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INVESTOR PRESENTATION August 2020 CONTENTS

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INVESTOR PRESENTATION August 2020 CONTENTS 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 Oman Qatar Kuwait Lebanon Bahrain Egypt Jordan Kenya Iraq Georgia Armenia Pakistan 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 Retail 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 CARREFOUR’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 shopping mall 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, City Centre Deira, 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 Mall of the Emirates 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 (MUSCAT, OMAN) KSA 2 42 GLA: 142,000 M2 EGYPT 9 - OTHERS 1 20+ 24 MALL OF SAUDI KSA SUPER REGIONAL MALL (NORTH RIYADH) 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
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