2Q 2020 Financial Results

Overview of PRC's Outlet Market Robust retail sales performance in PRC PRC's total retail sales value for consumer goods is expected to grow at CAGR of 8.7% between 2016 to 2021, in line with growth in GDP and income levels. Total retail sales value of consumer goods, China, 2012-2021E RMB trillion 60.0 50.0 CAGR (2012-2016): 11.6% CAGR (2016-2021E): 8.7% 49.6 45.5 41.7 38.2 40.0 35.1 32.6 30.1 27.2 30.0 24.3 21.0 20.0 10.0 0.0 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E Total retail sales value for consumer goods Source: Extracted from National Bureau of Statistics of China (March, 2017) China Insights Consultancy (March, 2017) 5 REIT SGinvestors SASSEUR

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