INVESTOR PRESENTATION February 2021 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim FY 2020 Performance Update

Appendix • Majid Al Futtaim Group Overview

2 FY 2020 Overview IN 2020 WE HAVE SUSTAINED OUR BUSINESS DESPITE UNPRECEDENTED DISRUPTION

Revenue declined7% EBITDA declined 19% Net debt reduced BBB credit rating reaffirmed to USD 8.9B to USD 1B by USD 0.1B with stable outlook

Environmental Social Governance

Maintained “low risk” ESG Stringent Health & Safety Opened 48 new stores Added 47 cinemascreens rating from Sustainalytics, measures maintained across Total store count 354 Total screens 546 and “A” rating from MSCI portfolio

4 AGILITY AND DIVERSIFICATION HAS BOLSTERED OUR RESILIENCE

A LEAN AND AGILE APPROACH

Cost & Balance Procurement and Financial Discipline Capability Building Sustainability Sheet Optimization Supply Chain & Risk Management

ACROSS A DIVERSIFIED PORTFOLIO

5 Sustainability OUR SUSTAINABILITY STRATEGY IS INTEGRATED IN THE WAY WE DO BUSINESS

Our strategy will manage the socio-economic and environmental issues that matter most to us and our stakeholders

• Local economic development • Promoting sustainable lifestyles TRANSFORMING NON-EXHAUSTIVE LIVES • Product quality & safety • Crime and security • Net Positive carbon • Community well being & public realm

• Net Positive water RETHINKNG • Responsible procurement • Circular economy RESOURCES • Climate change adaptation • Ecosystem services • Healthy workplaces EMPOWERING • Human rights & employment conditions OUR PEOPLE • Health & safety • Changing role of women in the workplace

Majid Al Futtaim has been recognized by external agencies:

18.1/100 Low ESG RATING Negl Low Med High Severe 0-10 10-20 20-30 30-40 40-100 A

7 AND OUR COMMITMENT TO ESG REMAINS UNWAVERING WE CONTRIBUTE TOWARDS THE FOLLOWING UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS

AND WE HAVE LAUNCHED A NUMBER OF INITIATIVES IN 2020

RETHINKNG EMPOWERING TRANSFORMING OUR PEOPLE LIVES RESOURCES

✓ STRINGENT SAFTY AND SANITISATION ✓ LAUNCH OF OUR CIRCULAR ✓ SEEMLESS REMOTE WORKING MEASURES IMPLEMENTED ACROSS ECONOMY STRATEGY, ‘UNLOCKING IMPLEMENTED ALL OF OUR ASSETS VALUE’ ✓ LOCALISING SUPPLY CHAIN THROUGH ✓ OPENED CARREFOUR’S THIRD ✓ COVID-19 INDUCTION FRONTLINER COLLABORATION WITH MINISTRY OF HYDROPONIC FARM TRAINING CLIMATE CHANGE AND ENVIRONMENT

8 FY 2020 Performance SUMMARY OF MAJID AL FUTTAIM’S FY 2020 PERFORMANCE

RESILIENT FINANCIAL PERFORMANCE DELIVERED FOR FY 2020

Revenue EBITDA Assets -7% vs PY to: -19% vs PY to: -6% vs PY at: USD 8.9bn USD 1bn USD 16.1bn

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

GEOGRAPHICAL SPLIT – 31 December 2020 SEGMENTAL SPLIT – 31 December 2020

By Revenue By EBITDA By Revenue By EBITDA

Oman Properties Ventures Others¹ Others¹ 4% Ventures 10% -2% 16% KSA 8% 5% 4% 5% UAE 48% UAE 8% KSA 57% 43% Properties 10% 62%

Qatar 8% 6%

Bahrain Egypt Retail 3% 10% 12% 86%

¹ Others includes , , , , , , , , Uganda, Uzbekistan

10 Majid Al Futtaim Properties FY 2020 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Revenue EBITDA Operational Highlights (USDmn) (USDmn)

• Increased our portfolio to 27 with the opening of 1,150 865 810 639 Matajer Al Musalla in Sharjah, UAE

FY2019 FY2020 FY 2019 FY 2020 • Rent relief programme deployed for all tenants during mall closure period Malls avg occupancy 92%

Footfall y-o-y -30% • Completed redevelopment of the group’s earliest shopping mall, , UAE and launched new dining Rent to sales 13% destination “Food Central” Hotels avg occupancy 32% • Launched digital platforms such as Marketplace and Trends REVPAR change y-o-y -61% at Your Doorstep

12 Majid Al Futtaim Retail FY 2020 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

7,662 7,619 • Accelerated our digital offering, enabling 188% growth in online sales 391 444

• Expanded our geographical footprint with entry into Uzbekistan FY 2019 FY 2020 FY 2019 FY 2020

Sales (LFL) -6% • Fulfilment and delivery capabilities bolstered with 4 new fulfilment centres and darkstores established across the region Hypermarket openings 6

Supermarket openings 42 • Trained and temporarily redeployed more than 1,000 employees from other areas of the business Total stores 354

Online sales y-o-y +188%

14 Majid Al Futtaim Ventures FY 2020 PERFORMANCE: MAJID AL FUTTAIM VENTURES

Operational Highlights Revenue EBITDA (USDmn) (USDmn) • Severely impacted by mandated temporary closures

761 113 • Launched new movie-going experience with VOX Cinemas 389 (25) Drive-in at FY 2019 FY 2020 FY 2019 FY 2020

• 47 new screens added across 5 sites Cinema screens added 47

• Resilient performance from lifestyle brands Lululemon, Total cinema screens 546 Abercrombie & Fitch, Crate & Barrel Total L&E venues 40

16 Financing Overview GROUP DEBT PROFILE (1/2)

Debt Maturity Profile (USD mn) All Senior Unsecured financing obligations rank pari passu among themselves

2000 Capital Markets Bank Debt Majid Al Futtaim Group’s 1600 Balanced Funding Profile 31 Dec 2020 Notes (USD bn) 108 1200 Primarily Senior Unsecured Majid Al Futtaim Holding 2.3 216 obligations at Holding level 800 Primarily Senior Unsecured 328 1,300 960 Majid Al Futtaim Properties 1.8 obligations at Properties 400 800 level 500 14 Primarily project finance with 21 Others 0.2 0 limited recourse to parent 2021 2022 2023 2024 2025 2026+ Total 4.3

Majid Al Futtaim Holding Crossguarantees Majid Al Futtaim Properties

$2.2bn 3+ yrs 5.2 yrs1 Undrawn Available Liquidity cover Weighted Average Committed Lines Debt Life

1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS

18 GROUP DEBT PROFILE (2/2)

Strong Leverage Metrics Facilities & liquidity

2019 onwards includes impact of IFRS16 5,000 4,775 5 Debt Capital Markets Issuances % $bn 4,503 4,500 Bonds 12% 0.8 4,000 4 Sukuk 28% 1.8 3,418 3,500 3.7x Total Debt Capital Markets Issuances 40% 2.6 2,804 3.3x 3,000 2,612 3 Bank Facilities % $bn 2.8x 2,500 Drawn 25% 1.7 2.4x 2,000 2.3x 2 Undrawn 35% 2.2 1,458 1,500 1,145 1,152 1,231 1,229 Total 61% 3.9 1,000 1 Total Bank Commitments & Debt Capital Markets 100% 6.5 500 Less Drawn (4.3) 0 0 2016 2017 2018 2019 2020 Plus Cash 1.0 Total Liquidity 3.2 EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

31 Dec 31 Dec 31 Dec 31 Dec Funding Risk Management Framework Policy/Covenant 2019 2020 Investment grade creditratings 2020 2020 Liquidity Coverage - Months 18 52 40 Fitch BBB BBB Interest Rate Risk - Duration in Years 0.5-3.5 2.8 3.5 Standard & Poor’s BBB BBB EBITDA Interest Cover (x)1 >2.0 9 10 Total Net Debt to Total Equity(x) <0.7 0.4 0.5 EBITDA from encumbered assets as % of total EBITDA 1% 0% Secured debt as a percentage of Gross Debt 1% 0% ¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT)

19 MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE

TRUE TO OUR COMMITMENT TO OUR CREDIT RATING, OUR TOP-DOWN CAPITAL ALLOCATION APPROACH IS MANAGED WITHIN THE DEBT CAPACITY OF THE “BBB” METRICS AND WITH AN EYE ON PRUDENT FINANCIAL MANAGEMENT

MALL DEVELOPMENT PIPELINE RETAIL AND CINEMA PIPELINE

CITY CENTRE AL ZAHIA UAE SUPER REGIONAL MALL (SHARJAH) CINEMA GLA: 136,000 M2 2021 STORES SCREENS

UAE 10 16 MALL OF OMAN OMAN SUPER REGIONAL MALL (, OMAN) KSA 5 30 GLA: 142,000 M2 EGYPT 27 -

OTHERS 1 50+ 14 MALL OF SAUDI KSA SUPER REGIONAL MALL (NORTH ) GLA: 321,000 M2

¹ OTHERS INCLUDES OMAN, JORDAN, QATAR, GEORGIA,PAKISTAN, KENYA, UGANDA, UZBEKISTAN

20 IN SUMMARY

• Strong balance sheet A strong • Stable cash flow generation • Best in class corporate governance foundation • Established track record, reputation & brand • Diversified sources of funding

Focused on • Focus on diversification • Cost optimization and operating efficiencies sustainable growth • Business performance management

• Top down capital allocation Appropriately • Stress testing managing the risks • Country risk management • Defined policies & procedures

21 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim FY 2020 Performance Update

Appendix

• Majid Al Futtaim Group Overview

22 MAJID AL FUTTAIM GROUP OVERVIEW (1/2)

GROUP CORPORATE STRUCTURE SOLID TRACK RECORD

MR. MAJID AL FUTTAIM MR. TARIQ AL FUTTAIM Majid Al Futtaim HoldingLLC Consolidated Financials (USDmn) (FOUNDER)

99.6% 0.4% MAJID AL FUTTAIM CAPITAL LLC Revenue EBITDA 9,436 9,573 MAJID AL FUTTAIM HOLDING 8,788 8,872 (RATED BBB/BBB) 8,128

MAJID AL FUTTAIM MAJID AL FUTTAIM MAJID AL FUTTAIM PROPERTIES RETAIL VENTURES 1,253 1,261 1,145 1,152 ShoppingMalls Carrefour Cinemas Finance Hotels Fashion 1,026 Communities L&E Enova (JV) Project Management

2016 2017 2018 2019 2020

REGIONAL FOOTPRINT BEST IN CLASS GOVERNANCE PRINCIPLES

Uzbekistan 1 • Voluntarily adopted the principles of the Combined Code on Corporate Governance for listed 17countries companies in the UK since 1992 • Strong operating company board structures reporting to a group board

HIGHEST RATED PRIVATELY OWNED CORPORATE IN THE GCC

Rating Agency Rating Outlook Latest Affirmation Date

1Majid Al Futtaim Retail closed their hypermarket Standard & Poor’s BBB Stable July 2020 in Kazakhstan on 30 June 2017 but continue to retain the country head office Fitch Ratings BBB Stable Nov 2020

23 MAJID AL FUTTAIM GROUP OVERVIEW (2/2)

SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY

FINANCIAL HIGHLIGHTS MAJID AL FUTTAIM PROPERTIES (USDmn)

Majid Al Futtaim has a proven track record of delivering strong 1,223 1,254 Revenue EBITDA 1,264 1,256 financial results on the back of an effective growth strategy 766 800 814 813 865 MAJID AL FUTTAIM HOLDING LLC CONSOLIDATED FINANCIALS 639 (USDMN) Item 2016 2017 2018 2019 2020

Assets 14,375 16,081 16,436 17,178 16,091 2016 2017 2018 2019 2020 Revenue 8,128 8,788 9,436 9,573 8,872

EBITDA 1,145 1,152 1,253 1,261 1,026 MAJID AL FUTTAIM RETAIL (USDmn)

7,049 Revenue EBITDA The Group’s ability to combine capital intensive high margin business 6,503 7,622 7,662 7,619 (shopping malls) with capital light, high volume business (hypermarkets) allows it to effectively manage its growth.

EBITDA MARGIN BY ENTITY (%) 335 330 380 391 444

2016 2017 2018 2019 2020 80% 63% 64% 64% 65% 67% MAJID AL FUTTAIM VENTURES (USDmn) 60%

40% Revenue EBITDA 577 651 12% 12% 13% 15% 492 651 20% 389 5% 5% 5% 5.1% 5.8% 0% 72 70 87 113 -6% -25 2016 2017 2018 2019 2020 -20% 2016 2017 2018 2019 2020 MAF Properties MAF Retail MAF Ventures

24 2020 BROUGHT UNPRECEDENTED DISRUPTION ON A GLOBAL SCALE

WE HAVE REMAINED VIGILANT AND ADAPTED TO THE NEW REALITY ACROSS OUR PORTFOLIO

MAJID AL FUTTAIM SITES TEMPORARY CLOSURE DATES 1 Majid Al Futtaim Sites temporary closure dates - December 2020 Business UAE KSA Oman Qatar Kuwait Lebanon Bahrain Egypt Jordan Kenya Iraq Georgia Armenia Pakistan Uganda 25 Mar - 9 Apr Shopping Malls 25 Mar-24 Apr - 18 Mar-24 June - - 12 Mar - 1 June 29 Mar - 25 Apr - - - 24 Apr - 7 May ULOs 15 Mar-27 May - - - - - 18 Mar - 3 July 25 Mar-27 June - - - Hotels 2 Mar-Dec - - - - - Mar-Dec - - - -

Closed on Closed during Never Closed Never 25 April- 1 Never Retail Never Closed3 Never Closed Never Closed Never Closed Never Closed Never Closed weekends during May 17-21 April Closed April 4&5 Closed May Closed 12& 19 April April

Cinemas 15 Mar- 27 May 11 Mar- 21 June 18 Mar - 1 Dec 13 Mar - 1 Sep 9 Mar - 9 Mar- 2 July 18 Mar - 18 Mar- 27 June ------Leisure & Entertainment 15 Mar- 4 July 15 Mar- 21 June 18 Mar - 1 Dec - 15 Mar - 9 Mar- 2 July 18 Mar - 25 Mar- 27 June - - - 25 Mar - 9 Apr Fashion 25 Mar-28 Apr 16 Mar - 29 April 18 Mar- 24 June 18 Mar- 1 July 15 Mar-30 June - - - - 24 Apr - 7 May

WHILE ADOPTING A ROBUST COVID-19 RISK MANAGEMENT PROCESS ✓ Weekly monitoring of operational metrics (footfall, customer growth, basket size) and financial metrics (revenues, costs, working capital and net debt position). ✓ Bi- weekly meeting of the Crisis Management Team with focus on employee health and safety, operations and business performance. ✓ Regular reporting to the Board of Directors on financial & business positions, and liquidity. 1 Green shading indicates sites which have re-opened 2 Hotels reopened from August onwards. 1 hotel in Bahrain remains closed 3 3 Metro stores closed temporarily in UAE during April

25 BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES

GROUP’S CORE BUSINESS

OVERVIEW OF MAJID AL FUTTAIM PROPERTIES MAJID AL FUTTAIM PROPERTIES’ KEY STRENGTHS

ALLIANCES AND PARTNERSHIPS SHOPPING MALLS WITH KEY RETAILERS SUCCESSFULLY ESTABLISHED TRACK UNIQUE LEISURE RECORD, REPUTATION OFFERS OPERATING & BRAND (Through Majid Al Futtaim Ventures) IN 5 COUNTRIES ACROSS THE MIDDLE EAST AND NORTH AFRICA MAJID AL FUTTAIM 27 PROPERTIES

IN-HOUSE EXPERTISE PRIME LOCATIONS (FULLY INTEGRATED SECURED OVER 1.5 OVER 1.5 3 NEW PROJECTS OPERATIONS) FOR BUSINESS MILLION SQM IN THE MILLION SQMOF DEVELOPMENT GLA OF PRIME PIPELINE IN 3 RETAIL SPACE COUNTRIES AND EXPANDING ACROSS THE 150% REGION 180 93% 98% 95% 150 94% 100% 120 92% VISITORS IN 2020 90 75% 76% 80% 140 ACROSS ALL OF 75% 50% 13 Hotels MILLION OUR MALLS 60 32% 30 175 186 192 200 140 11 in UAE 0 0% 2 in Bahrain 2016 2017 2018 2019 2020 Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Avg Occupancy

26 MAJID AL FUTTAIM PROPERTIES (1/2)

Mall of the Emirates City Centre Mirdiff City Centre Deira City Centre Me’aisem Opened: 2005 , 255k m2 GLA Opened: 2010 , 203k m2 GLA Opened: 1995 , 117k m2 GLA Opened: 2015 , 23k m2 GLA

Occupancy Rate : 94% Occupancy Rate : 92% Occupancy Rate : 96% Occupancy Rate : 92%

E

A U

City Centre Al Shindagha City Centre Sharjah City Centre Fujairah Opened: 2016 , 25k m2 GLA Opened: 2001 , 51k m2 GLA Opened: 1998 , 55k m2 GLA Opened: 2012 , 35k m2 GLA Occupancy Rate : 92% Occupancy Rate : 99% Occupancy Rate : 97% Occupancy Rate : 96%

My City Centre Nasseriya My City Centre Al Barsha My City Centre Al Dhait My City Centre Masdar Opened: 2014 , 5k m2 GLA Opened: 2016 , 4k m2 GLA Opened: 2018 , 5k m2 GLA Opened: 2019 , 18k m2 GLA Occupancy Rate : 77% Occupancy Rate : 86% Occupancy Rate : 71% Occupancy Rate : 77%

27

MAJID AL FUTTAIM PROPERTIES (2/2)

T

YP EG City Centre Al Maza City Centre Maadi City Centre Alexandria 2 Opened: 2019 , 102k m2GLA Opened: 2002 , 30k m2GLA Opened: 2003 , 64k m2 GLA Opened: 2017 , 162k m GLA Occupancy Rate : 83%

Occupancy Rate : 99% Occupancy Rate : 95% Occupancy Rate : 93% OMAN

City Centre Muscat City Centre Qurum My City Centre Sur City Centre Suhar 2 2 Opened: 2001 , 69k m GLA Opened: 2005 , 27k m GLA Opened: 2018 , 16k m2GLA Opened: 2019 , 35k m2GLA

Occupancy Rate : 100% Occupancy Rate : 99% Occupancy Rate : 93% Occupancy Rate : 87% BAHRAIN City Centre Bahrain LEBANON City Centre Opened: 2008 , 160k m2GLA Opened: 2013 , 63k m2GLA Occupancy Rate : 96% Occupancy Rate : 92%

28 BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL

GENERATING STEADY CASHFLOWS

OVERVIEW OF MAJID AL FUTTAIM RETAIL OPERATING FRAMEWORK

Majid Al Futtaim Retail aims to capitalize on its strong supply chain

our our Over90 and procurement procedures to deliver value to its customers. f New stores

planned in Outlets 354 Carre 2021 Sales North Africa and CIS Regions In 16 countries Across the Middle East, Volume

Exclusive Countries Reinvest Purchasing Franchise Across the Middle East, Rebates Power Rights for 37 North Africa and CIS Regions Supplier Rebates Majid Al Futtaim Hypermarkets is a wholly owned subsidiary since 25 June 2013 when Majid Al Futtaim acquired the remaining 25% from Carrefour SA. As part of the transaction, Majid Al Futtaim also renewed its exclusive franchise partnership with the Carrefour group until 2025 and extended it to an additional 19 new countries. Low Prices Good Quality Wide Choices

Carrefour charges a sale-based franchise fee and provides approval on new store openings.

29 MAJID AL FUTTAIM RETAIL

Country Hyper Super

UAE 33 75

Oman 12 3 Kazakhstan 1

Pakistan 7 2

Bahrain 9 4 Georgia Uzbekistan Armenia 0 3 Armenia

Egypt 16 41 Lebanon Jordan 6 43 Iraq

Jordan Pakistan Kuwait 3 5 Kuwait Bahrain Lebanon 3 3 Egypt Qatar UAE Kenya 7 2 Oman KSA 18 2

Qatar 5 5

Iraq 4 2

Georgia 2 37

Uganda 1 0 Uganda Uzbekistan 0 1 Kenya 1Majid Al Futtaim Retail closed their hypermarket in Kazakhstan on 30 June 2017 TOTAL 126 228 but continue to retain the country head office

30 BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES

COMPLEMENTARY BUSINESSES Majid Al Futtaim Ventures builds and manages value enhancing businesses for the Majid Al Futtaim Group, focusing on selected sectors that are relevant for the wider business in the region.

WHOLLY-OWNED COMPANIES

Majid Al Futtaim Leisure & Entertainment LLC Majid Al Futtaim Cinemas LLC Provides unique leisure offerings to Majid Al Futtaim malls Cinema Screens 546 Across the MENARegion

Majid Al Futtaim Finance LLC Majid Al Futtaim Fashion LLC Credit Card Issuer Business Stores in IntroducedVisa Over 59K + 7Countries Cards in 2010 Cards inForce 90

JOINT VENTURE COMPANIES

JV providing Energy Services and Facilities Management Formed in 2002 (as Dalkia)

31 ROBUST GOVERNANCE STRUCTURE

GOVERNANCE PRINCIPLES • Majid Al Futtaim places considerable emphasis on governance and transparency within its operational framework. The company has voluntarily adopted the principles of the Combined Code on Corporate Governance for listed companies in the UK across all areas of its business Strong operating company Board structures reporting to a group Board Set out the principles of Corporate Governance across each of the group’s operating entities and geographies • Majid Al Futtaim has obtained a Strong management & governance (M&G) score by S&P across its universe of rated entities in the Gulf region – one of the two only entities that such score has been awarded

BOARD RESPONSIBILITIES

Majid Al Futtaim Holding Board The Board of Majid Al Futtaim Holding provides independent oversight to protect shareholders’ interests: 1) Acting as shareholder of operating companies; 2) Controlling decisions related to strategic new businesses / markets or divestments; and 3) Via managing Funding and Capital allocation Operating Companies Boards Each operating company maintains its own Board of Directors responsible for setting strategic goals, measurement of the success of the businesses in achieving objectives and maintaining corporate accountability. Chairmen of the Operating Company boards are members of the Holding Board of Directors

32 MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS

Sir MichaelRake Sir Ian Davis Tariq Al Futtaim Alan Keir Chairman Non-Executive Director Non-Executive Director Non-Executive Director

Chairman of Phoenix Global Services Chairman of Rolls Royce andformer Former chairman of the MajidAl Non Executive Director atHSBC and Wireless Logic Group Worldwide Managing Director at Futtaim Charity Foundation UK Bank Plc Former Chairman of BT Groupand McKinsey & Company Non Executive Director atSumitomo KPMG International Mitsui Banking Corporation

Victor Chu Lord Rose Luc Vandevelde Philip Bowman Alain Bejjani Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Chief Executive Officer of Majid Al FuttaimHolding Chairman of FirstEastern Chairman of Ocado and Founder and Chairman ofChange Independent Director of FerrovialS.A Investment Group Non Executive Director ofWoolworths Capital Partners LLP Former Chief Executive of Smiths Former Executive Vice-Chairmanof Co-founder and director of Peach Holding Limited Former Chairman of the Carrefour Group plc and Director of Burberry the Investment Development Aviation Former CEO of Marks and Spencerplc Group and Mark and Spencer Group Authority of Lebanon

33