STRATEGY - A SYSTEMATIC APPROACH
CAPITAL STACK
AMD has the abilityto act across all the layers
of the Capital stack in order to access the best
risk-adjustedvalue
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Equity
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Hybrid
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Debt
REAL ESTATE COMPANIES
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Board representation
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Business development
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M&A
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Portfolio recycling
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Restructuring (Propco/Opco)
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Enhancement ofthecapital base (debt costs, LTV, tenor)
DIRECT ASSETS
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Repositioning/change of use
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Refurbishment
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Lease restructuring/termination
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Pro-active asset management
DOWNSIDE PROTECTION
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Attractive entry levels
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Below replacement cost
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Low historical level
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Below market rent
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Enhance value creation withoptionality, co-invest and ROFO
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Build high stabilised free cash flows
OPERATING BUSINESSES
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Investing in operating businesses that are linked to real assets (“Opcos”)
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Increasing operational efficiencies and scale through investments and strategic relationships (roll-out, etc)
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Increasing operational capabilities through investments