Earnings Presentation Q3 2019 www.savola.com 1 DISCLAIMER This - PowerPoint PPT Presentation

Earnings Presentation Q3 2019 www.savola.com 1

DISCLAIMER This presentation contains forward-looking statements which may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, market position, expenditures, and financial results, are forward looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Savola Group (Savola or Group), its subsidiaries and its affiliates (the “Companies”) referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements of the Companies, could thus differ materially from those projected in any such forward-looking statements. The Companies assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. 2

SNAPSHOT Q3 2019 • Q3 2019 Revenue of SAR 5.3 bn (Q3 2018: SAR 5.2 bn) GROUP • Q3 2019 Net Income of SAR 221.8 mn (Q3 2018: Net Loss of SAR 50.7 mn) • Q3 2019 Revenue of SAR 2.7 bn (Q3 2018: SAR 2.6 bn) RETAIL • Q3 2019 Net loss of SAR 19.1 mn (Q3 2018: Net Loss of SAR 198.3 mn) • Q3 2019 Revenue of SAR 2.2 bn (Q3 2018: SAR 2.3 bn) FOODS • Q3 2019 Net Income of SAR 74.8 mn (Q3 2018: Net Loss SAR 43.8 mn) • Q3 2019 Revenue of SAR 339.1 mn (Q3 2018: SAR 329.2 mn) HERFY • Q3 2019 Net Income of SAR 57.5 mn (Q3 2018: SAR 58.1 mn) • Q3 2019 Revenue of SAR 103.4 mn FROZEN FOOD • Q3 2019 Net Income of SAR 11.6 mn INVESTMENTS • Share of Almarai Net Income of SAR 200.7 mn in Q3 2019 (Q3 2018: SAR 219.0 mn) 3

GROUP – CONSILIDATED FINANCIAL HIGHLIGHTS Margin Q1-18 Q1-19 Q2-18 Q2-19 Q3-18 Q3-19 YTD-18 YTD-19 SAR in millions SNAPSHOT 2% 2% 5% -2% 2% -2% -2% -2% 16,468 16,748 5,388 6,148 5,336 6,024 5,212 Sales 5,108 14% 14% 17% 9% 16% -2% -2% -2% 3,313 2,907 1,065 1,163 1,084 1,067 Gross Profit 909 932 17.8% 19.8% 17.4% 19.3% 17.9% 20.3% 17.7% 19.8% Note: 2018 numbers are pre-IFRS 16, numbers are rounded 4

GROUP – CONSILIDATED FINANCIAL HIGHLIGHTS Margin Q1-18 Q1-19 Q2-18 Q2-19 Q3-18 Q3-19 YTD-18 YTD-19 SAR in millions 83% 83% 105% 52% 106% -2% +105% +106% 1,892 505 664 724 EBITDA 1,034 437 246 351 4.8% 9.4% 7.1% 11.0% 6.7% 13.6% 6.3% 11.3% -22% -2% 338 141 Net Income 222 110 6 6 (51) (84) 0.1% 2.3% 1.8% 4.2% 2.0% Note: 2018 numbers are pre-IFRS 16, numbers are rounded 5

GROUP – REVENUE MIX, NET DEBT & CAPEX Revenue by Business Revenue by Geography SAR in millions YTD-18 YTD-19 YTD-18 YTD-19 6% 6% 9% 5%10% 9% 2% 9% 41% 45% 9% 49% 51% 73% 76% Food Processing Retail Food Services Frozen Food KSA Egypt Central Asia Others Net Debt and Net Debt to Liquid Assets (%)* CAPEX YTD-18 YTD-19 YTD-18 YTD-19 5% -13% 7,182 6,869 250 38% 218 37% Net Debt to Liquid Assets (%) Net Debt (SAR mn) *Net debt excludes lease liabilities, liquid assets refers to the market value of Savola Group’s investment in Almarai and Herfy. 6 Note: Numbers are rounded

Note: Numbers are rounded IMPLICATIONS OF EXCEPTIONAL ITEMS SAR in millions YTD-18 1,034 YTD 2018 reported EBITDA 1,892 YTD 2019 reported EBITDA Adjusted EBITDA Store Closure & 18 Project Write-off YTD-19 (519) IFRS16 Rent Reversal 1,391 YTD 2019 Adjusted EBITDA YTD 2018 6 reported NI Gain on Sale of (3) YTD-18 Dar Al Tamleek 73 FX Impact YTD 2018 Adjusted Net Income 76 Adjusted NI YTD 2019 338 reported NI Store Closure & 17 Project Write-off YTD-19 82 IFRS16 Net Impact Afia Reversal (68) of Accrual YTD 2019 369 Adjusted NI 7

PANDA RETAIL COMPANY Q3 2019 8

RETAIL - HIGHLIGHTS • Retail performance improved significantly over last year Key Highlights • Turnaround initiatives have started to materialize, with top-line growth (absolute and on a like-for-like basis) as management continues to focus on strategy implementation • Store count remained flat during Q3 at 207 stores, including 5 stores in Egypt Store Count • We continue to evaluate our store footprint keeping in view catchment area demographics and competitive landscape as part of our normal business operations • The segment recorded revenues of SAR 8.7 bn during YTD 2019, a growth of 5.1% compared to the same period last year; despite YoY reduction in selling space Revenues • The growth is mainly driven by like-for-like growth in customer count and basket size • YTD 2019 adjusted EBITDA of SAR 52.8 mn (adjusted for IFRS-16 and store closure costs) Profitability • Reported net loss improved to SAR 331.0 mn in YTD 2019 mainly driven by improvement in gross margins and operating leverage, despite IFRS 16 negative impact 9

RETAIL – FINANCIAL HIGHLIGHTS Margin Q1-18 Q1-19 Q2-18 Q2-19 Q3-18 Q3-19 YTD-18 YTD-19 SAR in millions 5% 5% 12% 1% 4% -2% -2% -2% 8,671 8,251 2,671 3,229 3,253 2,747 2,645 Sales 2,377 9% 9% 3% 13% 11% -2% -2% -2% 1,792 1,645 624 612 557 603 Gross Profit 542 500 21.0% 20.8% 18.7% 19.2% 20.5% 22.3% 19.9% 20.7% Note: 2018 numbers are pre-IFRS 16, numbers are rounded 10

RETAIL – FINANCIAL HIGHLIGHTS Margin Q1-18 Q1-19 Q2-18 Q2-19 Q3-18 Q3-19 YTD-18 YTD-19 SAR in millions 432 231 135 66 30 49 53 EBITDA* (26) (74) (62) (87) (224) Q1-19 Q2-19 Q3-19 YTD-19 Adjusted Adjusted Adjusted Adjusted EBITDA EBITDA EBITDA EBITDA (19) Net loss* (48) (65) (246) (119) (133) (331) (193) (198) (223) (210) (632) Q1-19 Q3-19 YTD-19 Q2-19 Adjusted Adjusted Adjusted Adjusted Net loss Net loss Net loss Net loss Note: 2018 numbers are pre-IFRS 16, numbers are rounded *2019 adjusted numbers include the reversal of IFRS 16 impact, as well as store closures and project write offs 11

RETAIL – NUMBER OF STORES BY QUARTER Super Hyper SAR in millions 66 1 153 145 62 (9) (4) Dec Additions Closures YTD Dec Additions Closures YTD 2018 2019 2018 2019 Total Dec-18 Sep-19 1 219 Selling Area Selling Area 689,633 m 2 646,581 m 2 207 (13) Dec Additions Closures YTD 2018 2019 12

SAVOLA FOODS COMPANY Q3 2019 13

FOODS - HIGHLIGHTS • Food performance improved over last year, despite pressure on volumes and top-line Key Highlights • Performance is mainly driven by recovery in profitability of the sugar segment • Volume has declined by 2.9% to 2,475 KMT in YTD Sep 2019, driven primarily by a reduction in edible oils (largely in Central Asia) Volume • Pasta volumes declined by 7.8% to 218 KMT in YTD Sep 2019 • YTD September 2019 revenues are 8.3% lower than the same period last year reaching SAR 6,943 mn primarily due to weakness in Central Asia Revenues • Strong improvement in pasta segment with 8.7% growth, despite volume decline • Despite the top-line decrease, EBITDA improved to SAR 589 mn in YTD Sep 2019 compared to SAR 503 mn last year Profitability • Reported YTD Sep 2019 net income is SAR 252.6 mn, 1.5x higher than last year 14

FOODS – FINANCIAL HIGHLIGHTS Margin Q1-18 Q1-19 Q2-18 Q2-19 Q3-18 Q3-19 YTD-18 YTD-19 SAR in millions -5% -6% -13% -8% -2% -2% -2% -2% 2,572 2,692 2,311 7,575 Sales 2,408 2,185 6,943 2,350 11% -1% 8% 6% -2% -2% -2% -2% 367 385 382 318 1,066 1,010 295 Gross Profit 331 12.9% 15.2% 14.3% 16.2% 12.7% 14.5% 13.3% 15.4% Note: 2018 numbers are pre-IFRS 16, numbers are rounded 15

FOODS – FINANCIAL HIGHLIGHTS Margin Q1-18 Q1-19 Q2-18 Q2-19 Q3-18 Q3-19 YTD-18 YTD-19 SAR in millions 36% 2% 20% 17% -2% -2% -2% -2% 207 215 167 589 212 EBITDA 503 140 152 5.9% 8.6% 7.9% 9.2% 6.0% 7.6% 6.6% 8.5% 155% -51% -2% 112 135 253 Net Income 75 65 99 8 (44) 0.3% 4.7% 5.0% 2.8% 3.4% 1.3% 3.6% Note: 2018 numbers are pre-IFRS 16, numbers are rounded 16

FOODS – OIL SEGMENT ANALYSIS Volume (MT ‘000) Revenues SAR in millions YTD-18 YTD-19 YTD-18 YTD-19 -3% -13% -3% -13.4% 1,203 5,139 1,165 5% 5% Morocco Morocco 6% 4% 4% YoY +8% YoY -2% 4,447 3% 8% Sudan Sudan 9% 6% 12% YoY -18% YoY -8% 4% 11% 9% Algeria Algeria 12% YoY +20% YoY +20% 11% Turkey Turkey 13% YoY +13% YoY +4% 28% 30% Central Asia Central Asia 25% YoY -20% YoY -43% 19% Egypt Egypt YoY +10% YoY -2% 14% KSA KSA 15% 17% 16% YoY -6% YoY -11% 29% 27% 30% 26% Note: The above includes net distribution volume and excludes specialty fat business that used to be combined with the edible oil category and is now part of the emerging categories shown in slide 20 17

FOODS – SUGAR SEGMENT ANALYSIS Volume (MT ‘000) Revenues SAR in millions YTD-18 YTD-19 YTD-18 YTD-19 0% 0.0% -2% -2% 1,093 1,963 1,964 1,068 Egypt Egypt 14% YoY 0% 16% 16% YoY 0% 15% KSA KSA YoY -3% YoY 0% 86% 85% 84% 84% Note: Sugar volumes and revenues include only the contribution from our consolidated sugar operations (USC and ASC), and include the net volume and revenue from our KSA sugar distribution operations 18

FINANCIAL SUMMARY 19