Investor Presentaiton

Financing Strategy Allowing for Pipeline Funding and Attractive Dividend Policy Funding for Growth Management expects to raise debt financing over the next 5 years as the company repays its existing facility Land for the near and medium term pipeline already paid Remaining capex to be funded with debt (focusing on non- amortising debt and/or project finance) Notes: Near-Term and Medium-Term Capex Funding (SARbn) 6.6 1.8 0.3 1.5 3.2 3.4 IPO Primary Proceeds IPO primary component of SAR 780 to be used for debt repayment 4.2 x Deleveraging post IPO Dividend Policy SAR 850-900m FY2020 dividend closer to 70% of Recurring FFO SAR 925-975m FY2021 anticipated dividend c.22-26% CAGR until FY2024 Dividends to grow in line with FFO growth 3.8 x Min 60% of FFO Dividend Policy Near-Term Pipeline Medium-Term Pipeline Leverage (2) PF Leverage (2) Semi-annual Capex Incurred (1) Remaining Capex First dividend targeted for H1 FY2020, payment in cash 1. For near term pipeline refers to cost incurred till 31-March 2019 including land is c.SAR1.1bn. 2. Leverage calculated as Net Debt/EBITDA (pre-IFRS16). PF Leverage based on SAR 780 million primary proceeds to be used for debt repayment for outstanding balances as of 31 March 2019. EBITDA of SAR 1,480 million as of 31 March 2019 (IFRS). Arabian Centres Company. Investor Presentation 23

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