#1KING ABDULLAH ECONOMIC CITY Investor Presentation Q1 2019#2What to look forward to Investment Business Management 30- 3 6-9 thesis model team 31 King Abdullah Economic City Financial position 10- 13 Additional 32- information 39 How we are Intrinsic & 14- 5 different future value 29 Financial results 40- 43 COO 2#3Investment thesis Developing the largest privately funded new city in the world • • • Diversified portfolio of assets that creates long-term benefits to shareholders . • Developing a logistics gateway to capitalize on KAEC's strategic location on the Red Sea coast Establishing a manufacturing hub, focusing on high-growth non-oil industries Creating a tourism and leisure destination to meet demand from domestic and international tourism Supporting the development and activities of SMEs and entrepreneurs Fostering a modern Saudi lifestyle through fully serviced residential communities • • Unique business model with a diversified asset base with a long term goal of delivering results to shareholders Portfolio of built assets consists of: • Residential communities and industrial zone, with land and developed properties that are either sold or leased; 50% ownership in King Abdullah Port (KAP), KSA's 2nd largest deep sea port; Commercial assets (hospitality, retail, F&B, office space), generating recurring income Clear, focused strategy aimed at capitalizing on emerging opportunities • • • Supported by Saudi Vision 2030 Well positioned to benefit from strong demand and favourable outlook, driven by social, demographic and macroeconomic tailwinds Creating a stable business ecosystem to attract investment (FDI, third party investment) 3#4King Abdullah Economic City KAEC is a fast growing coastal city in the western region of Saudi Arabia with a booming manufacturing and logistics. hub, up and coming vibrant living community and a burgeoning entertainment destination N INDUSTRIAL VALLEY HIJAZ GATE KING ABDULLAH PORT COASTAL COMMUNITIES KEY COMPONENTS OF KAEC KING ABDULLAH ECONOMIC CITY SAUDI ARABIA MEDINA 219 km MAKKAH 133 km. JEDDAH 100 km#5Emaar Economic City - why we are different 1 BUSINESS MODEL Unique business model with a diverse portfolio of real estate and infrastructure assets, providing synergies and self-sustaining growth 2 FINANCIAL POSITION Well-capitalized and growing balance sheet supported by smart cash-flow management 3 INSTRINSIC & FUTURE VALUE Significant value creation opportunity backed by a focused strategy, allowing us to grow profitably 4 MANAGEMENT TEAM Experienced and dynamic management team with a proven track record of creating value and managing risk COO 5#61 BUSINESS MODEL Unique business model with a diverse portfolio of real estate and infrastructure assets, providing synergies and self-sustaining growth#71 Our approach and unique competitive advantage We take a long-term, value focused view and leverage our unique proposition to expand in a measured way Our balanced approach Identify opportunity Develop relevant assets and smartly manage project pipeline Actively manage assets Diversify revenue source Provide earnings visibility for shareholders in various stages of economic cycles Our competitive advantage Strategic location and ease of access Sole owner and operator of mega greenfield project in KSA Partnership & endorsement from various Government entities 7#81 Our business model Reinvestment Our business model will help us to deliver financial returns in a sustainable way Residential Cash Debt and Equity Land Bank 168 million sqm Primary infrastructure supports assets and increases base land value Sales Commercial Industrial & Leisure One time revenue | Recurring revenue Leasing Retail and F&B Operating Activities Disbursement Cover debt obligations Port City Operations Charges Banks and creditors Fund projects Pay dividends Long term Investors OpEX CapEX + 8#91 Multiplied value 2006 Building foundations & early development 2018 Aggressive development New city was born & expansion Modern city with organic population growth 2035 Operations & maintenance Land acquisition value = SAR 3.8 bn Value of Investment Property SAR 48 bn* Vibrant city contributing to KSA's socio-economic development In excess of SR 30 bn capital invested since inception (by EEC and third parties) Funded via debt, operating income COB *Based on fair value assessment survey conducted by Valustrat as of Dec 31, 2018 Multiplied value Self- sustaining 9#102 FINANCIAL POSITION Well-capitalized and growing balance sheet supported by smart cash-flow management Ex Ex 719 Els 1 E SC BAYX MC NC#112 Invested capital and debt & equity profile Invested capital, healthy financial leverage has enabled us to build KAEC, and will continue to support our growth Breakdown of EEC's invested capital (SAR Mn) Debt and equity (SAR bn) 305 940 984 1,072 1,207 4,193 SAR 19.8 bn 1,442 invested in building KAEC (as of Mar 2,605 2019) 3,780 3,307 ■ Paid up Capital ■ MoF Loan ■ Education & Healthcare ■ Fixed Assets ■ Industrial Valley Infrastructure ■ Port ■Land (purchase) ■ Utilities & Smart City ■Residential Land Developmnent ■Commercial Hospitality & Leisure Primary Infrastructure Housing ■ Commercial Loan • KAEC is the largest privately funded city in the world LO 5 SAR 18.5 bn debt and paid up capital 8.5 Financial leverage is significantly lower than regional and international property developers 11#122 Cash and liquidity analysis. Strong liquidity position with a comfortable cash buffer to help fund current projects and pay down debt SAR Millions 768 759 SAR Millions 653 50 527 603 477 50 50 2018 Q1 2019 2018 Q1 2019 AR Murabaha term deposits Cash & cash equivalents SAR Billions 1.78 Capital Work in Progress (as of Mar 31, 2019) Current Ratio (as of Mar 31, 2019) Combination of liquid assets and unused commercial loans can cover construction in progress Comfortably cover our short-term debt obligations 1.02 12#13SAR Millions 2 Recurring income from operational assets Recurring revenue is contributing to a greater portion of our profit, and as more operating assets come online we expect that contribution to escalate Recurring revenue & planned CAPEX Number of projects under operation 160 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2011 6 32 F 81 116 2012 2013 2014 2015 1,351 1,668 2,083 2,473 3,039 2016 2017 2018 348 186 237 222 251 1,022 2019 Recurring Income (Actual) 2020 2021 2022 2023 2024 2025 Budgeted CAPEX Recurring Income (Projected) 19 2015 34 2016 60 63 60 2017 2018 | 2025 Over 30 projects earmarked for leisure and tourism segment Smart budgeting and liquidity management to cover SAR 16 bn CAPEX over next 7 years 13#143 INTRINSIC & FUTURE VALUE Significant value creation opportunity backed by a focused strategy, allowing us to grow profitably MSC#153 Intrinsic value We are trading at a discount to our intrinsic value; our stock price does not reflect the strength of our assets or our future earnings potential Valuation vs. Market Capitalization SAR Billions Source of valuation Valuation Mkt Cap Initial developments, infrastructure IV, Residential developments KAP, IV, residential developments, hospitality, leisure amenities 41.1 KAP, IV, residential developments, hospitality 18.8 54.0 47.7 13.8 12.5 11.0 11.5 6.7 8.2 7.1 3.9 DEC 2006 DEC 2009 DEC 2012 DEC 2015 DEC 2017 DEC 2018 Purchase price Internal estimation JLL Commercial Banks Valustrat Valustrat 15#163 Near term value enhancers There are some imminent catalysts that are set to increase our value in the short to mid-term Easy access to 10 million people within 1 hour of KAEC. Haramain high- speed rail is now operational 1,023 ready to move vertical units; 464 residential land units readily available for sale and 546 near completion Additional 48 IV licensed companies expected to come online in 12-18 months Imminent opening of 2 specialty, high quality assets; development of a mega water park KAP's operational volume rose significantly. YOY Container volume up by 295%, Bulk and general cargo handling operation started and 1,360 MT of cargo already handled in H1 2019 COO 16#173 Future outlook We are well positioned to benefit from the socio-economic changes underway in Saudi Arabia and are capitalizing on those opportunities by having a focused strategy for each segment Macroeconomic and social tailwinds accelerating demand Well integrated and focused strategy to capitalize on new demand trends Multiplied value for all major stake holders ■ Saudi Vision 2030 ◉ ◉ Growing population, with young demographic profile Regulation and changes to industry framework ■ Modernization of Saudi Arabian society Industry, Commerce & SME COO KAEC Residential Leisure & Tourism ■ Shareholders ■ Residents ■ KSA ■ Business owners 17#183 Unlocking value via industry & commerce segment Operating environment ☐ ■ Ease of foreign business establishment Growing private sector contribution to GDP Underdeveloped specialized non-oil industrial zones Increasing the role of SMEs in the economy ☐ ☐ ☐ Fast growing regional market of over 600 million people ■ Increase in Red Sea cross border trade ☐ Strategically located on the Chinese maritime trade route, connecting Asia, Europe and Africa Opportunity ■ Attract greater number of non-oil manufacturing companies ■ Increase container volumes in port by capturing greater volume of trade via Red Sea Catering to underserved local manufacturing industries (automotive, pharmaceuticals etc.) ■ Entice entrepreneurs to establish presence in KAEC Current activity Development of re-export zone ■ On schedule development of KAP On schedule development of IV ■ ■ Gas zone to provide feedstock for industrials ■ Tech hub to support data centers Managing a viable entrepreneur/start up ecosystem 18#193 Industrial Valley الوادي الصناعي INDUSTRIAL VALLEY Phase 1 (launched 2007) 2,162 thousand sqm leased 36 companies in operation; 32 under construction; 48 under licensing of developed industrial land sold Land value tripled since 2012 Phase 2 (launched 2011) 7,012 thousand sqm sold 1,581 thousand sqm leased Phase 3 (launched 2014) 2,110 thousand sqm sold 191 thousand sqm leased BONDED AND RE-EXPORT ZONE PHASE 1 PHASE 3 PHASE 3 GAS ZONE TECHNOLOGY PARK PHASE 2 Phase 4 (launched 2017) 369 thousand sqm sold#20PORT 3 KING AB AL King Abdullah Port Commercial operation began in 2014 King Abdullah Port SAR 5.2 bn initial invested capital AHDULLA ORT ORT ZPMC Crown Prince Muhammad Bin Salman, Deputy Premier and Minister of Defense, inaugurated the King Abdullah Port on 11 Feb 2019 2nd fastest growing port in 2018. (Alphaliner) 438 vessels received in H1 2019 2nd Largest port in KSA by capacity & market share and throughput. 82nd largest port in the world Multipurpose Terminal handled Bulk cargo throughput of 1,360k Tons in H1 2019, up by 295% vs. 2018. KING ABDULLAH FORT 70% Customs clearances are completed within 24 hours At par with world's deepest water berths (18m) Reached 4.5 million TEU capacity in 4 years. 4 new STS cranes and 20 RTG cranes are currently being erected. Capacity of 20m TEU, 15m tons of Bulk cargo and 1.5m vehicles upon completion KING ABDULLAH PORT 20#213 Supporting youth and entrepreneurship Circle 301 is an EEC initiative which serves to create an efficient start-up ecosystem KNOWLEDGE EMPOWERMENT MBSC كلية الأمير محمد بن سلمان للإدارة وريادة الأعمال Prince Mohammad Bin Salman College Business & Entrepreneurship هيئة المدن الاقتصادية HOUSING SOLUTIONS مدينة العلك عبد الله الاقتصادية KING ABDULLAH ECONOMIC CITY Circle 301 GOVERNMENT SERVICES SCHOLARSHIP The World Academy KING ABDULLAH ECONOMIC CITY Economic Cities Authority OOO ENTREPRENEURSHIP HUB f monsharat VENTURE CAPITAL (SAR 75 MILLION FUND) مدينة العلك عبد الله الاقتصادية KING ABDULLAH ECONOMIC CITY f. monsha'at منشآ الهيئة العامة للمنشات المغيرة والمتوسطة. Smol. & Medium Enterprises General Authority الغيبة العامة للمنشات الصغيرة والمتوسطة Smol & Medium Enterprises General Authority 21#223 Unlocking value via residential segment ■ Operating environment Growing Saudi population with a young demographic profile Shifting mindset of young Saudis towards modernity Expanded private-sector role in mortgage market Opportunity ■ Attract first-time home buyers ■ Cater to various income groups and psychographic needs Current activity ☐ Develop high end and middle income housing communities Building unique, upscale golf community Sports complex and other amenities Enhancing landscaping and beachfront 22 22#233 FORSCHE Camps Residential communities Complete portfolio of housing solutions readily available D ALTALAH GARDENS AL WAHA BAY LA SUN Bay La Sun is an urban district AL MUROOJ Al Murooj is an upmarket community (golf or beachfront options) Al Talah Gardens is a series of mid- income housing community villas and community plots on the coastal road Al Waha is an award winning mid-income district 75% of launched vertical units Sold/Leased 5478 LL H الحجاز Miram Al- Hejaz is a mid- income community close to Haramain station AL SHUROOQ Al Shurooq is suitable for first time home owners THE VILLAGE The Village is located within the Industrial Valley Many upcoming unique, modern residential communities 80% of launched residential land sold 23#243 Unlocking value through leisure & tourism Operating environment ■ Introduction of leisure tourist visa Increase in number of Muslim pilgrims ■ Boom in nascent entertainment sector ■ Latent demand for international quality entertainment and leisure Opportunity ■ Convert repeat visitors to home owners ■ Attract greater number of visitors by positioning KAEC as leisure lifestyle and tourism destination ■ Leverage location and Haramain rail, (catchment area of 10m people within 1 hour of KAEC) Current activity Over 30 projects under development including: Sports complex (Esmeralda) • Souq • Malls • Islamic exhibition center • Tethered balloon • • • Laguna (amusement & waterpark) Motor park Desert camps Culinary academy 24 24#253 Leisure and tourism assets Invested around SAR 2bn in developing a premier leisure and entertainment destination BAYX Integrated resorts and independent hotels World-class golf course Independent exhibition centre Bay La Sun Hotel and Marina The Views Sunrise Apartments Fully integrated leisure and entertainment Juman Park 30+ projects under development 2019 1 million visitors (expected) 2018 700,000 visitors Royal Greens selected for PGA European Tour Championship 2019-21 Bay X exhibition centre to offer 2,800m of hall space Lagoona: water-park, ecology park, outlet mall Over 70,000 sqm of family friendly park, walking, cycling and games Theme park, water park, desert camping, motor park, Culinary academy 2017 400,000 visitors Visitors 25 25#263 Lagoona LAGOONA لاجونا A large scale leisure destination situated within the lagoon waterfront; designed around a unique blend of local and international IP JESTRIAN COMMUNITY & CENTER CHILDREN'S AMUSEMENT WATERPARK RESORT WILDLIFE SAFARI & ZOO PARK ODGE PARK C HOTEL/MIXED USE OUTLET MALL LAGOON VILLAGE RDE LAGOON ECOLOGY PARK THRILL PARK INTEGRATED RESORT MOTORSPORT 5 01 18 Attractions 1.5 Million SQM of Mangrove Preserve and Ecology Park 2,100 Hotel Keys (All Phases) 18.5 Billion SAR Total Investment (All Phases) LAGOONA لاجونا 3KM Pristine Lagoon Front 7.8 Million SQM 3.3 Millio 2030 Projected Visitors 6,000 Est. Direct Jobs 26 26#273 Bay la Sun Yacht Club and Marina Luxury marine and watersports facility with berthing for private boats Opening up nascent marine tourism industry for KAEC 27#283 Royal Greens Golf and Country Club ROYAL GREENS رويال غرينز GOLF & COUNTRY CLUB Formally opened in April 2018, the first of its kind golf course in the Kingdom The Royal Greens Golf and Country Club is an exclusive, first-class golfing experience. Successfully hosted the European PGA Tour Championship in Feb 2019. Also, scheduled to host in 2020 and 2021. a PING 28#293 Esmeralda Sports & Wellness Center Expected to open in Q3 2019 ESMERALDA نادي إزمرلدا First of its kind family fitness and leisure center in the kingdom Won 2017 International Property Award for Best International Leisure Development 29#304 MANAGEMENT TEAM Experienced and dynamic management team with a proven track record of creating value and managing risk KA#314 World-class management team Local and international management team with proven track record of creating value and managing risk Management Team Board of Directors H.E. MR. MOHAMED ALABBAR Chairman Ahmed Lingay Charles Bele Rama Solh Fahd Hamidaddin Har Gharba Acting Group CED CED Real Estate Development O Commercial Officer General Counsel Diet Corporate Affairs Officer H.E. ENG. KHALID AL-MOLHEM Vice Chairman Board Members H.E. SAUD AL-SALEH MR. AHMED LINJAWY Group CEO MR. JAMAL BIN THENIYEH MR. ABDULLAH KAMEL Wala Al-Hameed Mann Tammar Ayman Mansi Mohamad Ballout Karm Mourad Education CEO Indura Valley and ad of New Business Ventures at Emaar The Economic City Retail Operations Semar Director Head of Leisure & Adverto GCEQ Of Compliance Officer & Head of Board and Shareholders CED of Emaar Knowledge Company and Chef Information Officer Enar the Economic Cry Senior Director- Corporate Business Development ENG. MR. ABDULRAHMAN AL-ROWAITA a MR. AHMED JAWA ENG. MR. ABDULLAH TAIBAH MR. AHMED LINJAWY 31#32ADDITIONAL INFORMATION SV BMB-V MIN#33Prince Mohammad Bin Salman College of Business and Entrepreneurship (MBSC) Established in partnership with Babson Global, Lockheed Martin and MISK foundation 1st private business and entrepreneurship college in Saudi Arabia offering MBA program Inspired by Vision 2030 Female and male students taught by high caliber professors مسك misk مؤسسة خيرية Practical learning and academic teachings to cultivate a well rounded entrepreneurial culture Under the umbrella of MISK Foundation Ban Mak MBSC 33#34Education & training Offering every generation the ability to explore, learn, create and teach طموح ستغلي ممتا GEMS World Academy was set up in 2014, now with a capacity of 2,000 students, offering an international K-12 education Tomouh provides thousands of young Saudi men and women with the skills and training required to compete in the modern work environment Vocational training facilities including: • • Culinary Academy, in partnership with MISK Foundation Aviation Academy in partnership with GACA act Market: Yung ppl Chamala 19-30 من حراج misk The Word Academy LERONOMICAT alle Center 34#35Haramain Station Harmain station is currently operational The High Speed Railway has reduced the travel times significantly making KAEC an ideal housing location and leisure destination Area around Haramain Station will be the new downtown with retail, housing and other commercial centers 450 km high speed train 25 minutes to new Jeddah International Airport 35 minutes to downtown Jeddah 55 minutes to Makkah 55 minutes to Medina 35#36Strategic geographic location Prime location along the Red Sea trade route Tourism attraction: Red Sea coastal city located close to Jeddah offering a variety of entertainment and leisure facilities Business advantage: Opportunity to join the Western Region's well- established international and local business clusters KAEC Resident attraction: Proximity to Jeddah, Makkah, Madinah and well connected by every mode of transport to other cities Commerce & Trade advantage: >10% of world trade passes through the Red Sea which is a prime East-West hub on the main trade route between Asia, Europe and Africa Gateway to the Middle East's 400+ million population 56 36#37KAEC's development MAP KEY Developed * Under Development ** Under Planning and Design Government Land Constructed Canal Planned Canal N 175,603,961" Total KAEC Area Excluding Government Lands (sqm) 34,009,272 (1) Developed Area* (sqm) 15,161,753 (sqm) Industrial 1,452,025 (sqm) Commercial / Mixed Use 6,424,406 (sqm) Residential 0 (sqm) City Infrastructure 10,971,088 (sqm) Port 23,062,170 (1) Under Development Area** (sqm) 15,530,146 (sqm) Industrial 1,019,760 (sqm) Commercial / Mixed Use 2,868,704 5,358 3,638,204 (sqm) Residential (sqm) City Infrastructure (sqm) Port Remarks: (1) Info source: GIS $ Developed Areas include Developed Infrastructure or Developed Vertical ** Under Development Areas include Under Grading, Graded, Infrastructure Development, or Vertical Development 13,525,039 (¹) Total Government Land (sqm) 28,155,645 (1) Under Planning & Design Area* (sqm) 14,418,216 (sqm) Industrial 6,424,743 (sqm) Commercial/Mixed Use 6,434,506 (sqm) Residential 878,181 (sqm) City Infrastructure 37 32#38Hard and soft infrastructure All of KAEC's offerings are underpinned by high quality infrastructure that serves businesses, residents and visitors Sewage network 94.1 km Water network 127.6 km Electricity network 425.8 km 1 fire, 2 security stations 2 clinics 27 beds T Primary roads 83 km 6 mosques Telecom network 227.7 km Secondary roads 84.5 km mm S Irrigation 121.2 km ठ Bicycle ways 11.0 km R Gas stations 3 renowned education institutions 18 tenants office space * Sports arenas and facilities 12 Shops and Retail 19 Restaurants and cafes Parks Water ways 3.1 km 38#39Industrial Valley Home to over 116 leading global and local non-oil businesses Consumer Goods Building materials المراعي Almarai SODAMCO PETRA Pelangg Jipes المصنع السعودي المتميز المواسير | - Saudi Specialized Pipes masdar المواد البناء Bang Beris bintagr بن زقر حلواني اخوان HALWANI BROS MARS الكبير Al Kabeer مجموعة السنبلة SUNBULAH GROUP Logistics NATIONAL PAINTS [OLAYAN NESMA: IKEA SANOFI Panda aramex PHARMALINE Improves Quality of Life بنده TAMER Al-Futtaim Pfizer A JA વ Shamla Pharmaceutical Industries Pharma مؤسسات سقالة Cigalah Group Julphar 6 fully serviced clusters VOLVO شركة الزاهد للتراكتورات . ZAHID TRACTOR عبد اللطيف جمجوم واخوانه ABDULLATIF JAMJOOM & BROS. LD J Po Automotive K شركة خالد الجفالي Khaled Juffali Co. Abdul Latif Jameel RENAULT TRUCKS C SAUDI AIRLINES CATERING د والتسليم AM100M الخطوط السعودية للتموين PACKAGING Packaging 39#40APPENDIX: Q1 2019 FINANCIAL RESULTS 142.09 (764) (+7415 33.13 10297 8.57) (1808) (-76.72) (-682) (-10143 93.52 (-5753) 143 653 64 150 000 (-19.36) 132 89 (-76.22) 960 5044 IDEA Tou#41Quarterly Revenue and Net Income 2018-2019 Revenue and Net Income (SAR Mn) 371 346 Net Income Revenue 281 244 112 47 4 3 -45 -135 Q2 2018 Q3 2018 Q1 2018 Q1 2019 Revenue breakdown (%) Hospitality & Leisure Other Industrial Valley 18 68 (5%) 24 (20%) (7%) 236 (68%) Residential Q4 2018 Q1 2019 Q1 2019 Order intake breakdown (%) Hospitality & Leisure 4 (2%) Q1 2019 Order intake SAR 211Mn 135 (64%) Residential 71 (34%) Industrial Valley 41 44#422018 Revenue breakdown by segment Operating profit margin SAR millions • 236 68 24 18 346 Residential Industrial Valley Hospitality & Leisure Other Total Revenue 40% 72% Residential and Industrial business segments are very profitable and are helping fund the expansion into hospitality and leisure 42 42#43Intrinsic value Appraised value of investment property, as disclosed in the financial statements, implies high upside potential to market capitalization Value metrics 畬 Market capitalization of the company is SAR 8.5 billion (as of Mar 31, 2019) M Investment property valued at SAR 47.7 billion based on fair value assessment survey conducted by Valustrat as of Dec 31, 2018 Development and Investment Property on the books as of Mar 31, 2019 is SAR 6.9 billion ' 43 33#44KING KAEC.net/Investor-Relations [email protected] ABDULLAH ECONOMIC CITY KAEC Investor Relations APP Google Play T. +966 12 510 6955 Available on the App Store 44#45DISCLAIMER This presentation (Presentation) has been prepared by Emaar the Economic City (EEC) and/or its subsidiaries based on information available to it internally and third party sources. 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