Malaysia Airports Holdings Berhad

Corporate Presentation Disclaimer This presentation may contain forward-looking statements by Malaysia Airports Holdings Berhad (Malaysia Airports) that reflect management’s current expectations, beliefs, intentions or strategies regarding the future and assumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks, uncertainties and contingencies. Actual results, performance or achievements may differ materially and significantly from those discussed in the forward- looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the future performance or achievements of Malaysia Airports and Malaysia Airports assumes no obligation or responsibility to update any such statements.

No representation or warranty (either express or implied) is given by or on behalf of Malaysia Airports or its related corporations (including without limitation, their respective shareholders, directors, officers, employees, agents, partners, associates and advisers), as to the quality, accuracy, reliability or completeness of the information contained in this presentation, or that reasonable care has been taken in compiling or preparing the Information.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

No part of this presentation is intended to or construed as an offer, recommendation or invitation to subscribe for or purchase any securities in Malaysia Airports.

Malaysia Airports | 2 Malaysia Airports has come a long way since its inception Reinventing Malaysia Airports Turbulence, 2016 - Present Tailwinds, And ▪ 2016: RtS2020 ▪ 2017: In-principle A Leading Headwinds agreement to Southeast 2008 - 2015 extend OA ▪ 2018: KLIA #12th 2 Asian Airport ▪ 2008: ISG World Busiest Operator acquired Airport by Int’l Pax Takeoff: 1998 - 2007 ▪ 2009: New ▪ 2018: ISG and Operating Langkawi Humble ▪ 1998: Concession Agreement (OA) expanded Beginnings Agreement signed signed 1992 - 1997 ▪ 1998: KLIA ▪ 2010: klia2 funded opened ▪ 2010: 1st RtS1 ▪ 1992: Malaysia ▪ 1999: Listed on ▪ 2014: KLIA #13th Airports Holdings KLSE World Busiest Berhad established ▪ 2001: Skytrax #2 Airport by Int’l Pax airport worldwide Traffic 112.1 141.2 Million pax 31.6 45.2

Aircraft Movements 413 451 1,022 1,124 ‘000

1 RtS – Runway to success (RtS) is 5-years business plan to established Malaysia Airports as A World-Class Airport Business and Global Leader in Creating Airport Cities. 2 ISG – Istanbul Sabiha Gokcen (ISG) International Airport in Turkey. ISG airport is fully owned foreign airport of MAHB. Malaysia Airports | 3 FY19 Snapshot Strong earnings in 2019 further strengthened by prudent cash flow management

Passenger Revenue EBITDA movements RM5,213.1 RM2,292.0 141.2 million +7.4% million +9.3% million +6.0% (FY18: RM4,851.7 million) (FY18: RM2,097.0 million1) (FY18: 133.2 million) Cash & money Profit after tax market investment Dividend per share 2 RM537.0 RM3,230.8 15 sen +7.1% million +21.9% million +15.7% (FY18: 14 sen) (FY18: RM440.7 million1) (FY18: RM2,792.9 million)

1 excluding unrealised gain on fair value on financial assets at fair value through profit or loss (RM258.4 million) and gain on disposal on investment in associate (RM28.2 million) for 2018 2 inclusive of quoted unit trusts and bonds amounting to RM1,777.7 million (FY18: RM1,342.5 million)

Malaysia Airports | 4 Diversified revenue streams of RM5.2bil in FY19 Higher non-aeronautical revenue contributions

Aeronautical: 53.0% Non-Aeronautical: 47.0% RM 2,764.7 mil RM 2,448.4 mil Rental Retail Non-Airport

RM 2,764.7 RM 1,311.3 RM 850.2 RM 286.9 FY19 Revenue mil mil mil mil

RM 3,921.5 RM 1,291.6 RM 1,993.5 RM 771.2 RM 800.6 RM 510.7 RM 850.2 RM 130.4 RM 156.5 mil mil mil mil mil mil mil mil mil

% of total revenues 38.2% 14.8% 15.4% 9.8% 16.3% 2.5% 3.0%

▪ Passenger ▪ PSCs ▪ Rental & royalties ▪ Duty free ▪ Maintenance and Service ▪ Advertising ▪ Non-dutiable goods Key revenue technical services Charges ▪ Car park (Malaysia & Qatar) streams (PSCs) ▪ Aeropolis ▪ Oil palm plantation ▪ Landing & ▪ Sama - Sama Hotel Parking ▪ ISG Airport Hotel

20+6 years 25+35 years concession for Retail and F&B tenants on Competitive market & able Framework concession for terminal only a fixed rent and/or royalty to enjoy upside due to 39 airports (secured 4 of 6 basis higher margin years)

Malaysia Airports | 5 Value creation for stakeholders Continuing to create value for our stakeholders in 2019 Financial Operational Governance ▪ Exceeded RM5.0 billion ▪ Secured extension of the ▪ Achieved the Industry Excellence revenue for the first time Operating Agreements Award by the Minority Shareholders Watch Group at ▪ Strongest core net profit since ▪ Exceeded the 100 million The ASEAN Corporate inception passenger mark for the first Governance Award time ever in Malaysia ▪ Highest cash and money ▪ Emerged third in the market investment position to ▪ KL International Airport (KUL) Transparency in Corporate date of RM3.2 billion also surpassed the 60 million Reporting rankings by the passenger mark Malaysian Institute of Corporate ▪ Highest dividend per share Governance since 2011 ▪ KUL ASQ score achieved 4.76 out of 5.00 (2018: 4.70) ▪ 45% women representation at ▪ Istanbul Sabiha Gökçen board level recorded its maiden net profit ▪ Istanbul Sabiha Gökçen named 'Large Airport of the ▪ Launched the KUL Sustainability ▪ Reaffirmation of RAM & Year' by Centre for Aviation Charter Moody’s credit rating in challenging operating ▪ Added 9,458 new frequencies ▪ Received the ISO 37001:2016 environment and 17 new airlines across our Anti-Bribery Management network System Certification for the ▪ Highest return to Group’s procurement processes shareholders over three years at The Edge Billion Ringgit Club 2019

Malaysia Airports | 6 Update on Malaysia traffic Domestic sector movements, key to traffic recovery in Malaysia

Malaysia’s Domestic Passenger 20 Domestic Passenger Regional Trends ▪ Domestic travels recovering faster Movements 6.0 than international travels in line with 0 4.8 4.6 4.5 4.7 global trend 4.3 4.3 4.3 4.4 4.4 4.2 -20 4.0 3.9 4.0 ▪ Malaysia’s domestic traffic improved Domestic -40 Asia 3.3 3.9 by 4.2x in September 2020 after recovery Pacific 2.0 -60 1.6 upliftment of interstate travel ban in outpacing Europe 2.0 1.2 1.4 June 2020 -80 intl’ traffic 0.2 0.4

% Change % 0.1 Middle Domestic Passenger (mil) -100 East - ▪ Gradual improvement for domestic

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

Jul

Jan

Jun Oct

Apr seat factor is expected to pick up

Feb Sep

Mar

Dec

Nov May 2019 2020 Aug from 50% range to above 70% in Source: ACI 2019 Corresponding month Last 12-mth 2021

Airline Schedules in KLIA Malaysia’s Load Factor ▪ Most of the airlines resume operations 71% Load Factor post upliftment of interstate ban in 1,750 59% Airlines 1,500 55% June 2020: 54% 50% offering 1,250 Source: 49% ▪ 32 airlines are operating global 1,000 CAPA 38% more 750 flight routes to 32 cities in 22

500 21% 25% Number Number of seats2 in seats ('000) 250 countries weekly weekly system 0

the market ▪ Aircraft movements grew by 2.3x to

Jul

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Feb Sep

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Aug 27k in September 2020

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Mar May 2019 2020 Aug

Reopening of Countries within the Asia Pacific are Discovery of vaccine Malaysia is part of the global COVAX led by the international expected to be among the first to open returning travel World Health Organisation for access to the COVID- borders international borders with talks already in confidence 19 vaccine by 1Q213 Potential place1 catalytic factors Return of Saudi reopened its borders for Umrah Umrah traffic pilgrimage from 1 November 2020. Malaysia working on resuming Umrah Source: 1. https://centreforaviation.com/analysis/reports/asia-pacific-countries-lay-groundwork-for-cross-border-travel-527021 flights soon2 2. https://www.nst.com.my/news/nation/2020/10/634410/no-decision-yet-umrah-haj-quota; 3. https://www.theedgemarkets.com/article/govt-has-communicated-10-covid19-vaccine-producers-says-khairy

Malaysia Airports | 7 Update on ISG traffic Re-opening of international borders giving a boost to traffic movements in ISG

Total Passenger Regional Trends ISG Total Passenger Traffic ▪ 20 5.0 Passenger movements improve in a sharp trend for European countries from 0 4.0 3.4 3.5 Sharp 3.2 3.1 3.2 June onwards. 2.9 2.9 3.0 2.8 3.0 -20 2.6 2.7 recovery 3.0 ▪ Total passenger traffic improved by 3.4x after cross- -40 Asia Pacific 1.8 1.8 2.0 2.8 in September 2020 after upliftment of border Source: 2.5 1.2

-60 ACI 1.5 flight suspension in June 2020 Total Total Passenger (mil) restrictions % Change Europe 1.0 0.5 uplifted -80 - 0.0 Middle East - ▪ Traffic in September 2020 has recovered

-100

Jul

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Jun

Oct

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Feb Sep

Dec Aug

Nov to 68% of February 2020 level (pre Mar Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul May 2019 2020 2019 Corresponding month Last 12-mth COVID-19 and airport closure)

Top 10 busiest airports in Europe ISG’s Load Factor 86% 83% Load factor continue to maintain above AMS Load Factor 73% 72% 70% 70% in September 2020 signaling strong LHR 66% 63% CDG demand of air travel in ISG. Airlines FRA Major airlines in ISG plan to strengthen SAW increasing Reported by their recovery by: presence IST Eurocontrol 22% i. further developing Middle East and OSL on Oct 7, Central Asia network in ISG AYT 2020 based - MUC on number ii. launch of additional frequencies on MAD of flights

Jul existing routes

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Feb Sep

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May Aug 0 200 400 600 Number of flights/day

Reopening of ▪ Countries within Europe and closer to the region Reopening of Beginning 11 June 2020, all EU and other allowing unrestricted movements for Turkish tourism industry in nationalities including tourists are international nationals including Egypt, Kazakhstan, Russia, Turkey permitted to enter Turkey under Potential borders Serbia and UK 1 normal travel regulations4 catalytic ▪ EU borders remain largely closed to Turkish Source: factors citizens with only Malta2 and Bulgaria3 amongst 1. https://www.turkishairlines.com/tr-tr/duyurular/coronavirus-salgini/seyahat-kisitlamalari/seyahat- yasagi-kalkan-ulkeler; EU members to be the earliest allowing Turkish 2. https://www.schengenvisainfo.com/news/malta-reopens-its-borders-for-more-third-countries- passport holders to enter including-uae-turkey; 3. https://centreforaviation.com/news/bulgaria-exempts-turkey-from-entry-ban-1021911; 4. https://centreforaviation.com/news/turkey-dgca-issues-notam-permitting-all-services-to-turkish- aerodromes-from-11-jun-2020-1004421

Malaysia Airports | 8 2 1 Sources: Bloomberg & MAHB Company MAHB Data. & Company Bloomberg Sources: conglomerate Turkish Growth (%) Passenger (mppa) StrongReboundPrevious On Based Anticipated ExtremeShocks MarketResilienceOver The Years 10% 15% 20% 100 120 Years The Over Resilience Market -5% 0% 5% 20 40 60 80 0 2000 2000 8.3% 33 17 ISG Malaysia 18.3% 9/11 2001 2001 32 - 17 0.8% 0.5% Limak 2002 2002 SARS 34 16 4.2% 5.4% Holding, India's GMR Group and MAHB consortium gained gained GMR and MAHB India'sGroup the consortium Holding, as contract operator airport June in 2007. ▪ ▪ ▪ Traffic recovery seen after prior aviation setbacks driven by: KLIA Increasing middle income population Strong multiplier effect 1.4x of of Malaysian GDP growth Limited alternative air to travel for both domestic & international 2003 2003 34 0.4% 5.8% 18 Market Aviationof Resilience (PassengerIndustry Traffic Movement): 2004 2004 39 StrongGrowthMultiplier (Passenger of GrowthGDP Growth):vs 21 15.5% 6.8% 2005 2005 42 23 5.3% 5.4% 2006 2006 43 24 2.2% 5.6% Global Global Financial 2007 2007 Crisis 45 27 6.3% 6.4% 2008 2008 48 4.8% 5.0% 28 4 1 EU EU Sovereign Debt Crisis 2009 2009 51 30 8.2% 7 - 1.5% 2010 2010 34 58 12.7% 12 7.4% 2011 2011 38 64 10.7% 14 5.3% 2012 2012 40 67 15 5.5% 5.0% 18.4% 2013 2013 48 80 Setbacks Malaysia 4.7% 19 Industry 2014 2014 24 49 83 4.7% 6.0% 2015 2015 49 84 28 5.1% 0.6% Incidents Incidents in Turkey 2016 Malaysia Airports | 2016 30 53 89 MY Pax Growth Pax MY Growth GDP Malaysia 6.1% 4.5% 2017 2017 31 59 97 5.7% 8.6% 2018 2018 34 60 99 2.6% 4.7% 4.3% 6.2% 2019 105 2019 36 62 9 Well-Positioned To Benefit From Recovery In Air Travel Demand Hub To Region’s Leading LCCs And Busiest Flight Routes

nd Strong Malaysia: 2 Busiest International Route: th Kuala Lumpur – Singapore Demand For ▪ 49% domestic traffic mix 6 Busiest European Domestic Route: (5.6 million seats in 2019) Domestic ▪ ASEAN accounts for ~50% international Antalya – Istanbul Sabiha Gökçen And traffic (3.0 million seats in 2019) 10th Busiest International Regional ▪ KUL is the 12th busiest airport globally for Route: Flights international passengers Jakarta – Kuala Lumpur (3.8 million seats in 2019) Turkey Istanbul Sabiha Gökçen: Toughest International ▪ 60% domestic traffic mix Route: Malaysia Kuala Lumpur – Singapore ▪ Europe & Middle East accounts for 90% (9 airlines, 29,993 nd international traffic 2 Busiest European frequencies in 2019) Domestic Route: ▪ Istanbul Sabiha Gökçen is world’s busiest Izmir – Istanbul Sabiha 7th Toughest International single runway & terminal airport Gökçen Route: (3.2 million seats in 2019) Jakarta – Kuala Lumpur (8 airlines, 20,138 frequencies in 2019)

Key Hubs In Strong hub advantage of region’s leading Airlines Market Share At Our Major Airports Respective low-cost carriers to drive recovery while also ISG Markets leveraging on home-based full-service KUL carriers with connectivity advantage via their 6% respective alliance network 24% 30% 54% 64%

22% Air Asia & Air Asia X Malaysia Airlines Pegasus Turkish Airlines Other Airlines Other Airlines

Statistics as at FY19. Source: Centre for Aviation, OAG Busiest Routes 2020. Malaysia Airports |10 Update on key liquidity measures Plans established & executed to strengthen our financial position Plan Update 20% potential savings from ▪ Total costs, which include variable & revenue related costs such as cost of inventories sold Operational core operational expenses and user fees, as at 9M20 contracted by 31.5% or RM708.9 mil ▪ 9M20 core operational expenses already down by 20.2% or RM301.5 mil due to stringent 1 expenses efficiencies over FY19 operational expenditure cost containment containment ▪ Reduction in staff cost (↓14%/↓RM70.6 mil), utilities (↓22%/↓RM73.2 mil) and maintenance (↓26%/↓RM66.2 mil) to continue into 4Q20, with a plan to rebase costs for 2021 Deferment of capital expenditure more than ▪ Prioritisation of only key critical maintenance capital expenditure Cash ▪ Current capital expenditure cash outlay as at 9M20 at RM52.9 mil 2 RM1.5 bil, mainly in conservation development capital ▪ Key projects include network refurbishment & runway 3 rehabilitation expenditure ▪ Expected capex for FY21 at ~RM400 mil ▪ Secured RM1.4 bil in revolving credit facilities with 4 banks, out of which RM300 mil has been Securing short term drawn down facilities, maintaining credit ▪ Redeemed RM1.0 bil I-MTN Sukuk in August ratings & payment deferral Addressing ▪ Successfully issued new Senior Sukuk in November, comprising a 7 years, RM480.0 mil tranche 3 from key partners and a 10 years, RM220.0 mil tranche with distribution of 3.3% and 3.6% per annum respectively liquidity risk requested ▪ Current undrawn lines as at end November include RM1.8 bil sukuk and RM1.4 bil revolving credit facilities ▪ Deferral request on ISG’s EUR114.8 mil utilisation fees for 2021 still ongoing Cash recovery through ▪ Collected RM332.7 mil up to end November from government related outstanding balances. proactive engagement with ▪ Seeking government closure on Sepang International Circuit costs of RM310.0 mil ▪ Government continues to be supportive of MAHB’s request in strengthening cashflows, Cash stakeholders 4 including relaxing OA requirements such as MARCS qualification and deferment of 2020 User recovery Fees to April 2021 ▪ Proactive recovery plan executed on trade receivables outstanding, working closely with airlines & tenants

Divestment 5 Divestment of non-strategic ▪ Target for full closure on Hyderabad divestment by 2021 / early 2022, only to be executed if strategy assets fair value is achieved

Malaysia Airports |11 Operational Update Other operational initiatives are on track to continue the momentum to recovery

1 ▪ Expected to be concluded by December 2020 / January 2021, the New OA will be positive to MAHB as well as to the nation’s development in balancing social agenda and impact New and Improved ▪ New terms will reconfigure the development capex via a more robust and sustainable range of funding Operating models in order to deliver the investments required into the airport systems Agreement (New OA) ▪ The models will determine upfront the fair returns to MAHB and the Government to achieve financial closure prior to execution

▪ 2 MAHB negotiating with SSB for the deferment of the concession payments and with ISG’s lenders for the loan restructuring ▪ Still positive negotiations with SSB to defer the EUR114.8mil initially due in January 2021, outcome to be known by end Dec ▪ ISG’s loan expected to be extended by 2 years to 2025, with a payment holiday in Dec 2020 and Jun 2021. ISG Developments Approx. 70% lenders have approved the extension, with the remaining lenders positive towards the extension. ISG also gaining interest from new foreign lenders to support the loan ▪ This should help ease ISG’s cash flow to meet the Jan 2021 EUR114.8 mil utilisation fees if unable to obtain deferral from SSB. Refinancing expected to be finalised by early December

3 ▪ Higher receivables in line with the credit extension commercial tenants (180 days) & airlines (90 days) ▪ Proactively implementing receivable recovery measures including resolution via repayment plan, set-off Update on against qualifying airline incentives, imposition of security deposit and litigation action Receivables from ▪ No exposure to AirAsia X as outstanding receivables adequately provided for, while actively pursuing all Airline & Tenants methods of recovery ▪ Target cash recovery of RM177.7 mil in 4Q20, with remainder to be resolved by FY21

4 ▪ With commercial tenants also impacted from COVID-19, MAHB is implementing several initiatives to assist the tenant Commercial ▪ This includes a 50% rebate of up to RM22 mil for more than 650 tenants as well as moratorium of up to 180 Initiatives days

Malaysia Airports |12 Rebuilding network & growth Incentives and marketing funds catalyst for return and growth Airline Incentive Programme III (AIP III)

▪ Validity period: 1 January 2018 – 31 December 2020 Airlines Special Incentive Programme for Melaka (MKZ1) & Direct Labuan (LBU2) Incentives Landing Pax ▪ Validity period 2017 – 2021 Fee Growth Waiver Rebate Office Network Reconnecting Programme (NRP) Marketing Rental Support ▪ Reduction in aircraft landing charges (for foreign airlines) and Waiver volume premium discount (for local airlines) for every inbound passenger carried into Malaysia ▪ Validity period: 1 July 2020 – 31 December 2021

Domestic Tactical Push (DTP)

▪ Joint collaboration between Malaysia Airports and Tourism Support Malaysia Marketing Boost Travel Promotional Or Promotional Economy Joint International Tourism Development & Marketing Activities Programme (JITDP) Funds ▪ Airlines ▪ Joint collaboration between Malaysia Airports (RM10 ▪ Tour million) and Tourism Malaysia (RM10 million) operators Collaboration ▪ Hoteliers Langkawi International Tourism Promotional Fund With Industry ▪ Travel & Players destination (LITPF) management ▪ Collaboration with LADA3 and Tourism Malaysia companies ▪ Government ▪ Malaysia Airports contributing RM5 million agencies ▪ Validity period: 1 June 2019 – 31 May 2021

1 MKZ – Malacca International Airport is an airport located in Batu Berendam, Malacca, Malaysia. 2 LBU – Labuan Airport is an airport that serves the federal territory of Labuan in Malaysia. 3 LADA – Langkawi Development Authority (LADA) is to promote and market Langkawi as a world-class tourist destination. Malaysia Airports |13 KUL as a Global Hub Enhancing connectivity and airport experience as a catalyst for economic growth Operational excellence initiatives

Passenger 62.3 million movements International:44.8 million Domestic :17.4 million

Doubling Runway 3 e-hailing pick up Full body scanners 12 ASEAN capacity at arrival upgrade locations to ease expediting 2019 new 24 7 North Asia hall congestion security clearance services 3 South Asia 2 Australia

2019 new 1 - Air Arabia airlines Initiatives 2019

Self bag drop for Washroom Interactive kiosks Vertical gardens Primary hub faster check in refresh for wayfinding in line with airport in forest concept

Airlines served

End-to-end Replacement of Single token Optimisation of 2022 Initiatives 2022 - baggage aerotrains initiative driven assets and handling system by facial safety initiatives

+ more than 50 others 2020 upgrade recognition Malaysia Airports |14 Enhancements at other airports Continuous development of other airports across Malaysia

Kota Bharu, Lahad Datu & Alor Setar, Kota Bharu &

Kuantan Kota Kinabalu Penang, Subang & Kuching

2019 2019 Major Initiatives Major

New x-ray machines and baggage Washroom refresh at several Car park upgrades at several screening machines domestic airports domestic airports Kota Kinabalu,

Penang Tawau Subang Kuching & Sibu

2022 2022

-

2020 Major Initiatives Major Expansion of terminal Airport Modernisation and Embarking on master Embarking on master building, infra works and Optimisation Plan include planning for Subang planning, concept and apron outlook refresh and Regeneration detailed design and asset reconfiguration of terminal optimisation building and apron

6.5 12.0 1.5 2.5 mppa 2 mppa mppa mppa Pre-planning stage Pre-planning stage

Malaysia’s 3rd Busiest Connecting China Airport City & Gateways to Borneo International Airport to East Sabah MRO Hub 1 To resume enhancement of airports post air traffic recovery. Malaysia Airports | 2 MPPA-million passengers per annum capacity 15 Airports 4.0 digital transformation Unified platform for a seamless digital experience

KUL’s digital customer journey Planned system upgrades & enhancements Single token Self from Network Next-gen network service check-in to Architecture architecture for Check in Bag drop options boarding (completed) uninterrupted service

5G Gigabit Ultra-fast 5G Gigabit Advanced Network network analytics for Full body (on trial) queues and scanners Immigration Security processes Artificial Intelligence - Video powered video Analytics analytics for efficient surveillance

Retail analytics for personalised CCTV Improved coverage for offerings Retail/F&B Airport Upgrade enhanced security lounge

Integrated system for ACDM information sharing Self among stakeholders service Boarding options ACDM - Airport Collaborative Decision Making

Malaysia Airports |16 Commercial Reset at KLIA Improving our retail offering by revitalising our commercial spaces to further grow our non-aero business

Increase and enhance Optimise retail Increase Introduce retail space mix and footprint real estate value e-commerce plan ▪ Converting the ▪ Right size and ▪ Increase real estate ▪ Develop an forest area into a balance retail and value through e-commerce commercial space F&B by zone better passenger platform to address with luxury retail flow sales leakages ▪ Increase pods composition of high ▪ Move crew centres ▪ Capture future ▪ Upgrade satellite yield product & offices to non- growth of ASEAN e- building categories based premium locations commerce market infrastructure on airport benchmarking Commercial Reset initiatives have led to a 5.0% increase in leasable space and 10.9% increase in occupied area at KLIA in 2019 Malaysia Airports |17 KLIA Aeropolis to diversify revenue streams Gaining momentum from existing development

A sophisticated and complete ecosystem for global air cargo & logistics and Aeropolis land aerospace & aviation players Land size 100 sq km or 8,548 acres Logistics Park 22,165 acres KLIA land 13,617 acres

Aerospace Park Strategic investments: Runway 1 1 3 Gateway to the 2 ASZ 1 Business Park World’s Largest Terminal for LCCs JV WCT Holdings Runway 2 & Malaysia Airports Airport Central 1 ASZ 2 2 The global meeting point and world-class tourist destination ASEAN’s Largest Runway 3 Outlet Mall Leisure & Recreational JV Mitsui Fudosan & Malaysia Airports

Capacity for Runway 4 3 KLIA Aeropolis DFTZ Park Legend Regional E-Commerce & Cargo & logistics Logistics Hub Aerospace & aviation JV Cainiao MICE & leisure & Malaysia Airports

ASZ - Aeronautical Support Zone Malaysia Airports |18 KLIA Aeropolis Securing Anchor Tenant to Attract Further FDIs Malaysia As Asia Pacific’s Hub For E-Commerce Logistics & MRO

1 Malaysia As Asia Pacific’s Hub For E-Commerce Logistics ▪ Double air cargo volume at KLIA to 1.4 million tonnes ▪ 1st overseas eWTP pilot hub1 per annum by 2029 Joint venture between Cainiao Network (logistics arm of Alibaba Group) & Malaysia Airports ▪ 60% transshipment volume across Southeast Asia, ▪ 1 of 6 Alibaba’s Global Logistics Hub2 Australasia and China Powered by Cainiao’s smart logistics network, target commencement date before 11 November 2020 ▪ GDP of RM11.8 billion cumulative from operations 2018-2029

▪ 129,700 job-year3 by 2029 2 Malaysia As Regional Maintenance, Repair & Overhaul (MRO) Hub

Cemented by KLIA and Subang Airport as the leading centres & ▪ RM2.2 billion opportunity uplift Malaysia’s MRO revenue from expansion to support widebody maintenance, ▪ Presence of Sepang Aircraft Engineering at KLIA repair and overhaul The only Airbus’ wholly-owned MRO in the world, being 1 of 5 demand Airbus customer service centres in the world. ▪ KLIA & Subang make up ~20% of Malaysia’s current aerospace ecosystem

1 eWTP: Electronic World Trade Platform, with 4 Priorities i.e. Trade, Tourism, Training, Technology. 2 The 6 Global Hubs: Kuala Lumpur, Hangzhou, Hong Kong, Dubai, Liege and Moscow. 3 Job-year is one-full time employment within the year. Malaysia Airports |19 Key Budget 2021 highlight Forward momentum towards KLIA Aeropolis and Subang Regeneration realisation

Impetus to Our Airport City’s Vision

Relocation Value Added Spur Extension of Incentives Impetusand Additional to Our Airport City’s VisionRegionalisation Existing Tax Activities Centres Incentives ▪ Making Malaysia a destination for ▪ Increase of value-added ▪ Introduction of a Global ▪ Tax incentives being value service activities activities in Free Industrial Trading Centre (GTC) extended until 2022 for: Tax incentives for qualifying Zone (FIZ) and Licensed Incentive ▪ Aerospace MRO activities, companies relocating their Manufacturing Warehouse Preferential income tax rate of ▪ Building and repair of ships, operation to Malaysia and making (LMW) 10% for 5 years, extendable ▪ Bionexus status company; 1 new investment is expanded from In order to increase for further 5 years ▪ Economic corridor manufacturing sector to selected competitiveness and meet developments Note: For applications service sector: the global trade dynamics, 1 Tax incentives in respect of Investment ▪ Provision of technology solution 10% limit on sales value from received by MIDA from 1 Jan Tax services value-added and additional 2021 to 31 Dec 2022 Allowance for a period of 5 or 10 years, ▪ Provision of infrastructure and activities be increased to not for ▪ Principal Hub incentive applications received by MIDA until technology for cloud exceeding 40% of the 2022 computing company’s annual sales value Relaxation of certain ▪ R&D/Design and development conditions such as headcount activities & operating expenditure ▪ Medical devices testing laboratory and clinic trials ▪ Any services or manufacturing ▪ Government’s continued support in the area of aerospace and related services determined by related business investment could spur and further induce MoF participation in Aeropolis New Company: 0% to 10% income tax rate for a period up to ▪ For KLIA Aeropolis Sdn Bhd (KASB), some measures above are 10 years potentially a step closer towards attaining the holistic Tax Incentive Package for Aeropolis Development which include the request for Existing Company with new services segment: 10% income customized incentive of Global Trading Centre, E-Commerce tax rate for a period up to 10 fulfilment activities & MROs years

Note: For applications received by MIDA from 7 Nov 2020 until 31 Dec 2022 Malaysia Airports |20 International business Existing overseas presence as a launching pad

Competitive advantage Existing international presence

Experienced Istanbul Sabiha Gökçen Airport, Turkey; in airport Full ownership operator / ▪ World’s busiest single runway & terminal with Runway 2 Ability to developer ready for operations by 2021 access funding ▪ Opportunity to further increase terminal capacity to match the increased airside capacity ▪ Turnaround achieved in FY19. Poised for organic growth in the future Hamad International Airport, Qatar; Manages Capable Maintenance contracts International team airport portfolio End-to-end to bid new varying in size ▪ Airport-wide IT Systems and Facility Management services at value opportunities & economic Middle East’s Airport of the Year proposition climate ▪ Multiple contracts since 2013, valued >RM1.3 billion (Aero & ▪ Leverage capabilities in operations and maintenance with Non-aero) new projects identified leading up to the 2022 World Cup in Qatar Leverage on existing Hyderabad International Airport, India; international Minor investment presence ▪ 11% stake in Hyderabad International, India’s 6th busiest 3 pronged International strategy airport ▪ Participating in greenfield and brownfield on opportunistic Enhance basis having previously held 10% in India’s largest airport, Export presence in Delhi International Airport Grow ISG expertise strategic assets Malaysia Airports | 21 Key sustainability highlights Strengthen EESG integration into group wide operation & strategy

Economic (E) Environment (E)

Digital Transformation by establishing Airport Carbon Accreditation (ACA) a unified digital platform at KUL – 23.6% carbon emissions intensity reduction since 2015 Commercial Reset to revitalise our commercial spaces 111,859 MWh of clean solar energy generated for operations at KUL Incentive programmes for new airlines since 2014 and routes to boost traffic and tourism 14% or 2.03 million kg of waste KLIA Aeropolis & Subang recovered and recycled at Regeneration Initiative KUL in 2019 (2018: 6%) 9

Governance (G) Social (S)

45% women Directors on our Board RM 1.1 million for Corporate Responsibility programmes in 2019 Revision of Code of Ethics and Conduct (Addition of new provisions) Adopted 32 schools under flagship ‘Beyond Borders’ programme since Strengthening consideration of EESG issues 2007 – involving and benefitting over into group wide operation & strategy 30,000 students, parents & teachers

Employee retention rate – 93.2% in 2019 (2018: 92.5%)

Malaysia Airports |22 Our key thrusts moving forward Priorities to further strengthen Malaysia Airports

Cultural transformation Adopting new business model ▪ Cultural transformation to an ▪ Migrate from airport operator airport developer to airport developer ▪ Service culture transformation ▪ Pricing framework that allows ▪ Reinforce integrity culture fair return on investments ▪ Transform organisational ▪ Sound financial position to fund motivation and competencies capex Expanding international Airports 4.0 digital presence transformation ▪ Exporting knowledge and ▪ Deliver digital & data analytics technical expertise to uplift customer experience ▪ Leverage existing overseas ▪ Single token initiative presence as a launching pad A Global Airport ▪ Big data analytics ▪ Proven track record and Group that Champions Connectivity and ▪ Artificial Intelligence capabilities Sustainability ▪ Income diversification Capacity expansion Maximising land bank via ▪ Capacity optimisation Aeropolis ▪ Firm airport masterplan to cater ▪ Position KUL as a regional for long term expansion logistics hub programme in Malaysia ▪ Regeneration of Subang Airport Increasing non-aero ▪ Asset replacement programme for regional MRO and OEM contributions hubs ▪ Commercial Reset exercise ▪ Optimisation of non-aero revenue (retail, F&B, carparks, advertising) ▪ Refresh tenant mix Malaysia Airports |23 2019 Financial Review Historical 5-Year Performance Strong revenue and earnings growth for past 5 years 1 Traffic Movement (mil) Group Revenue (RM mil) Group EBITDA (RM mil) 1

Malaysia CAGR 7.7% CAGR 8.1% Aircraft 5,213 4,594 4,786 2,292 Passenger 4,173 1,920 2,097 3,870 1,089 1,292 1,679 1,710 120 2.50 959 1,028 961 CAGR 5.9% 1,035 781 873 701 719 100 2.00 3,214 3,567 3,698 3,922 105 2,835 1,139 1,224 1,331 97 99 979 991 80 89 84 1.50 1 2 60 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 CAGR 2.3% 1.00 Surpassed RM5 billion mark in FY19 mainly Surpassed RM2 billion mark in FY18 and 40 driven by solid passenger traffic growth in FY19 with steady EBITDA margin of 44%. 0.50 20 0.82 0.81 0.85 0.86 0.89 aviation industry.

0 0.00Group PAT (RM mil) Group Net Operating Cash Flow (RM mil) FY15 FY16 FY17 FY18 FY19 CAGR 91.3% CAGR 33.1% Turkey 441 537 Aircraft 240 2,129 73 1,937 2,029 40 Passenger 0.60 1,771 CAGR 6.2% 40 613 589 680 916 972 35 379 462 678 658 36 0.50 205 34 476 1,257 1,157 30 (165) (306) (172) 1,113 1,113 31 (220) (52) 202 30 0.40 25 28 2 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 20 0.30 CAGR 2.8% Increased by 13x from RM40 million (FY15) Increased by 3x from RM0.7 billion (FY15) 15 0.20 to RM537 million (FY19), mainly driven by to RM2.1 billion (FY19), mainly driven by 10 higher utilisation of klia2 terminal, better strong traffic growth, higher EBITDA 0.21 0.22 0.21 0.22 0.23 0.10 cost efficiency and improving results from margin and improving operational 5 Turkey operations. efficiency. 0 0.001.Excluding Construction Revenue / IC 12: Service Concession Arrangement (FY18:RM65.6 mil; FY17:RM57.9 mil) in Turkey. 2.Excluding Non-Core Items in FY18 consisting the unrealised gain on fair value of investment in GMR Hyderabad International FY15 FY16 FY17 FY18 FY19 Airport Limited (RM258.4 mil) and gain on disposal of investment in GMR Malé International Airport (RM28.2 mil). Malaysia Airports |25 FY19 Summary Recorded over 100 million passengers for airports in Malaysia for the first time

Passenger Movements Revenue Borrowings Total Passengers Total Revenue Total Borrowings 140.6 million RM5,213.1 million RM4,932.7 million -4.1% (FY18: 5,143.3 mil) 1 +5.6% (FY18: 133.2 mil) +8.9% (FY18: 4,786.1 mil) RM1,832.7 mil RM3,100.0 mil Domestic Non Airport No Change vs International Non Aero -10.3% vs 21.4 mil RM9.7 mil FY18 RM510.7 mil FY18 -4.4% vs FY18 53.3 mil +10.3% vs FY18 2,043.7 +3.0% vs FY18 +8.1% vs FY18 8.8 Aero 472.5 Aero International 3,100.0 RM771.2 mil 607.2 RM1,993.5 mil 1,797.0 14.1 mil 22.4 +27.0% vs +10.9% vs FY18 +20.6% vs FY18 FY18 282.5 11.7 51.7 Non Airport 1,618.0 RM277.3 mil 47.4 -1.9% vs FY18 Cash Balances Domestic Non Aero Cash & Equivalents3 51.9 mil RM1,650.8 mil RM3,230.8 million +9.5% vs FY18 +2.0% vs FY18 +15.7% (FY18: 2,792.9 mil)

Notes: EBITDA and Profit After Tax DPS & EPS 1.Excluding Construction Revenue and Cost in relation to IC interpretation 12: Service Concession Arrangement (IC12) of RM nil (FY18:RM65.6 mil) Dividend Per Share (DPS)4 in Turkey 2.Actual excluding Non-Core Items (NCI) in FY18. NCI in FY18 represents Total EBITDA Profit After Tax 15 sen the unrealised gain on fair value of investment in GMR Hyderabad RM2,292.0 RM537.0 +7.1% (FY18: 14 sen) International Airport Limited (GHIAL-RM258.4 mil) and gain on disposal of 2 investment in GMR Malé International Airport (GMIAL-RM28.2 mil) Earnings Per Share (EPS) 3.Included in Cash Balances are cash, cash equivalent asset held for sale million +9.3% million +21.9% 32 sen and bonds (FY18: RM2,097.0 mil)2 (FY18: RM440.7 mil)2 4.FY19 DPS of 15 sen consists of an interim DPS of 5 sen and final dividend +21.9% (FY18: 27 sen) of 10 sen Malaysia Airports |26 Equity Profile & Borrowing Profile DPS up to 15 sen, while credit rating status maintained despite challenging operating environment

Equity Profile Shareholders Profile

MAHB Shareholders As At 31 December 2019 Domestic Foreign Domestic Foreign 40.0% 34.8%

60.0% 65.2% Strategic asset Other GLICs held on behalf incl. EPF, PNB, of Malaysian KWAP & state Government governments 31 DEC 2018 31 DEC 2019 22.3% 33.2%

Dividend Reinvestment Dividend Payment Total Amount Paid Dividend Borrowings Plan Financial per Share (sen) (RM' mil) Payout Ratio* Year Subscription Rate 1.1% Interim Final Interim Final Total Interim Final Total Total 8.6% 2012 46.2% 85.0% 6.00 7.63 13.63 72.60 92.86 165.46 50% Domestic 34.8% Foreign individual 2013 88.4% 87.6% 6.00 5.78 11.78 73.95 78.87 152.82 50% shareholders retail investors Largest 2014 53.4% 74.1% 2.00 3.60 5.60 27.48 59.47 86.95 61% percentage of 2015 N/A N/A 4.00 4.50 8.50 66.37 74.66 141.03 58% Other foreign 2016 N/A N/A 4.00 6.00 10.00 66.37 99.55 165.92 56% Domestic shareholding shareholders of all GLCs 2017 N/A N/A 5.00 8.00 13.00 82.96 132.74 215.69 55%

2018 N/A N/A 5.00 9.00 14.00 82.96 149.33 232.29 52%

2019 N/A N/A 5.00 10.001 15.00 82.96 165.92 248.88 52%

*The dividend payout ratio is based on the adjusted net core profit of the Group Malaysia Airports |27 FY19 EBITDA and PBT Reconciliation ISG continues to show improvement in EBITDA and PAT

FY19 FY18 Variance (%) (RM 'mil)

EBITDA excluding Non-core items (NCI) & Adjustments (Adj) 1,330.8 950.4 2,281.2 1,223.7 861.9 2,085.6 8.7% 10.3% 9.3% NCI + Other Income - Gain on disposal of GMIAL - - - 28.2 - 28.2

NCI + Other Income - FV gain on investment in GHIAL - - - 258.4 - 258.4

Adj* + Other Income - ISG PPA interest income - 10.8 10.8 - 11.3 11.3

EBITDA including NCI & Adj 1,330.8 961.2 2,292.0 1,510.3 873.2 2,383.5 (11.9%) 10.1% (3.8%) - Depreciation and Amortisation (416.0) (325.1) (741.2) (377.6) (313.0) (693.3) Adj* - Amortisation - ISG&LGM PPA concession rights fair value - (200.4) (200.4) - (196.9) (196.9) - Finance Costs - interest on borrowing and misc. (174.2) (86.2) (296.1) (173.4) (120.5) (293.9) - Finance Costs - present value of SIC circuit repayment (35.7) - (35.7) - - - - Finance Costs - ISG utilization fee expense - (398.9) (398.9) - (420.4) (420.4) Adj* - Finance Costs - ISG&LGM PPA interest expense - (30.9) (30.9) - (31.3) (31.3) + Share of Assoc. & JV Profit 34.7 - 34.7 30.1 - 30.1

Profit before Tax & Zakat including NCI &Adj 739.5 (80.4) 659.2 989.5 (211.6) 777.9 (25.3%) 62.0% (15.3%) - Taxation and Zakat (150.5) 28.3 (122.1) (90.5) 37.7 (52.7) Profit After Tax and Zakat including NCI & Adj 589.1 (52.0) 537.0 899.0 (173.9) 725.1 (34.5%) 70.1% (25.9%)

1. Included within current period retained earnings is a distribution to the perpetual sukuk holders amounting to RM57.5mil (FY18: RM57.5mil) 2. Adj* relates to the Purchase Price Allocation(PPA) non-cash adjustments are in respect of the MFRS3: Business Combinations fair valuation on ISG&LGM (Cumulative FY19: RM220.6mil; FY18: RM216.7mil) 3. Finance costs – ISG utilization fee expense relates to interest expense on utilization fee liability for the year. Actual utilization fee payments amounted in FY19 amounted to RM539.4mil / EUR114.8mil (FY18: RM452.4mil / EUR95.6mil)

Malaysia Airports |28 Passenger movements ISG international passenger mix improved from 34.4% to 39.5%

Pax ‘mil MY Int'l MY Domestic ISG Int'l ISG Domestic

25.0 Total network of airports registered 5.6% growth There has been an increase in domestic passenger 20.0 13.4 13.3 11.4 11.8 11.8 12.3 12.3 12.9 movements by 9.5% in Malaysia. Furthermore, there 15.0 has also been an increase in direct international 13.9 13.2 13.1 12.9 13.4 services to MASB airports which has reduced some 10.0 13.0 movements through KLIA 12.5 13.0 6.2 5.8 5.2 5.0 5.3 5.6 5.2 5.1 5.3 Positive developments in Turkey continued, with a 2.5 2.8 3.5 2.9 3.0 3.4 4.1 3.6 4.1% increase total passenger for FY19, contributed by - international passenger traffic growth of 20.6% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

KLIA Main klia2 KLIA (KUL) MASB Airports * MY Airports ISG (SAW) MAHB Group FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % International 23.4 22.9 2.4 21.5 20.7 3.8 44.9 43.6 3.0 8.3 8.1 2.9 53.3 51.7 3.0 14.1 11.7 20.6 67.3 63.4 6.2 ASEAN 9.1 8.9 2.4 12.4 11.8 5.0 21.5 20.7 3.9 5.0 4.8 3.3 26.5 25.5 3.8 Non-ASEAN 14.3 14.0 2.4 9.1 8.9 2.2 23.4 22.9 2.3 3.4 3.3 2.4 26.8 26.2 2.3 Domestic 5.8 5.3 10.4 11.6 11.1 4.2 17.4 16.4 6.2 34.5 31.0 11.3 51.9 47.4 9.5 21.4 22.4 (4.4) 73.3 69.8 5.0 Total 29.2 28.1 3.9 33.1 31.9 3.9 62.3 60.0 3.9 42.8 39.1 9.5 105.2 99.1 6.1 35.5 34.1 4.1 140.6 133.2 5.6 New destinations for home-based carriers in FY19 Malaysia AirAsia/AirAsiaX Malindo Air Pegasus Airlines/Firefly KUL-Taipei-Osaka KUL-Da Lat KUL-Denpasar- KUL-Varanasi SAW-Riyadh SAW-Casablanca KUL-Kochi KUL-Fukuoka BKI-BTU Adelaide LGK-Phuket SAW-Basra SAW-Ras al-Khaimah KUL-Solo KUL-Can Tho BKI-SBW KUL-Taipei- BKI-SDK SAW-Eindhoven KUL-Pekanbaru KUL-Quanzhou BKI-Bandar Seri Hokkaido MKZ-LGK SAW-Manchester KUL-SAW (Charter) KUL-Lanzhou Begawan KUL-Zhengzhou MKZ-KBR SAW-Venice KBR-Johor Bahru KUL-Narita MKZ-PEN KUL-Chengdu SZB-Seletar KUL- Denpasar- Sydney KUL-Da Nang

*MASB Airports refers to the 38 Malaysian airports other than KLIA/KUL operated by Malaysia Airports Sdn Bhd Malaysia Airports |29 Aircraft movements Foreign carriers continue to add new services and routes

Snapshot of new services from foreign based carriers in FY19 Airline Routing Frequency Effective ATM ‘000 New Services MY Int'l MY Domestic ISG Int'l ISG Domestic Citilink Indonesia Surabaya-KUL 4x weekly 30/1 Citilink Indonesia Jakarta-KUL 4x weekly 26/2 Indigo Chennai-KUL 14x weekly 15/7 200.0 Air Arabia Maroc Tangier-SAW 2x weekly 4/7 Indonesia AirAsia Belitung-KUL 4x weekly 2/10 Pobeda Krasnodar-SAW 2x weekly 30/10 Citilink Indonesia Denpasar-KUL Daily 8/11 141.4 133.9 138.7 150.0 125.4 127.4 128.7 128.7 132.8 New Airlines Ariana Afghan Kabul-SAW 2x weekly 9/4 Airlines Air Busan Busan-BKI Daily 22/5 100.0 Batik Air Jakarta-PEN Daily 29/5 Kuwait Airways Kuwait-SAW Daily 1/6 Jazeera Airways Kuwait-SAW 3x weekly 15/6 Royal Air Maroc Casablanca-SAW Daily 25/6 50.0 Air Arabia Sharjah-KUL Daily 1/7 87.0 85.6 38.6 88.0 88.5 85.2 86.2 35.2 89.3 90.3 35.7 33.8 31.8 33.0 32.4 Scoot Singapore-KBR 3x weekly 2/7 33.4 Salam Air Muscat-SAW 2x weekly 3/7 Qatar Airways Doha-PEN-LGK 5x weekly 15/10 20.3 23.5 21.2 21.4 24.2 27.6 24.8 18.1 Bandar Seri Begawan – 0.0 Royal Brunei 6x weekly 28/10 SDK/TWU/BTU/SBW 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Qingdao Airlines Quanzhou-PEN 2x weekly 29/10 Shenzhen Airlines Shenzhen-PEN 4x weekly 18/12 SCAT Airlines Almaty-LGK Charter

KLIA Main klia2 KLIA (KUL) MASB Airports* MY Airports ISG (SAW) MAHB Group FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var % FY19 FY18 Var %

International 147.6 151.5 (2.5) 128.8 123.5 4.3 276.4 275.0 0.5 74.6 74.0 0.8 351.0 348.9 0.6 97.9 83.2 17.6 448.9 432.1 3.9

Domestic 53.2 49.6 7.1 77.7 74.1 4.8 130.9 123.8 5.7 410.7 391.2 5.0 541.5 515.0 5.2 132.4 141.5 (6.5) 673.9 656.6 2.6

Total 200.8 201.1 (0.2) 206.5 197.6 4.5 407.3 398.8 2.1 485.2 465.2 4.3 892.5 864.0 3.3 230.3 224.7 2.5 1,122.8 1,088.7 3.1

*MASB Airports refers to the 38 Malaysian airports other than KLIA/KUL operated by Malaysia Airports Sdn Bhd

Malaysia Airports |30 9M20 Financial Review 9M20 Group results snapshot Sufficient working capital despite repayment of RM1 bil Sukuk in August

Passenger Movements (Pax) Revenue Borrowings

Pax Pax Revenue Revenue Total Borrowings Total Pax 23.7 mil 12.6 mil RM1,194.8 mil RM407.9 mil Total Revenue RM4,266.7 mil 36.2 mil -69.6% -53.5% -58.7% -58.1% 9M19: 78.0 mil 9M19: 27.0 mil RM1,602.7 mil 9M19: RM2,896.0 mil 9M19: RM972.7mil -13.5% FY19: RM4,932.7 mil -65.5% 9M19: 105.1 mil -58.6% 9M19: RM3,868.7 mil RM1,866.7 mil 1.9% vs FY19 1,832.7

International Non Airport Domestic Non Aero 9.3 mil RM3.7 mil 3,100.0 RM2,400.0 mil 8.6 mil RM133.0 mil -48.1% vs 9M19 -76.5% vs 9M19 -22.6% vs FY19 -47.7% vs 9M19 -66.4% vs 9M19 Aero 7.2 16.5 39.4 395.9 Aero RM271.2 mil RM505.3 mil International 569.5 1,454.9 Cash & Money Market Investments 10.6 -52.4% vs 9M19 -65.3% vs 9M19 3.9 mil Total Cash & Money Market Investments* -62.7% vs 218.6 9M19 RM1,462.7 mil 38.6 1,222.6 -54.7% FY19: RM3,230.8 mil Non Airport RM574.6 mil RM131.7 mil -49.8% vs FY19 Domestic Non Aero 1,144.5 -39.7% vs 9M19 14.4 mil RM557.9 mil -62.6% vs 9M19 -54.4% vs 9M19 2,086.3 RM888.1 mil

-57.4% vs FY19

EBITDA and Profit / (Loss) After Tax Net Assets

Total EBITDA EBITDA EBITDA Total Loss After Tax Loss After Tax Loss After Tax Total Net Assets RM231.6 mil (RM33.1 mil) RM264.7 mil (RM431.2 mil) (RM107.4 mil) (RM323.8 mil) RM8,805.8 mil -103.1% -64.4% -120.4% -1,584.5% FY19: RM9,325.4 mil -87.3% 9M19: RM1,073.1 mil 9M19: RM743.9 mil -185.0% 9M19: RM526.8 mil 9M19: (RM19.2 mil) -5.6% 9M19: RM1,816.9 mil 9M19: RM507.5 mil

*inclusive of quoted unit trusts and bonds amounting to RM679.8 million (9M19: RM1,779.7 million) Note: Subsequent to 9M20, MAHB had completed the issuance of new Senior Sukuk on 6 November, comprising a 7 years, RM480.0 mil tranche and a 10 years, RM220.0 mil tranche with distribution of 3.3% and 3.6% per annum respectively Malaysia Airports | 32 Update on equity & borrowing profile Sufficient liquidity available to meet funding needs with no equity raising required

Equity Profile Borrowing Profile as at 30.9.20

Repayment Khazanah Khazanah TR 1 (RM /€ mil) 584/€120 EPF EPF MY (RM mil) 33.2% 33.2% 12.1% 14.7% 1,500 122/€25 1,000 755/€155 600 300 414/€85 KWAP 4.0% KWAP 30 Sep 2020 4.8% 2020 2021 2022 2023 2024 Perpetual 31 Dec 2019 755/€155

15.8% Borrowings 30.9.20 31.12.192 19.5% Net debt (RM mil) 3 2,804.0 1,701.9 Domestic 27.9% 34.8% Weighted average cost 3.95% 4.11% Domestic Gross gearing ratio (times) 4 0.48x 0.53x Foreign Foreign Net gearing ratio (times) 4 0.32x 0.18x

Available Facilities 30.11.20 30.9.20 Sukuk Programme (RM mil) 1,800.05 2,500.0 Dividend Dividend Payment Total Amount Paid Dividend Payout Reinvestment Plan Revolving Credit Facility (RM mil) 1,400.0 1,100.0 Financial per Share (sen) (RM mil) Ratio* Year Subscription Rate Credit Rating / Outlook Interim Final Interim Final Total Interim Final Total Total RAM Reaffirmed on 22 April 2020 AAA / Stable 2012 46.2% 85.0% 6.00 7.63 13.63 72.60 92.86 165.46 50% Moody's Reaffirmed on 25 March 2020 A3 / Negative 2013 88.4% 87.6% 6.00 5.78 11.78 73.95 78.87 152.82 50% 2014 53.4% 74.1% 2.00 3.60 5.60 27.48 59.47 86.95 61% 1Recalculated at actual rate of repayment and RM 4.87/EUR for future payments 2 2015 N/A N/A 4.00 4.50 8.50 66.37 74.66 141.03 58% Non-call 10 year Perpetual Sukuk, fixed initial periodic distribution rate of 5.75% recognised in equity 2016 N/A N/A 4.00 6.00 10.00 66.37 99.55 165.92 56% 3Net Debt = Borrowings – Cash and Funds 2017 N/A N/A 5.00 8.00 13.00 82.96 132.74 ^ 215.69 55% 4Gross and net gearing ratio including contingent liability is 0.55x (FY19: 0.60x) and 0.39x 2018 N/A N/A 5.00 9.00 14.00 82.96 149.33 232.29 52% (FY19: 0.25x) respectively 5Subsequent to 9M20, MAHB completed the issuance of new Senior Sukuk on 6 November, 2019 N/A N/A 5.00 10.00 15.00 82.96 165.92 248.88 52% comprising a 7 years, RM480.0 mil tranche and a 10 years, RM220.0 mil tranche with distribution of *The dividend payout ratio is based on the adjusted net core profit of the Group 3.3% and 3.6% ^Final dividend for FY19 was paid on 21 May 2020 per annum respectively Malaysia Airports | 33 Cash flow summary Sustainable cash reserve to cushion the impact of COVID-19 (RM mil)

(RM mil) ∆ 1,768.1 Other net cash flow 3,500.0 158.1 3,230.8 changes Distribution Paid to 3,000.0 2,793.0 Perpetual Sukuk 28.7 2,571.5 Holders 2,500.0 Repayment of Borrowing in ISG EUR20.0 /96.9

2,000.0 1,762.8 1,580.3 Interest Paid 100.9 1,462.7 1,500.0 Final Dividend Paid for 165.9 FY19 1,000.0 ISG Utilisation Fee Payment EUR114.8 / 517.6 500.0 (Concession Payment)

Redemption of Sukuk 1 - 700.0 (net of RCF drawdown) FY15 FY16 FY17 FY18 FY19 9M20 MAHB Cash Balance

▪ Subsequent to 9M20, MAHB completed the issuance of new Senior Sukuk on 6 November, comprising a 7 years, RM480.0 mil tranche and a 10 years, RM220.0 mil tranche with distribution of 3.3% and 3.6% per annum respectively

▪ Despite challenging market conditions, MAHB successfully tightened the final price of the new Senior Sukuk from the initial price guidance and the Sukuk was subsequently upsized from the initial target issue size of RM500.0 million to RM700.0 million

▪ The Sukuk issuance also marks the longest ever dated/tenure issued and the lowest ever profit rates achieved under the Senior Sukuk Programme.

1 Redeemed RM1.0 bil Sukuk in August 2020 by way of RM700.0 mil in cash and RM300.0 mil in Revolving Credit Facilities (RCF) Malaysia Airports |34 Group Revenue Further pressured from contraction in passenger movements

Aeronautical (RM mil) Non-Aeronautical (RM mil) Non-Airport Operations (RM mil) MAHB 9M20: RM776.5 (-61.6%) 9M20: RM690.8 (-57.3%) 9M20: RM135.4 (-40.1%) Group 9M19: RM2,024.4 9M19: RM1,618.5 9M19: RM225.8 Excluding 9M20: RM505.5 (-65.3%) 9M20: RM557.9 (-54.4%) 9M20: RM131.6 (-39.8%) ISG & LGM 9M19: RM1,454.9 9M19: RM1,222.6 9M19: RM218.6

(RM ‘mil) 1,800.0 9M19 TR 9M19 MY 9M20 TR 9M20 MY

1,600.0

1,400.0 478.3 1,200.0

1,000.0

800.0 1,121.2 355.4 600.0 *** 400.0 207.8 115.1 632.5 316.6 505.7 132.7 200.0 334.4 366.4 72.3 91.2 7.3 20.4 25.1 149.8 (41.3) 63.3 140.8 26.4 11.6 14.1 6.3 3.7 - - 58.4 21.3 ** 44.0 17.7 40.4 33.0 65.4 34.3 (200.0) * PSC & Landing & Airline Others Retail Rental & Car Park Others Hotel Agriculture & Proj & Repair PSSC Parking Incentive Royalties Horticulture Maintenance

MAHB (66.1%) (52.7%) Nm (43.5%) (77.7%) (44.1%) (58.4%) (27.9%) (47.6%) 22.9% (45.6%) Group Excluding (70.2%) (52.7%) Nm (63.6%) (77.7%) (27.6%) (59.8%) (18.3%) (47.6%) 22.9% (45.6%) ISG & LGM

*Inclusive of MARCS **Included in Turkish operations’ aeronautical revenue is ISG’s jet fuel farm rental income of EUR3.5 mil / RM16.7 mil (9M19: EUR6.0 mil / RM27.5 mil) ***Included in Turkish operations’ rental and royalties is revenue generated from ISG’s duty free business with Setur of EUR10.4 mil / RM47.5 mil (9M19: EUR47.4 mil/ RM218.5 mil) Malaysia Airports |35 Group Cost 20.0% reduction in Opex achieved, with 20.2% reduction achieved so far for 9M20

Direct Cost (RM mil) Operating Cost (RM mil) User Fee & PSC Share (RM mil) MAHB 9M20: RM288.2 (-52.1%) 9M20: RM1,084.1 (-12.2%) 9M20: RM168.3 (-59.3%) Group 9M19: RM601.9 9M19: RM1,234.4 9M19: RM413.2 Excluding 9M20: RM288.2 (-52.1%) 9M20: RM961.1 (-9.8%) 9M20: RM138.1 (-59.0%) ISG & LGM 9M19: RM601.9 9M19: RM1,065.3 9M19: RM336.9 (RM ‘mil) 600.0 9M20 MY 9M20 TR 9M19 MY 9M19 TR

500.0 40.3 User Fee rate 9M20: 12.39% 476.2 9M19: 11.74% 32.2 400.0 413.7

361.6 20.5 300.0 309.0 13.3 243.0 63.6 200.0 195.5 48.0 336.9 44.6 145.0 - 100.0 119.4 120.9 29.4 105.3 105.1 97.8 80.8 138.1 85.1 78.6 76.3 30.1 ------20.5 - - - Direct Materials Direct Labour Direct Overheads Staff Costs Utilities & comm Maintenance Net Allowance of PDD Others User -Fee PSC Share- -

(100.0)

MAHB (73.0%) (11.8%) (29.6%) (13.7%) (22.2%) (25.5%) (>100%) (27.9%) (59.0%) (60.5%) Group Excludin g ISG & (73.0%) (11.8%) (29.6%) (13.1%) (21.3%) (25.9%) (>100%) (25.3%) (59.0%) Na LGM

Malaysia Airports |36 9M20 EBITDA and PBT Reconciliation

9M20 9M19 Variance (%)

(RM mil)

EBITDA excluding Adjustments (Adj) (33.1) 257.4 224.3 1,073.1 735.7 1,808.8 103.1% (65.0%) (87.6%)

Adj* +Other Income - ISG PPA interest income - 7.3 7.3 - 8.1 8.1

EBITDA including Adj (33.1) 264.7 231.6 1,073.1 743.9 1,816.9 103.1% (64.4%) (87.3%)

- Depreciation and Amortisation (173.1) (122.8) (295.9) (307.1) (241.8) (548.9)

Amortisation - ISG&SGC PPA concession rights fair Adj* - - (81.1) (81.1) - (151.2) (151.2) value

- Finance Costs - interest on borrowing and misc. (122.8) (90.5) (213.3) (133.6) (70.4) (204.0)

- Finance Costs - ISG utilisation fee expense - (298.5) (298.5) - (297.2) (297.2)

Adj* - Finance Costs - ISG&SGC interest expense - (23.3) (23.3) - (23.2) (23.2)

-/+ Share of Assoc. & JV Profit (8.2) - (8.2) 20.6 - 20.6

(Loss)/Profit before Tax & Zakat including Adj (337.2) (351.5) (688.8) 653.0 (40.0) 613.0 (151.6%) (777.8%) (212.4%)

- Taxation and Zakat 229.9 27.7 257.6 (126.3) 20.8 (105.5)

(Loss)/Profit after Tax and Zakat including Adj (107.4) (323.8) (431.2) 526.8 (19.2) 507.5 (120.4%) (1,584.5%) (185.0%)

1. Included within current period retained earnings is a distribution to the perpetual sukuk holders amounting to RM43.0 mil (9M20: RM43.2 mil) 2. Adj* relates to the Purchase Price Allocation (PPA) non-cash adjustments in respect of the MFRS3: Business Combinations fair valuation on ISG&LGM (Profit Before Tax related PPA Adjustments: 9M20: RM97.1 mil; 9M19: RM166.3 mil) 3. Finance costs – ISG utilisation fee expense RM298.5 relates to interest expense on utilisation fee liability for the year. Actual utilisation fee payments for 9M20 amounted to RM567.1 mil/ EUR114.8 mil (FY19: RM526.8 mil / EUR114.8 mil)

Malaysia Airports |37 Group Balance Sheet

Net Assets (RM mil) (RM mil) Sep 2020: RM8,805.8 (-5.6%) Dec 2019: RM9,325.4 19,000.0

Sep-20 MY Sep-20 TR Dec-19 MY Dec-19 TR 17,000.0 Concession rights -- : RM1.5 bil (FY19: RM1.5 bil) 15,000.0 -- : RM6.8 bil (FY19: RM6.6 bil)

Concession assets 13,000.0 -- : RM6.8 bil (FY19: RM6.8 bil) -- : RM1.4 bil (FY19: RM1.3 bil) 7,835.7 8,170.5 11,000.0 Lower for MY due to Lower due to RM1.0 redemption of IMTN 9,000.0 bil IMTN Sukuk Sukuk RM1.0 bil, redemption and mitigated against RM300 RM0.5 bil (EUR114.8 mil RCF drawn down 7,000.0 mil) payment of ISG Utilisation Fee

5,000.0 8,226.9 8,222.9 1,832.7 1,866.7 3,000.0 1,144.5 4,787.6 4,921.5 220.7 3,100.0 65.3 1,000.0 150.3 2,086.3 574.6 2,400.0 189.0 289.2 312.8 1,210.4 485.8 488.2 888.1 1,511.2

(1,000.0)Trade Receivables Cash & Funds Intangible Assets Borrowings Trade Payables Other Payables

MAHB (13.5%) 3.1% (19.8%) Group (5.4%) (54.7%) 2.1% Excluding 0.2% (57.4%) Nm (22.6%) 8.2% (19.9%) ISG & LGM Exchange rate used in balance sheet for 9M20: RM4.87/EUR Exchange rate used in balance sheet for FY19: RM4.59/EUR Malaysia Airports |38 Passenger Movements

Pax mil MY Int'l MY Domestic ISG Int'l ISG Domestic Total MAHB network of airports registered a decline of 65.5% for 9M20 with 36.2 million passenger 30.0 movements as Malaysia has not fully reopened its borders for international travel, these numbers mainly represent domestic traffic movements 25.0 The improvement in domestic passenger movements in Malaysia were partly driven by pre-election 20.0 13.4 13.3 12.3 12.9 movements to Sabah and leisure travel

15.0 International borders for Southeast Asia and 9.5 countries closer within the region are expected to be opened from 1Q21 with Umrah travel to Saudi also 10.0 expected to resume soon

5.8 13.9 13.1 5.3 12.9 13.4 5.2 For ISG, countries within Europe and closer to the 5.0 8.9 region allowing unrestricted movements for Turkish 3.4 3.3 3.8 4.2 nationals including Egypt, Kazakhstan, Russia, Serbia 3.4 4.1 3.6 0.7 1.9 2.3 0.5 1.1 and UK - - - - 0.1 0.1 0.3 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

KLIA Main klia2 KLIA (KUL) MASB Airports* MY Airports ISG (SAW) MAHB Group

9M2 9M1 Pax mil Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 0 9

International 4.3 17.2 (74.7) 3.6 16.0 (77.2) 8.0 33.2 (75.9) 1.3 6.2 (79.9) 9.3 39.4 (76.5) 3.9 10.6 (62.7) 13.2 50.0 (73.6)

ASEAN 1.5 6.7 (77.0) 2.2 9.3 (76.4) 3.7 16.0 (76.7) 0.8 3.7 (77.6) 4.5 19.6 (76.8)

Non-ASEAN 2.8 10.5 (73.2) 1.5 6.7 (78.2) 4.3 17.2 (75.2) 0.4 2.6 (83.2) 4.7 19.8 (76.2)

Domestic 1.4 4.3 (67.4) 3.1 8.7 (64.1) 4.5 13.0 (65.2) 9.9 25.6 (61.3) 14.4 38.6 (62.6) 8.6 16.5 (47.7) 23.0 55.1 (58.1)

Total 5.7 21.4 (73.3) 6.8 24.7 (72.6) 12.5 46.2 (72.9) 11.2 31.8 (64.9) 23.7 78.0 (69.6) 12.6 27.0 (53.5) 36.2 105.1 (65.5)

*MASB Airports refers to the 38 Malaysian airports other than KLIA/KUL operated by Malaysia Airports Sdn Bhd

Malaysia Airports |39 Aircraft Movements (ATM)

ATM ‘000 Total MAHB network of airports registered a decline MY Int'l MY Domestic ISG Int'l ISG Domestic of 54.1% for 9M20 with 383k flights as Malaysia has not fully reopened its borders for international travel

Most of the airlines operating at KUL resumed 200.0 operations post upliftment of interstate ban in June 2020 with 32 airlines are operating global flight 138.7 141.4 routes to 32 cities in 22 countries 150.0 129.5 132.8 119.7 Aircraft movements in Malaysia grew by 2.3x to 27k in September 2020 100.0 At ISG, load factor continue to maintain above 70% in September 2020 signaling strong demand of air 50.0 travel in Turkey 85.3 86.2 35.2 89.2 32.4 90.3 65.7 31.8 33.0 70.4 20.3 22.5 26.6 Major airlines in ISG plan to strengthen their recovery 21.4 24.2 27.6 24.8 3.6 15.5 8.0 9.9 9.8 by further developing Middle East and Central Asia 0.0 0.7- - network and launching additional frequencies on 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 existing routes

KLIA Main klia2 KLIA (KUL) MASB Airports* MY Airports ISG (SAW) MAHB Group ATM ‘000 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var % 9M20 9M19 Var %

International 41.3 109.5 (62.3) 27.0 95.8 (71.8) 68.3 205.3 (66.8) 19.9 55.4 (64.1) 88.2 260.8 (66.2) 29.8 73.1 (59.2) 118.0 333.9 (64.7)

Domestic 16.7 39.4 (57.6) 25.2 57.9 (56.5) 41.9 97.3 (57.0) 165.4 303.5 (45.5) 207.4 400.8 (48.2) 58.2 100.0 (41.8) 265.6 500.8 (47.0)

Total 58.0 148.9 (61.1) 52.2 153.7 (66.1) 110.1 302.6 (63.6) 185.4 358.9 (48.4) 295.5 661.6 (55.3) 87.9 173.1 (49.2) 383.4 834.7 (54.1)

*MASB Airports refers to the 38 Malaysian airports other than KLIA/KUL operated by Malaysia Airports Sdn Bhd Malaysia Airports |40 Thank you