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102.HK SUMMIT ASCENT HOLDINGS LIMITED A subsidiary of Suncity Group Holdings Limited (1383.HK) Summit Ascent - An Award-Winning Company Summit Ascent (102.HK) Summit Ascent (102.HK) Summit Ascent (102.HK) Summit Ascent (102.HK) Summit Ascent (102.HK) Honored Company Best ESG, Ranked 3rd Buy- Best CEO, Ranked 3rd Sell- Best CFO, Ranked 3rd Best Investor Relations side & Sell-side Combined side (Andrew Lo) Sell-side Company, Ranked 3rd Buy- side & Sell-side Combined Institutional Investor 2021 Institutional Investor 2021 Institutional Investor 2021 Institutional Investor 2021 Institutional Investor 2021 All-Asia Executive Rankings All-Asia Executive Rankings All-Asia Executive Rankings All-Asia Executive Rankings All-Asia Executive Rankings 2021 2021 2021 2021 2021 Summit Ascent (102.HK) Summit Ascent (102.HK) Tigre de Cristal Tigre de Cristal Tigre de Cristal Best Investor Relations Best Investor Relations Corporate Travel Awards 2020 Winner of the XVI Business Top 5 Nominees of “Russia’s Professional, Ranked 2nd Buy- Team, Ranked 3rd Buy-side (Hotel Resort of the Year) Prize of Primorsky Krai Leading Resort 2019” side & Sell-side Combined & Sell-side Combined (Company of the Year 2019) Institutional Investor 2021 Institutional Investor 2021 CEO Today Magazine Zolotoy Rog World Travel Awards All-Asia Executive Rankings All-Asia Executive Rankings 2021 2021 2020 2019 2019 1 1 GROUPGROUP 2021 2021 INTERIM INTERIM RESULTS RESULTS CONTENTS 1 CONTENTSGROUP 2021 INTERIM RESULTS 2 1NEARGROUP TO MEDIUM 2021 INTERIM TERM GROWTH RESULTS 3 2REASONSNEAR TO FOR MEDIUM FAST GROWTH TERM GROWTH PROSPECTS 4 3BUSINESSLONGER ENVIRONMENT TERM GROWTH FUNDAMENTALS 5 4ESGBUSINESS ENVIRONMENT 6 5OUTLOOKESG 6 OUTLOOK GROUPGROUP 20212021 INTERIMINTERIM RESULTSRESULTS FINANCIALFINANCIAL UPDATEUPDATE Summit Ascent 1H 2021 Results Highlights Tigre de Cristal GGR Adjusted EBITDA Group Total Revenue Bank Balances & Cash HK$ 139.1 million HK$ 17.2 million 129.5 million 635.3 million US$17.9 million US$2.2 million US$16.7 million US$82 million Mass Table Drop Electronic Gaming Volume Loss attributable Gearing Ratio1 Recovery in 1H 2021 Recovery in 1H 2021 to owners of the Company 0 % 87% 100% HK$ (0.13) million of pre-pandemic levels2 of pre-pandemic levels2 US$(0.017) million US$1 = HK$7.75 1 Gearing ratio: defines as total borrowings divided by total assets 2Pre-pandemic: Average monthly volume recorded in 1H 2021 as a percentage of average monthly volume recorded during the pre-closure period of Q1 2020 Summit Ascent 1H 2021 Results Highlights Summit Ascent: Initial Recovery Observed as Total Revenue Rose 35% YoY & 12% Sequentially • 1H 2021 Group Total Revenue of HK$129.5 million, up 35% YoY and up 12% sequentially • 1H 2021 Loss attributable to Owners of the Company was HK$(0.13) million, significantly improved when compared to HK$(47.0) million in 1H 2020 Tigre de Cristal : 1H 2021 Adjusted EBITDA Continued Trending Positive While Increased 1.3 Times Sequentially in the Middle of COVID, Thanks to Sustained Local Mass & Slots Businesses • 1H Net Revenue from Gaming Operations of HK$122.7 million, up 33% YoY • 1H Total Gross Gaming Revenue (“GGR”) of HK$139.1 million, up 9% YoY • 1H Adjusted EBITDA of Tigre de Cristal was HK$17.2 million versus negative HK$(22.1) million in 1H 2020, 1H Adjusted EBITDA was also up 131% sequentially versus 2H 2020 • Average Hotel Occupancy was 44% during weekends and 21% during weekdays in 1H 2021 Balance Sheet: Solid and Liquid Balance Sheet; Zero Gearing • As at 30 June 2021, Bank Balances and Cash were at HK$635.3 million • Summit Ascent granted a short-term loan of US$120 million that bears 6% interest per annum to SunTrust for yield management to generate interest income for the Group • The Group had no outstanding Bank Borrowing throughout the first half of 2021; Gearing Ratio was 0% Development Update: Tigre de Cristal Phase I Upgrade Ready; Phase II on its Way; Diversifying into the Philippines • Tigre de Cristal Phase I upgrade ready– A brand-new Suncity Premium Club, new hot pot restaurant and a new private club are now ready • Phase II planning & design on its way – Minor delays due to COVID; Continue development works with Phase II • Diversifying into the Philippines – Invest in one of the fastest-growing Asian gaming jurisdictions in Asia, the Philippines; Receiving 6% coupon from convertible bonds and short-term loan investment in SunTrust Tigre de Cristal Gaming 1H 2021 Revenue Breakdown Tigre de Cristal Gross Gaming Revenue increased by 9% YoY to HK$ 139.1 million in 1H 2021 Tigre de Cristal Gaming Revenue Tigre de Cristal Gross Gaming Revenue (GGR) Split HK$’million Total: $123 Total: $125 0% 140 33% 39% 120 49% $41 51% 1H 2021 1H 2020 100 $68 80 Total: $66 28% Total: $57 $34 VIP Win Mass Win Electronic Gaming Win VIP Win Mass Win Electronic Gaming Win 60 $35 $33 HoH YoY 40 $55 $50 20 $31 VIP Gross Win (100%) (100%) $24 $0 $0 $0 0 Mass Net Win 15% 62% Q1 2021 Q2 2021 1H 2021 1H 2020 Electronic Gaming Net Win 10% 66% VIP Gross Win Mass Net Win Electronic Gaming Net Win 6 Tigre de Cristal – 1H 2021- Delivered Fair Results During the Pandemic 1H 2021 Adjusted Property EBITDA Continued Trending Positive While Increased 1.3 Times Sequentially in the Middle of COVID, Thanks to Sustained Local Mass & Slots Businesses Tigre de Cristal HoH YoY • 1H 2021 Total Revenue from gaming and hotel operations of HK$'000 HK$129.5 million, up 35% YoY and up 12% sequentially Total Revenue from Gaming and 12% 35% • 1H 2021 Positive-Adjusted EBITDA of HK$17.2 million, up 178% Hotel Operations YoY, increased 1.3 times compared to 2H 2020 Gaming VIP Gross Win • In 1H 2021, no VIP Gross Win was recorded, down 100% YoY (100%) (100%) Mass Net Win 15% 62% • 1H 2021 Mass Net Win increased 62% YoY to HK$55 million, Electronic Gaming Net Win 10% 66% and increased 15% HoH Non-Gaming Revenue1 46% 82% • 1H 2021 Electronic Gaming Net Win increased 66% YoY to HK$’000 20,000 Adjusted EBITDA (HK$'000) and 17,171 16% 14% HK$68 million, and increased 10% HoH 15,000 Adjusted EBITDA Margin (%) 13% 12% 1 10,000 10% • 1H 2021 Non-gaming revenue increased 82% YoY to HK$6.7 7,470 5,000 8% million, and increased 46% HoH 6% 6% - 4% • During 1H 2021, average hotel occupancy during weekends (5,000) 2% 0% (10,000) was 44% and during weekdays was 21% (22,149) -2% (15,000) -4% -6% (20,000) -8% 1 Non-gaming revenue: refers to revenue from hotel operations (25,000) -10% 1H 2020 2H 2020 1H 2021 Adjusted EBITDA Margin 7 Bank Balances & Cash Update Solid and Liquid Balance Sheet; Zero Gearing • As at 30 June 2021, bank balances and cash were at HK$635.3 million • The Group had no outstanding bank borrowing throughout the first half of the year; Gearing ratio was 0% • The decrease in cash in 1H 2021 was primarily due to a yield management exercise for a 6% interest-bearing loan of US$120 million to SunTrust equivalent to HK$931.6 million Bank Balances and Cash HK$’million 1,800 $1,562.3 1,600 1,400 1,200 1,000 $860.7 800 $635.3 600 $479.8 $400.2 400 $335.1 200 $130.3 0 Jun 2021 Dec 2020 Dec 2019 Dec 2018 Dec 2017 Dec 2016 Dec 2015 Bank Balances and Cash Main Shareholder Suncity has a Great Relationship with the Chinese Authorities 1 2 GROUP NEAR 2021TO MEDIUM INTERIM TERM RESULTS GROWTH PROSPECTS CONTENTS 1 CONTENTSGROUP 2021 INTERIM RESULTS 2 1NEARGROUP TO MEDIUM 2021 INTERIM TERM GROWTH RESULTS 3 2REASONSNEAR TO FOR MEDIUM FAST GROWTH TERM GROWTH PROSPECTS 4 3BUSINESSLONGER ENVIRONMENT TERM GROWTH FUNDAMENTALS 5 4ESGBUSINESS ENVIRONMENT 6 5OUTLOOKESG 6 OUTLOOK NEAR TOGROUP MEDIUM 2021 TERMINTERIM GROWTH RESULTS PROSPECTS FINANCIAL UPDATE Tiger de Cristal Local Marketing Events in 2021 General Partner of Ippon Primorye Fighting Championship (IPFC) (April 2021) B-2 Concert - held on the main stage of Tigre de Cristal (May 2021) Biker Party – Rock & Ride 2021 (May 2021) New Suncity Premium Club & Premium Mass Business Line ready in Tigre de Cristal Phase 1 1. Phase 1 Upgrade Ready – New Restaurants & Suncity Premium Club 2. Focus on Korean / Japanese Markets Tapping into the relatively Untapped Korean and Japanese Markets Both Japanese and Koreans could afford gaming better than others South Koreans love gaming, already contributed half of the entire Korea’s GGR in 2019 US$ US$ million GGR Contribution in South Korea (Local casino KWL vs Foreigner-Only casinos) 3,000 2,000 1,094 1,123 1,062 1,430 1,275 1,204 1,212 885 991 1,101 1,000 1,373 1,432 1,340 1,103 1,043 1,064 1,126 1,251 1,232 1,304 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Kangwon Land Other 16 Casinos An average Japanese / Korean are 250% / 177% more well-off than other East Asians Japanese have no local access to casinos – nearest is Korea / VVO Arrivals at Tigre de Cristal by Air Arrivals at Kangwon Land by Land *30 flights weekly (Kangwon Land is the only locals-permitted casino in Korea) Incheon Vladivostok 2.5 Hrs Seoul Kangwon Land 4 Hrs 182 VS Busan Vladivostok 2 Hrs Busan Kangwon Land 6 Hrs 2023 – HARVEST YEAR – Tigre de Cristal + Westside City Project contribution to 102.HK 1. THREE times the existing size in Tigre de Cristal 2. May Own SunTrust through exercising Convertible Bonds 500 tables 964 Phase 1: Phase 1 + Phase 2: rooms OKADA • 5 star hotel 121 rooms • Luxury hotel rooms Approx.
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