INVESTOR PRESENTATION H1 2019

August 2019 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim H1 2019 Performance Update

Appendix ▪ Majid Al Futtaim Group Overview

2 2 IN H1 2019 WE HAVE SUSTAINED OUR FINANCIAL POSITION, WHILST CELEBRATING SOME MILESTONE ACHIEVEMENTS

Revenue increased EBITDA increased Cashflow from Operations to Issued USD 600M 1% to USD 4.9B 1% to USD 0.6B EBITDA at 115% inaugural green sukuk

Obtained “low risk” ESG Increased Opened 19 new stores Added 65 new cinema screens rating from Sustainalytics, portfolio to 25 Total store count 283 Total screens 418 and “A” rating from MSCI

3 3 THERE ARE LONG TERM OPPORTUNITIES IN THE REGION DESPITE CURRENT HEADWINDS

Current headwinds 2040 outlook

▪ MENAP region’s contribution ▪ Geopolitical tensions have to world GDP will increase by escalated around US-Iran 1-2%, driven by population relations growth

▪ Diversification of GCC ▪ MENA economies adapting to economies away from slower growth in the short term hydrocarbons until reform programs shape the longer term ▪ High population growth for MENAP ▪ MENA region continues to exhibit youth unemployment ▪ and will rates higher than global constitute a sixth of regional average real GDP ▪ UAE’s private sector remains in ▪ will become a new a competitive environment growth pocket ▪ tourism mix changing due ▪ Mid single digit growth to USD strength expected for the rest of Africa, with an emerging middle class

▪ Oil prices adjusted to a “new ▪ Trade flows expected to be normal” range as a result of growing at above global structural changes in the global averages 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 4 FROM A CUSTOMER BEHAVIOR PERSPECTIVE, THERE HAS BEEN A STRONG SHIFT TOWARDS LIFESTYLE, CONVENIENCE AND DIGITAL

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

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

Convenience Omni-channel Personalization Experiences Of global Of global Consumers and especially Of consumers 36% respondent 88% 77% consumers millennials s

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

SOURCE: PWC survey 2017, Total Retail 2017 , World Bank, ADEC: Saudi National Statistics, UN, Hootsuite, Nielsen, Reuters, Mckinsey study 5 WE REMAIN COMMITTED TO OUR STRATEGIC PRIORITIES

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

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

WHILE ADOPTING A LEAN AND AGILE APPROACH

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

6 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 • Product quality & safety NON-EXHAUSTIVE • Crime and security • Net Positive carbon • Community well being & public realm • Net Positive water • Responsible procurement • Circular economy • Climate change adaptation • Healthy workplaces • Ecosystem services • Human rights & employment conditions • Health & safety • Changing role of women in the workplace

Majid Al Futtaim has been recognized by external agencies:

7 SUMMARY OF MAJID AL FUTTAIM’S H1 2019 PERFORMANCE

STABLE FINANCIAL PERFORMANCE DELIVERED IN H1 2019

Revenue EBITDA CFFO:EBITDA Assets +1% vs PY to: +1% vs PY to: at: +7% vs PY at: USD 4.9bn USD 0.6bn 115% USD 17.5bn

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

Geographical Split – 30 June 2019 Segmental Split – 30 June 2019

By Revenue By EBITDA By Revenue By EBITDA

Oman Others¹ Ventures KSA 5% Others¹ Ventures Properties 17% 6% 2% 7% 7% 12% UAE 6% 48% 6% Retail 28% KSA UAE 9% 64% Properties Qatar 8% 68% 7% Bahrain Egypt Egypt Retail 4% 9% 8% 81%

¹ OTHERS INCLUDES , , PAKISTAN, , , , , 8 H1 2019 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Operational Highlights Revenue EBITDA (USDmn) (USDmn) Increased our shopping mall portfolio to 25 with the opening of City Centre Suhar in Oman, and City Centre Masdar, our first mall 582 563 399 397 in H1 2018 H1 2019 H1 2018 H1 2019

Recognized by the GRESB with a ‘Green Star’ Rating for the 5th year in a row Malls avgoccupancy1 93%

Footfall y-o-y +3% City Centre Almaza is set to open in , Egypt in September 2019 Rent to sales 13%

Hotels avgoccupancy 78%

REVPAR change y-o-y -12%

1 EXCLUDING OCCUPANCY STANDS AT 94% GRESB: GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKS 9 H1 2019 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue EBITDA (USDmn) (USDmn)

Expanded our network with new store openings across 9 countries 3,964 3,966

167 164

Launched ‘Carrefour Business’, our H1 2018 H1 2019 H1 2018 H1 2019 business-to-business offering to hotels, restaurants and the catering industry Sales (LFL) -5%

Inaugurated our Retail Business Hypermarket openings 7 School in the UAE, providing functional and commercial Supermarket openings 12 training for our employees Total stores 283

10 H1 2019 PERFORMANCE: MAJID AL FUTTAIM VENTURES

Revenue Operational Highlights EBITDA (USDmn) (USDmn)

Continued expansion of VOX Cinemas in Saudi Arabia, with the opening of 49 new screens 301 350 32 37 Further expanded our cinema network across the region with additional H1 2018 H12019 H1 2018 H1 2019 openings in Egypt and Kuwait

Entered into a film production Cinema screens added 65 partnership with Image Nation Abu Dhabi and MBC Studios Total cinema screens 418

Total L&E venues 45

11 GROUP DEBT PROFILE (1/2)

Debt Maturity Profile (USD mn) All Senior Unsecured financing obligations rank pari passu among themselves

2,000 Capital Markets Bank Debt Majid Al Futtaim Group’s Balanced Funding Profile 30 June 1,600 (USD bn) 2019 Notes Primarily Senior Unsecured Majid Al Futtaim Holding 2.4 1,200 obligations at Holding level 388 Primarily Senior Unsecured Majid Al Futtaim Properties 1.1 800 obligations at Properties level 245 311 Primarily project finance with Others 0.4 400 800 limited recourse to parent 600 500 386 500 33 52 77 Total 3.9 - 2019 2020 2021 2022 2023 2024 2025 2026+

Majid Al Futtaim Holding Cross guarantees Majid Al Futtaim Properties $600mn $200mn Issued inaugural Refinanced EGP Al Maza project finance 1 10 year Green Sukuk 5 yrs $3bn with new senior unsecured term loan Undrawn Available Weighted Average Committed Lines Debt Life

1USD 0.9BN EQUITY HYBRIDS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS 12 GROUP DEBT PROFILE (2/2)

Strong Leverage Metrics H1 2019 includes impact of IFRS16 Facilities & liquidity 5,000 4,763 5 4,500 Debt Capital Markets Issuances % $bn 4,000 4 2 3,418 Bonds 19% 1.3 3,500 3.5x Sukuk 16% 1.1 2,804 3,000 2,612 3 2,517 2.8x Total Debt Capital Markets Issuances 35% 2.4 2,500 2.4x 2.3x 2.4x Bank Facilities % $bn 2,000 2 1,361 Drawn 22% 1.5 1,500 1,145 1,152 1,231 1,044 Undrawn 43% 3.0 1,000 1 Total 65% 4.5 500 Total Bank Commitments & Debt Capital Markets 100% 6.9 0 0 2015 2016 2017 2018 H12019 Less Drawn (3.9) EBITDA Net Debt (USD mn) Net Debt / EBITDA (times) Plus Cash 0.4 31 Dec 30 June Total Liquidity 3.4 Funding Risk Management Framework Policy/Covenant 2018 2019 Liquidity Coverage - Months 18 49 42 31 Dec 30 June Interest Rate Risk - Duration in Years 0.5-3.5 2.3 3.0 Investment grade credit ratings 2018 2019 EBITDA Interest Cover (x) 1 >2.0 8x >10x Fitch BBB BBB Total Net Debt to Total Equity (x) <0.7 0.4 0.4 Standard & Poor’s BBB BBB EBITDA from encumbered assets as % of total EBITDA 4% 3% Secured debt as a percentage of Gross Debt 8% 6%

1 EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES 2 13 INCLUDES $500M BOND WHICH MATURED JULY 2019 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

2019 2020 2021 2022 2023 onwards

Active Developments

City Centre Almaza Egypt Regional Mall (Cairo) GLA: 103,000 M2

City Centre Al Zahia UAE Super Regional Mall (Sharjah) GLA: 136,000 M2

Mall of Oman Oman Super Regional Mall (, Oman) GLA: 145,000 M2

Future Developments

City Centre Ishbiliyah KSA Super Regional Mall (East ) GLA: 114,000 M2

Mall of Saudi KSA Super Regional Mall (North Riyadh) GLA: 321,000 M2

City Centre Al Jazira UAE Regional Mall (Abu Dhabi) GLA: 80,500 M2

PLANNED OPENING 14 IN SUMMARY

➢ Strong balance sheet ➢ Stable cash flow generation A strong foundation ➢ Best in class corporate governance ➢ Established track record, reputation & brand ➢ Diversified sources of funding ------

➢ Focus on diversification Focused on sustainable growth ➢ Cost optimization and operating efficiencies ➢ Business performance management

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➢ Top down capital allocation Appropriately managing ➢ Stress testing the risks ➢ Country risk management ➢ Defined polices & procedures

15 15 CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim H1 2019 Performance Update

Appendix ▪ Majid Al Futtaim Group Overview

16 16 MAJID AL FUTTAIM GROUP OVERVIEW (1/2)

Group Corporate Structure Solid Track Record

Mr. Majid Al Futtaim Mr. Tariq Al Futtaim (Founder) Majid Al Futtaim Holding LLC Consolidated Financials (USDmn) 99.6% MAJID AL FUTTAIM 0.4% CAPITAL LLC Revenue EBITDA 99.9% 9,436 9,469 MAJID AL FUTTAIM HOLDING 8,788 8,128 (Rated BBB/BBB) 7,445 MAJID AL FUTTAIM MAJID AL FUTTAIM MAJID AL FUTTAIM 1,253 1,257 PROPERTIES RETAIL VENTURES 1,145 1,152 1044 Shopping Malls Carrefour Cinemas Gourmet Gulf (JV) Hotels L&E Enova (JV) Communities Fashion 2015 2016 2017 2018 H1 2019 Project Finance Management Best in Class Governance Principles

Regional Footprint – 15¹ countries since 1992 ✓ Voluntarily adopted the principles of the Combined Code on Corporate Governance for listed companies in the UK ✓ Strong operating company board structures reporting to a group board Kazakhstan

Georgia Armenia Highest Rated Privately Owned Corporate in the GCC Lebanon Iraq Kuwait Pakistan Egypt Qatar Bahrain Rating Agency Rating Outlook Latest Report UAE Saudi Arabia Date Standard & Poor’s BBB Stable July 2019

Kenya Fitch Ratings BBB Stable January 2019

*¹ MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017 BUT RETAIN THE COUNTRY HEAD OFFICE H1 2019 FIGURES STATED ON ROLLING 12 MONTH BASIS 17 17 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) Majid Al Futtaim has a proven track record of delivering strong financial 1,223 Revenue EBITDA results on the back of an effective growth strategy 1,114 1,254 1,264 1,144 812 Majid Al Futtaim Holding LLC Consolidated Financials (USDmn) 710 766 800 814 Item 2015 2016 2017 2018 H12019 Assets 13,853 14,375 16,081 16,436 17,513 Revenue 7,445 8,128 8,788 9,436 9,469 EBITDA 1,044 1,145 1,152 1,253 1,257 ▪ The Group’s ability to combine capital intensive high margin 2015 2016 2017 2018 H1 2019 business (shopping malls) with capital light, high volume Majid Al Futtaim Retail (USDmn) business (hypermarkets) allows it to effectively manage its 6,503 Revenue EBITDA growth. 6,011 7,049 7,622 7,625 EBITDA Margin by Entity (%)

70% 63% 63% 64% 64% 64% 319 335 330 380 380 60% 50% 2015 2016 2017 2018 H1 2019 40% Majid Al Futtaim Ventures (USDmn) 30% Revenue EBITDA 577 492 651 700 20% 13% 12% 12% 13% 11% 393 5% 5% 10% 5% 5% 4% 0% 72 70 87 93 2015 2016 2017 2018 H1 2019 51 MAF Properties MAF Retail MAF Ventures 2015 2016 2017 2018 H1 2019

H1 2019 FIGURES STATED ON ROLLING 12 MONTH BASIS 18 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 with Key Retailers

Established Track Record, Unique Leisure Offers Reputation & Brand (Through Majid Al Futtaim Ventures)

MAJID AL FUTTAIM 25 PROPERTIES

OVER 1.4 3 NEW PROJECTS OVER 1.4 In-House Expertise (Fully Prime Locations Secured for MILLION SQM IN DEVELOPMENT ACROSS 3 COUNTRIES Integrated Operations) Business AND MORE I N THE PIPELINE ACROSS THE 150% REGION 180 95% 93% 150 97% 98% 94% 100% 120 90 72% 75% 76% 75% 78% 13 Hotels 194 MILLION 60 50% 11 in UAE 30 171 175 186 192 194 0 0% 2 in Bahrain 2015 2016 2017 2018 H1 2019 Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Occupancy

EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 94% H1 2019 SHOPPING MALL FOOTFALL STATED ON ROLLING 12 MONTH BASIS 19 MAJID AL FUTTAIM PROPERTIES (1/2) UAE

Mall of the Emirates City Centre Mirdiff City Centre Me’aisem Opened: 2005 , 250k m2 GLA Opened: 2010 , 203k m2 GLA Opened: 1995 , 121k m2 GLA Opened: 2015 , 23k m2 GLA Occupancy Rate : 96% Occupancy Rate : 90% Occupancy Rate : 96% Occupancy Rate : 96%

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 : 93% Occupancy Rate : 99% Occupancy Rate : 96% Occupancy Rate : 99%

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 : 75% Occupancy Rate : 92% Occupancy Rate : 71% Occupancy Rate : 71%

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MAJID AL FUTTAIM PROPERTIES (2/2) EGYPT

Mall of Egypt City Centre Alexandria City Centre Maadi Opened: 2017 , 162k m2GLA Opened: 2003 , 63k m2GLA Opened: 2002 , 30k m2GLA

Occupancy Rate : 89% Occupancy Rate : 99% Occupancy Rate : 100% OMAN City Centre Muscat City Centre Qurum My City Centre Sur Opened: 2001 , 69k m2GLA Opened: 2005 , 27k m2GLA Opened: 2018 , 16k m2GLA

Occupancy Rate : 99% Occupancy Rate : 97% Occupancy Rate : 92%

OMAN LEBANON City Centre Suhar BAHRAIN City Centre Bahrain City Centre Opened: 2019 , 35k m2GLA Opened: 2008 , 157k m2GLA Opened: 2013 , 63k m2GLA Occupancy Rate : 73% Occupancy Rate : 94% Occupancy Rate : 90%

21 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 and procurement procedures to deliver value to its customers. Over 20

New stores Outlets 283 Carrefour Sales Volume In 14 countries Across the Middle East, planned in North Africa and CIS Regions H2 2019

Exclusive Reinvest Purchasing Countries Rebates Power Franchise Across the Middle East, Rights for37 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.

▪ Carrefour charges a sale-based franchise fee and provides Low Prices Good Quality Wide Choices approval on new store openings.

22 MAJID AL FUTTAIM RETAIL

Country Hyper Super

UAE 31 71 Kazakhstan Oman 10 2

Pakistan 7 1 Georgia Bahrain 8 4 Armenia Armenia 0 2 Lebanon Egypt 14 32 Iraq Jordan 5 29 Jordan Kuwait Kuwait 3 5 Egypt Bahrain Qatar Lebanon 3 1 Pakistan UAE Saudi Arabia Kenya 5 2 Oman KSA 17 1 Qatar 5 5 Iraq 4 2 Georgia 2 12 TOTAL 114 169 Kenya * *MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017 BUT CONTINUE TO RETAIN THE COUNTRY HEAD OFFICE 23 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 Screens 418 Cinema Across the MENA Region

Majid Al Futtaim Finance LLC Majid Al Futtaim Fashion LLC ➢ Credit Card Issuer Business 101 Introduced Visa Over 140k Stores in Cards in 2010 Cards in Force 7Countries Joint Venture Companies ENOVA by VEOLIA Majid Al Futtaim Food & Beverages LLC

JV providing Energy Services and Facilities Acquired in 2013, JV operates portfolio of Management international brands like California Pizza Formed in 2002 ( as Dalkia) Kitchen, Yo Sushi, etc.

24 ROBUST GOVERNANCE STRUCTURE

EFFECTIVE OVERSIGHT OF SYNERGISTIC BUSINESSES 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

25 MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS

Sir Michael Rake 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 Former chairman of the Non Executive Director at HSBC UK and Wireless Logic Group and former Worldwide Majid Al Futtaim Charity Bank Plc Former Chairman of BT Group and Managing Director at Foundation Non Executive Director at Sumitomo KPMG International McKinsey & Company 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 Futtaim Holding Chairman of First Eastern Chairman of Ocado and Founder and Chairman of Independent Director of Investment Group Non Executive Director of Change Capital Partners LLP Ferrovial S.A Former Executive Vice- Co-founder and director of Woolworths Holding Limited Former Chairman of the Former Chief Executive of Chairman of the Investment Peach Aviation Former CEO of Marks and Carrefour Group and Mark Smiths Group plc and Development Authority of Spencer plc and Spencer Director of Burberry Group Lebanon

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