2Q 2020 Financial Results

Overview of PRC's Outlet Market 3 Large supply gap presenting upside opportunity China's Outlet Industry (RMB billion) CAGR: 24.2% Supply 144.9 gap 30.6 49.1 2016 2021E Supply gap represents market opportunity for the outlet industry Source: China Insights Consultancy - Independent Market Research Report Supply gap 0.5 4 Young industry with ample room to grow further China's Outlet Industry (RMB billion) US$96.2 US$91.5 CAGR: 17.9% 640 609 U.S. Outlet Industry CAGR: 24.2% 145 49 2016 2021E 2030E Year 2030 Projected PRC vs U.S. outlet industry US$96.2B vs US$91.5B SGinvestors REIT SASSEUR 7

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