Competitive Advantage

• Long tenure gaming license - 70 years to 2065
• Exclusivity within 200km radius of Phnom Penh until 2045 and located within city center
• Operational flexibility - No restrictions on number of tables, EGMs and gaming space
• Competitive tax structure - Lowest gaming tax in the region (Mass 7%; Non-Mass 4% of GGR)
• Lower operating cost structure and environment - execute better pricing strategy to offer better value to customers
• Strategic location - only monopoly IR in the heart of an Asian city (Phnom Penh an emerging entertainment and tourism destination)

Attractive Growth Prospects

• Strong FDI inflows - Leading to favourable economic conditions with growing investor confidence and investment; influx of foreign business and expat population
• Robust economic growth - Increasing economic activity resulting in growing affluence and increasing business migration; driving footfall to NagaWorld
• Improving accessibility - More direct flights connectivity will stimulate travel demand; support increase business / leisure visitation
• Naga3 - a tourism asset to increase visitation, quality of spending and competitiveness of PP / Cambodia in the region; in alignment with Cambodian government's vision

Strategy, Markets & Customers

• Drive long-term sustainable growth; offering a comprehensive suite of lifestyle gaming / tourism products and services at competitive price and value
• Key markets - East Asia ~1.7b population; SEA ~686m population
• Market demographics - growing affluent expat, foreign business, resident population and leisure travelers
• Captive domestic market - a proven stable self-sustaining business; positive cumulative profits during COVID-19 pandemic (2020-22)
• Capture visitation growth - FDI, business migration and long-term tourism potential of Cambodia as the only IR in Phnom Penh
• Leverage existing facilities (N1/N2) and future expansion (N3, etc.) to penetrate / grow key markets; cement competitive positioning

Strong Financials & Robust ESG

• High dividend - Average ~60% payout ratio; over US$1.5b dividends distributed since IPO in 2006
• High profitability - Emphasis on high margin Mass Market and Premium VIP segments; prudent OPEX; industry leading ROA and ROIC
• Award winning Investor Relations & CSR - Institutional Investor, HKIRA, Stevie awards
• US$ based earnings and reporting
• Comprehensive AML / anti-corruption policies and procedures; Financial Action Task Force (FATF) compliant AML practices