INVESTOR PRESENTATION August 2020 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim H1 2020 Performance Update

Appendix • Majid Al Futtaim Group Overview

2 H1 2020 Overview 2020 HAS BROUGHT UNPRECEDENTED DISRUPTION ON A GLOBAL SCALE

WE HAVE REMAINED VIGILANT AND ADAPTED TO THE NEW REALITY ACROSS OUR PORTFOLIO

MAJID AL FUTTAIM SITES TEMPORARY CLOSURE DATES 1 Business UAE KSA Uganda 12 Mar - 1 25 Mar - 9 Apr Shopping Malls 25 Mar-24 Apr - 18 Mar-24 June - - 29 Mar - 25 Apr - - - June 24 Apr - 7 May ULOs 15 Mar-27 May - - - - - 18 Mar - 25 Mar-27 June - - - Hotels 2 22 Mar ------16 Mar - - - - -

12 & 19 closed on Closed during 17 Apr - 21 25 Apr - 1 Never Never closed on Never Never 3 Never Closed 3 Never Closed Never Closed Never Closed April Never Closed weekends during May Apr May Closed Closed April 4 & 5 Closed Closed April

Cinemas 15 Mar- 27 May 11 Mar- 21 June 18 Mar - 13 Mar - 9 Mar - 9 Mar- 2 July 18 Mar - 18 Mar- 27 June ------Leisure & Entertainment 15 Mar- 4 July 15 Mar- 21 June 18 Mar - - 15 Mar - 9 Mar- 2 July 18 Mar - 25 Mar- 27 June - 28 Mar - - 16 Mar - 28 25 Mar - 9 Apr Fashion 25 Mar-24 Apr 18 Mar- 24 June 18 Mar- 1 July 15 Mar-30 June - - - - April 24 Apr - 7 May

WHILE ADOPTING A ROBUST COVID-19 RISK MANAGEMENT PROCESS ✓ Weekly monitoring of operational metrics (footfall, customer growth, basket size) and financial metrics (revenues, costs, working capital and net debt position). ✓ Bi- weekly meeting of the Crisis Management Team with focus on employee health and safety, operations and business performance. ✓ Regular reporting to the Board of Directors on financial & business positions, and liquidity. 1 Green shading indicates sites which have re-opened 2 7 hotels out of 13 remain closed 3 3 Metro stores closed temporarily in UAE during April

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 external agencies:

18.1/100 Low ESG RATING Negl Low Med High Severe 0-10 10-20 20-30 30-40 40-100 A

7 AND OUR COMMITMENT TO ESG REMAINS STEADFAST IN UNCERTAIN TIMES

WE HAVE LAUNCHED A NUMBER OF INITIATIVES IN H1 2020

TRANSFORMING RETHINKNG LIVES EMPOWERING RESOURCES OUR PEOPLE

✓ STRINGENT SAFTY AND ✓ LAUNCH OF ’S THIRD ✓ COVID-19 INDUCTION FRONTLINER SANITISATION MEASURES HYDROPONIC FARM TRAINING IMPLEMENTED ACROSS ALL OF OUR ASSETS ✓ CARBON NEUTRAL INITIATIVE IN VOX ✓ SUSTAINABILITY E-LEARNING SESSIONS

✓ EMPLOYEE COVID-19 CARE PACKS ✓ LOCALISING SUPPLY CHAIN THROUGH COLLABORATION WITH MINISTRY OF CLIMATE CHANGE ✓ MAFers SUPPORT MAFers PROGRAMME AND ENVIRONMENT ✓ ANNUAL EMPLOYEE WELLNESS WEEK CONDUCTED VIRTUALLY

✓ SEEMLESS REMOTE WORKING IMPLEMENTED

8 H1 2020 Performance SUMMARY OF MAJID AL FUTTAIM’S H1 2020 PERFORMANCE

RESILIENT FINANCIAL PERFORMANCE DELIVERED IN H1 2020

Revenue EBITDA Assets -3% vs PY to: -27% vs PY to: -4% vs PY at: USD 4.7bn USD 0.4bn USD 16.8bn

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

GEOGRAPHICAL SPLIT – 30 June 2020 SEGMENTAL SPLIT – 30 June 2020

By Revenue By EBITDA By Revenue By EBITDA Oman Others¹ KSA Properties Ventures 4% Others¹ Ventures 15% 4% 10% -9% 6% 3% Oman 5% UAE Qatar 47% UAE 10% 53% Properties KSA 68% 11% Retail 45% Qatar Bahrain 8% 8%

Bahrain Egypt Egypt Retail 4% 11% 15% 87%

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

10 Majid Al Futtaim Properties H1 2020 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

• Increased our portfolio to 27 with the opening of Matajer Al Musalla in Sharjah, UAE. 563 416 397 290

H1 2019 H1 2020 H1 2019 H1 2020 • Completed redevelopment of the group’s earliest shopping mall, , UAE. Malls avg occupancy 93% Footfall y-o-y -35%

• Launched digital platforms such as Marketplace and Trends Rent to sales 15% at Your Doorstep Hotels avg occupancy 37%

REVPAR change y-o-y -51%

12 Majid Al Futtaim Retail H1 2020 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

• Accelerated our digital offering, enabling 263% growth in online orders 3,966 4,108 163 193

H1 2019 H1 2020 H1 2019 H1 2020 • Fulfilment and delivery capabilities bolstered with 3 new fulfilment centres and darkstores established across the region Sales (LFL) -2%

• Trained and redeployed more than 1,000 employees from other Hypermarket openings 3 areas of the business Supermarket openings 2

Total stores 311

Online orders y-o-y +263%

14 Majid Al Futtaim Ventures H1 2020 PERFORMANCE: MAJID AL FUTTAIM VENTURES

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

37 • Launched new movie-going experience with VOX Cinemas Drive-in at 350 188 (37)

H1 2019 H1 2020 H1 2019 H1 2020

• 27 new screens added across 3 sites Cinema screens added 27

Total cinema screens 526

Total L&E venues 40

16 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 2020 Notes (USD bn) 1200 74 Primarily Senior Unsecured Majid Al Futtaim Holding 2.7 220 obligations at Holding level 800 1274 463 Primarily Senior Unsecured 1,200 Majid Al Futtaim Properties 1.7 obligations at Properties 400 800 level 500 30 53 Primarily project finance with 19 Others 0.2 0 limited recourse to parent 2020 2021 2022 2023 2024 2025 2026+ Total 4.6

Majid Al Futtaim Holding Crossguarantees Majid Al Futtaim Properties

$1.8bn 3+ yrs 5.4 yrs1 Undrawn Available Liquidity cover Weighted Average Committed Lines Debt Life

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

18 GROUP DEBT PROFILE (2/2)

Strong Leverage Metrics Facilities & liquidity

2019 onwards includes impact of IFRS16 Debt Capital Markets Issuances % $bn 5,000 4,775 4,996 5 Bonds 12% 0.8 4,500 Sukuk 26% 1.7 4,000 4 3,418 3.8x Total Debt Capital Markets Issuances 39% 2.5 3,500 Bank Facilities 2,804 3.3x % $bn 3,000 2,612 3 Drawn 33% 2.1 2,500 2.8x 2.4x Undrawn 28% 1.8 2,000 2.3x 2 1,458 1,305 Total 61% 3.9 1,500 1,145 1,152 1,231 1,000 1 Total Bank Commitments & Debt Capital Markets 100% 6.4 500 Less Drawn (4.6) 0 0 Plus Cash 1.1 2016 2017 2018 2019 H1 2020 rolling Total Liquidity 2.9 12 months EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

31 Dec 30 June 31 Dec 30 June Funding Risk Management Framework Policy/Covenant 2019 2020 Investment grade creditratings 2019 2020 Liquidity Coverage - Months 18 52 46 Fitch BBB BBB Interest Rate Risk - Duration in Years 0.5-3.5 2.8 3.0 Standard & Poor’s BBB BBB EBITDA Interest Cover (x)1 >2.0 9 9 Total Net Debt to Total Equity(x) <0.7 0.4 0.5 EBITDA from encumbered assets as % of total EBITDA 1% 1% Secured debt as a percentage of Gross Debt 1% 1% ¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT)

19 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

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

UAE 5 16 MALL OF OMAN OMAN SUPER REGIONAL MALL (, OMAN) KSA 2 42 GLA: 142,000 M2 EGYPT 9 -

OTHERS 1 20+ 24 MALL OF SAUDI KSA SUPER REGIONAL MALL (NORTH ) GLA: 321,000 M2

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

20 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

21 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim H1 2020 Performance Update

Appendix

• Majid Al Futtaim Group Overview

22 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 Finance 1044 Hotels Fashion Communities L&E Enova (JV) Project Management

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 2020

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

23 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

24 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 27 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

25 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 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%

26

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%

27 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 Over40 and procurement procedures to deliver value to its customers. f New stores

planned in Outlets 311 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.

28 MAJID AL FUTTAIM RETAIL

Country Hyper Super

UAE 33 72

Oman 10 3 Kazakhstan 1

Pakistan 7 1

Bahrain 9 4 Georgia Armenia Armenia 0 2

Egypt 15 37 Lebanon Jordan 5 35 Iraq Jordan Pakistan Kuwait 3 5 Kuwait Bahrain Lebanon 3 2 Egypt Qatar UAE Kenya 7 1 Oman

KSA 18 1

Qatar 5 5

Iraq 4 2

Georgia 2 19

Uganda 1 0 Uganda Kenya TOTAL 122 189 1Majid Al Futtaim Retail closed their hypermarket in Kazakhstan on 30 June 2017 but continue to retain the country head office

29 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 526 Across the MENARegion

Majid Al Futtaim Finance LLC Majid Al Futtaim Fashion LLC Credit Card Issuer Business IntroducedVisa Stores in Over 133K 7Countries Cards in 2010 Cards inForce 95

JOINT VENTURE COMPANIES

JV providing Energy Services and Facilities Management Formed in 2002 (as Dalkia)

30 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

31 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

32