The Azadea Group exists to provide customers and people with an entertaining and exciting way of life. In this interview, RLI speaks with the company CEO Said Daher to discuss how he and the team steered the business through the Covid-19 pandemic and what the ambitions are moving forward. A premier lifestyle retail company that owns and operates international franchise concepts in fashion and accessories, food and beverage, home furnishings, sporting goods, multimedia and beauty and cosmetics, the Azadea Group has a presence across the Middle East and Africa and is situated across 13 countries where they operate over 600 physical stores and more than 40 digital e-commerce/omni-channel experiences with a specific concentration on the GCC region. “While 2020 was a difficult year for everyone, we are extremely excited about the stronger-than-expected recovery in our region so it is business as usual for us, with a slightly more increased focus on digital which was already a strategic pillar for our business,” says Azadea Group CEO Said Daher. When discussing how the company steered itself through a time of such adversity, Daher was quick to point out that great credit must go to their people and partners who supported them during the difficult times, saying that everyone generously pitched in to ensure that they overcame one of the most difficult macroeconomic situations in history. Meanwhile closer to the present, already this year the business has seen the opening of 60 new stores across Africa and the Middle East, and they are particularly excited about new properties such as Al Zahia City Centre in Sharjah, UAE and Garden City in Algiers, Algeria in addition to new stores in some of the existing prominent properties in the region such as The Dubai Mall and City Stars in Egypt. “It is going to be a busy 12 to 18 months as most openings that were planned in 2020 were pushed to 2021 and 2022. We are looking to add 200 new stores and 20 new digital experiences to our portfolio by the end of 2022,” says Daher. “While we continue to assess new markets, the GCC remains our core geography and in the coming 18 months we aim to strengthen our position in these core markets.” Having developed a vast presence across their core markets, they continue to develop new stores and customer initiatives by working with amazing partners who continue to deliver exceptional customer experiences by extensively engaging the frontlines. “We exist to provide our customers with an entertaining and exciting journey. We aim to deliver on that through a differentiated omni-channel offering that adds value to the experience of our customers,” Daher explains. Social media is of vital importance to Azadea Group, not only because it is at the heart of being able to engage with their customers closely through marketing campaigns, but also because social media in the GCC has a much higher penetration than in European markets according to Daher. “If you combine this with the importance of this channel within the discovery part of the journey for fashion consumers, it is no surprise we often refer to social media as the virtual shop window for our brands, he comments.” Rather than follow the market, Azadea Group prefers to follow their customers and as they have moved and shown interests in channels like TikTok and Snapchat they have seen their media channels diversify within the social space. Their partners are also key innovators in this medium and in the use of influencers; as such they see influencers as a core part of their marketing but the execution of this varies by brand and by objective. Recent global events have seen the company accelerate the execution of their online strategy and they will continue to work closely with their partners to ensure a seamless omni-channel experience where their customers can enjoy a fully integrated shopping experience. “All of our brands are online with a mix of desktop, mobile and app experiences that integrate with their stores, enabling a seamless experience for click-and-collect or receipts for store orders delivered into online accounts which is great for sustainability but also great for customers who lose their receipts, this is just one example of the phygital experiences that we are working on,” explains Daher. In recent years the Group’s customer communication has also evolved, enabling them to offer a far more seamless and immersive communication experience with their customers. They no longer target online and physical customers as disparate groups, they have now consolidated their data into a single view of the customer, which means they can talk to their customers via digital platforms including WhatsApp and APP Push’s with bespoke and personalised messaging based on their profile. As we near the end of our time with Daher, we asked him why he felt customers remain loyal to the Azadea Group and what sets the company apart from its peers in the industry? “Customer loyalty is earned by being true to the customer and we reward loyalty by offering the most innovative fashion products week after week. As for our key differentiator, this is our people as they are able to evolve the customer’s journey throughout our touchpoints,” he explains. “We strive to provide our people and customers with an exciting and entertaining way of life and moving forward we will continue to have a relentless focus on customer experience.”

United Arab Emirates: – AZADEA strengthens partnership with Decathlon with new strategic store openings and expansion into key locations. This strategy is in line with Decathlon’s commitment to providing sports for all people. Decathlon currently has eight stores across the Middle East with four being located in the United Arab Emirates, including the latest opening of a 4,000 SQM flagship store at the Dubai Mall in June 2021. Through AZADEA’s new expansion plan, more stores are expected to open in the UAE as well as in key locations across Qatar, Bahrain, and Oman. Salim Fakhouri, President of Fashion & Sports Division of AZADEA, stated, “Our unique collaboration with Decathlon adds value to the MENA market as we are determined to increase accessibility to sporting goods and leisure while promoting a healthy lifestyle across the region on a grand scale.” AZADEA’s investment in expanding Decathlon reflects Decathlon’s core mission to make the joy and benefits of sports accessible to many. The strengthening of AZADEA’s portfolio is in line with new Decathlon locations opening across the Middle East to increase the availability and accessibility of fitness and health gear in different areas. The new stores will include locations such as Doha Festival City and Place Vendome in Qatar, Dubai Hills & Reem Mall in UAE, and more. Michael Morisset, Decathlon Business Developer ME, stated, “We have a huge and positive prospective for the future as our partner, AZADEA, shares common mission, vision, and values. Their continuous support over the past 10 years proves that this partnership will have a positive impact on the sports retail industry across the region. Decathlon’s expansion across the Middle East is in line with our vision of sports for everyone, everywhere and we hope to continue to enable a fit lifestyle across the region with future launches.” In addition to physical stores, Decathlon products can also be found online on www.decathlon.ae and AZADEA’s online platform, www.azadea.com as part of the company’s continuous endeavor to offer its customers an omnichannel shopping experience.

valU, the Leading Fin-Tech Buy-Now Pay-Later Platform, and AZADEA Group Sign Partnership to Offer Installment Services at the Group’s Egyptian Retailers The partnership will see shoppers benefit from valU’s convenient financing plans to meet their lifestyle needs at all AZADEA F&A brands Cairo, 1 June 2021 valU for Consumer Finance, the leading fin-tech buy-now pay-later platform (BNPL), and AZADEA Group, a premier lifestyle retail company in the Middle East and Africa, announced today the launch of a new partnership that will see AZADEA Group’s retail outlets be included in valU’s roster of merchants as the partners work together to meet their customers’ lifestyle needs. Walid Hassouna, EFG Hermes Finance CEO and Head of Debt Capital Markets said: “We are extremely pleased to announce this new partnership with AZADEA Group, one of the largest fashion retail conglomerates in Egypt and the Middle East. valU is constantly looking to expand its network of partners across different sectors to offer individuals access to the market’s leading brands without the full payment burden as they benefit from an affordable and convenient shopping experience that allows them to live the lifestyle of their choosing.” Through valU’s mobile application, users can benefit from the fastest approval process in the market, seamlessly conduct transactions, and make purchases at any of AZADEA Group’s retailers with convenient installment plans of up to 60 months. AZADEA Group’s retailers in Egypt span some of the largest global fashion and home retail brands, including Zara Home, Massimo Dutti, Oysho, Reserved, Zara, Bershka, Pull & Bear, Stradivarius, Virgin Megastore and Lefties (launching this summer season). Saif Salem - Country Manager Egypt at AZADEA Group said: “We are delighted to be partnering with valU to offer our customers the kind of broad-reaching service offering they have come to expect of us. Delivering new and innovative experiences is central to what we do at AZADEA Group, and with high demand for our brands in Egypt coupled with the need for alternative financing, we believe this partnership will be very well received by the market.” In 2020, valU made great strides to expand its offering in response to the COVID-19 pandemic, which bounded shopper purchasing power. The company saw threefold growth throughout the year, with the number of customers growing to over 170,000 users and hitting over 265,000 transactions in excess of EGP 1.5 billion. valU’s mobile application also expanded its partnerships, adding key retailers and e-commerce websites in numerous sectors as well as venturing into new segments such as education, healthcare, among others. —Ends— About valU Established in 2017, valU is a leading fintech solutions platform offering premium, customizable financing plans. With more than 3,500 points of sale, valU offers access to a wide network of retail and e-commerce across a diverse array of sectors including residential solar solutions, education, travel, and home furnishings, among others. As the first platform of its kind in the MENA region, valU customers are able to receive instant credit decisions through their devices and gain access to the platform’s partners. For further information, please contact: EFG Hermes Media media@efg-hermes.com May El Gammal Group Head of Marketing & Communications at EFG Hermes melgammal@efg-hermes.com About Azadea Group Holding About AZADEA Group Holding SAL AZADEA Group is a premier lifestyle retail company in the Middle East and Africa. Since its inception in 1978, the Group has developed a substantial network of more than 600 retail stores representing 35+ leading international brand names in fashion and accessories, food and beverage, home furnishings, sporting goods, multimedia, and beauty & cosmetics. With over 10,000 employees, AZADEA Group operates across 13 countries, including Algeria, Bahrain, Cyprus, Egypt, Ghana, Jordan, Kenya, Saudi Arabia, Kuwait, Lebanon, Oman, Qatar, and United Arab Emirates, along with an online retail experience website www.azadea.com. For more information about AZADEA Group, visit www.azadeagroupholding.com Ziad Rawas Regional Corporate Communications Specialist at AZADEA Group ziad.rawas@azadea.com Note on Forward-Looking Statements In this press release, EFG Hermes may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes’ belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

AZADEA Group is happy to announce that it has acquired the operations and franchise rights of adidas and Reebok in Lebanon; a transformational partnership bringing back the renowned international sports brands to the Lebanese market and consumers. AZADEA Group will gradually reopen adidas and Reebok stores across Lebanon, starting April 2021, in addition to e-commerce expansion plans. “We are looking forward to diving into another successful partnership and growing further, riding the wave of change and developing e-commerce plans, while still offering customers the most exquisite in-store experience” said Salim Fakhoury, President of Fashion and Sports Division at AZADEA Group. “We are thrilled to partner with adidas and Reebok, now more than ever as we never lost faith in Lebanon; we strongly believe in its future and in its possibilities to thrive again”

Dubai Holding, the investment firm owned by the emirate’s ruler, has agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter. The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private. The two parties reached an initial agreement on the transaction last week, the people said. A spokeswoman for Dubai Holding didn’t immediately respond to requests for comment, while a spokeswoman for Azadea declined to comment. The acquisition marks a significant shift in strategy for Dubai Holding, which has been mostly focused on selling assets and restructuring debt since Dubai’s property-led crisis. The firm which owns Dubai Properties Group and hotel operator Jumeirah Group, is one of three main state holding companies in the emirate. Azadea, which was founded in 1978, ran a sale process to sell a 25 percent stake in the business in 2014, according to people familiar with the matter at the time. The company operates more than 500 stores for 50 international franchises for clothing, accessories, food, multimedia, home furnishings and sporting goods brands.

Shoe retailer enters into partnership with retail giant AZADEA Group on further development in the MENA region; first DEICHMANN franchise business opens in Dubai in 2019 Essen, 11 October 2018 - DEICHMANN SE is continuing its international growth on a new scale. The company plans to enter the market in the MENA region (Middle East & North Africa) in the next few years. In this spirit, the shoe retailer has entered into a long-term partnership with AZADEA Group. A premier lifestyle retail company that has been operating across the MENA for the past 40 years and currently operates over 50 leading international franchise concepts in fashion & accessories, food & beverage, home furnishings, sporting goods, multimedia, and beauty & cosmetics. The opening of the first store on the Arabian Peninsula under the DEICHMANN brand is scheduled for 2019 in Dubai. "We are aiming for further growth and keen to open up new markets. Having opened stores in France and Belgium last year, we are now represented in almost every country in Europe. So it is time for us to develop further growth markets," says Heinrich Deichmann, Chairman of the Board of Directors of DEICHMANN SE. "We believe that there is huge potential for our concept of 'high-quality fashion shoes at an affordable price' in this region." DEICHMANN SE is the largest shoe retailer in Europe and now present in 26 countries worldwide. In the 2017 financial year, the Group sold more than 176 million pairs of shoes internationally in around 4,000 stores and 36 online shops. DEICHMANN is striking a new path with the expansion now planned: for the first time in its more than 100-year history, the company will be working with a franchise partner. "In the AZADEA Group, we are pleased to have found a partner with many years of experience in using the franchise model and at the same time with proven expertise in the fashion sector as well as in the Arabian and North African regions. We see it as a major advantage to be entering a new region closely aligned with a local partner," says Heinrich Deichmann. "Together with our partner AZADEA Group, we first want to gain initial experience in the region, on which the timing of further developments will depend," he adds. “We are proud to announce our partnership with DEICHMANN and are excited about introducing an international shoe concept to the Middle East”. Stated Said G. Daher, Chief Executive Officer at AZADEA Group. He adds: “The addition of DEICHMANN SE to our portfolio comes to anchor once again our longstanding promise of continuously offering our customers nothing less than a great shopping experience for the whole family.”