INVESTOR PRESENTATION August 2021 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim H1 2021 Performance Update

Appendix • Majid Al Futtaim Group Overview

2 H1 2021 Overview IN H1 2021 WE HAVE SEEN ENCOURAGING SIGNS OF RECOVERY

Revenue declined10% EBITDA increased 2% BBB credit rating reaffirmed to USD 4.2B to USD 0.4B by S&P with stable outlook

Environmental Social Governance

“Low risk” ESG rating from Stringent Health & Safety Opened 24 new Carrefour stores Added 33 cinemascreens Sustainalytics measures maintained across Total store count 378 Total screens 582 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 an external agency:

19.6/100 Low Negl Low Med High Severe 0-10 10-20 20-30 30-40 40-100

7 AND WE HAVE REINFORCED OUR COMMITMENT TO ESG

Key Highlights

9.2% reduction Maintained Launched in CO e 2 Committed low risk ESG Company- emissions to rating from wide Stakeholder Sustainalytics Diversity & Capitalism and MSCI Inclusion pact at WEF Policy Improved our Provided reliable assurance of and renewable environment energy to 6,500 Launched our al data to people in Egypt First hotel Responsible 98% accuracy and Jordan portfolio in Procurement through the the world to Policy and engaged 17.5% 20by2020 be LEED 80+ suppliers to reduction partnership Platinum drive responsible in water certified procurement in our supply chain use

8 H1 2021 Performance SUMMARY OF MAJID AL FUTTAIM’S H1 2021 PERFORMANCE

RESILIENT FINANCIAL PERFORMANCE DELIVERED FOR H1 2021

Revenue EBITDA Assets -10% vs PY to: +2% vs PY to: -2% vs PY at: USD 4.3bn USD 0.4bn USD 15.7bn

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

GEOGRAPHICAL SPLIT – 30 June 2021 SEGMENTAL SPLIT – 30 June 2021

By Revenue By EBITDA By Revenue By EBITDA Oman Lifestyle Properties LEC Others¹ KSA 5% Others¹ 2% Lifestyle LEC 10% -2% 15% 5% 4% 0% 3% Oman Qatar 5% UAE 6% Retail 48% 39% KSA UAE 10% Bahrain 60% Properties 5% 70% Qatar 7%

Bahrain Egypt Egypt Retail 3% 15% 12% 86%

¹ Others includes Kuwait, Jordan, Pakistan, Lebanon, Iraq, Georgia, Armenia, Kenya, Uganda, Uzbekistan

10 Majid Al Futtaim Properties H1 2021 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Revenue EBITDA Operational Highlights (USDmn) (USDmn)

• Increased our shopping mall portfolio to 28 with the opening of City Centre Al Zahia in March 2021 416 441 290 306

H12020 H12021 H1 2020 H1 2021 • Tilal Al Ghaf Communities development in Dubai recorded gross sales value of around USD 760 million after launching Malls avg occupancy 89%¹ two new project phases, Harmony and Aura. Footfall y-o-y +24%

Rent to sales 13% • Awarded lead consultant contract for Mall of Saudi, set to break ground in Q4 2021. Hotels avg occupancy 53%

REVPAR change y-o-y -2%

¹ Like for like occupancy excl City Centre Al Zahia stands at 93%

12 Majid Al Futtaim Retail H1 2021 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

• 24 new store openings across 8 countries

4,108 3,598 • 25% increase in online sales and 50% growth in order numbers 193 170

H1 2020 H1 2021 H1 2020 H1 2021

• Opened the first automated fulfilment centre in KSA Sales (LFL) -17%

Hypermarket openings 2

Supermarket openings 22

Total stores 378

Online orders +50%

14 Majid Al Futtaim Leisure, Entertainment & Cinemas H1 2021 PERFORMANCE: MAJID AL FUTTAIM LEC

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

• New content releases and the easing of restrictions contributed to increased revenue and admissions

109 137 • 33 new screens added across 3 sites (9) H1 2020 H1 2021 (24)

H1 2020 H1 2021 • Opened first 10 screen-multiplex in KSA, bringing the total number of screens in the Kingdom to 141 Cinema screens added 33

Total cinema screens 582

Total L&E venues 40

16 Majid Al Futtaim Lifestyle H1 2021 PERFORMANCE: MAJID AL FUTTAIM LIFESTYLE

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

• Resilient performance from Lifestyle brands Lululemon, Abercrombie & Fitch, Crate & Barrel 69 (2) 42 (13) H1 2020 H1 2021

• Opened new ‘future of retail’ concept store, THAT, in the Mall of H1 2020 H1 2021 the Emirates

Store Openings 7

18 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 30 June 2021 Notes (USD bn) 112 1200 Primarily Senior Unsecured Majid Al Futtaim Holding 2.0 433 obligations at Holding level 800 528 Primarily Senior Unsecured 1,300 Majid Al Futtaim Properties 1.8 obligations at Properties 400 800 level 500 287 17 18 Primarily project finance with Others 0.2 0 limited recourse to parent 2021 2022 2023 2024 2025 2026+ Total 4.0

Majid Al Futtaim Holding Crossguarantees Majid Al Futtaim Properties

$2.8bn $1.5bn 3+ yrs1 4.9 yrs2 Undrawn Available Inaugural Liquidity cover Weighted Average Committed Lines Sustainability-Linked Debt Life Loan

1AFTER EXTENDING MATURITY OF A COMMITTED CREDIT FACILITY FROM FEBRUARY 2023 TO JULY 2026, SIGNED ON 1 JULY 2021. 2USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS

20 GROUP DEBT PROFILE (2/2)

Strong Leverage Metrics Facilities & liquidity 2019 onwards includes impact of IFRS16 5,000 4,775 4,801 5 Debt Capital Markets Issuances % $bn 4,503 4,500 Bonds 12% 0.8 4,000 4 Sukuk 26% 1.8 3,418 3.9x 3,500 3.7x Total Debt Capital Markets Issuances 38% 2.6 3,000 2,804 3.3x 3 Bank Facilities % $bn 2,500 2.8x Drawn 21% 1.4 2.4x 2,000 2 Undrawn 41% 2.8 1,458 1,500 1,152 1,231 1,229 1,232 Total 62% 4.2 1,000 1 Total Bank Commitments & Debt Capital Markets 100% 6.8 500 Less Drawn (4.0)

0 0 2 2017 2018 2019 2020 H1 2021 rolling Plus Cash 0.3 12 mnths Total Liquidity 3.1 EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

30 June 31 Dec 30 June 31 Dec Funding Risk Management Framework Policy/Covenant 2021 2020 Investment grade creditratings 2021 2020 Liquidity Coverage - Months 18 39 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 8 10 Total Net Debt to Total Equity(x) <0.7 0.5 0.5 EBITDA from encumbered assets as % of total EBITDA 0% 0%

Secured debt as a percentage of Gross Debt 0% 0% ¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT) 2 CASH IS NET OF PROCEEDS AGAINST SALE OF PROPERTY BY TILAL AL GHAF PHASE A LLC , HELD IN ESCROW

21 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

CINEMA MALL OF OMAN H2 2021 STORES OMANUAE SUPER REGIONAL MALL (MUSCAT, OMAN) SCREENS GLA: 142,000 M2 UAE 9

KSA 5 13

MALL OF SAUDI EGYPT 14 KSA SUPER REGIONAL MALL (NORTH RIYADH) GLA: 321,000 M2 OMAN 2 15

OTHERS 1 36

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

22 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

23 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim H1 2021 Performance Update

Appendix

• Majid Al Futtaim Group Overview

24 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 MAJID AL FUTTAIM MAJID AL FUTTAIM PROPERTIES RETAIL LEC LIFESTYLE GLOBAL SOLUTIONS 1,253 1,261 1,152 Shopping 1,145 Carrefour Cinemas Fashion Shared Services Malls Hotels 1,026 L&E Speciality Retail Communities Project Management Facilities 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 March 2021 in Kazakhstan on 30 June 2017 but continue to retain the country head office Fitch Ratings BBB Stable Nov 2020

25 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

26 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 28 PROPERTIES

IN-HOUSE EXPERTISE PRIME LOCATIONS (FULLY INTEGRATED SECURED OVER 1.5 OVER 1.5 2 NEW PROJECTS OPERATIONS) FOR BUSINESS MILLION SQM IN THE MILLION SQMOF DEVELOPMENT GLA OF PRIME PIPELINE IN 2 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

27 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 Ajman 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%

28

MAJID AL FUTTAIM PROPERTIES (2/2)

E

A

BAHRAIN

U LEBANON City Centre Al Zahia City Centre Bahrain City Centre Beirut Opened: 2021 , 135k m2GLA Opened: 2008 , 160k m2GLA Opened: 2013 , 63k m2GLA

Occupancy Rate : 60% Occupancy Rate : 96% Occupancy Rate : 92%

T

YP EG

City Centre Maadi City Centre Alexandria Mall of Egypt City Centre Al Maza Opened: 2002 , 30k m2GLA Opened: 2003 , 64k m2 GLA Opened: 2017 , 162k m2GLA Opened: 2019 , 102k m2GLA

Occupancy Rate : 99% Occupancy Rate : 95% Occupancy Rate : 93% Occupancy Rate : 83% OMAN

City Centre Muscat City Centre Qurum My City Centre Sur City Centre Suhar Opened: 2001 , 69k m2 GLA Opened: 2005 , 27k m2GLA Opened: 2018 , 16k m2GLA Opened: 2019 , 35k m2GLA Occupancy Rate : 100% Occupancy Rate : 99% Occupancy Rate : 93% Occupancy Rate : 87%

29 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 Over60 and procurement procedures to deliver value to its customers. f New stores

planned in Outlets 378 Carre H2 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 over 30 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.

30 MAJID AL FUTTAIM RETAIL

Country Hyper Super

UAE 34 78

Oman 12 2 Kazakhstan 1

Pakistan 7 2

Bahrain 9 4 Georgia Uzbekistan Armenia 0 3 Armenia

Egypt 16 44 Lebanon Jordan 6 45 Iraq

Jordan Pakistan Kuwait 3 5 Kuwait Bahrain Lebanon 3 3 Egypt Qatar Saudi Arabia UAE Kenya 7 6 Oman KSA 18 3

Qatar 5 5

Iraq 4 2

Georgia 2 45

Uganda 2 0 Uganda Uzbekistan 0 3 Kenya 1Majid Al Futtaim Retail closed their hypermarket in Kazakhstan on 30 June 2017 TOTAL 128 250 but continue to retain the country head office

31 BUSINESS OVERVIEW: MAJID AL FUTTAIM LEC & LIFESTYLE

Majid Al Futtaim Leisure , Entertainment & Cinemas LLC

Provides unique leisure offerings to Majid Al Futtaim malls Cinema Screens 582 Across the MENARegion

Majid Al Futtaim Lifestyle LLC

Spread across the GCC

allsaints.me crateandbarrel.me

Kuwait Bahrain thatconceptstore.com Qatar UAE Saudi Arabia yellowblocks.me Oman

32 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

33 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

34