International Holding Company PJSC Management Discussion & Analysis Report — Q1 2022 SUAj Agenda SS Py 1 Executive Summary and Group Overview 3 2 ‘Financial Performance for Qi 2022 4 3 Highlights ofthe Group 7 4 “Major Subsidiaries Overview 8 5 ‘Outlook and Subsequent Events 1B fanagement Discussion and AnaysExecutive Summary and Overview ‘Abu Dhabi headquartered Tntematonal Holding Company (ADX: THC, one ofthe GCC's most valunble holding companies, registered 2 solid growth inQ1 2022, Tae Company, along with its subsidiaries collectively refered to as the Group, continued its robust growth strategy in the firs quarter of 202, through strategie acquisitions that ane aligned with it long-term strategy to become the iconic diversified asset ‘olding company i the region. nine with the previous year's growth spree, delivered yet another outstanding result in QI 2022, where Group Revenue rose to AEDIO.49 billion and Profit reached AFD 3.5 billion ~a significant rise of 361% and 137% respectively, when compaed ta Qt 2021, THC PISC i a principal investment holding company with presence in the Middle East, Europe, and the United States, With ts extremely ‘orough due diligence, THC continues to work toward boosting innovation, susiairabilty, coramunity development and economic growth ‘throughout the markets in which it operates via tactical acquisitions of futue-eady businesses Insync with Abu Dhabi’s Economie Vision 2030, IHC is ao aligned with the UAE's 50-year development plans by partici ‘contributing to a multitude of industries around ther future readiness, creativity, resilience, and digital transformation, As of QU 2022, TC has 323 subsidiaries, 10 associates and 14 joint ventures in diversified businesses, including food processing and distribution, eal este, investments, new technologies, healthcare, education, leisure, enterainment, industry services, and motorcycle rentals, among others. Following is the overview of IHC's porto: 1 Alpha Dhabi Holding ‘Alpha Dhabi Holding is an industry leader with a portfolio of diverse and asc fast-growing businesses in constuction, healthcare, hospitality, industries, (ame and investments 2" Multiply Group Pas ‘A techs focused holding company with a wide inemational presence across five industries that include media and communicaions, ules, ventures, MaMa wellness and beauty, and digital economy. 3” Ghitha Hold Chita Holding. rebranded fiom Zee Stores, is one of the top firms specializing in wading food and ronfood products, including importing w= TEE. packaging of fozen,procese, and fesh food preducs, household tens, Githa cosmetics, among othe things. 4” ESG Emirates ‘Emirates Stallions Group hae @ diversified portfolio across investment, Group PrISC ‘onstruction and rel esate sectors spanning six industries, and across more than 20 counts, 5" AlSeer Marine Supplies" Al Seer Marines the leading marine company in the Arabian Gulf maritime & Equipment PrISC region, with a portfolio of services tat caters to all needs oF boat owners, ‘managers, as wel international ergo. 6" QHotaing PSC (Q Holding is among the leading general investment companies engaged in ‘eal estate development, eal estate project management, along with property and asset management HOLDING 7" Kasy Lease Motorcycle EasyLease provides tumkey, reedy-lo-go leasing solutions for motorycle Rental PrISC ‘eet, catering to the neods of restaurants, delivery companies and ecommerce enterprises involved in ‘lat mile” delivery and technology. 8” Palms Sports PrISC 'UAB-based Palms Sporis POSC promotes niche sporting acividis with a specife focus on Fusisu and marist ats amongst UAE nationals, and \&7 say ‘throughout primary and secondary education, the amy, and police, 9” Companies in Private THC as investment in various private domain companies such at Domain/Funds Intemational Securities, Tamouh Healticare and ASkar, in addition 10 investments in funds like SpaceX, ONT, Sinnovation and more. ManaFinancial Performance for Q1 2022 THC has consistently achieved sustainable, yet exponential grow since the compeny transformed into an investment holding company. LHC's strategic local and intemational acquisitions have continued to stengthen the conglomerate’ financials ensuring minimal impact and prospering uring the global volatility ofthe pandemic DDiring the three mons period ended 31* March 2022, LHC reported Revenues of AEDI0.49 billion and a Profit of AED 3.55 billion, 8 aginst Revenue of AED2.28 billion and Profit of AEDI.SO billion in QU 2021, THIC's increase in Q1 2022 financial performance vis-8-vis QI 2021 is driven by overall economic rebound and excellent performance by ll ‘other operational asses. IHC’s acquisition and conslidation-hased strategy has built @ robust growth platform which focuses on enhancing ‘operational capabilities creating substantial value for the shareholder BL 2'rdeed tocome Statement Eyer Et cE Abslete Growt Em Reveove 104s 226 4216 61% Costofreveeue 7988) 32) ar) 43086 Geos profit a8 ose 208 259% sata, 656) en os 197% (Operational rotit am oo 208 2% roa 085 12 asi 10% Netproe ses 1096 200 137% Parga 33% 2% Operational graft 20% 32% 74 margin 2% oss Dero 0% “ws amin: Per Sars 8PS) one on 1. Revenue Growth INC’ Revenue grew by ~361% in QI 22 as agninst QI 21. The comesponding growth forthe Ql 2021 was 219% as against Q1 2020, Top Revenue contributors ince Alpha Dhabi, which contributed around 78% ofthe tot Revenue for the quarter ended 31% Mar 2022, followed by other listed groups and companies inthe private domain Revenue (AED Mn nen [ us —————T 71650 $388, a ee - og 8 EH SG aFinancial Performance for Q1 2022 conines) 2. Total Cost (Cost of revenue as a percent of revenue was 67% in Q1 2022 as compared to 58% in QU 2021. The increase in cost of revenue was mainly ‘ue to acquisitions. In Qi 2022, Selling, general and administration (SGAA) expenses Were increased to AED 0.6 billion, as compare to AED 0.22 billion in Qi 2021, However, SGA expenses, asa percentage of revenue, has decrease to ~6% of revenue in QI 20228 agaist 10% in Qt 2021 3. Profitability ‘The roup sept an increas in net profit of 137% in Ql 202 compare tothe ne profit in(Q) 2021: The operational profit for 2022 is AED 2.77 billion. During Ql 2022, IHC ecored investment end cher income of AED 071 billion which includes dividend and finance income, subsides, changes in fir value of investment tough profit and loss, and other income, [Net Profit (AED Mn) oe — " ™ ' 1 i r r iill e a nT eT: PLA eridged Statement of Financial Position Coen ss sia 000 0% “ota Asses 5000 sso00 7060 6 Bay case san 4130 1% Nomura abies 230 as 167 1% comet tiie rs aps 1363 6 “Tota Equlty and Labs 90 ‘980 7060 *% Taal borings 916 aor sa 9 (shot ban ances oats 220 sy oo arena 22769 224%) Ose ate 2230) 225%) ete iy ao tee 215%) oce 5° 2% 19% nos 2% 2%Financial Performance Q1 2022 cconinss) 1. Toial Assets, Total Assets increased by ~8% to reach AFD 96.04 billion as of 31* March 2022 against AED 88 98 billion as of 31* Devember 2021. The Non-curent asses increased by ~9% as of 31* March 2022 compared to 31" Dec 2021. "The increase is mainly contributed ‘by new investments in adition tothe current operational assess. The curent assets have grownby 8% as of 3* March 2022 compared to 31" December 2021. The key contributors of the total cutentasets are mainly; Alpha Dhabi, Q Holding and Multiply Group. Total cash and bank balances was AED 19.42 bilion in QI 2022 ageinst AED 20.25 billion in QU 2028 Toial Assets (ABD Mn) $5889 [om '-=_ = = mar mqz qs a u@ 1@ 2e@ na 2 Total Liabilities Tota isbiliiesinereased by 9% during te three months period ended 31" March 2022 reaching AED 35.8 ilion and total borrowings have increased by 13% in QI 2022 reaching AED 9.58 billion. Out ofthis, short-term borrowings stond st AEDI_38 billion and long- term borowings were AED 820 billion as of 31" March 2022. The inereate in borrowing i i lie withthe increase inthe new ‘investments made by the group during the quarter. 3, Total Equity Total Equity ofthe Group stood at AED 66.16 billion of 31* March 2022. During the period, share capital of the Group remained ‘unchanged at AEDI 82 billion. Retained earnings has increased to AED 8.5 billion in QU 2022 as agsinst AED 7.33 billion in December 2021.Highligh s of the Group Acquisitions / Investments wor? During the three months ended 31* March 2022, the Group completed the following sequstions and investments through ileren subsidiaries: IHC Food Holding LLC acquired 75% interest n Abu Dhabi Vegetable Oil Compety LLC which Js engaged in vegetable cils refining and manufacturing, basic organic chemical acids manufacturing, plastic bots & similar containers manufacturing, and plastic closures articles smanufacrsing Alpha Dhabi Holding PISC, a subsiiary: 1. Acquired 75% interest in W Solar Investment LLC (W Sol) an Abu Diabi based clean energy business, 2. Invested AED 367-5 Mn in Dubai Elecicity and Water Company (DEWA), recent IPO in DEM Pare Health Holding LLG, a subsidiary of Alpha Dhabi Holding PISC, acquired 100% equity imerest in YAS Clinic Group Sole Proprietorship LLC whichis involved in hospital management services and 100% equity iterest in Abu Dhabi Stem Cells Center, ‘Tamouh Health Care LLC, a subsidiary acquired: 1. 100% stake in Protect 7 Health Care-Sole Proprietorship LLC which is engaged in retail sale of medial equipment & apparatuses, 2. 90% imerest in GenQore Drug Store LLC which is engaged in wading of cosmetic & ‘medical relted items 100% interestin American Crescent Health Cae Centre-Sole Proprietorship LLC which js involved in medical complex & facilis services through its subsidiary Somerian Healthcare. ‘Tamyreen Companies Management LLC, a subsidiary ofthe group acquired 1, 100% stake in Al Jeraf Fisheries LLC which i enguged inthe business of land-based squacultre, real sale of fesh fish & marine animals, 2.80% stake in Mirak Royal Nature Fruit and Vegetables LLC which is engaged in food trading food, and beverages trading & vepotbles & fat wading ‘Multiply Group PISC, a subsidiary, invested 1, ABD 92.Mn in Rihanna's Savage X Fenty, 8 D2C E-commerce fashion company. The Jnvestment was @ pat of funding round alongside other international investors that included Neuberger Berman & LioaTree LLC AED 367. Ma in Dubai Electricity and Water Company's (DEWA), recent IPO on DFM. Palms Sports PrISC acquired 60% stake in Dect Trading LLC whichis in the business of ‘commerce fashion company. The investment was a part of funding round alongside other international investors that included Neuberger Berman & LionTree LLC 1 The Group invested AED 367.5 Mn in Dubai Electricity and Water Company's (DEWA), recent Bo. clone l Ghitha Holding PISC Ghitha Ghitha Holding isa renowned production, trading and distribution fim listed on ADX. The company has recently been transformed ino an investment holding company which consolidates food, agriculture, and poultry related businesses across the UAE and abroad, inching investments in companies like NRTC, Alliance Food, Al Ajben Poulty,amoog others, PLESC Einicstes Stallions Group PSC EG Q ggg Emirates Stalions Group of companies operates across core investments, construction, and rel estate sectors. The company has a diversified portfolio that creates a complete ecosystem and provides um-key solutions among is divisions of developmen, consultancy, desin, project ‘management, contraction, landscaping, hospitality management, and associated services The eroup comprises S subsidiary companies spanning 6 industries, delivering product and services oross more than 20 counts in the Middle Eas, A ica, Asia, Europe, andthe Ameriis ‘During QI 2022, the group reported a Revenue of AED 201.02 Mn against AED 37.28 Min QI 2021 and a Net Profit of AED 23.84 Manin QL 2022 vss.vis AED 4,63 Ma in Qt 2021 BL Seer Marine Supplies & Equipment Company PIs Al Seer Marne isthe leading marine company inthe Arabian Gulf martime region, with a porolio of services that caters tall needs of boat ‘owners, managers, s well as intemational cargo, Be it superyachts or unmanned vessels, Al Seer has the expertise and creative capabilities bring a vison to realty. The company has @ reputation for successfully fuliling the most demanding requirenents, making the fr one of the leading entities in the world in futuristic boat manuficturing, AS part of it business strategy, the group established thee wholly owned subsidiaries in 2021, “The group recorded revenue of AEDI71.03 millon in Ql 2022 as against AEDI2I.62 million in QI 2021. The Net Profit of the company increased to AED 75.63 million in QU 2022 from AED 9.11 million in QU 2021, PLC Holaing psc & {Q Holding PSC is a private stock company based in the Abu Dhabi that aims to become a leading, globally recognized, and preferred investment business partner. Through the yeas, the company has grown signiicenly by focusing on sustainable development inthe region and creating value by investing in fundamental growth sectors ofthe country. ‘The group recorded Revenue of AED 283.6 million in Ql 2022 against AEDI9.1 milion in Q1 2021, The Net Profit ofthe company inereased (AED 1418 milion in Q1 2022 to AED 67 milion in QI 2021, Management Discussion and Analysis RMajor Subsidiaries’ Overview (cominues L229 see Motel Renal P86 aS Easy Lease provides turkey, ready-to-go leasing solutions forthe delivery industry's motorcycle needs, Their feet of well-maintained brand ‘new motorcycles, backed with fll support services, has clients up and running with a world-class stale of riders within minutes, The company provides star-to-end comprehensive solutions for motorcycle leasing, and includes servicing, maintenance, Salik tgs, insurance, recovery services, among others, The company reconied Revenue of AED 46.64 millon in Q1 2022 against AED 30.03 million in QU 2021. The Net Prot of the company is AED 7.88 million in QI 2022 vs-vis AED 8 10 million in QU 2021. BL Petes Sons Pasc \Waees: Palms Sports is a UAE-based company that promote niche sporting activities witha specific foes on Tu-isu and marta ars fer UAE nationals Kis the leading company providing spon training programs and rolling ou state-of-the-art training in visu. and other disciplines of combative sports, such as Muay Thai and Mixed Maral Art, in addition to swimming. The company manages every stage of the sporting events organization fiom program conceptualization though 1 final execution; creating customized programs that manages the necessary fei manpower, and equipment ‘The company recorded a flat revenue of AEDG7.2 million in Ql 2022 as aginst AED67. million in QI 2021. The ne profit ofthe company Jnreased 19 AED 20.1 million in QI 2022 to AED 15.0 millon in QU 2021 Key strategie transactions during the period are 28 mentioned below 1. Acquisitions / Investments Direct Trading LLC (60%) isa company engaged in istibution ofsport weer, sports equipment A bicycles pLEinss and Invest ‘During the quater the group has invested sional AED3S.3M investment inthe funds. Total NAV of such funds was AED7.39 billion as of ‘March 31,2022. Funds ‘The following investments have been made though funds Fund: VY GP Limited and Faleon 1V CILP. FSS a ‘Space Exploration Technologies Corp, is an American aerospace anufctr, @ provider of epce trnspoaton seis, and _ communications corporation besdguanerd in Havihome, SPACE Califa Analysis Report —Q1 2022 10Major Subsidiaries’ Overview (Continued) Fund: Alpha Wave Ventures ‘Avanti Finance Avanti sa digital platform that facilitates a paperless, presencetess, ‘and cashless approvch to lending aimed towards reducing costs and fiction for unserved and underserved segments, specially in ral India Gun 2" oren Therapewtce "Baron Therapeutics is a biotechnology company that develops iovative therapies to make them aezsble to every palient BEREN THERAPEUTICS 3" Big ites Big Bits oper nthe FR indy runing cloud kitchens sas India. The Company plans o open 100+ Kitchen over the ext yeas scr 5. 4 Bounce ‘Bounce (omer known a Metro Bikes) is apart mobility soon, with a mision of making daly commue sesses, eso P@UNCE reliable and convenient 3 Grea Cee an Tndan finch company, based i Banglore, founded in 2018. Ce ap main features reardtased credit card payments Later Cree wr o ake hose et payments and inode shot tem rit nes, @" Dalybont ‘ailyhan san indian content and news aggregator aplication based in Bangalore, Indi that provides local language content in. 4 fain ‘dailyhunt languages fom malipe content providers 7 Deal Share 7 fst growing ecommerce sarap, DeatShare fs a ype online trying platform fr ml-xtegory consumer produ It offs high cnaliy, low-priced extents coupled with a guid, in-fled, nd KOM PAcge SAAS via ven shopping experince ©" Dahivery Dehhivey i an Indian devery and e-commerce lognics company ‘They provide express parcel transportation, PTL and TL freight, cross: aed border and soppy hain series to over 21,00 customers. 9 Dreamit Dreams an Tian tas pos platform tha allows se play fantasy cricket, hockey, football, Kabaddi and basketball. In Apel DY 2019, Dream! became the first Indian gaming company to become & 7 ties Renmin 10 " EDQ Special Purpose Vets for effecting transaction. EDQ Frontier Acquisition "Frontier Acquisition Corp i a blank check company forthe purpate of effecting ¢ merger, share exchange, asset acquisition, share purchase, reorganization, or sinilar business combination with one or more business or entities, Jaws ‘Special Purpose Vehicle for effecting transaction,A Major Subsidiaries’ Overview (Continued) 13 Life Biossiences Life Biosciences is dedicated to developing novel therapies to extend ‘ealthy human lifespan by targeting the biological causes of aging. The ‘company was founded in 2017 and i headquartered in Boston, MA. Lows ‘lige a negra dbpach management pon Tra ‘mile deliveries. Locus’ Al-powered dispatch management platform opines vey sone nae ip, wine opening coas LBW CUS and petingw delves 15" Mad Street Den ‘Mad Street Den® is a computer vision and artificial intelligence ‘company, founded with a mission to make people allover the globe, AL natives. EM sfromtter 16 Mogi ‘Moglix i leading B2B online marketplace for business supplies and indo moglix 17" Next billion at ‘Aa industry-leading spatial data + AL platform that helps enterprises build, scale and manage their own mapping ecosystem, Their AI- next povwered unified platform solves highly complex location probs. Billions 18" Ofmasnes fbi ie & newage Rib comers ad Gimsch sap tat brviet saree ad smart fag sation © SMES of )usiness thu 1 echembld pao 19" Pioneer Merger" Pioneer Merger Corp. i Bank check company for the pupase of comp. effecting a merger, share exchange, asset aquisition, sare purchase, reorganization, or similar busines combination with one or more — PIONEER buneses rei 20" Stanza Living ‘Stanza Livin is the common brand name for Diwelve Spaces Private Limited. provides fully managed shard living accommodations to S ftanze see and young poesion. ng ar Swiss Swiegy & an Indian online food ering tnd very platform, fatness restetooom serene G SWIGGY Srnec nafs sa 22" Gudanguas GudingAda is an online B2B markeiplace for fast-moving consumer s00ds (FMCG). GudangAds connects small mom-and-pop ruiies FOP NEY ‘vith wholesaler Fund: Sinovation Management Limited 1 Sinn Singer vate Com enag Management Limited Parner for Innovation Works Development Fund Cp, LP, a inovation sane ni Poe I @ kaaaten Tavestments a 1 Oxford Nanopore Oxfird Nanopore Technolgies Limite isa UK-based listed company Technologies ‘which is developing and sling manopore sequencing products forthe C}NANOPORE rst, electronic mali of singe mess.Outlook and Subsequent Events I Outlook IHC snd its subsidiaries will continue to focus on its vision to build robust and diversified operating asst holding company trough strategic acquisitions in growt-driven industries and the eration of innovative companies that add value and bring sustainable improvements to loel ‘businesses end communities in the UAE and the international teritoies in which ou subsidiaries operate. The key strategie pillars ofthe growth and success ae vvvvy Acquisitions Restructuring Consolidation Diversification Divesting/Listing Bp Subsequent Events ‘Subsequent tothe period end, the Group has completed or is inthe process of completing the following acquisitions and investments: a a (Q Holding PSC is in the process of acquiring 100% stake in Reem Investments to expand its portfolio of investment assets THC Food Holding LLC isin process of acquiring 25% equity stake in Tavitus Trading FZE: company dealing in tading, importing, and exporting of food grins and other products NC Capital Holding LLC isin the proces of investing approximately USD 2 billion in three [Adani Group Companies, Aduni Enterprises Limited, Adani Transmission Limited, and Adani Green Energy Limited, JHC Industrial Holding LLC competed scquisition of 70% stake in Arena Events Group PLC, ARENA isa leader in events structuring and management, with a global presence which extends to the Middle Fast, Asia, Europe, Unites States and United Kingdom, IHC Capital Holding LLC has completed acquisition of additonal 21% stake in Esyasof Holding DIFC to increase the cumulative ownership ofthe Group to 51%, Esyasot is involved in meter ata management, metering, billing and colletion, mobility solutions and bg data analytics, Dae e22= adani °o arena @esyasoft ‘Management Discussion and Anal