Investor Presentaiton

3 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

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