Investor Presentaiton

Attractive Industry Backdrop Driven by Favorable Local Demographic and Lifestyle Trends (II/II) Retail market is recovering following two years of slowdown, with significant upside driven by the Vision 2030 reforms Store-based Sales 2 Non-Grocery Sales Trough Growth 110 116 105 104 99 103 105 89 60 60 60 60 60 Growth 69 64 61 11.7% 10.7% 5.9% 7.2% 5.9% 4.3% 2.1% (0.6)% (1.0)% 6.9% 5.3% 2.4% 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2016A Store Based Sales (US$bn) -O-Growth (1.0)% 2017A Non Grocery Sales (US$bn) (0.1)% 2018A 2019E 2020E 2021E Growth Key Focus Areas of VISION 230 Reforms Enriching Quality of Life Women Enablement Promote Saudi Arabia's entertainment industry Enhance Saudi Arabian cities' positioning among top cities Expected Impacts for Retail / ACC Entertainment / leisure including cinemas as incremental footfall generators Recapture retail spending outside of the Kingdom Government drive to increase women mobility Increase the participation of women in the workforce from 22% to 30% by 2030 → 7% increase per year in discretionary spend (1) Enablement of large part of target catchment Boost in total purchasing power Boosting Tourism Focus on tapping the country's underdeveloped tourism industry Foster more balanced and sustainable demand Increase the Umrah visitors from 8 million to 30 million per year by 2030 Infrastructure Improve public transportation infrastructure / connectivity Upcoming ~US$426 billion infrastructure plan Increasing domestic and international tourist flows in Saudi Arabia Improved accessibility / mobility leading to higher footfall Source: Vison 2030, Jadwa Investment, Centre for International Communication, Euromonitor 2018, Saudi Railways Organization, Bloomberg, JLL Market Study, IMF Notes: 1. Additional 770k working women calculated as 8% (30% minus 22%) of current women population in Saudi Arabia between 15-64 years of age. US$2.6bn discretionary spend calculated as 38% of the total disposable income of additional working women Notes: 2 Store-based Sales/Source: JLL Market Study, Euromonitor 2018, IMF Arabian Centres Company . Investor Presentation 11

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