EFTA00807586.pdf

Transaction structure 0 Current ownership Acquisition of 80% + 20% Call Option Founding New Founding Partners Investors Partners Knowledge Transfer 100% 80% 20/o BASE BASE Call Option HoldCo HoldCo (Now Investors) 100% 100% Project's Rights & Project's Rights & Intellectual Intellectual Property Property 1 Registration of BASE HoldCo 4. Founding Partners sell 80% of the Company's equity directly to New Investors (Bahrain) (the Company) 5. Founding Partners sell a Call Option to New Investors to acquire remaining 20% at 2. Assign all BASE project rights to the beginning of step 17 — Construction & Commissioning Company 6. New Investors fund the Company to cover all development costs and senior lenders' 3. Company audit and reports financing requirements for permitting, licensing and project design / master plan STRICTLY PRIVATE & CONFIDENTIAL EFTA00807586  Value chain & Workstreams Value chain Execution of Not exhaustive Alternative sites Permitting & land Agreements with selection negotiations Operators Completed Master Plan & Feasibility Reconnaissance financial study Construction & surveys & industry Project Engineering commissioning studies Secure Offers from Operators Pre-feasibility Financing & EPC financial study Construction & negotiations N Lu Operating licenses CC O 0 to 0 in CC O Planning Planning it 0 Identification Construction u. Phase 1 Phase 2 2018 2018-19 2019-20 2020-24 Main steps & Workstreams 7. Obtain Binding Offer/A •uisition 1. LOI - Nonbinding Offer 13. Secure EPC contractors 8. Secure Land Rights 2. Land acquisition terms Feasibility 14. Secure Offers from 3. Market study & Analysis Financial Study Operators Begin constructi 10. Begin negotiations with EPC 4. Pre-feasibility Financial contractors 15. Complete Project New Investors Study Engineering exercise Call Optl 11. Negotiate and Secure Offers from 5. Register BASE HoldCo Operators 16. Secure Senior Debt 6. Approach Senior Lenders 12. Obtain Construction & Operating Financing Licenses STRICTLY PRIVATE & CONFIDENTIAL EFTA00807587 Corporate & Financing structures New Investors own 100% of BASE HoldCo since beginning of construction New Investors Equity 100% CAPEX CAPEX • Arena • Tech & Edutainment • Mall Business units • Food District Infrast ucture • Gaming operated by • Hotel directly managed • Aqua Pam Concessionaires • Sports Complex by BASE • Art District Parking • Piazza • Parks • Dock • Lake • Ring Senior Lenders Operators per Business Unit per Business Unit (Local Bank) STRICTLY PRIVATE & CONFIDENTIAL EFTA00807588 Capital Expenditure (CAPEX) (preliminary base-case) 0 Indoor / Outdoor Development Costs Portfolio Companies Business model areas (m2) EPC (USS/m2) US$ '000 The Arena (11,000 pax) 27,000 3,400 91,800 ✓ All infrastructure is owned by The Piazza 5,000 500 2,500 the Shareholder, with a The Dock 8,000 750 6,000 single exploration option: concession The Mall 70,000 1,250 87,500 The Ring 15,000 750 11,250 ✓ Businesses units operated by The Gaming 29,500 1,008 29,750 Concessionaires: Arena, Mall, Gaming, Aqua Park, Art The Aqua park 108,000 1,363 147,200 District, Tech & Edutainment, The Art District 30,000 1,100 33,000 Food District, Hotel and Tech & Edutainment park 80,000 894 71,500 Sports Complex The Food District 27,500 1,086 29,875 ✓ Infrastructure directly The Hotel (250 rooms) 25,000 2,000 50,000 managed by the Shareholder The Sports Complex 100,000 908 90,750 are all non-profit units (i.e. Piazza, Dock, Ring, Parking, Parking 130,000 346 45,000 Parks, Lake and other Parks 170,000 431 73,250 administrative buildings and The Lake 45,000 600 27,000 pathways, etc.) Total 870,000 915 796,375 ,) STRICTLY PRIVATE & CONFIDENTIAL EFTA00807589 Detailed CAPEX & Other project costs Indoor Outdoor Total Portfolio Companies Areas EPC Cost Area EPC (m2) m2 US$ '000 US$ '000 (US$/m2) (US$ '000) US$/m2 The Arena (11,000 pax) 24,000 3,750 90,000 3,000 600 1,800 91,800 The Piazza 5,000 500 2,500 2,500 The Dock 8,000 750 6,000 6,000 The Mall 70,000 1,250 87,500 87,500 The Ring 15,000 750 11,250 11,250 The Gaming 20,000 1,250 25,000 9,500 500 4,750 29,750 The Aqua park 20,000 3,750 75,000 88,000 820 72,200 147,200 The Art District 20,000 1,250 25,000 10,000 800 8,000 33,000 Tech & Edutainment park 50,000 1,250 62,500 30,000 300 9,000 71,500 The Food District 17,500 1,250 21,875 10,000 800 8,000 29,875 The Hotel (250 rooms) 25,000 2,000 50,000 50,000 The Sports Complex 15.000 2,000 30,000 85,000 715 60,750 90,750 Parking 130,000 350 45,000 45,000 Parks 170,000 430 73,250 73,250 The Lake 45,000 600 27,000 27,000 Sub-total 261,500 1,785 466,875 608,500 542 329,500 ' 796,375,..„ Project Mgmt (10%) 0,179 46,688 0.54 32,950 79,638 Contingencies (10%) 0,179 46,688 0.54 32,950 79,638 Total 2,143 560,251 650 395,400 ( 955,651_,, STRICTLY PRIVATE & CONFIDENTIAL EFTA00807590