2Q 2020 Financial Results

Overview of PRC's Outlet Market Riding on the aspiration of 2 1 PRC's fast growing middle class Middle class population in China (million) 109 CAGR: 12.1% Retail Market Growth Projection Total Sales in China Retail (RMB billion) CAGR: 2016-2021E 144.9 24.2% 12,034.9 19.8% 216 49.1 4,884.4 8.4% 502.4 335.0 1263.1 5.6% 1,654.8 2016 2021E Retail Mall Outlets 2015 2021E Higher urbanization rates to help shift the economy towards a consumption- based model of economic growth Department Store Online Platform A young industry – outlet market size is only approximately 1% of online platform. Source: China Insights Consultancy - Independent Market Research Report SGinvestors REIT SASSEUR 6

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