An Introduction to Reuben Brothers

Private & Confidential Executive Summary

 Reuben Brothers (“RB”) is a private company wholly owned by David and Simon Reuben whose net worth is currently valued at over 18bn*.

 They have built a number of successful businesses since the 1980s including:  Hotels & Real Estate  Pubs  Airports, Heliports & Marinas  Agriculture  Natural Resources  Warehousing  Shipping  Data Centres  Horse Racing

 The below is a brief selection of some of RB’s investments.

*Sunday Times , April 2016

2 Private & Confidential RB Investment Portfolio

3 Private & Confidential Grosvenor House - London, Park Plaza Hotel and Dream Downtown - NY Debt deal secured by 3 premium hotels in London & New York

 In June 2015, RB purchased USD 900m of debt secured against 3 hotels: Grosvenor House Hotel, London and the Dreams and Plaza hotels in New York.

 These 3 iconic buildings in London’s Park Lane and New York’s 5th Avenue and West 16th Street provide luxury hotel accommodation managed by Fairmont, JW Marriot and Dream Hotels.

 Between the them, the hotels boast over 1000 guestrooms as well as numerous high class bars and restaurants.

 The previous purchase of these assets was originally financed with debt from a large international financial institution. RB has now taken over the debt.

4 Private & Confidential Piccadilly Estate, London UK Landmark Premier Residential and Hotel Development in Mayfair

 Plans have been approved to convert Cambridge House at 94 Piccadilly in London’s Mayfair into a grand home.

 Formerly in use as the Naval & Military Club, (aka “The In & Out Club”) the landmark Grade 1 listed building will be transformed into a residence which will extend over 5,000m², and will house the original 18th Century grand staircase, a 19th Century ballroom, formal receiving rooms and a vast wine cellar.

 The master suite will extend to 200m² and there will also be a swimming pool, spa, gym, and a garage.

 Two further related planning applications have also been approved. On the western corner of the site, the 1182m² Grade II listed former American Club will be converted back to its original use as a stately home. On the eastern flank the Grade II Listed Green Park Chambers at 90-93 Piccadilly, will be combined with 42 Half Moon Street to provide 6 large lateral apartments, plus retail & restaurant space.

5 Private & Confidential Art’otel, London UK New Apart-hotel & Leisure Destination under the ‘art’otel’ Brand in Hoxton, London

 RB entered into a 50:50 joint venture with Park Plaza Hotels Limited to develop a new apart- hotel and leisure destination under the ‘art’otel’ brand in Hoxton, in the City of London.

 The proposed design reflects the site’s position at the North-west tip of the South Shoreditch Conservation Area, balancing the edgy nature of the latter, the taller more modern blocks towards the Old Street roundabout and the site’s location at the gateway to South Shoreditch.

 The main building has a bull-nosed structure similar to many of the historic corner buildings on Great Eastern Street. The main building will be wrapped in a ‘rainscreen’ skin which will act to improve environmental efficiency without hampering the fantastic views from within. The rainscreen has been inspired by the punch cards used in the textile industry that were historically located in the area.

6 Private & Confidential Merchant Square, London UK Premier Mixed-Use Property Development in the Paddington Area of London

 RB, in a 50:50 partnership with the Jarvis family, is developing the Merchant Square development in Paddington, Central London. A mixed-use development of c. 2,000,000 (2 million) sq ft in the heart of Westminster, Merchant Square is ideally placed to provide a much needed focus and sense of place.

 The Paddington Basin regeneration project is well on the way towards achieving its ambitious vision. The area is already home to the aspiring residents, and world-class Current Status companies Everything Everywhere and Marks and Spencer. Merchant Square is superbly  Three out of six planned buildings completed to connected – just 16 minutes from Canary schedule between 2010 and 2014. Wharf via London’s new Crossrail link, and 15 minutes from Heathrow Airport on the  Total of over a million square feet of space delivered. Heathrow Express.  Further three buildings totaling 830k sq ft are planned  Merchant Square will encompass 6 buildings, including a 42-storey skyscraper. including a landmark 42-storey skyscraper, and the scheme provides office space, residential apartments as well as hotel and leisure facilities.

7 Private & Confidential Wellington Pub Co, UK The Largest Free-of-tie Pub Estate in the UK

 Wellington Pub Co (“WPC”) is RB’s pub owning and leasing company which owns more than 800 tenanted pubs across the UK, making it the largest free-of-tie pub in the country.

 The portfolio consists of a variety of different pub sizes and styles including town centre, urban and village settings.

 Lessees of WPC are given full freedom to run their own business and have the flexibility to plan, operate and select their own preferred brands from their chosen brewer or wholesaler without any interference from WPC.

 WPC’s pubs are generally let on long term leases of approximately 20 years during which WPC provides tenants access to support from it’s experienced pub and property management team.

8 Private & Confidential London Oxford Airport The Thames Valley area’s primary regional and business aviation airport

 Located just 40 miles to the north west of London and 6 miles north of Oxford city centre, London Oxford Airport has had over 46,800 movements (take-offs and landings).

 Significant works have been undertaken, including the installation of a new navigational system and widening of the runway to equal that of London City Airport in terms of length, width and specification.

 In addition, a brand new, first class business aviation terminal to cater for private jet passengers and crew was opened, tripling the existing general aviation terminal in size.

 The airport was voted ‘Best British Business Aviation Airport’ by Airport Operators Association (AOA) in 2009.

9 Private & Confidential The London Heliport London’s only CAA licensed Heliport

 The London Heliport is a fully operational facility, offering its clients landing, parking and refuelling services.

 Centrally located, opposite Chelsea Harbour and between Wandsworth Bridge and Battersea Railway Bridge, it offers clients quick and easy access to the city.

 The Heliport is also strategically linked with the London Oxford Airport, providing passengers with the opportunity to travel from aircraft door to the London Heliport in a little over 20 minutes.

 Facilities to host meetings, conferences and events are also offered, in a venue opposite the Heliport.

10 Private & Confidential Portosole Sanremo Marina, Italy One of the largest marinas in the Mediterranean

 Portosole Sanremo is one of the largest marinas in the Mediterranean, acting as a regular port of call for mega yachts that visit the area. The port complex includes:  788 berths of which 585 have been sold, 183 rented and 40 used for transit (berths range from 6 to 90 meters in size)  Servicing facilities including two shipyards and a mechanical workshop  A luxury hotel (Hotel de Paris) including full amenities  Over 3,000 m2 GLA for the operation of supporting stores and office buildings

 The marina is directly serviced by road infrastructure and public transport, with direct access to major urban centres in the vicinity  Genoa, located less than 150km away provides access to an international airport  Nice, only 50km away provides for an equally advantageous alternative

11 Private & Confidential GC Partecipazioni, Italy Major European flower producer

 GC Partecipazioni (GCP), with 147 hectares of greenhouses, produces and markets potted plants in Europe, offering a wide range of varieties

 The company’s mayor production facility, Candela (FG) in Apulia, Italy, constitutes the largest greenhouse in Europe as well as the most technologically advanced and environmentally friendly

 GCP organizes and manages the entire supply chain in its sector, thanks to its international trade network and maintains the highest of quality standards

12 Private & Confidential Ventower Industries, MI USA Modern Manufacturing Facility Constructed in Record Time

 Ventower Industries is a full service fabricator and supplier of utility and distributed-scale, wind turbine towers.

 RB developed Ventower’s first manufacturing facility in Monroe, Michigan from a greenfield project in 2010 to delivery of first orders in 2012 and full capacity in 2015.

 The first facility is now operating at full capacity and RB is developing plans for a second full scale plant in Amarillo, Texas.

 Further expansion is planned in East Coast US and globally.

13 Private & Confidential Draper Capital, Gold Mining Project, Mongolia Fund focusses on Frontier Markets with offices in Myanmar and Mongolia

 Draper Capital is an RB seeded fund with fully operational offices in London, Yangon and Ulan Bator and a focus on Frontier Markets.

 Draper is developing a previously producing gold mine with basic facilities on site, production was previously ceased due to environmental breaches.

 Draper Capital has taken over the entire management of the project since Q1, 2014.

 The project is being developed with 100+ experienced professionals (expat and local) to implement international level quality work and utilize innovative underground mining method.

 The management team regularly creates community outreach program to ensure that the project has a positive impacts on the local community.

14 Private & Confidential Metro International Trade Services, Leading Global LME warehouse operator

United States Europe Asia  Established in 1990, Metro is a leading global warehouse operator that is primarily engaged in the movement and storage of Incheon

non-ferrous metals for Busan Detroit Gwangyang participants on the London Metal Chicago St. Louis Toledo Exchange (“LME”), the world’s Long Liverpool Hamburg Mobile Beach Rotterdam preeminent metals market. Antwerp Port Klang

 The company operates 59* Treste owned and leased warehouses. Through its flexible warehouse Number of Warehouses: 32 Number of Warehouses1: 18 Number of Warehouses1: 9 strategy Metro can expand its Locations: Chicago,Detroit, Locations: Hamburg, Locations: Incheon,Busan, global footprint quickly when the Long Beach, Rotterdam, Gwangyang, Port opportunity arises, while Mobile, St. Louis Liverpool and Klang and Toledo Trieste simultaneously keeping its fixed costs to a minimum. * Note: warehouse information as of Sept. 2016

 9 warehouses are located in Asia, a region where Metro is looking to expand, especially in light of recent problems surrounding existing Chinese warehouse providers.  Over the long term, Metro is a direct benefactor of a growing base metals industry with forecasted increases in global production volumes, supporting flows of metal into LME registered warehouses.  Metro’s management team combine over 80 years of experience in the warehousing sector and is characterised by an entrepreneurial attitude that allows Metro to adapt and take advantage of new opportunities.

15 Private & Confidential RB Shipping: Newbuilding of Dry Bulk Carriers Building a fleet of 7 new Kamsarmax Vessels in Korea and Japan

 RB Shipping is RB’s Ship-owning platform which currently has 4 vessels on the water and 3 projects of newbuildings of 82,000dwt bulk carriers underway.

 Dealing only with premium shipyards, the vessels are built at Sungdong Shipbuilding and Marine Engineering (”SSME”) near Busan, Korea (5 vessels) and Japan Marine United, in Maizuru, Japan (2 vessels)

 Fully equity-financed, these vessel were ordered during H1 2014 and are expected to be fully delivered in 2016-17.

 The vessels incorporate the highest level of safety and environmental equipment including highly advanced ballast water treatment systems in anticipation of new upcoming regulations.

 The new eco-design 82,000dwt Kamsarmaxes currently being built in SSME are some of the first of their kind to be delivered.

16 Private & Confidential RB British Marine Commercial and Technical Ship-management Platform

 RB British Marine (“RBBM”) is a dry-bulk ship operating and management company based in London, Mumbai and Singapore.

 Established as a joint venture between British Marine PLC and RB Shipping, provides technical and commercial management services to third-party ship owners, as well as as the existing fleets of RB Shipping and British Marine.

 RBBM’s technical vessel management team is based in Mumbai, and consists of 20 highly qualified individuals with extensive experience in maintaining vessels, as well as sourcing stores & spares and liaising with regulators.

 A team of charterers and operators, with decades of combined experience work out of Mumbai and Singapore covering the Pacific and Indian Oceans. (The Atlantic is covered from London).

17 Private & Confidential Global Switch Building, Global World Class Data Centre Operator  Global Switch (“GS”) is one of the largest independent data centre operators providing data warehousing services to major cloud-based services worldwide. In addition to locations in Amsterdam, Frankfurt, London, Madrid & Paris, GS is developing major presence in Asia where it is looking to expand.

Singapore  Existing data centre (pictured right) provides access to all sub-sea cable systems landing in Singapore.  In addition, planning permission has been received for a 270,000 sq ft (25,000 sq m) data centre in Woodlands, a suburb in the northern part of Singapore Sydney  Located adjacent to Sydney's CBD GS’s Sydney East site offers 31,000 sqm of exceptional low latency and network dense environment with 32MW of utility power supply  Sydney East is a leading example of an environmentally sustainable data centre and is targeting a Leadership in Energy and Environmental Design (LEED) Gold Rating

Hong Kong  GS is planning a major development of a world class data centre in HK:  45,000 sq m with 63MW utility power supply and Carrier Neutral with access to multiple Tier 1 international carrier networks  Adjacent to the Tseung Kwan O cable landing station and close to the other major submarine cable landing stations  Located near the Hong Kong Stock Exchange hosting facility and Hong Kong's main business districts

18 Private & Confidential Arena Racing Company UK’s Leading Horse Racing and Leisure Group

 RB’s racecourse and leisure business - Arena Racing Company (“ARC”) - is the largest racecourse group in the UK created by a merger between Northern Racing and Arena Leisure Plc.

 ARC operates 15 racecourses, across a mix of flat, jump and all-weather tracks, hosting 39% of the UK's annual horseracing fixtures.

 In 2015, the group staged over 535 race meetings at its venues.

 These include some of the biggest days in the racing calendar, like the Ladbrokes St Leger Festival, Coral Welsh National, Betfred Midlands Grand National, John Smith's Northumberland Plate and the National Spirit Hurdle.

19 Private & Confidential Disclaimer

Mehmet Saydam +44 (0)20 7802 5239 RB Capital Ltd [email protected] Millbank Tower Gianluca Petrera +39 342 352 5526 21-24 Millbank [email protected] London, United Kingdom SW1P 4QP Pjotr Gainullin +44 (0)20 7802 5277 [email protected]

Joseph Israel +44 (0)20 7802 5285 [email protected]

Alexandros Chirdaris +44 (0)20 7802 5281 [email protected]

Disclaimer

This document, and the information contained herein, is confidential and any retransmission, dissemination or other unauthorised use of this information, in whole or in part, by any person or entity is strictly prohibited. This document is provided for informational purposes only. Any forward-looking statements contained within this presentation are based upon estimates and assumptions that may not materialise. Such statements of a forward-looking nature are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated. RB Capital has no obligation, and does not undertake, to revise or update these forward-looking statements to reflect future events or circumstances after the date of this disclosure. Whilst every care has been taken in preparing this document, the information herein does not purport to be comprehensive and RB Capital does not make any representation or warranty, express or implied, with regard to its accuracy, reliability or completeness. Accordingly, to the extent permitted by law, no responsibility or liability whatsoever, whether in contract, tort (including, without limitation, negligence), or otherwise, is or will be accepted by RB Capital or any of its affiliates, directors, shareholders, officers, employees, consultants or agents in relation to the accuracy, reliability or completeness of the information contained in this document, and any such responsibility or liability is expressly excluded. Furthermore, to the extent permitted by law, RB Capital assumes no liability or responsibility, nor owes any duty of care, for any consequences of any person acting or refraining from acting in reliance on the information contained in this document or any decision based on such information. This document is not intended and should not be taken to constitute an offer or solicitation capable of acceptance by the recipient, and, further, is not intended to create any binding legal relations. By receiving this presentation, you agree to be bound by the limitations set out in this disclaimer.

20 Private & Confidential