Transaction structure

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