DXB Entertainments PJSC Investor Presentation

March | 2017 Disclaimer

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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 Parks and Resorts

7

• •

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, and • 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 integrated cooling for rides; any architecture includes summer months to heat systems additional outdoor significant shading address peak day queuing has fans temperatures

33 DPR Phase II

34 Project funding – DPR Phase II

Debt facility secured from Abu Dhabi Commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank.

35 As at 31 December 2016 About Six Flags Dubai

• GCC wide exclusivity (excluding KSA) + Egypt • Due to open late 2019 • 27 rides and attractions spread across an opening day footprint of 2 million square feet • Construction started in July 2016 • Will be operated by Dubai Parks and Resorts (under a management services agreement with Six Flags)

Construction update

• Detailed design ongoing • Ride procurement • Seven rides contract award are in final stage, • Thirteen additional rides RFP issued; • Infrastructure • BOH Tender package was issued to potential bidders • 132 KV Substation tender on-going

36 Hotel

LEGO themed hotel to open at Dubai Parks and Resorts

• First LEGOLAND Hotel in the Middle East

• Adjacent to LEGOLAND Dubai

• Set across 300,000 square feet

• 250 rooms

• 60:40 joint venture between DXB Entertainments and Merlin Entertainments

• Will be operated by Merlin Entertainments once open

37 Projected theme park visits and market penetration

UAE theme park addressable market Theme park visits and market penetration1

Total market penetration potential Actual penetration (assumed in business plan) 19.8 Theme Park Visits 16.9 Potential 17.4 • 14.2 – 15.7 12.6 – 11.2 – 10.1 12.1 • 9.1 8.1 7.6 9.8 8.4 •

• 3.7

0.8 0.9 1.0

• •

38 Financial projections summary – DPR Phase II

Total visits per year for Six Flags Dubai (million) Six Flags Dubai revenue by category (million)

Uses of funds (AED 2,671 million) Financial performance (AED million)

39 Contact Us

40 DXB Entertainments IR App

41 Appendix I

Management and Board

42 Senior management

• • • •

• • • • • •

• • • •

• •

• • •

• •

43 Senior management

• • • •

• • • •

• • •

• • • •

44 Board of Directors and board committees

Nomination and Audit Remuneration Name Nationality Independent Committee Committee Abdulla Al Habbai UAE Raed Kajoor Al Nuaimi UAE Fahad Kazim UAE  Abdul Wahab Al-Halabi UAE  • Group Chairman of Meraas Holding • Mr. Al Habbai is also Chief Executive Officer of the Engineering Dennis C. Gilbert USA    (Chairman) Office since 2005 and the Chairman of Dubai Hills, Dubai Valiant Healthcare and Deputy Chairman of Rove Hospitality. Steven D. Shaiken USA   (Chairman)  • Serves on the Boards of Dubai Real Estate Corporation and Museum of the Future amongst others. Shravan Shroff Maltese   • Holds a Master’s Degree in Cadastral & Land Information Management from the University of East London

• Previously group Chief Investment Officer at Meraas Holding with more • Raed Kajoor Al Nuaimi is the Chief Executive Officer of Dubai Parks • He is an Independent Advisor to the to the Group Chairman at Meraas than 18 years of experience in the real estate sector and Resorts • Previously the Chief Commercial Officer at Meraas Holding where he was • Serves on a number of boards including the supervisory board of • Previously, he was the Chief Leisure and Entertainment Officer at responsible for the business development and asset management Emirates REIT Meraas Holding functions including its retail interests together with its recently launched Food & • Previously held positions include partner at KPMG, Chief Executive • Has held senior management roles over a 15-year period with Beverage division Officer of Dubai Properties Group companies such as Tatweer, and Dubai Properties • Has previously worked at PwC in the audit and transaction services divisions Serves on several boards, including Dubai Hills LLC and Dubai Inn LLC and sits • Holds a bachelor’s degree in Economics from the London School of Group • Economics and an Executive MBA from Ecole Nationale des Ponts et • Holds a bachelor’s degree in Business Administration from Ashford on the Investment Committee of Emirates NBD Real Estate Fund Holds a bachelor’s degree in Accounting from Concordia University, Canada, Chaussées University, UK, and is a member of the Chartered Institute of • Personnel and Development and is a qualified Certified Public Accountant

• More than 45 years of experience in the theme park and attraction • Provides consulting services to major companies in the travel and • Successfully started up a chain of cinemas from scratch, with single business leisure industry including Disney, Universal, Aramark etc. screens, moved onto Multiplexes, raised PE money (India Value Fund), • Has held various senior management positions at Sea World of • More than 40 years of experience in the destination branded IPOed (2005) and exited the business, by way of a strategic sale to Inox Ohio, Resorts World Sentosa (Singapore), Stone Mountain Park entertainment arena Leisure (Fame Cinemas) (Atlanta), Ocean Embassy and three Anheuser Busch Adventure • Previously, Executive Managing Director at Adventure World (Warsaw) • Active Angel Investor in India, with over 50 investments, notable Parks • Has previously worked with industry majors such as the Royal investments being Oyo Rooms, Talview, The Home Salon, Seek Sherpa, • Chairman of the Board and majority stockholder for Gilberts of Caribbean International, Seaworld Parks & Entertainment, Disney Fixy, Klip, Invenzone. Atlanta, a restaurant company operating as a ‘‘Wendy’s’’ franchisee Cruise Lines, Starwood and Hilton hotel chains, among others • Co Founder Venture Nursery LLP, India’s first angel backed accelerator 45 Appendix II

Summary Financials for the year ended 31 December 2016

46 Audited consolidated statement of financial position As at 31 December 2016

31 Dec 16 31 Dec 15 Assets Equity and Liabilities Audited Audited (AED m) (AED m)

Total assets 12,814 8,626

Total equity 7,398 6,178 Property and equipment Total Equity Investment properties Bank facilities Inventories Trade and other payables Due from a related party Derivative financial instruments Advances to contractors and other receivables Due to a related party Derivative financial instruments Total liabilities 5,416 2,448 Other financial assets Total equity and liabilities 12,814 8,626 Cash and bank balances

47 Audited consolidated statement of comprehensive income For the year ended 31 December 2016

Loss for the period

31 Dec 16 31 Dec 15 Audited Audited

(AED m) (AED m)

Loss for the period (485) (111)

Total comprehensive loss for the period (449) (109)

48 Audited consolidated statement of cash flows For the year ended 31 December 2016

31 Dec 16 31 Dec 15 Audited Audited Movement in Cash (AED m) (AED m) (for twelve months ended 31 Dec 2016)

Net cash generated by / (used in) operating activities 678 314

Net cash (used in) / generated by investing activities (3,012) (1,389)

Net cash (used in) / generated by financing activities 3,314 1,275 Net cash movement during the period 980 200

Cash and cash equivalent at the end of the period 1,344 363

49 Appendix III

DPR Phase I projections based on 2014 IPO prospectus

50 Projections DPR Phase I

2014 IPO Projections

The projections covered in this section are based on the 2014 IPO prospectus and have not been revised since.

Management has indicated that revised guidance for 2017 will be given post Q1 2017 results and that it is seeking a 20% operational cost reduction in 2017.

51 Financial projections summary – DPR Phase I

Total visits per year (million) Theme park revenue by category (million)

616 550 492

Revenue by entity (AED million) Financial performance (AED million)

52 Summary projected financials – DPR Phase I AED million

53