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Investor Presentation INVESTOR PRESENTATION February 2019 CONTENTS TABLE OF CONTENTS Majid Al Futtaim FY 2018 Performance Update Appendix ▪ Majid Al Futtaim Group Overview USD / AED EXCHANGE RATE OF 3.6725 IS USED THROUGHOUT THE PRESENTATION 2 2 WE ARE NAVIGATING A CHALLENGING MARKET ENVIRONMENT RetailSector Landscape Trends Evolving Consumer Behavior Intensifying Competition Substitution Effect ➢ Greater emphasis on personalized ➢ Value migrating from brick-and- ➢ Stores will transition to places that services and experiences mortar to e-commerce tell stories through experiences ➢ Hyper-connected consumer ➢ Increased Automation in Last Mile ➢ Disruptive technology such as redefining value Delivery IOT, AI, Augmented Reality. Macro Trends Global Trade Wars Oil Price Volatility Geopolitical shifts across the ME Egyptian economy improving Stronger USD Fiscal Reforms across GCC 3 WHILE REMAINING COMMITTED TO OUR STRATEGIC PRIORITIES Expand to be leaders Maintain leadership in adjacent/core in our core countries geographies Long Term Strategy Our aspiration is to become a regionally focusedlifestyleconglomerate …with a stellar international reputation Expand our presence in Protect our leadership Egypt and Saudi Arabia, position in the UAE driven by our shopping 1 2 malls business signature Top notch customer talent and Grow at scale at least Build a foundation experience capabilities position in Africa one adjacent Brand & business Human Customer Creating great moments Capital Experience for everyone, everyday Seamless andIntegratedOmnichannel Offering Expand in additional Evaluate business African countries, opportunities in adjacent businesses primarily with Carrefour Digital Customer Intelligence 4 WITH THE RIGHT ENABLERS AND MINDSET THE ‘MAF WAY’ OF OPERATIONAL EXCELLENCE Create an Adopt a Execute Be a exceptional Signature founder’s great flawlessly pioneer people Customer “ mentality moments environment Experience for everyone, everyday 1 2 3 4 Top Notch ” Talent and Capabilities Enablers A LEAN AND AGILE APPROACH Procurement and Capability Building Financial Discipline Cost & Balance Supply Chain in Investments Sheet Optimization 5 SUMMARY OF MAJID AL FUTTAIM’S FY 2018 PERFORMANCE RESILIENT FINANCIAL PERFORMANCE DELIVERED IN FY 2018 Revenue EBITDA Assets +7% Vs PY to: +9% Vs PY to: +2% Vs PY to: USD 9.4bn USD 1.3bn USD 16.4bn STABILITY AND STRENGTH THROUGH DIVERSIFICATION Geographical Split – 31 December 2018 Segmental Split – 31 December 2018 By Revenue By EBITDA By Revenue By EBITDA Oman Others¹ Ventures Saudi 5% Others¹ Ventures Properties 17% 7% 2% 7% 7% 13% Oman Qatar 5% UAE 5% 50% Retail Saudi 31% 9% Bahrain UAE Properties Qatar 8% 66% 65% 7% Egypt Bahrain Egypt 6% Retail 5% 7% 81% ¹ OTHERS INCLUDES KUWAIT, JORDAN, PAKISTAN, LEBANON, IRAQ, GEORGIA, ARMENIA, KENYA 6 FY 2018 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES Operational Highlights Revenue EBITDA (USDmn) (USDmn) Extended our network of community malls with the opening of My City Centre Al Dhait 1,254 1,264 in UAE and My City Centre Sur and 800 814 City Centre Suhar in Oman Recognized by the GRESB with a ‘Green Star’ Rating for the 5th year FY 2017 FY 2018 FY 2017 FY 2018 in a row Grew our hotel portfolio with the Malls avgoccupancy1 95% opening of Aloft City Centre Deira Footfall y-o-y 4% Work is continuing on City Centre Almaza in Cairo Egypt and My City Rent to sales 13% Centre Masdar, in Abu Dhabi due to Hotels avgoccupancy 75% open in 2019. REVPAR change y-o-y -13% 1 EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 96% GRESB: GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKS 7 FY 2018 PERFORMANCE: MAJID AL FUTTAIM RETAIL Operational Highlights Revenue EBITDA (USDmn) (USDmn) Announced a strategic partnership with the Ministry of Investment 7,049 7,622 and International Cooperation in 383 Egypt 330 Inaugurated Carrefour regional FY 2017 FY 2018 FY 2017 FY 2018 distribution center launched Carrefournow.com Sales (LFL) -4% express delivery service Hypermarket openings 10 Expanded our footprint in Kenya Supermarket openings 23 Entered into further strategic Total stores 264 partnerships in last-mile delivery 8 FY 2018 PERFORMANCE: MAJID AL FUTTAIM VENTURES Revenue Operational Highlights EBITDA (USDmn) (USDmn) Inaugurated the first cinema multiplex in Saudi Arabia, following the lifting of a 651 577 40 year ban 70 87 Further expanded our cinema network across the region with additional FY 2017 FY 2018 FY 2017 FY 2018 openings in Egypt, Bahrain and Kuwait Expanded the portfolio of L&E with additional openings Cinema screens added 52 Total cinema screens 353 New L&E venues 5 9 GROUP DEBT PROFILE (1/2) Debt Maturity Profile (USD mn) All Senior Unsecured financing obligations rank pari passu among themselves Capital Markets Bank Debt 2000 Majid Al Futtaim Group’s Balanced Funding Profile 31 Dec 1600 (USD bn) 2018 Notes Primarily Senior Unsecured Majid Al Futtaim Holding 3.0 1200 obligations at Holding level Primarily Senior Unsecured 1,033 Majid Al Futtaim Properties 0.5 800 obligations at Properties level 280 Primarily project finance with 97 Others 0.3 400 800 limited recourse to borrower 500 500 Total 3.8 36 55 64 437 0 2019 2020 2021 2022 2023 2024 2025+ Majid Al Futtaim Holding Cross guarantees Majid Al Futtaim Properties $400mn $2.5bn Issued new perp to Refinanced $1.6bn existing bank loan replace 2013 NC5 4.6 yrs $2.4bn facilities + added $0.9bn of new inaugural hybrid Undrawn Available commitments Weighted Average Committed Lines Debt Life 1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS 10 GROUP DEBT PROFILE (2/2) Strong Leverage Metrics Facilities & liquidity 4,000 5 3,418 3,500 Debt Capital Markets Issuances % $bn 2,817 4 Bonds 21% 1.3 3,000 2,612 2,517 Sukuk 8% 0.5 2,500 2,179 3 2.7x Total Debt Capital Markets Issuances 29% 1.8 2,000 2.4x 2.2x 2.4x 2.3x Bank Facilities % $bn 2 1,500 1,145 1,152 1,253 Drawn 32% 2.0 977 1,044 1,000 Undrawn 39% 2.4 1 500 Total 71% 4.4 Total Bank Commitments & Debt Capital Markets 100% 6.2 0 0 2014 2015 2016 2017 2018 Less Drawn (3.8) EBITDA Net Debt (USD mn) Net Debt / EBITDA (times) Plus Cash 0.4 31 Dec 31 Dec Total Liquidity 2.8 Funding Risk Management Framework Policy/Covenant 2017 2018 Liquidity Coverage - Months 18 27 49 31 Dec 31 Dec Interest Rate Risk - Duration in Years 0.5-3.5 2.3 2.3 Investment grade credit ratings 2017 2018 EBITDA Interest Cover (x) 1 >2.0 >10 8x Fitch BBB BBB EBITDA from encumbered assets as % of total Standard & Poor’s BBB BBB EBITDA 4% 4% Secured debt as a percentage of Gross Debt 6% 8% 1EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES NET/DEBT EBITDA ADJUSTED AS PER S&P METHODOLOGY AT ~4.0X 11 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 2018 2019 2020 2021 2022 2023 onwards City Centre Suhar Oman Community Mall (Suhar) GLA: 40,000 M2 My City Centre Masdar UAE Community Mall (Abu Dhabi) GLA: 18,725 M2 City Centre Almaza EGYPT Regional Mall (Cairo) GLA: 103,000 M2 City Centre Al Zahia UAE Super Regional Mall (Sharjah) GLA: 136,000 M2 Mall of Oman Oman Super Regional Mall (Muscat, Oman) GLA: 145,000 M2 City Centre Ishbiliyah KSA Super Regional Mall (East Riyadh) GLA: 114,000 M2 Mall of Saudi KSA Super Regional Mall (North Riyadh) GLA: 321,000 M2 City Centre Al Jazira UAE Regional Mall (Abu Dhabi) GLA: 80,500 M2 PLANNED CONSTRUCTION START PLANNED OPENING 12 In Summary ➢ Strong balance sheet ➢ Stable cash flow generation A strong foundation ➢ Best in class corporate governance ➢ Established track record, reputation & brand ➢ Diversified sources of funding ------------------------------------------------------------------------------------------------------------------------ ➢ Maintaining strong UAE position Positioned to seize opportunities ➢ Expanding in growth markets amidst a volatile environment ➢ Business performance management ------------------------------------------------------------------------------------------------------------------------ ➢ Top down capital allocation Appropriately managing ➢ Stress testing the risks ➢ Country risk management ➢ Defined polices & procedures 13 13 CONTENTS TABLE OF CONTENTS Majid Al Futtaim FY 2018 Performance Update Appendix ▪ Majid Al Futtaim Group Overview 14 14 MAJID AL FUTTAIM GROUP OVERVIEW (1/2) Group Corporate Structure Solid Track Record Mr. Majid Al Futtaim Mr. Tariq Al Futtaim (Founder) Majid Al Futtaim Holding LLC Consolidated Financials (USDmn) 99.6% MAJID AL FUTTAIM 0.4% CAPITAL LLC Revenue EBITDA 99.9% 9,436 8,788 MAJID AL FUTTAIM HOLDING 8,128 (Rated BBB/BBB) 6,868 7,445 MAJID AL FUTTAIM MAJID AL FUTTAIM MAJID AL FUTTAIM 1,253 PROPERTIES RETAIL VENTURES 1,145 1,152 1044 977 Shopping Malls Carrefour Cinemas Gourmet Gulf (JV) Hotels L&E Enova (JV) Communities Fashion 2014 2015 2016 2017 2018 Project Finance Management Best in Class Governance Principles Regional Footprint – 15¹ countries since 1992 ✓ Voluntarily adopted the principles of the Combined Code on Corporate Governance for listed companies in the UK ✓ Strong operating company board structures reporting to a group board Kazakhstan Georgia Armenia Highest Rated Privately Owned Corporate in the GCC Lebanon Iraq Kuwait Pakistan Egypt Qatar Bahrain Rating Agency Rating Outlook Latest Affirmation UAE Saudi Arabia Date Standard & Poor’s BBB Stable July 2018 Kenya Fitch Ratings BBB Stable July 2018 * *¹ MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET
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