source : Company Financials

Source : Shuaa Report

Net profitYear USD MM

2004 5

2005 11

2006 42

2007 123

2008(Q1) 48

Total AssetsYear USD MM

2004 119

2005 432

2006 886

2007 2,313

2008(Q1) 2,609

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Our Mortgage Portfolio

Diversified Customer Nationality Mix Salaried vs. Self-employed (2007)

Property Type (2007) Government Backed Developers (62% of portfolio-2008)


Our Portfolio – minimum credit and market risk

Attractive LTV at origination and at market Very Low and decreasing delinquency pattern (2008)

• Reduced risk on Tamweel balance sheet due to increase in property prices

• Increase in customer equity and property prices provides sufficient cushion (50%) to absorb losses

• Reduced risk on Tamweel balance sheet due to increase in property prices

• Increase in customer equity and property prices provides sufficient cushion (50%) to absorb losses


Our Corporate Governance Framework

Regulated By: – Central Bank of UAE– Emirates Securities & Commodities Authority

Adoption of Best Practices:– Dubai Financial Market (DFM)– Dubai Government – Audit Department– External Audit (Ernst & Young)– Sharia Supervisory Board

Management Committees:– Executive Committee

– Audit & Risk Management Committee

– Credit Committee

– Investments Committee

– Asset Liability Committee

– Remuneration Committee


Our Funding Diversification Strategy

Bilateral

Bilateral

Bilateral

Securitisation

Syndication

Sukuk

Corporate deposits

Corporate deposits

Corporate deposits

Securitisation

Equity & retained earningsEquity & retained

earnings

Equity & retained earnings

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2007 H1 -08

• Funding strategy is diversify, deeper and cost effective.

• Lengthening the duration of funding in line with assets book duration.

• Funding strategy is diversify, deeper and cost effective.

• Lengthening the duration of funding in line with assets book duration.

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Balance Sheet Position

AED BillionAED Billion

3.23.23.93.9 4.24.2

7.27.2

8.58.59.69.6

• Total assets have grown by 300% over past 2 yrs• Total assets have grown by 300% over past 2 yrs

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Outlook for next 3 yrs – High and Aiming Higher

Growth fuelled by macro economic factors– UAE growing at CAGR ~ 9 – 10%– Rising regional liquidity led by oil price hike– Growing international interest in UAE property market

Enter new segment of Commercial property financing (Retails and office spaces etc.) & accelerate Abu Dhabi business in UAE

Regional expansion to new markets in next 3 years – Saudi Arabia & Egypt in 2008– Aim for presence in 5 countries by 2010

Increase focus on Fee income from core and subsidiary business ( Mortgage, Escrow)

Diversification of funding base will help improve ROE & ROA, and minimize tenor mismatch

Moving up the value chain and leveraging the leader position of mortgage business to execute property transaction to enhance profitability

Customer focused strategy – 48 Hour campaign

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Agenda

Who we are


Our Business


Tamweel Stock

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Two main mortgage finance companies account for 56% of market share

23 commercial / Islamic banks account for balance 44%

Funding, better distribution channels & bigger customer base is the strength for the banks

Greater business focus, wider product range & better developer tie-ups helps the mortgage companies derive competitive advantage

Demand for Islamic products increasing amongst all population segments

Tamweel’s size and key financial indicators gives us an edge over not only the finance companies, but also many banks

The Mortgage Landscape

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Competitors key comparisons

AED MillionAED MillionAED MillionAED Million

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Source: Company FinancialSource: Company Financial


Competitors key comparisons

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Source: Company FinancialSource: Company Financial


Tamweel vs. key competitors rankingTamweel vs. key competitors ranking

Rank Financial Institution 2007 Total Assets (AED MM)

1 National Bank of Abu Dhabi 139,431

2 Abu Dhabi Commercial Banking 106,214

3 Dubai Islamic Bank 84,300

4 First Gulf Bank 73,198

5 Union National Bank 55,457

6 Abu Dhabi Islamic Bank 44,042

7 Commercial Bank of Dubai 30,436

8 National Bank of Fujairah 12,293

9 National Bank of Ras Al Khaimah 10,974

10 Amlak 9,463*

11 Tamweel 8,514

12 National Bank of Umm Al-Quwain 8,426

13 Invest Bank 8,248

14 United Arab Bank 6,185

15 Gulf Finance House 2,245

16 Finance House 2,160

Source: GN Financial Review magazine (* Figures corrected)Source: GN Financial Review magazine (* Figures corrected)

Tamweel climbing the ladder year on year, with

focus on its core business “Mortgage”. Tamweel is well

positioned amongst the multi product regional banks

and financial institution.

Tamweel climbing the ladder year on year, with

focus on its core business “Mortgage”. Tamweel is well

positioned amongst the multi product regional banks

and financial institution.


Agenda

Who we are


Our Business


Tamweel Stock

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Our EPS growth trendOur EPS growth trend

AED per shareAED per share

• Consistently high growth rate in EPS expected to continue • Consistently high growth rate in EPS expected to continue

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Key Stock IndicatorsKey Stock Indicators

Current Market Price

AED 7.95 ( 08 May 2008)

AED 6.80 ( 31st March 2008)

EPS 0.71 (Annualized for 31st March 2008 earnings)

PE 9.6X (As on 31st March 2008)

Market Capitalization

AED 7.95 Bn (As on 08 May 2008)

AED 6.80 Bn ( As on 31st March 2008)

Foreign Ownership40% Limit

13.57% O/s ( as on 07 May 2008)

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About Tamweel – Available Readings

Research Notes

Shuaa Capital EFG Hermes Goldman Sachs

Reports

Fitch Ratings Moody’s Investor Services


THANK YOU

Name Title Contact E-mail

Wasim Saifi CEO +97150 4640735 [email protected]

Gaurav Agarwal CFSO +91750 4524483 [email protected]

For further information:

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tamweel pjsc may 2008 c:/gaurav / iri version 7 / 14.05.08

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