DXB Entertainments PJSC Investor Presentation

August | 2017 Disclaimer

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LEGO ®, the LEGO logo and LEGOLAND ® are trademarks of the LEGO Group. ©2017 The LEGO Group. LEGOLAND IS A PART OF MERLIN ENTERTAINMENTS plc.

2 Company Overview

3 About DXB Entertainments PJSC

DXB Entertainments PJSC is a Dubai headquartered Leisure and Entertainment Company listed on the Dubai Financial Market under the trading symbol DXBE.

DXBE is the owner of Dubai Parks and Resorts, the regions largest integrated theme park destination, with Five Theme Parks*, Two Hotels*, and One retail and dining facility all spread over 30.6 million sq.ft of land, with an estimated AED 13.2 billion in development costs. DXBE also manages 6 Dubai-based mid-way attractions in addition to a chain of cinemas, all owned by Meraas. 8.0b 5.2b 6.2b AED 8 billion equity AED 5.2 billion financing AED 6.2 billion market cap DXB Entertainments has DXB Entertainments PJSC is DXB Entertainments has raised AED 4.2 billion through listed on the Dubai Financial raised AED 6.3 billion in a financing facility for Phase I Market and has a market cap equity through an IPO in 2014, for DPR, and an additional of AED 6.2 billion as at 31 July and an additional AED 1.7 AED 1 billion for Phase II. 2017. billion through a rights issue in 2016.

* Phase II expansion, Six Flags Dubai opening in 2019 and LEGOLAND Hotel after 2018. LEGO, the LEGO ® logo and LEGOLAND ® are trademarks of 4 the LEGO Group. ©2015 The LEGO Group. LEGOLAND IS A PART OF MERLIN ENTERTAINMENTS plc. DXB Entertainments Since Inception

The official inauguration of Dubai Parks and Resorts in December 2016 concluded a five-year journey and marked the end of construction of Phase I

AED 0.9b AED 4.2b Secured AED Agreement Secured AED 4.2 993 million in billion syndicated financing facility with Meraas to finance facility for Six Flags manage select L&E assets AED 2.6b AED1.7b Successful Rights issue for LEGOLAND® Hotel completion of Six Flags Dubai Dubai to open AED 2.6 billion successfully adjacent to LEGOLAND® Dubai. IPO completed

Company moves into operational DreamWorks zone in phase as MOTIONGATE unveiled to the Agreed major LEGOLAND® Dubai public partnerships with and Riverland™ Broke ground on globally Dubai opened 31 Planned to open in Dubai Parks Dubai Financial Market listing Six Flags Dubai recognised October late 2019, Six Flags and Resorts brands, including Dubai will be the project Ground work commenced Lionsgate fifth theme park at announced on site the Dubai Parks and Launched ‘Helmi’ DPR’s first ride – Resorts destination, scholarship The Dragon and will include programme, Coaster DXB Official over 20 ridesand offering Emiratis installed at Entertainments inauguration of Lapita Hotel and LEGOLAND attractions for all training in LEGOLAND® name change DPR on 18th Water Park open to the public ages across six Orlando, USA Dubai completed December on 2 January themed zones.

2012 2014 2015 2016 2017 THE FUTURE

CUMULATIVE PLANNED Project Spend AED 2.6B AED 5.8B AED 10.5B Project Spend AED 2.7B

5 The largest leisure and entertainment company in the region

Family Retail and Theme Parks Entertainment Centers Hospitality

Coming Soon

* Phase II expansion, Six Flags Dubai opening in 2019 and LEGOLAND Hotel after 2018. LEGO, the LEGO ® logo and LEGOLAND ® are trademarks of 6 the LEGO Group. ©2015 The LEGO Group. LEGOLAND IS A PART OF MERLIN ENTERTAINMENTS plc. Shareholding structure

Shareholder composition As at 31 July 2017

A Dubai-based holding company established in 2007, with operations and assets in the UAE and overseas Has access to a huge land bank in prime locations throughout Dubai Has launched several projects in the tourism, retail, hospitality, leisure and entertainment sectors

Is focused on introducing new and unique Meraas 52% products to the market Qatar Holding 11% Kuwait Investment Authority 5% Is committed to the success of DXB Institutional 22% Entertainments Retail 10%

Sources: Meraas, Company information, Other public sources. Shareholder structure as at 31 July 2017. 7 Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures Business Units

8 Theme Parks

DXB Entertainments owns five theme parks at Dubai Parks and Resorts

27 rides and attractions 40 rides and attractions 20 slides and attractions Largest Hollywood movie inspired themed Where LEGO® bricks come to life, the ultimate The region’s only water park designed for park in the region, targeting all age groups and theme park for families with children aged 2-12, families with children aged 2-12, with over 20 nationalities. IP partners include DreamWorks, with over 15,000 LEGO® models made from 60 LEGO themed water slides and attractions. Colombia Pictures, The Smurfs and Lionsgate. million LEGO® bricks.

Operated: Parques Reunidos Servicios Centrales Operated: Merlin Entertainments plc Operated: Merlin Entertainments plc

Dubai International Airport 16 rides and attractions The world’s first Bollywood movie themed park, focused on action, dance, romance and flavours 63 based on some of the biggest Bollywood km blockbusters.

Operated: Parques Reunidos Servicios Centrales

20 20 rides and attractions km The regions first Six Flags themed park which 16 km will offer high thrill entertainment for all ages Dubai World Central – groups when it opens in 2019. Al Maktoum International Airport Operated: Six Flags management agreement

9 Family Entertainment Centers

DXB Entertainments’ Family Entertainment Centers unit manages select Meraas owned leisure and entertainment offerings across the city of Dubai.

Indoor video gaming zone which includes Indoor interactive games and play area Outdoor water recreational venue virtual reality shooting, virtual reality for kids between the age of 2 to 10 years offering various activities for toddlers and racing, time-warped arcade and network old kids games Location: City Walk / The Beach Location: The Beach Location: City Walk

Dubai International Airport

Gaming experience beyond virtual reality combining physical set with real-time interactive effects Dubai International Airport Location: To be confirmed

Dubai World Central – Al Maktoum International Airport Bio-dome housing a giant indoor ecosystem and 3,000 plants and animals Location: City Walk

10 Retail and Hospitality

HOSPITALITY CINEMAS RETAIL & DINING

Over 750 rooms across two hotels 3 Cinemas 234,000 sq feet of GLA Lapita™ Hotel operated by the Marriott Group Owned by Meraas, ROXY cinemas is a chain of With over 50 units leased out to third party with over 500 rooms. The LEGOLAND® Hotel is cinemas with over 25 screens across three tenants, Riverland™ Dubai is a themed retail a 60:40 JV with Merlin Entertainments, locations in Dubai and dining destination. currently under development

Location: City Walk / The Beach / Box Park Location: Dubai Parks and Resorts Location: Dubai Parks and Resorts

Dubai International Airport

63 km

20 16 km km Dubai World Central – Al Maktoum International Airport

11 Outlook and Strategy

12 Strategy

Become the regions leading operator of leisure and entertainment with a portfolio of over 15 offerings across Dubai

01 Restructure DXB Entertainments • Restructure and decentralise responsibility towards the operational functions • Integrate the management of key Meraas leisure and entertainment offerings

02 Drive footfall and visitation by targeting the resident and GCC market • Redefine core resident market to include GCC and MENA • Simplify resident market pricing and create competitive annual pass offer

03 Activate B2B and core international markets • Simplify tourist/trade pricing structure • Activation of key source markets

04 Formulate a consistent brand message, identify core target market for each park and ensure messaging is appropriately tailored for each experience • Promote destination in source markets through tour operators and trade partners • Promote individual brands and IPs in core / proximity markets • Focus on “showing experiences” as opposed to “telling”, immersive experiential marketing will be key

13 01 - Restructure DXB Entertainments

Structure DXBE for success

Align organization structure with Drive efficiencies and leverage Utilise best-in-class strategic corporate goals synergies management capabilities Alignment of management and Similar assets to be clustered together Leverage management and organizational structure with P&L to create operating, revenue and cost operational capabilities of operators and responsibility efficiencies operational teams in new decentralized structure Position DXBE as the leading regional operator of leisure and entertainment assets

Owner of DPR Manage Meraas L&E assets Leverage the ownership of DPR, Undertake the management of key utilizing its IP rights, and create Meraas L&E assets with the cross promotional sales, marketing possibility of adding future flagship packages and synergies pipeline assets

14 02- Drive footfall from resident market

01 02 03 Drive footfall and visitation by Develop and implement strategy Simplify and maintain consistent targeting the resident market for targeting the GCC and the wider pricing to create clear consumer MENA region, define GCC as a core messaging and avoid confusion residential market Resident market will be the key Focus on driving repeat visitation DXBE will introduce a simplified driver of admissions and visitation from the Saudi market as well as pricing mechanism focused on in Q42017 and FY2018 generating activating the Saudi tour and travel driving the residential market, ~65% of all visits market encouraging multiple visitations and driving footfall. Discounting to be kept to a minimum, only limited tactical promotions to be conducted

15 02- Ticket prices to be revised Theme park ticket pricing to be simplified and focused on driving repeat visitation from the resident market

Current pricing structure (under revision) Park / attraction Adult ticket price ($) 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 Singapore 76 199 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 16 03-Tourism growth trends

Visitors from top 10 source markets Jan-May 2017 2016 % change Total visitors Jan-May 2017 Jan-May 2017 (’000 visitors) India 944 776 23% Saudi Arabia 670 721 -7% UK 574 550 4% 7.26m China 366 232 58% Up 10.16% YOY Oman 364 528 -31% Pakistan 278 247 12% USA 277 261 6% Iran 257 198 30% Germany 248 241 3% Russia 221 110 101% Total 4,199 3,864 10.16%

7% – Russia, CIS, EE (Eastern Europe)

21% – Western Europe 6% –Americas 11% – North Asiaand South-East Asia 19% – GCC 18% – South Asia 12% – MENA

4% –Africa

2% – Australasia

Source of visitors by region (% in Jan-May 2017)

Source: Department of Tourism and Commerce Marketing (DTCM) 17 03- Activate core markets through B2B channels

In H12017 only 15% of visits were driven through tour and travel operators. Currently almost 70% of visitation is from the resident population.

Trade in process of activation in key source markets with the full impact expected towards the second half of 2018.

Germany/Swiss Rep Office 8 Tour operators

United Kingdom Rep Office Russia Rep Office China 2 ticket brokers Rep Office 9 Tour operators 10 tour operators 9 Tour operators 2 OTAs

UAE India 82 DMCs Africa Rep Office 8 tour operators 9 Tour operators

Source market representation

18 04 - Create consistent brand message

Formulate a consistent brand message, identify core target market for each park and ensure messaging is appropriately tailored for each experience

Promote individual destinations to specific core target markets tailoring the messaging accordingly

Focus on brand building to increase consumer awareness and recognition

Focus on “showing experiences” as opposed to “telling”, immersive using experiential marketing

Social media, radio, outdoor, point-of-sale, cinema and in-store will be the key media, supplemented by television where affordable and where reach can be justified

19 2017 expectations

Alignment of organizational and management structure to leverage core strengths and realise synergies

Goal to identify further savings through organizational synergies

Management of Meraas leisure assets will create shareholder value and increase sales touch points

New family entertainment center division will realise cross-promotion, sales and marketing synergies across all key vertical assets

Sales and Marketing focused on Q4 2017 with key drivers from resident and GCC visitors

Formulate a consistent brand message, identify core target market for each park and ensure messaging is appropriately tailored for each experience

20 Q2 2017 Performance

21 Key Q2 2017 performance highlights

1 April 2017 – 30 June 2017

Total Revenue Theme Park Revenue AED 119.6 million AED 86.5 million

Visits Revenue per cap 414,454 AED 209 (theme parks)

Drawn down Total assets AED 12.5 billion AED 4.2 billion of AED 4.2b Phase 1 facility

Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 June 2017 figures are unaudited. 22 Revenue breakdown (1 April – 30 June 2017)

Total revenue Theme parkrevenue Retail revenue Hospitality revenue AED 119.6m AED 86.5m AED 8m AED 11.4m

Themepark 72% Admissions 63% Leasing 51% Accommodation 64% Retail 7% In-park spend 32% Non-leasing 49% Others 36% Hospitality 10% Others 5% Others 11%

YTD total revenue Q2 Visits Q2 GLA leased Q2 Average occupancy AED 279m 414,454 84% 27%

Q2 Revenue per capita Q2 Average daily rate AED 209 AED 590 Theme parks

YTD total visits YTD average hotel occupancy 1,000,817 24%

Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 3O June 2017 figures are unaudited. The Group currently determines and presents financial information as a single operating segment based on the information that is provided internally to corporate management for decision making. 23 Visits breakdown

Total Visits 414,454 April-June 2017 Visits breakdown (by category)

Walk-in 38% Online & call center 31% Tour operator 14% Others 17%

Note: Others include Schools, Corporates, Annual passes, VIPs and Complimentary passes

Key visitation factors:

Holy month of Ramadan: 26 May – 24 June AED 95 all parks between 8pm-12am during Ramadan.

Summer pricing offer: AED 195 per park inclusive of all you can eat offer AED 265 two parks inclusive of all you can eat offer

24 Summary financial results

Revenue Q1 2017 Q2 2017 YTD 2017 AED millions AED279m Revenue 160 120 279 Cost of sales (13) (20) (34) Operating EBITDA Gross profit 147 99 246

General, administrative and operating expenses (334) (284) (618) AED(247)m Marketing and selling expenses (41) (38) (78) Interest (expense) / income (43) (52) (95) Other expenses (21) (11) (32) Operating EBITDA (adjusted) Loss for the period (292) (286) (578) Other comprehensive loss AED(186)m Cash flow hedge – gain / (loss) on fair value 4 (22) (18) Excluding AED 61 million in pre-operating expenses Total comprehensive loss for the period (287) (308) (596)

General, administrative and operating expenses For the six month period ended 30 June 2017

Salaries and other employee benefits 32% Depreciation 38% Utility 9% Supplies, communication and IT 6% Repairs and maintenance 4% Rent 4% Others 7%

Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 June 2017 figures are unaudited. 25 Contact Us

Investor Relations Contacts DXB Entertainments PJSC

Marwa Gouda Sheikh Zayed Road, opposite the Head of Investor Relations Palm Jebel Ali, Exit 5, Saih Shuaib

Abdulrahman Al-Suwaidi Investor Relations Officer Te l : + 971 4 8200 820 Fax: +971 4 8200 819

[email protected] [email protected] www.dxbentertainments.com/investor-relations www.dxbentertainments.com

26 DXB Entertainments IR App

Our new Investor Relations App is available for download on the iTunes App store and the Google Play store!

27 Appendix I

Management and Board

28 Senior management

Mohamed Almulla • Appointed CEO of DXB Entertainments in June 2017. Chief Executive Officer • Brings extensive experience from a wide range of media and entertainment business segments, including radio & TV broadcasting, printing & publishing, digital media, out of home advertising, event management, parks & attractions. • Previously CEO at the Arab Media Group where he oversaw all operational aspects of the group’s three major business units: Arabian Radio Network, Done Events and Global Village. • Held several leadership positions within the TECOM Group, including Executive Director of Dubai Media City.

John Ireland • Appointed CFO of DXB Entertainments in June 2017. Chief Financial Officer • Experience across a wide range of media, including broadcast, digital, out-of-home, print, event management and recorded music. • Previously CFO at the Arab Media Group (AMG). In his role, he oversees the financial, strategic and legal aspects of the group’s operations, including the Arabian Radio Network, Global Village and Done Events. • John joined AMG from 21st Century Fox, where he held a number of senior finance positions across the Group’s operations in Europe, Asia and the Middle East, including regional experience as CFO of Rotana Media Group. • He has a BA in business and management from the University of Exeter, UK and is a qualified chartered accountant, having previously worked for Deloitte in the telecommunications, media and technology sector.

Ahmad Hussain • Joined DXB Entertainments in August 2017. GM of Theme Parks • A seasoned professional within the regional theme park industry with extensive experience in operations, facilities management and engineering. • Previously held positions at Global Village, the regions premier cultural and family entertainment destination, as COO and CEO, where he was responsible for the successful operations and expansion of the business. • Ahmad is a board member at the International Association of Amusement Parks and Attractions (IAAPA). • Previously held positions at Emirates Integrated Telecommunications Company (du), the Facilities Management Department of the Engineer’s Office of HH Mohammed Bin Rashid Al Maktoum, ADNOC and as a marine engineer with BP, North Sea. • Ahmad graduated with a BA in Mechanical Engineering from Northumbria University, UK and earned his MSc in Engineering Management from Sunderland University, UK.

29 Senior management

Ahmed AlRayyes • Ahmed AlRayyes joined DXB Entertainments in July 2017. GM of Retail and • He is a seasoned professional with a long track-record of successfully implementing Commercial Partnerships, Hospitality Contacts Management, Supply Chain and Strategic Planning in the entertainment, telecom, broadcasting and media sectors. • Prior to joining DXB Entertainments, AlRayyes was COO at Global Village, the regions premier cultural and family entertainment destination, where he played an essential role in growing the business. • Previously, AlRayyes headed the Commercial Sourcing & Procurement department at du - Emirates Integrated Telecommunications Company. • Earlier Ahmed worked in the engineering and broadcasting division for Dubai Media Incorporated, the official media organization of the Government of Dubai. • Ahmed AlRayyes holds a BA in Electrical & Computer Engineering. Hani Soubra • Joined DXB Entertainments in August 2017. VP of Marketing • Has over 24 years of communication and media experience with expertise in brand positioning, consumer marketing and digital and creative media. • Previously spent 13 years at BCC World most recently as the Regional Director MENA & Pakistan. His role included positioning the different BBC functions, product and content creation, developing corporate partnerships as well as creative and digital media. • A published author and a University Lecturer on media at the Middlesex University, Dubai Campus. • Hani earned his MBA from the University of Strahtclyde and his BA in Economics from the American University of Beirut.

Marwa Gouda, CAIA, • Over 15 years experience in investor relations and financial marketing. She previously held the position of Head CIRO of Investor Relations at I2BF Global Ventures, a boutique investment management firm. Head of Investor • In 2003 she joined Man Group in Switzerland and during her six year tenure held different positions in Relations investment marketing and client services in London, Zurich and Dubai. Her last position was as Marketing and Client Service Manager at Man Environmental Capital Opportunities, Man’s private equity environmental finance arm. • She is a Certified Alternative Investment Analyst and holds a BA in Political Science and a BA in Economics from the American University in Cairo

30 Board of Directors and board committees

Nomination and Board of Directors by type Remuneration Name Nationality Independent Audit Committee Committee Non-Executive - 5 Abdulla Al Habbai UAE Executive - 1 Raed Kajoor Al Nuaimi UAE - 3 Independent Abdul Wahab Al-Halabi UAE  Edris Alrafi UAE Board of Directors by nationality Cristian Viorel Gheorghe Romanian

Fahad Kazim UAE   UAE National 5 Dennis C. Gilbert USA    (Chairman) Other Nationalities - 4 Steven D. Shaiken USA   (Chairman) 

Abdulla Al Habbai • Group Chairman of Meraas Holding and Chairman of Dubai Holdings. Chairman, Non-executive • Mr. Al Habbai is also Chief Executive Officer of the Engineering Office since 2005 and the Chairman of Dubai Hills, Dubai Valiant Director Healthcare and Deputy Chairman of Rove Hospitality. • Serves on the Boards of Dubai Real Estate Corporation and Museum of the Future amongst others. • Holds a Master’s Degree in Cadastral & Land Information Management from the University of East London Abdul Wahab Al- • Abdul Wahab Al-Halabi is the Group Chief Investment Officer of Equitativa, a diversified financial services group specialising in the Halabi development of REITs in emerging markets. Non-executive Director • He was previously the Group Chief Investment Officer of Meraas Holding group. Mr. Al-Halabi has more than 18 years’ experience in the real estate sector, with expertise in financial restructuring, crisis and debt management, credit enhancements and joint ventures. • Previously held positions include partner at KPMG, Chief Executive Officer of Dubai Properties Group • Holds a bachelor’s degree in Economics from the London School of Economics and an Executive MBA from Ecole Nationale des Ponts et Chaussées Raed Kajoor Al • Raed Kajoor Al Nuaimi is the former Chief Executive Officer of DXB Entertainments PJSC Nuaimi • Previously, he was the Chief Leisure and Entertainment Officer at Meraas Holding Non-executive Director • Has held senior management roles over a 15-year period with companies such as Tatweer, Dubailand and Dubai Properties Group • Holds a bachelor’s degree in Business Administration from Ashford University, UK, and is a member of the Chartered Institute of Personnel and Development

31 Board of directors continued

Edris Alrafi • Mr Alrafi is the CEO of Dubai Holdings and CCO at Meraas Holding. He brings more than 13 years of experience in investment banking, Non-executive Director finance and private equity. • Prior to Meraas, he served as Head of Middle East Business at the private equity firm Developing Markets Capital (DMC) Partners • Mr Alrafi also served as Head of UAE client coverage at Goldman Sachs for the UAE. Prior to Goldman Sachs, he served as General Manager at First Gulf Bank in the Securities Division and worked closely with the CEO and Managing Director of the Bank. • He is currently Vice Chairman at Noor Bank and Nshma Properties and the Chief Executive Officer at Dubai Holding. He holds a finance degree from the Higher College of Technology in the UAE. Cristian Viorel • Mr Gheorghe is the former Chief Financial and Investment Officer at Meraas LLC. Bringing with him over 18 years of banking experience Gheorghe working globally across several industries. Non-executive Director • Prior to joining Meraas, Cristian served as Investment Strategist at Citi Private Bank in Geneva where he led the buy side advisory to a high profile, multibillion-dollar franchise relationship of the bank in Saudi Arabia. He is a board member at Yvolve LLC, MD Health and Wellness LLC and Marsa Al Seef LLC and others. • Along with a CFA designation, Cristian holds an MBA degree from Rotman School of Management, University of Toronto and a Bachelor’s degree in Economics from the Academy of Economic Studies in Bucharest. Fahad Kazim • He is an Independent Advisor to the to the Group Chairman at Meraas Independent Non- • Previously the Chief Commercial Officer at Meraas Holding where he was responsible for the business development and asset executive Director management functions including its retail interests together with its recently launched Food & Beverage division • Has previously worked at PwC in the audit and transaction services divisions • Serves on several boards, the Oversight Board at Emirates REIT and Arthrogen BV. • Holds a bachelor’s degree in Accounting from Concordia University, Canada, and is a qualified Certified Public Accountant Denis C. Gilbert • More than 45 years of experience in the theme park and attraction business Independent Non- • Has held various senior management positions at Sea World of Ohio, Resorts World Sentosa (Singapore), Stone Mountain Park (Atlanta), executive Director Ocean Embassy and three Anheuser Busch Adventure Parks • Chairman of the Board and majority stockholder for Gilberts of Atlanta, a restaurant company operating as a ‘‘Wendy’s’’ franchisee Steven D. Shaiken • Provides consulting services to major companies in the travel and leisure industry including Disney, Universal, Aramark etc. Independent Non- • More than 40 years of experience in the destination branded entertainment arena executive Director • Previously, Executive Managing Director at Adventure World (Warsaw) • Has previously worked with industry majors such as the Royal Caribbean International, Seaworld Parks & Entertainment, Disney Cruise Lines, Starwood and Hilton hotel chains, among others

32 Appendix II

Summary Financials for the period ended 30 June 2017

33 Summary financials

Condensed consolidated statement of Condensed consolidated statement of profit financial position or loss and other comprehensive income As at 30 June 2017 For the six month period ended 30 June 2017

30 Jun 17 31 Dec 16 Six months period ended 30 June Unaudited Audited (AED m) (AED m) AED million 2017 2016 ASSETS Unaudited Unaudited Property and equipment 9,451 9,465 Revenue 279 -

Investment properties 623 634 Cost of Sales (34) - Investment in a Joint Venture 18 - Gross profit 245 - Inventories 50 42 Due from a related parties 25 21 General,administration and operating expenses (618) (89) Trade and other receivable 155 90 Marketing and selling expenses (78) (22) Derivative financial instruments 19 37 Other financial assets 618 990 Interest (expense) / income (95) 31

Cash and bank balances 1,502 1,535 Other expenses (32) - Total assets 12,461 12,814 Loss for the period (578) (80)

EQUITY AND LIABILITIES Cash flow hedge – loss on fair value (18) (55) EQUITY Total comprehensive loss for the period (596) (135) Share capital 8,000 8,000 Cash flow hedge reserve 19 37 Accumulated losses (1,217) (639) Total equity 6,802 7,398 LIABILITIES Bank facilities 4,003 3,204 Trade and other payables 1,656 2,212 Total liabilities 5,659 5,416 Total equity and liabilities 12,461 12,814

Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 June 2017 figures are unaudited. 34 Condensed consolidated statement of cash flows For the six month period ended 30 June 2017

AED million Period ended 30 June 2017 2016 Unaudited Unaudited Cash flows from operating activities Loss for the period (578) (80) Adjustments for: Depreciation of property and equipment and investment properties 236 4 Interest (income) / expense 82 (36) Amortization of borrowing cost 13 5 Provision for employees’ end of service indemnity 2 2 Operating cash flows before changes in working capital (245) (105) Increase in trade and other receivables (57) (57) Increase in inventories (8) - (Decrease) / Increase in trade and other payables (554) 199 Increase in due from related parties (3) (13) Cash (used in) / generated by operations (867) 24 Employees' end-of-service indemnity paid (2) - Net cash (used in) / generated by operating activities (869) 24 Cash flows from investing activities Decrease / (increase) in other financial assets and short term deposits 371 (532) Additions to property and equipment (209) (2,086) Additions to investment properties - (104) Interest received 20 36 Investment in joint venture (18) - Net cash generated by / (used in) investing activities 164 (2,686) Cash flows from financing activities Proceeds from additional shares issued - 1,678 Share issue costs - (9) Proceeds from bank facilities 795 1,232 Payments for finance cost (108) (74) Payments for finance lease (15) - Increase in restricted cash - (14) Net cash generated by financing activities 672 2,813 Net (decrease) / increase in cash and cash equivalents (33) 151 Cash and cash equivalents at the beginning of the period 1,344 364 Cash and cash equivalents at the end of the period 1,311 515

Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 June 2017 figures 35 are unaudited. Appendix III

DPR Phase I and Phase II projections based on 2014 IPO prospectus and 2016 Rights Issue documents

36 Projections DPR Phase I and Phase II m) 4,214 10,536

Phase I 6,322

Project funding (AED Equity Funding Debt Financing Phase I m) 993 Debt facility secured from

II 2,671 Abu Dhabi Commercial Bank, Dubai Islamic Bank

Phase and Sharjah Islamic Bank. 1,678

Project funding (AED Equity Debt Phase II Funding Financing Projections

The projections covered in this section are based on the 2014 IPO prospectus and the 2016 Rights Issue documents and have not been revised since.

Management has indicated that revised guidance will be given post Q3 2017 results and that it is seeking a 20% operational cost reduction in 2017 compared to the original projections.

37 Projected theme park visits and market penetration

UAE theme park addressable market Theme park visits and market penetration1 (millions of potential visitors) (2013-2022F visits in millions) 45.4 UAE Resident Population Income and Drive Qualified 43.8 Orlando Denmark Japan Hong Kong Singapore UAE International Tourists (VFR) 40.2 9.2 Penetration rate 90% 42% 37% 24% 18% UAE International Tourists (Hotel Guests) 35.2 9.4 32.5 8.9 4.5 28.4 30.1 4.3 No of parks 7 2 5 2 1 26.6 8.7 3.9 23.4 25.0 8.4 7.8 8.1 3.3 7.5 3.0 7.0 7.2 2.8 2.4 2.6 2.3 2.2 31.7 30.1 27.3 Total market penetration potential 44% 21.0 23.1 37% 16.8 18.0 19.2 14.1 15.5 Actual penetration (assumed 38% in business plan) 28%

19.8 2013 2014 2015FE 2016F 2017F 2018F 2019F 2020F 2021F 2022F Theme Park Visits 16.9 Potential 17.4 • Total UAE theme park addressable market consists of 14.2 – Hotel tourists 15.7 12.6 UAE residents – 11.2 – Visiting friends and relatives (“VFR”) 10.1 12.1 UAE theme park demand estimated based on penetration rates of 9.1 • 8.1 comparable markets 7.6 9.8 12.8 8.4 11.2 • Large variation in penetration rates based on maturity of theme park 7.8 offering 6.6 • Dubai Parks and Resorts will serve the majority of the pent up theme 3.7 6.1 park demand (number of visits does not include visits to the 1.5 Bollywood Parks’ Rajmahal theatre and to the LEGOLAND® Water 0.8 0.9 1.0 4.3 4.5 4.7 2.2 2.3 3.2 Park) 0.8 0.9 1.0 • DPR offering appeals to multiple customer segments 2013 2014 2015FE 2016F 2017F 2018F 2019F 2020F 2021F

• World class IPs and differentiated offering Other UAE theme park visits DPR theme park visits

Source: Dubai Parks and Resorts 2014 Feasibility Study. Other UAE theme parks is based on announced and existing theme parks and assuming a steady annual growth rate in visitation numbers. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures Notes: 1 - Market penetration is calculated as total theme park visits / addressable market. The addressable market for the UAE is adjusted for certain factors such as income, location etc. as per the Dubai Parks and Resorts 2014 Feasibility Study .2 - 2016F DPR visits only include visits from expected commencement of operations as per analysis in the Dubai Parks and Resorts 2014 Feasibility Study . DPR theme park visits 38 includes Six Flags Dubai starting 2019. Financial projections summary – DPR Phase I

Total visits per year (million) Theme park revenue by category (million) 2,573 2,289 2,038 616 550 492 76% of theme park 10.3 revenue 7.9 9.1 1957 generated 6.7 7.2 1546 1740 from tickets

2017F 2018F 2019F 2020F 2021F 2017F 2018F 2019F AED 304 AED 318 AED 324 Revenue per capita Tickets In-park spend

Revenue by entity (AED million) Financial performance (AED million) 3,086 2,755 2017 2018 2019 CAGR 172 63 2,447 278 153 62 135 251 Visits 6.7 7.2 7.9 11.3% 54 220 Growth 7.5% 9.7%

Theme Revenue 2,447 2,755 3,086 12.3% 2573 2289 park 2038 revenue Growth 12.6% 12.0% is 83.4% EBITDA 605 726 845 Margin 24.7% 26.3% 27.4%

2017F 2018F 2019F Net Income (36) 108 249 Theme parks Lapita Hotel Riverland Dubai Other

Source: Dubai Parks and Resorts 2014 Feasibility Study. Note: All the above charts capture full-year performance commencing 2017F. In-park spend includes park sponsorship revenue. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 39 Financial projections summary – DPR Phase II

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

1,043 1,048 893 229 230 197 78% of theme 3.3 3.2 park 2.9 revenue 814 818 187 696 generate d from 42 tickets 0.6 145

2019F 2020F 2021F 2022F 2019F 2020F 2021F 2022F AED 312 AED 308 AED 316 AED 327 Revenue per capita Tickets In-park spend

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

Financing, corporate and others cost Business 2020F 2021F 2022F CAGR 286 development and issue expenses 1 Visits 2.9 3.3 3.2 5.1% Land cost 65 Growth 13.4% -2.6% 390 Revenue 893 1,043 1,048 8.3% Growth 16.8% 0.5%

Infrastructure EBITDA 296 371 365 cost Margin 33.2% 35.6% 34.8% 473 Net Income 134 209 204 Construction cost 1,457

1 Business Development budget to be utilized for master-planning of future phases, hospitality offering expansion, development of strategic partnerships / JV, evaluation of new concepts / ideas, etc. In-park spend includes park sponsorship revenue. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 40 Summary projected financials – DPR Phase I AED million Forecasts as of the offering memorandum issued in November 2014

2015F 2016F 2017F 2018F 2019F Income statement Revenue - 563 2,447 2,755 3,086 Gross profit - 188 868 1,014 1,160 EBITDA (360) (402) 605 726 845 Operating profit before taxes and interest (360) (495) 234 351 465 Net income (326) (559) (36) 108 249

Balance sheet Assets Total non-current assets 4,921 9,223 8,881 8,584 8,300 Total current assets 4,138 575 719 728 865 o/w Cash 3,786 487 622 620 742 Total assets 9,059 9,798 9,600 9,312 9,165

Liabilities Total current liabilities 687 466 91 104 119 Total non-current liabilities 2,496 4,016 4,229 3,819 3,408 o/w Loans 2,496 4,013 4,215 3,793 3,372 Total liabilities 3,183 4,482 4,320 3,923 3,527 Total equity 5,875 5,316 5,280 5,389 5,638 Total equity and liabilities 9,059 9,798 9,600 9,312 9,165

Cash flow statement Cash flow from operating activities (152) (424) 221 726 843 Cash flow from investing activities (2,793) (4,169) (18) (65) (83) Cash flow from financing activities 2,199 1,294 (73) (671) (645)

Sources: Company information, Dubai Parks and Resorts 2014 Feasibility Study. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures Notes: 1- Income statement and cash flow statement shown above are for the periods indicated. Balance sheet relates to the financial position at the end of the corresponding periods. 2- The financial year ending for the Company is December. 41 Appendix IV

About Dubai Parks and Resorts

42 About Dubai Parks and Resorts

DXB Entertainments owns Dubai Parks and Resorts, a premier year-round integrated theme park destination, which opened to the public in 2016

World class partners and brands including LEGOLAND® Parks, DreamWorks Animation LLC, Colombia Pictures, Lionsgate, Six Flags and popular Bollywood movies

Phase 2

Phase 2

* Phase II expansion, Six Flags Dubai opening in 2019 and LEGOLAND Hotel after 2018. LEGO, the LEGO ® logo and LEGOLAND ® are trademarks of 4343 the LEGO Group. ©2015 The LEGO Group. LEGOLAND IS A PART OF MERLIN ENTERTAINMENTS plc. DPR location

Strategically located on Sheikh Zayed Road mid way between Dubai and Abu Dhabi International Airports

• 20 km from Al Maktoum International Airport

• 63 km for Dubai International Airport

• 68 km from Abu Dhabi International Airport

Set across 30.6 million square feet of land of which 25.1 million square feet is for Phase I and 5.5 million square feet for Phase II of DPR c. 19.5 million square feet is owned by us, and c. 11.1 million square feet of additional land, for which we have all necessary easement rights, will principally be used for access roads and parking

44 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 located in Weather can be countries that experience high levels of precipitation (Denmark, France, etc.) or humidity (Singapore, etc.) of concern for experience a negative impact on attendance theme Temperature is a potential concern for Dubai Parks and Resorts - Dubai is hotter than other theme park park attendance • 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 The DPR master plan has been designed to DPR heat strategically address concern heat concerns 78% 43% 69% % attractions indoor and air conditioned

Integrated Indoor and air conditioned Adjustment of operating strategy for State-of-the-art Landscape and queuing for rides; any hours during summer dealing with the integrated cooling architecture includes additional outdoor months to address peak heat systems significant shading queuing has fans day temperatures

Addressing the concerns around heat levels in Dubai during the summer months

Sources: Dubai Meteorological Office, National Environment Agency Singapore, Météo-France, Danish Meteorological Institute, World Weather 45 Online