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DXB Entertainments PJSC Investor Presentation March | 2017 Disclaimer PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation has been prepared and issued by DXB Entertainments PJSC (the “Company”). For the purposes of this notice, “presentation” means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed during the presentation meeting. The information set out in this presentation may be subject to updating, revision, verification and amendment and such information may change materially. Neither the Company, any of its parent or subsidiary undertakings, the subsidiary undertakings of such parent undertakings, nor any of such person’s respective directors, officers, employees, agents, affiliates or advisers is under an obligation to update or keep current the information contained in this presentation to which it relates or to provide the recipient of with access to any additional information that may arise in connection with it and any opinions expressed in this presentation are subject to change without notice. None of the Company or any of its parent or subsidiary undertakings, or the subsidiary undertakings of such parent undertakings, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation, or otherwise arising in connection with this presentation. This presentation is an advertisement for the purposes of the United Kingdom Prospectus Rules and the information contained herein are not an offer of securities for sale in the United States nor any other jurisdiction. This presentation does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation is for information purposes and convenient reference. It is not definitive advice, nor should it be relied upon as such. This presentation does not purport to contain all of the information that may be required to evaluate any potential transaction and should not be relied on in connection with any such potential transaction. Any projection, estimate, forecast or other ‘forward-looking’ statement in this presentation only illustrates hypothetical performance under specified assumptions of events or conditions, and is not a reliable indicator of future performance. To the extent available, the industry and market data contained in this presentation may have come from official or third party sources. Such third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company generally believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. You agree to be bound by the foregoing limitations and conditions and, in particular, will be deemed to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. LEGO ®, the LEGO logo and LEGOLAND ® are trademarks of the LEGO Group. ©2016 The LEGO Group. LEGOLAND IS A PART OF MERLIN ENTERTAINMENTS plc. 2 Company Overview 3 DXB Entertainments PJSC 8.0b 5.2b 10.4b 4 DXB Entertainments group Hotel* * 5 Shareholding structure Shareholder Composition 6 Dubai Parks and Resorts 7 Dubai Parks and Resorts • • • • 8 DPR location 9 Key Investment Highlights 10 Key investment highlights 11 Untapped theme park market MENA/Indian subcontinent 12 Tourism growth trend TOP SOURCE MARKETS FOR Total Overnight International Visitors VISITORS TO DUBAI 14.9m YTD December 2016 Dubai is the 4th most visited city in the world after London, Paris and Bangkok 13 Unique offering A multi-themed destination unique to region and the world • Only theme park destination in the world with 4 gates within walking distance of each other • Targets a wide audience across age groups and demographics– families with children 2-12, teenagers, adults • Best-in-branded entertainment from three of the largest picture studios in Hollywood – DreamWorks Animation, Columbia Pictures and Lionsgate • First Bollywood theme park in the world • First LEGOLAND® park in the region • First water park targeting children 2-12 in the region 14 Operational model World-class operators and regional exclusivity Operator Operator IP Partners1 Various IP Partners1 Operator Operator Leased out to third IP Partners2 party tenants LEGOLAND 15 2016 Performance 16 Dubai Parks and Resorts opening 17 Dubai Parks and Resorts officially inaugurated on 18 December 2016 18 Audited financial information Key highlights Total Assets AED 12,814 million (Dec 2015: AED 8,626 million) 19 Q4 2016 performance highlights Key Highlights Key Highlights Operational Period For the year ended 31 October 2016 – 31 December 2016 31 December 2016 20 Summary financial results Operational period 31 October 2016 – 31 December 2016 AED 74.5 million Total Revenue 8% 7% 85% 21 Theme parks Operational period 31 October – 31 December 2016 AED 63.4 million Theme Park Revenue 3% 32% 65% Visits breakdown by category 22 Retail and hospitality As at 31 December 2016 Riverland Dubai leasing update 23 2017 outlook The operational period 31 October 2016 - 31 December 2016 is not indicative of the Company’s ability to attract international tourists nor was the hotel and water park operational. The Company expects that Q1 and Q2 2017 will give the data necessary to determine the outlook for rest of the year. Q2 2017 will be the first operational quarter for the business with all attractions within all components of the whole destination available to the public. Management is aiming for a 20% operational cost reduction in 2017. 24 DPR Strategy 25 Sales strategy 26 Sales strategy Source market representation and attendance targets 27 Ticket prices In line with regional and international offerings Dubai Parks and Resorts Adult ticket price Park / attraction Adult ticket price ($) (AED) MOTIONGATETM Dubai 80 295* Bollywood ParksTM Dubai 65 240 LEGOLAND® Dubai 80 295 LEGOLAND® Water Park 65 240 Regional IMG World of Adventure 66 245 Ferrari World 75 275 Wild Wadi 75 275 Yas Waterworld 68 250 Aquaventure 70 260 Ski Dubai 91 335 At the Top – Burj Khalifa 55 -136 200 -500 International Magic Kingdom 115 422 Disneyland Tokyo 65 238 Disneyland Anaheim 110 404 Epcot 107 392 Disneyland Paris 80 291 Universal Studios 76 199 Singapore LEGOLAND Malaysia 34 128 * MOTIONGATE Dubai preview price is AED 250, valid until early Q2 2017. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Sources: Company information, company websites, Dubai Parks and Resorts 2014 Feasibility Study , CBRE, TEA / AECOM reports 28 Revised pricing strategy Simplifying the diversity of our offering Single park / multi-park / multi-day ticket options 1 1 day 2 Days 7 days day 2 parks 4 parks All theme parks Annual Passes VIP all Single Single park + All parks park water park parks Add On 29 Driving in-park spend 01 02 03 04 Food and Beverage Merchandising Photography and Services Games 30 Enhancing the visitor experience o o o o o o o o o o o o o o o o o o 31 Creating and leveraging our own brand IPs Mitigating the potential impact of seasonality • Overall, weather is a key factor that impacts theme park attendance • Rain, snow and high temperatures impact attendance figures and ability to operate – theme parks Weather can be located in countries that experience high levels of precipitation (Denmark, France, etc.) or humidity of concern for (Singapore, etc.) experience a negative impact on attendance theme • Temperature is a potential concern for Dubai Parks and Resorts - Dubai is hotter than other theme park attendance park destinations during the summer months - however, precipitation levels are by far the lowest when compared to other international markets with significant theme park offerings – Dubai has an average monthly precipitation level of 8 mm versus 108 mm, 53 mm and 195 mm for Florida, Paris and Singapore respectively Mitigating the DPR heat concern % indoor and air conditioned Integrated Indoor and air Adjustment of strategy for State-of-the-art conditioned queuing Landscape and operating hours during dealing with the

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