INVESTOR PRESENTATION February 2020 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim 2019 Performance Update

Appendix • Majid Al Futtaim Group Overview

2 2019 Overview IN 2019 WE HAVE SUSTAINED OUR FINANCIAL POSITION, WHILST CELEBRATING SOME MILESTONE ACHIEVEMENTS

Revenue increased1% EBITDA increased 1% Cashflow from Operations 2 green sukuks issued to USD 9.6B to USD 1.3B to EBITDA at 122% totalling USD 1.2B

Environmental Social Governance

Obtained “low risk” ESG Portfolio of 26 Opened 42 new stores Added 146 cinemascreens rating from Sustainalytics, shopping malls welcomed Total store count 306 Total screens 5111 and “A” rating from MSCI over 200 million visitors

1 AS AT FEBRUARY 2020

4 THERE ARE LONG TERM OPPORTUNITIES IN THE REGION DESPITE CURRENT HEADWINDS

CurrentHeadwinds 2040Outlook

• MENAP region’s • MENA economies adapting • Geopolitical tensions have contribution to world GDP • Diversification of GCC to slower growth in the escalated around US-Iran will increase by 1-2%, economies away from short term until reform relations driven by population hydrocarbons programs shape the growth longer term • High population growth for MENAP • MENA region continuesto exhibit youth • and unemployment rates will constitute a sixth of higher than global regional real GDP average • will become a • UAE’s private sector new growth pocket remains in a competitive environment • Mid single digit growth expected for the rest of • tourism mix Africa, with an emerging changing due to USD middle class strength • Oil prices adjusted to a • Trade flows expected to be “new normal” range as a • experiencing growing at above global result of structural political and averages economic instability changes in the global economy

SOURCE: McKinsey Consumer Trends Database, Oxford Economics, United Nations, Global insight, Team analysis, Expert interviews, HSBC, IMF, PWC report, UNCTAD, Focus Economics, WEF MENA Risks Landscape

5 FROM A CUSTOMER BEHAVIOR PERSPECTIVE, THERE HAS BEEN A STRONG SHIFT TOWARDS LIFESTYLE, CONVENIENCE AND DIGITAL

Connectivity Social connection Trends over brands Sustainability 71% Internet Penetration 64% Of MENA respondents CEO’s continue to see 66% Of global consumers Rate is at

use Facebook or Twitter loyalty towards “trends” when finding rather than “brands” Are willing to pay more in the Middle-East in 2019 inspiration for purchases for sustainable brands

Convenience Omni-channel Personalization Experiences 36% Of global respondents 73% Of consumers 77% Of global consumers Consumers and especially millennials

emphasized price and convenience use a combination of online and expect to see more personalized Look for distinctive and as a driver for online offline while shopping content in the future renewed experiences

SOURCE: PWC survey 2017, Total Retail 2017, World Bank, ADEC, Saudi National Statistics, UN, Hootsuite, Nielsen, Reuters, Mckinsey study

6 WE REMAIN COMMITTED TO OUR STRATEGIC PRIORITIES

Maintain leadership Expand to be leaders in Build a foundation Grow at scale at least in our core countries adjacent/core geographies position in Africa one adjacent business

Expand our presence in Egypt Expand in additional Protect our leadership and Saudi Arabia, driven by African countries, Evaluate business opportunities position in the UAE our shopping malls business primarily with Carrefour in adjacent businesses

WHILE ADOPTING A LEAN AND AGILE APPROACH

Cost & Balance Procurement and Financial Discipline Capability Building Sustainability Sheet Optimization Supply Chain in Investments

7 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 LIVE • 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:

18.9 /100 Low ESG RATING Negl Low Med High Severe 0-10 10-20 20-30 30-40 40-100 A

9 2019 Performance SUMMARY OF MAJID AL FUTTAIM’S 2019 PERFORMANCE

STABLE FINANCIAL PERFORMANCE DELIVERED IN 2019

Revenue EBITDA CFO:EBITDA Assets +1% vs PY to: +1% vs PY to: at: +5% vs PY at: USD 9.6bn USD 1.3bn 122% USD 17.2bn 2

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

GEOGRAPHICAL SPLIT – 31 December 2019 SEGMENTAL SPLIT – 31 December 2019

By Revenue By EBITDA By Revenue By EBITDA

Oman Others¹ Properties Ventures 5% Others¹ Ventures 17% 13% 9% KSA 9% 8% 4% UAE 6% 48% 6% UAE Retail KSA 59% 31% Properties 9% 64% Qatar 7% 8%

Bahrain Egypt Egypt Retail 4% 9% 9% 79%

¹ Others includes , , Pakistan, Lebanon, , , , , Uganda 2 Includes impact from IRFS 16

11 Majid Al Futtaim Properties 2019 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

1,264 1,256 • Increased our portfolio to 26 with the opening of City Centre Al Maza, City Centre Suhar and My City Centre 814 813 Masdar 2018 2019 2018 2019 • Completed redevelopment of City Centre Alexandria in Egypt, and in the UAE Malls avg occupancy 93% Footfall y-o-y +4%

• Visitors to our malls crossed the 200M mark for the first time Rent to sales 13%

Hotels avg occupancy 80%

REVPAR change y-o-y -8%

13 Majid Al Futtaim Retail 2019 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

• Celebrated 300th Carrefour store opening, while expanding to 7,622 7,662 16 countries with entry to Uganda

383 391

• Launched new F&B 'live cooking’ concept in select UAE stores 2018 2019 2018 2019

• Introduced robotic automation to increase the capacity of online Sales (LFL) -5% order fulfilment centres Hypermarket openings 12

• Inaugurated our Retail Business School in the UAE, providing Supermarket openings 30 functional and commercial training for our employees Total stores 306

Online orders y-o-y +600%

15 Majid Al Futtaim Ventures 2019 PERFORMANCE: MAJID AL FUTTAIM VENTURES

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

651 761 • VOX cinemas celebrated 20 years of operations as it approached the 500 screen milestone 87 113

2018 2019 2018 2019

• Continued expansion of cinemas in Saudi Arabia with the opening Cinema screens added 146 of 78 new screens across 7 sites Total cinema screens 5111

Total L&E venues 43 • L&E introduced the first Dreamscape experience in the Middle East

1 AS AT FEBRUARY 2020

17 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 31 December Balanced Funding Profile Notes 1600 2019 (USD bn) 108 1200 Primarily Senior Unsecured Majid Al Futtaim Holding 2.0 obligations at Holding level 800 20 1088 Primarily Senior Unsecured 21 1,200 Majid Al Futtaim Properties 1.7 obligations at Properties 400 800 level 500 31 168 47 Primarily project finance with Others 0.2 0 limited recourse to parent 2020 2021 2022 2023 2024 2025 2026+ Total 3.9

Majid Al Futtaim Holding Crossguarantees Majid Al Futtaim Properties

$1.2bn $2.6bn $200mn 5.9 yrs1 Issued two 10 year Undrawn Available Refinanced EGP Al Maza project finance Weighted Average Green Sukuks Committed Lines with new senior unsecured term loan Debt Life

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

19 GROUP DEBT PROFILE (1/2)

Strong Leverage Metrics Facilities & liquidity

2019 includes impact of IFRS16 Debt Capital Markets Issuances % $bn 5,000 4,775 5 Bonds 12% 0.8 4,500 Sukuk 26% 1.7 4,000 4 3,418 Total Debt Capital Markets Issuances 38% 2.5 3,500 3.3x Bank Facilities 2,804 % $bn 3,000 2,612 3 2,517 Drawn 22% 1.4 2,500 2.8x 2.4x Undrawn 40% 2.6 2,000 2.4x 2.3x 2 1,458 Total 1,500 1,231 62% 4.0 1,044 1,145 1,152 1,000 1 Total Bank Commitments & Debt Capital Markets 100% 6.5 500 Less Drawn (3.9) 0 0 Plus Cash 0.4 2015 2016 2017 2018 2019 Total Liquidity 3.0 EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

31 Dec 31 Dec 31 Dec 31 Dec Funding Risk Management Framework Policy/Covenant 2018 2019 Investment grade creditratings 2018 2019 Liquidity Coverage - Months 18 49 52 Fitch BBB BBB Interest Rate Risk - Duration in Years 0.5-3.5 2.3 2.8 Standard & Poor’s BBB BBB EBITDA Interest Cover (x)1 >2.0 8x 9x Total Net Debt to Total Equity(x) <0.7 0.4 0.4 EBITDA from encumbered assets as % of total EBITDA 4% 1% Secured debt as a percentage of Gross Debt 8% 1% ¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT)

20 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 PIPEINE

CITY CENTRE AL ZAHIA UAE SUPER REGIONAL MALL (SHARJAH) CINEMA GLA: 136,000 M2 2020 STORES SCREENS

UAE 6 32 MALL OF OMAN OMAN SUPER REGIONAL MALL (, OMAN) KSA 5 87 GLA: 142,000 M2 EGYPT 10 -

OTHERS 1 20+ - MALL OF SAUDI KSA SUPER REGIONAL MALL (NORTH ) GLA: 321,000 M2

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

21 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

22 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim 2019 Performance Update

Appendix

• Majid Al Futtaim Group Overview

23 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% Revenue EBITDA MAJID AL FUTTAIM CAPITAL LLC 9,436 9,573 8,788 MAJID AL FUTTAIM HOLDING 8,128 (RATED BBB/BBB) 7,445

MAJID AL FUTTAIM MAJID AL FUTTAIM MAJID AL FUTTAIM 1,253 1,261 PROPERTIES RETAIL VENTURES 1,145 1,152

ShoppingMalls Carrefour Cinemas Gourmet Gulf(JV) 1044 Hotels L&E Enova (JV) Communities Fashion Project Management Finance

2015 2016 2017 2018 2019

REGIONAL FOOTPRINT BEST IN CLASS GOVERNANCE PRINCIPLES

1 • Voluntarily adopted the principles of the Combined Code on Corporate Governance for listed companies in the UK countries

16 • Strong operating company board structures reporting to a group board since 1992

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 2019

in Kazakhstan on 30 June 2017 but continue to retain the country head office Fitch Ratings BBB Stable Nov 2019

24 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)

Revenue EBITDA Majid Al Futtaim has a proven track record of delivering strong 1,223 1,264 1,256 1,114 1,254 financial results on the back of an effective growth strategy 814 813 710 766 800 MAJID AL FUTTAIM HOLDING LLC CONSOLIDATED FINANCIALS (USDMN)

Item 2015 2016 2017 2018 2019

Assets 13,853 14,375 16,081 16,436 17,178

Revenue 7,445 8,128 8,788 9,436 9,573 2015 2016 2017 2018 2019 EBITDA 1,044 1,145 1,152 1,253 1,261 MAJID AL FUTTAIM RETAIL (USDmn)

The Group’s ability to combine capital intensive high margin business Revenue EBITDA 6,011 6,503 7,049 7,622 7,662 (shopping malls) with capital light, high volume business (hypermarkets) allows it to effectively manage its growth.

EBITDA MARGIN BY ENTITY (%) 319 335 330 380 391

65% 2015 2016 2017 2018 2019 70% 63% 63% 64% 64% 60% MAJID AL FUTTAIM VENTURES (USDmn) 50% Revenue EBITDA 40% 30% 492 577 651 761 15% 393 20% 13% 12% 12% 13% 10% 5% 5% 5% 5% 5.1% 51 72 70 87 113 0% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 MAF Properties MAF Retail MAF Ventures

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 COINTRIES ACROSS THE MIDDLEEAST AND NORTH AFRICA MAJID AL FUTTAIM 26 PROPERTIES

IN-HOUSE EXPERTISE PRIMELOCATIONS (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 95% 93% 97% 98% 94% 150 100% 120 VISITORS AND 90 75% 80% 200 GROWING 72% 76% 75% 50% ANNUALLY ACROSS 60 13 Hotels MILLION ALL OF OUR MALLS 30 171 175 186 192 200 11 in UAE 0 0% 2 in Bahrain 2015 2016 2017 2018 2019 Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Occupancy

26 MAJID AL FUTTAIM PROPERTIES (1/2)

Mall of the Emirates City Centre Mirdiff 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%

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 Over45 and procurement procedures to deliver value to its customers. f New stores

planned in Outlets 306 Carre 2020 Sales North Africa and CIS Regions In 15 countries Across the MiddleEast, 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 31 73

Oman 10 3 Kazakhstan 1

Pakistan 7 1

Bahrain 9 4 Georgia Armenia Armenia 0 2

Egypt 15 38 Lebanon Jordan 5 33 Iraq Jordan Pakistan Kuwait 3 5 Kuwait Bahrain Lebanon 3 2 Egypt Qatar Saudi Arabia UAE Kenya 6 1 Oman

KSA 18 1

Qatar 5 5

Iraq 4 2

Georgia 2 17

Uganda 1 0 Uganda Kenya TOTAL 119 187 1Majid Al Futtaim Retail closed their hypermarket in Kazakhstan on 30 June 2017 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 511 Across the MENARegion

Majid Al Futtaim Finance LLC Majid Al Futtaim Fashion LLC Credit Card Issuer Business IntroducedVisa Stores in Over 143K 7Countries Cards in 2010 Cards inForce 95

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