INVESTOR PRESENTATION

February 2020

TABLE OF CONTENTS

CONTENTS

Majid Al Futtaim 2019 Performance Update

Appendix

• Majid Al Futtaim Group Overview

2

2019 Overview

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

Revenue increased 1%

to USD 9.6BEBITDA increased 1%

to USD 1.3BCashflow from Operations

to EBITDA at 122%2 green sukuks issued

totalling USD 1.2B

Portfolio of 26 shopping malls welcomed

over 200 million visitors

Opened 42 new Carrefour stores

Total store count 306Added 146 cinema screens

Total screens 5111

Environmental Social Governance

Obtained “low risk” ESG

rating from Sustainalytics,

and “A” rating from MSCI

4

1 AS AT FEBRUARY 2020

THERE ARE LONG TERM OPPORTUNITIES IN THE REGION DESPITE CURRENT HEADWINDS

CurrentHeadwinds 2040Outlook

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

• MENA economies adapting to slower growth in the short term until reform programs shape the longer term

• MENA region continues to exhibit youth unemployment rates higher than global average

• UAE’s private sector remains in a competitive environment

• Dubai tourism mix changing due to USD strength

• Lebanon experiencing political and economic instability

• Geopolitical tensions have escalated around US-Iran relations

• MENAP region’s contribution to world GDP will increase by 1-2%, driven by population growth

• Oil prices adjusted to a “new normal” range as a result of structural changes in the global economy

• Trade flows expected to be growing at above global averages

• Diversification of GCCeconomies away fromhydrocarbons

• High population growthfor MENAP

• Saudi Arabia and Egyptwill constitute a sixth ofregional real GDP

• Pakistan will become anew growth pocket

• Mid single digit growth expected for the rest of Africa, with an emerging middle class

5

FROM A CUSTOMER BEHAVIOR PERSPECTIVE, THERE HAS BEEN A STRONG SHIFT TOWARDS LIFESTYLE, CONVENIENCE AND DIGITAL

Social connection Sustainability

use Facebook or Twitterwhen finding

inspiration for purchasesAre willing to pay morefor sustainable brands

Trends over brands

Retail CEO’s continue to see

loyalty towards “trends”rather than “brands”

Experiences

Consumers and especiallymillennials

Look for distinctive andrenewed experiences

Convenience

36% Of global respondents

emphasized price and convenienceas a driver for online

Omni-channel

73% Of consumers

use a combination of online andoffline while shopping

Personalization

77% Of global consumers

expect to see more personalizedcontent in the future

Of global consumers66%Of MENA respondents64%

Connectivity

in the Middle-East in 2019

Internet Penetration Rate is at

71%

6

SOURCE: PWC survey 2017, Total Retail 2017, World Bank, ADEC, Saudi National Statistics, UN, Hootsuite, Nielsen, Reuters, Mckinsey study

Cost & Balance Sheet Optimization

Procurement and Supply Chain

Financial Discipline in Investments

Capability Building Sustainability

WHILE ADOPTING A LEAN AND AGILE APPROACH

Maintain leadership in our core countries

Protect our leadership position in the UAE

Expand to be leaders in adjacent/core geographies

Expand our presence in Egypt and Saudi Arabia, driven by our shopping malls business

Build a foundation position in Africa

Expand in additional African countries,

primarily with Carrefour

Grow at scale at least one adjacent business

Evaluate business opportunities in adjacent businesses

WE REMAIN COMMITTED TO OUR STRATEGIC PRIORITIES

7

Sustainability

OUR SUSTAINABILITY STRATEGY IS INTEGRATED IN THE WAY WE DO BUSINESS

Our strategy will manage the socio-economic and environmental issues that matter most to us and

our stakeholders

Majid Al Futtaim has been recognized by external agencies:

Negl Low Med High Severe

0-10 10-20 20-30 30-40 40-100

18.9 /100 LowESG RATING A

TRANSFORMING

LIVE

EMPOWERING

OUR PEOPLE

RETHINKNG

RESOURCES

• Net Positive carbon• Net Positive water• Circular economy• Climate change adaptation• Ecosystem services

• Local economic development• Promoting sustainable lifestyles• Product quality & safety• Crime and security• Community well being & public realm• Responsible procurement

• Healthy workplaces• Human rights & employment conditions• Health & safety• Changing role of women in the workplace

NON-EXHAUSTIVE

9

2019 Performance

SUMMARY OF MAJID AL FUTTAIM’S 2019 PERFORMANCE

GEOGRAPHICAL SPLIT – 31 December 2019

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

By Revenue By EBITDA

SEGMENTAL SPLIT – 31 December 2019

By Revenue By EBITDA

¹ Others includes Kuwait, Jordan, Pakistan, Lebanon, Iraq, Georgia, Armenia, Kenya, Uganda2 Includes impact from IRFS 16

CFO:EBITDAat:122%

Revenue+1% vs PY to:USD 9.6bn

EBITDA+1% vs PY to:USD 1.3bn

Assets+5% vs PY at:USD 17.2bn 2

STABLE FINANCIAL PERFORMANCE DELIVERED IN 2019

UAE48%

Egypt9%

Bahrain4%

Qatar7%

KSA9%

Oman6%

Others¹17%

UAE 59%

Egypt9%

Bahrain8%

Qatar6%

KSA4%

Oman5%

Others¹9%

Properties13%

Retail79%

Ventures8%

Properties64%

Retail31%

Ventures9%

11

Majid Al Futtaim Properties

1,264 1,256

2018 2019

814 813

2018 2019

Revenue(USDmn)

EBITDA(USDmn)

2019 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

• Increased our shopping mall portfolio to 26 with the opening of

City Centre Al Maza, City Centre Suhar and My City Centre

Masdar

• Completed redevelopment of City Centre Alexandria in

Egypt, and City Centre Ajman in the UAE

• Visitors to our malls crossed the 200M mark for the first time

Operational Highlights

Malls avg occupancy 93%

Footfall y-o-y +4%

Rent to sales 13%

Hotels avg occupancy 80%

REVPAR change y-o-y -8%

13

Majid Al Futtaim Retail

7,622 7,662

2018 2019

383 391

2018 2019

• Celebrated 300th Carrefour store opening, while expanding to

16 countries with entry to Uganda

• Launched new F&B 'live cooking’ concept in select UAE stores

• Introduced robotic automation to increase the capacity of online order fulfilment centres

• Inaugurated our Retail Business School in the UAE, providing functional and commercial training for our employees

Operational Highlights

2019 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Sales (LFL) -5%

Hypermarket openings 12

Supermarket openings 30

Total stores 306

Online orders y-o-y +600%

Revenue(USDmn)

EBITDA(USDmn)

15

Majid Al Futtaim Ventures

651 761

2018 2019

87 113

2018 2019

2019 PERFORMANCE: MAJID AL FUTTAIM VENTURES

• VOX cinemas celebrated 20 years of operations as it approached the 500 screen milestone

• Continued expansion of cinemas in Saudi Arabia with the opening of 78 new screens across 7 sites

• L&E introduced the first Dreamscape experience in the Middle East

Operational Highlights Revenue(USDmn)

EBITDA(USDmn)

Cinema screens added 146

Total cinema screens 5111

Total L&E venues 43

1 AS AT FEBRUARY 2020

17

Financing Overview

GROUP DEBT PROFILE (1/2)

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

Majid Al Futtaim Holding Majid Al Futtaim PropertiesCross guarantees

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

$1.2bnIssued two 10 year

Green Sukuks

$2.6bnUndrawn Available Committed Lines

$200mnRefinanced EGP Al Maza project finance

with new senior unsecured term loan

5.9 yrs1

Weighted Average Debt Life

800 500

1,200

16831 47

1088

20

21

108

0

400

800

1200

1600

2000

2020 2021 2022 2023 2024 2025 2026+

Capital Markets Bank Debt Majid Al Futtaim Group’s Balanced Funding Profile (USD bn)

31 December 2019

Notes

Majid Al Futtaim Holding 2.0Primarily Senior Unsecured obligations at Holding level

Majid Al Futtaim Properties 1.7Primarily Senior Unsecured obligations at Properties level

Others 0.2Primarily project finance with limited recourse to parent

Total 3.9

19

GROUP DEBT PROFILE (1/2)

Funding Risk Management Framework Policy/Covenant 2018 2019

Liquidity Coverage - Months 18 49 52

Interest Rate Risk - Duration in Years 0.5-3.5 2.3 2.8

EBITDA Interest Cover (x)1 >2.0 8x 9x

Total Net Debt to Total Equity (x) <0.7 0.4 0.4

EBITDA from encumbered assets as % of total EBITDA 4% 1%

Secured debt as a percentage of Gross Debt 8% 1%

31 Dec 31 Dec

Strong Leverage Metrics

Debt Capital Markets Issuances % $bn

Bonds 12% 0.8

Sukuk 26% 1.7

Total Debt Capital Markets Issuances 38% 2.5

Bank Facilities % $bn

Drawn 22% 1.4

Undrawn 40% 2.6

Total 62% 4.0

Total Bank Commitments & Debt Capital Markets 100% 6.5

Less Drawn (3.9)

Plus Cash 0.4

Total Liquidity 3.0

Investment grade credit ratings

31 Dec

2018

31 Dec

2019

Fitch BBB BBB

Standard & Poor’s BBB BBB

Facilities & liquidity

1,044 1,145 1,152 1,231 1,458

2,517 2,612 2,804

3,418

4,775

2.4x 2.3x2.4x

2.8x

3.3x

0

1

2

3

4

5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2015 2016 2017 2018 2019

EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

2019 includes impact of IFRS16

¹ EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES (EXCL IFRS 16 IMPACT)

20

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

MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE

CITY CENTRE AL ZAHIASUPER REGIONAL MALL (SHARJAH) GLA: 136,000 M2

UAE

KSA

MALL OF OMANSUPER REGIONAL MALL (MUSCAT, OMAN) GLA: 142,000 M2

MALL OF SAUDISUPER REGIONAL MALL (NORTH RIYADH) GLA: 321,000 M2

OMAN

MALL DEVELOPMENT PIPELINE RETAIL AND CINEMA PIPEINE

2020 STORESCINEMA SCREENS

UAE 6 32

KSA 5 87

EGYPT 10 -

OTHERS 1 20+ -

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

21

IN SUMMARY

Appropriately managing the risks

Focused on sustainable growth

A strong foundation

• Strong balance sheet

• Stable cash flow generation

• Best in class corporate governance

• Established track record, reputation & brand

• Diversified sources of funding

• Focus on diversification

• Cost optimization and operating efficiencies

• Business performance management

• Top down capital allocation

• Stress testing

• Country risk management

• Defined policies & procedures

22

CONTENTS

TABLE OF CONTENTS

Majid Al Futtaim 2019 Performance Update

Appendix

• Majid Al Futtaim Group Overview

23

MAJID AL FUTTAIM GROUP OVERVIEW (1/2)

BEST IN CLASS GOVERNANCE PRINCIPLES

• Voluntarily adopted the principles of the Combined Code on Corporate Governance for listedcompanies in the UK

• Strong operating company board structures reporting to a group board

SOLID TRACK RECORD

Majid Al Futtaim HoldingLLC Consolidated Financials (USDmn)

REGIONAL FOOTPRINT

1

16countriessince 1992

GROUP CORPORATE STRUCTURE

MR. MAJID AL FUTTAIM

(FOUNDER)MR. TARIQ AL FUTTAIM

MAJID AL FUTTAIM CAPITAL LLC

MAJID AL FUTTAIM HOLDING(RATED BBB/BBB)

MAJID AL FUTTAIM

RETAILMAJID AL FUTTAIM

PROPERTIES

ShoppingMalls

Hotels

Communities

Project Management

Carrefour

MAJID AL FUTTAIM

VENTURES

Cinemas Gourmet Gulf(JV)

L&E Enova (JV)

Fashion

Finance

99.6% 0.4%

HIGHEST RATED PRIVATELY OWNED CORPORATE IN THE GCC

Rating Agency Rating Outlook Latest Affirmation Date

Standard & Poor’s BBB Stable July 2019

Fitch Ratings BBB Stable Nov 2019

1Majid Al Futtaim Retail closed their hypermarketin Kazakhstan on 30 June 2017

but continue to retain the country head office

7,4458,128

8,7889,436 9,573

10441,145 1,152

1,253 1,261

2015 2016 2017 2018 2019

Revenue EBITDA

24

MAJID AL FUTTAIM GROUP OVERVIEW (2/2)

SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY

FINANCIAL HIGHLIGHTS

Majid Al Futtaim has a proven track record of delivering strong

financial results on the back of an effective growth strategy

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

EBITDA 1,044 1,145 1,152 1,253 1,261

The Group’s ability to combine capital intensive high margin business (shopping malls) with capital light, high volume business (hypermarkets) allows it to effectively manage its growth.

EBITDA MARGIN BY ENTITY (%)

MAJID AL FUTTAIM RETAIL (USDmn)

MAJID AL FUTTAIM PROPERTIES (USDmn)

MAJID AL FUTTAIM VENTURES (USDmn)63% 63% 64% 64% 65%

5% 5% 5% 5% 5.1%

13% 12% 12% 13% 15%

0%

10%

20%

30%

40%

50%

60%

70%

2015 2016 2017 2018 2019

MAF Properties MAF Retail MAF Ventures

1,114 1,223 1,254

1,264 1,256

710 766 800 814 813

2015 2016 2017 2018 2019

Revenue EBITDA

6,011 6,503 7,049 7,622 7,662

319 335 330 380 391

2015 2016 2017 2018 2019

Revenue EBITDA

393 492 577 651 761

51 72 70 87 113

2015 2016 2017 2018 2019

Revenue EBITDA

25

BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES

GROUP’S CORE BUSINESS

OVERVIEW OF MAJID AL FUTTAIM PROPERTIES MAJID AL FUTTAIM PROPERTIES’ KEY STRENGTHS

13 Hotels11 in UAE2 in Bahrain

ALLIANCES AND PARTNERSHIPS

WITH KEY RETAILERS

ESTABLISHED TRACK RECORD, REPUTATION

& BRAND

UNIQUE LEISURE OFFERS

(Through Majid Al Futtaim Ventures)

MAJID AL FUTTAIM PROPERTIES

IN-HOUSE EXPERTISE (FULLY INTEGRATED

OPERATIONS)

PRIME LOCATIONS SECURED

FOR BUSINESS

MILLION200 VISITORS AND

GROWING ANNUALLY ACROSS ALL OF OUR MALLS

SHOPPING MALLS SUCCESSFULLY OPERATINGIN 5 COINTRIES ACROSS THE MIDDLEEAST AND NORTH AFRICA26

OVER 1.5MILLION SQM

MILLION SQM OF GLA OF PRIME RETAIL SPACE AND EXPANDING

OVER 1.5 3 NEW PROJECTS IN THE DEVELOPMENTPIPELINE IN 3 COUNTRIES ACROSS THE REGION

171 175 186 192 200

97% 98% 94%95% 93%

72% 75%76% 75% 80%

0%

50%

100%

150%

0

30

60

90

120

150

180

2015 2016 2017 2018 2019

Total Shopping Mall Footfall - Million Shopping Mall Occupancy

Hotels Occupancy

26

MAJID AL FUTTAIM PROPERTIES (1/2)

Mall of the Emirates Opened: 2005 , 255k m2 GLA Occupancy Rate : 94%

City Centre Al Shindagha Opened: 2016 , 25k m2 GLA Occupancy Rate : 92%

City Centre Sharjah Opened: 2001 , 51k m2 GLA Occupancy Rate : 99%

City Centre Ajman Opened: 1998 , 55k m2 GLA Occupancy Rate : 97%

City Centre Fujairah Opened: 2012 , 35k m2 GLA Occupancy Rate : 96%

My City Centre Masdar Opened: 2019 , 18k m2 GLA Occupancy Rate : 77%

My City Centre Al Dhait Opened: 2018 , 5k m2 GLA Occupancy Rate : 71%

My City Centre Al BarshaOpened: 2016 , 4k m2 GLAOccupancy Rate : 86%

My City Centre NasseriyaOpened: 2014 , 5k m2 GLAOccupancy Rate : 77%

City Centre MirdiffOpened: 2010 , 203k m2 GLA Occupancy Rate : 92%

City Centre DeiraOpened: 1995 , 117k m2 GLA Occupancy Rate : 96%

City Centre Me’aisem Opened: 2015 , 23k m2 GLA Occupancy Rate : 92%

UA

E

27

MAJID AL FUTTAIM PROPERTIES (2/2)

Mall of EgyptOpened: 2017 , 162k m2GLA Occupancy Rate : 93%

City Centre Alexandria Opened: 2003 , 64k m2 GLA Occupancy Rate : 95%

City Centre Maadi Opened: 2002 , 30k m2GLA Occupancy Rate : 99%

City Centre Muscat Opened: 2001 , 69k m2 GLA Occupancy Rate : 100%

City Centre Qurum Opened: 2005 , 27k m2GLA Occupancy Rate : 99%

City Centre Beirut Opened: 2013 , 63k m2GLA Occupancy Rate : 92%

City Centre SuharOpened: 2019 , 35k m2GLA Occupancy Rate : 87%

My City Centre Sur Opened: 2018 , 16k m2GLA Occupancy Rate : 93%

City Centre Bahrain Opened: 2008 , 160k m2GLA Occupancy Rate : 96%

OM

AN

EGY

PT

BA

HR

AIN

LEB

AN

ON

City Centre Al MazaOpened: 2019 , 102k m2GLA Occupancy Rate : 83%

28

BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL

GENERATING STEADY CASHFLOWS

OVERVIEW OF MAJID AL FUTTAIM RETAIL

306North Africa and CIS Regions

In 15 countries Across the Middle East,

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 approval on new store openings.

CountriesAcross the Middle East, North Africa and CIS Regions

Ca

rref

ou

r

Ou

tlet

s Over45New storesplanned in2020

ExclusiveFranchiseRights for 37

OPERATING FRAMEWORK

Low Prices Good Quality Wide Choices

Majid Al Futtaim Retail aims to capitalize on its strong supply chain and procurement procedures to deliver value to its customers.

Purchasing Power

Reinvest Rebates

Supplier Rebates

Sales Volume

29

MAJID AL FUTTAIM RETAIL

Kuwait

Bahrain

Kazakhstan 1

Egypt

Pakistan

Saudi Arabia

Lebanon

Iraq

Jordan

Oman

Qatar

UAE

Georgia

Armenia

KenyaUganda

Country Hyper Super

UAE 31 73

Oman 10 3

Pakistan 7 1

Bahrain 9 4

Armenia 0 2

Egypt 15 38

Jordan 5 33

Kuwait 3 5

Lebanon 3 2

Kenya 6 1

KSA 18 1

Qatar 5 5

Iraq 4 2

Georgia 2 17

Uganda 1 0

TOTAL 119 1871Majid Al Futtaim Retail closed their hypermarket

in Kazakhstan on 30 June 2017 but continue to retain the country head office

30

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

511 Cinema ScreensAcross the MENARegion

95 Stores in7Countries

Provides unique leisure offerings to Majid Al Futtaim malls

Majid Al Futtaim Leisure & Entertainment LLC

Majid Al Futtaim Finance LLC

Majid Al Futtaim Cinemas LLC

Majid Al Futtaim Fashion LLC

Credit Card Issuer Business

Introduced Visa Cards in 2010

Over 143KCards in Force

JOINT VENTURE COMPANIES

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

31

ROBUST GOVERNANCE STRUCTURE

BOARD RESPONSIBILITIES

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

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

32

MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS

Sir Michael RakeChairman

Chairman of Phoenix Global Services and Wireless Logic Group

Former Chairman of BT Group and KPMG International

Sir Ian DavisNon-Executive Director

Chairman of Rolls Royce andformer Worldwide Managing Director at

McKinsey & Company

Tariq Al FuttaimNon-Executive Director

Former chairman of the Majid Al Futtaim Charity Foundation

Alan KeirNon-Executive Director

Non Executive Director atHSBC UK Bank Plc

Non Executive Director atSumitomo Mitsui Banking Corporation

Victor ChuNon-Executive Director

Chairman of FirstEastern Investment Group

Co-founder and director of Peach Aviation

Lord RoseNon-Executive Director

Chairman of Ocado andNon Executive Director of Woolworths

Holding LimitedFormer CEO of Marks and Spencerplc

Luc VandeveldeNon-Executive Director

Founder and Chairman of Change Capital Partners LLP

Former Chairman of the Carrefour Group and Mark and Spencer

Philip BowmanNon-Executive Director

Independent Director of FerrovialS.A Former Chief Executive of Smiths

Group plc and Director of Burberry Group

Alain Bejjani Chief Executive Officer of Majid Al FuttaimHolding

Former Executive Vice-Chairmanof the Investment Development

Authority of Lebanon

33