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INVESTOR PRESENTATION February 2020 CONTENTS

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INVESTOR PRESENTATION February 2020 CONTENTS 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 Carrefour 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 • Saudi Arabia and Egypt unemployment rates will constitute a sixth of higher than global regional real GDP average • Pakistan will become a • UAE’s private sector new growth pocket remains in a competitive environment • Mid single digit growth expected for the rest of • Dubai 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 • Lebanon 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 Retail 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% Oman UAE 6% 48% Qatar 6% UAE Retail KSA 59% 31% Properties 9% 64% Qatar Bahrain 7% 8% Bahrain Egypt Egypt Retail 4% 9% 9% 79% ¹ Others includes Kuwait, Jordan, Pakistan, Lebanon, Iraq, Georgia, Armenia, Kenya, 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 shopping mall 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 City Centre Ajman 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 (MUSCAT, OMAN) KSA 5 87 GLA: 142,000 M2 EGYPT 10 - OTHERS 1 20+ - MALL OF SAUDI KSA SUPER REGIONAL MALL (NORTH RIYADH) GLA: 321,000 M2 ¹ OTHERS INCLUDES OMAN, JORDAN,
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