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INVESTOR PRESENTATION February 2019 CONTENTS TABLE OF CONTENTS Majid Al Futtaim FY 2018 Performance Update Appendix Majid Al Futtaim Group Overview USD / AED EXCHANGE RATE OF 3.6725 IS USED THROUGHOUT THE PRESENTATION 2 2 WE ARE

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INVESTOR PRESENTATION

February 2019

SLIDE 2

Majid Al Futtaim FY 2018 Performance Update Appendix ▪ Majid Al Futtaim Group Overview

CONTENTS

TABLE OF CONTENTS

USD / AED EXCHANGE RATE OF 3.6725 IS USED THROUGHOUT THE PRESENTATION

SLIDE 3

WE ARE NAVIGATING A CHALLENGING MARKET ENVIRONMENT

Geopolitical shifts across the ME Oil Price Volatility Egyptian economy improving Global Trade Wars

Stronger USD Fiscal Reforms across GCC

Retail Landscape

Evolving Consumer Behavior Intensifying Competition Substitution Effect

➢ Value migrating from brick-and- mortar to e-commerce ➢ Increased Automation in Last Mile Delivery ➢ Greater emphasis on personalized services and experiences ➢ Hyper-connected consumer redefining value ➢ Stores will transition to places that tell stories through experiences ➢ Disruptive technology such as IOT, AI, Augmented Reality.

Sector Trends Macro Trends

SLIDE 4

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

ne adjacent

business

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

pportunities in adjacent

businesses

WHILE REMAINING COMMITTED TO OUR STRATEGIC PRIORITIES

Our aspiration is tobecome a regionallyfocusedlifestyleconglomerate …with a stellar internationalreputation

Seamless andIntegratedOmnichannelOffering

Creating great moments for everyone, everyday

1 signature customer experience 2 Top notch talent and capabilities

Brand & Customer Experience Digital Customer Intelligence

Human Capital

Long Term Strategy

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WITH THE RIGHT ENABLERS AND MINDSET

THE ‘MAF WAY’ OF OPERATIONAL EXCELLENCE

Top Notch Talent and Capabilities Signature Customer Experience Create an exceptional people environment Be a pioneer Execute flawlessly Adopt a founder’s mentality

1 2 3 4

Enablers

great moments for everyone, everyday

“ ”

A LEAN AND AGILE APPROACH

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

SLIDE 6

SUMMARY OF MAJID AL FUTTAIM’S FY 2018 PERFORMANCE

RESILIENT FINANCIAL PERFORMANCE DELIVERED IN FY 2018

Revenue

+7% Vs PY to:

USD 9.4bn

EBITDA

+9% Vs PY to:

USD 1.3bn

Assets

+2% Vs PY to:

USD 16.4bn

Geographical Split – 31 December 2018 Segmental Split – 31 December 2018

UAE 50% Egypt 7% Bahrain 5% Qatar 7% Saudi 9% Oman 5% Others¹ 17% UAE 66% Egypt 6% Bahrain 8% Qatar 5% Saudi 2% Oman 5% Others¹ 7%

By Revenue By EBITDA

Properties 13% Retail 81% Ventures 7% Properties 65% Retail 31% Ventures 7%

By Revenue By EBITDA

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

¹ OTHERS INCLUDES KUWAIT, JORDAN, PAKISTAN, LEBANON, IRAQ, GEORGIA, ARMENIA, KENYA

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FY 2018 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Operational Highlights

Malls avgoccupancy1 95% Footfall y-o-y 4% Rent to sales 13% Hotels avgoccupancy REVPAR change y-o-y 75%

Extended our network of community malls with the

pening of My City Centre Al Dhait

in UAE and My City Centre Sur and City Centre Suhar in Oman

1 EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 96% GRESB: GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKS

Grew our hotel portfolio with the

pening of Aloft City Centre Deira

Work is continuing on City Centre Almaza in Cairo Egypt and My City Centre Masdar, in Abu Dhabi due to

pen in 2019.

Revenue

(USDmn)

EBITDA

(USDmn) Recognized by the GRESB with a ‘Green Star’ Rating for the 5th year in a row 1,254 1,264

FY 2017 FY 2018

800 814

FY 2017 FY 2018

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FY 2018 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue

(USDmn)

EBITDA

(USDmn) Sales (LFL)

Hypermarket openings Supermarket openings 10 23 Total stores 264 Announced a strategic partnership with the Ministry of Investment and International Cooperation in Egypt Inaugurated Carrefour regional distribution center

launched Carrefournow.com express delivery service Expanded our footprint in Kenya Entered into further strategic partnerships in last-mile delivery 7,049 7,622

FY 2017 FY 2018

330 383

FY 2017 FY 2018

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FY 2018 PERFORMANCE: MAJID AL FUTTAIM VENTURES

Revenue

(USDmn)

EBITDA

(USDmn) Cinema screens added New L&E venues 52 5

Operational Highlights

Inaugurated the first cinema multiplex in Saudi Arabia, following the lifting of a 40 year ban Total cinema screens 353

Further expanded our cinema network across the region with additional

penings in Egypt, Bahrain and Kuwait

Expanded the portfolio of L&E with additional openings 577 651

FY 2017 FY 2018

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GROUP DEBT PROFILE (1/2)

Majid Al Futtaim Group’s Balanced Funding Profile (USD bn) 31 Dec 2018 Notes Majid Al Futtaim Holding 3.0

Primarily Senior Unsecured

bligations at Holding level

Majid Al Futtaim Properties 0.5

Primarily Senior Unsecured

bligations at Properties level

Others 0.3

Primarily project finance with limited recourse to borrower

Total 3.8 500 800 500 97 36 55 64 437 1,033 280 400 800 1200 1600 2000 2019 2020 2021 2022 2023 2024 2025+ Capital Markets Bank Debt

Debt Maturity Profile (USD mn)

4.6 yrs

Weighted Average Debt Life

$2.4bn

Undrawn Available Committed Lines

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

All Senior Unsecured financing obligations rank pari passu among themselves

Majid Al Futtaim Holding

Cross guarantees

Majid Al Futtaim Properties

Refinanced $1.6bn existing bank loan facilities + added $0.9bn of new commitments

$2.5bn $400mn

Issued new perp to replace 2013 NC5 inaugural hybrid

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GROUP DEBT PROFILE (2/2)

Investment grade credit ratings 31 Dec 2017 31 Dec 2018 Fitch BBB BBB Standard & Poor’s BBB BBB

1EBITDA INTEREST COVER MEANS EBITDA OVER NET FINANCE CHARGES

Debt Capital Markets Issuances % $bn Bonds 21% 1.3 Sukuk 8% 0.5 Total Debt Capital Markets Issuances 29% 1.8 Bank Facilities % $bn Drawn 32% 2.0 Undrawn 39% 2.4 Total 71% 4.4 Total Bank Commitments & Debt Capital Markets 100% 6.2 Less Drawn (3.8) Plus Cash 0.4 Total Liquidity 2.8 Facilities & liquidity

977 1,044 1,145 1,152 1,253 2,179 2,517 2,612 2,817 3,418 2.2x 2.4x 2.3x 2.4x 2.7x 1 2 3 4 5 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2014 2015 2016 2017 2018

EBITDA Net Debt (USD mn) Net Debt / EBITDA (times) Strong Leverage Metrics Funding Risk Management Framework Policy/Covenant 31 Dec 2017 31 Dec 2018 Liquidity Coverage - Months 18 27 49 Interest Rate Risk - Duration in Years 0.5-3.5 2.3 2.3 EBITDA Interest Cover (x) 1 >2.0 >10 8x EBITDA from encumbered assets as % of total EBITDA 4% 4% Secured debt as a percentage of Gross Debt 6% 8%

NET/DEBT EBITDA ADJUSTED AS PER S&P METHODOLOGY AT ~4.0X

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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 EGYPT UAE

2019 2020 2021 2023 onwards

City Centre Suhar

Community Mall (Suhar) GLA: 40,000 M2

2018

PLANNED CONSTRUCTION START PLANNED OPENING

2022

My City Centre Masdar

Community Mall (Abu Dhabi) GLA: 18,725 M2

City Centre Almaza

Regional Mall (Cairo) GLA: 103,000 M2

Oman

City Centre Al Zahia

Super Regional Mall (Sharjah) GLA: 136,000 M2

Mall of Oman

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

City Centre Ishbiliyah

Super Regional Mall (East Riyadh) GLA: 114,000 M2

Mall of Saudi

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

UAE Oman KSA KSA

City Centre Al Jazira

Regional Mall (Abu Dhabi) GLA: 80,500 M2

UAE

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A strong foundation Positioned to seize opportunities amidst a volatile environment Appropriately managing the risks

➢ Strong balance sheet

➢ Stable cash flow generation ➢ Best in class corporate governance ➢ Established track record, reputation & brand ➢ Diversified sources of funding ➢ Maintaining strong UAE position ➢ Expanding in growth markets ➢ Business performance management ➢ Top down capital allocation ➢ Stress testing ➢ Country risk management ➢ Defined polices & procedures

In Summary

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Majid Al Futtaim FY 2018 Performance Update Appendix ▪ Majid Al Futtaim Group Overview

CONTENTS

TABLE OF CONTENTS

SLIDE 15

MAJID AL FUTTAIM GROUP OVERVIEW (1/2)

Best in Class Governance Principles

✓ 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 Rating Agency Rating Outlook Latest Affirmation Date Standard & Poor’s BBB Stable July 2018 Fitch Ratings BBB Stable July 2018

Highest Rated Privately Owned Corporate in the GCC Group Corporate Structure Solid Track Record Regional Footprint – 15¹ countries since 1992

Kazakhstan Pakistan Kenya Egypt Georgia Armenia Bahrain UAE Iraq Lebanon Saudi Arabia Kuwait Qatar

6,868 7,445 8,128 8,788 9,436 977 1044 1,145 1,152 1,253 2014 2015 2016 2017 2018 Revenue EBITDA

Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)

MAJID AL FUTTAIM HOLDING (Rated BBB/BBB) MAJID AL FUTTAIM PROPERTIES MAJID AL FUTTAIM RETAIL MAJID AL FUTTAIM VENTURES

Shopping Malls Hotels Communities Project Management

Mr. Majid Al Futtaim

(Founder)

Mr. Tariq Al Futtaim

MAJID AL FUTTAIM CAPITAL LLC

Carrefour Cinemas L&E Finance Fashion Gourmet Gulf (JV) Enova (JV)

99.6% 0.4% 99.9%

* *¹ MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017

BUT CONTINUE TO RETAIN THE COUNTRY HEAD OFFICE

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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 results on the back of an effective growth strategy Majid Al Futtaim Holding LLC Consolidated Financials (USDmn) Item 2014 2015 2016 2017 2018 Assets 12,151 13,853 14,375 16,081 16,436 Revenue 6,868 7,445 8,128 8,788 9,436 EBITDA 977 1,044 1,145 1,152 1,253

Majid Al Futtaim Retail (USDmn) Majid Al Futtaim Ventures (USDmn) 1,040 1,114 1,223 1,254 1,264 645 710 766 800 814 2014 2015 2016 2017 2018

Revenue EBITDA

5,603 6,011 6,503 7,049 7,622 312 319 335 330 383 2014 2015 2016 2017 2018

Revenue EBITDA

293 393 492 577 651 41 51 72 70 87 2014 2015 2016 2017 2018

Revenue EBITDA

EBITDA Margin by Entity (%)

62% 63% 63% 64% 64% 6% 5% 5% 5% 5% 14% 13% 12% 12% 13%

0% 10% 20% 30% 40% 50% 60% 70% 2014 2015 2016 2017 2018 MAF Properties MAF Retail MAF Ventures

▪ 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.

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BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES

GROUP’S CORE BUSINESS

¹ EXCLUDING MALL OF EGYPT OCCUPANCY STANDS AT 96%

Overview of Majid Al Futtaim Properties Majid Al Futtaim Properties’ Key Strengths

MAJID AL FUTTAIM PROPERTIES Alliances and Partnerships with Key Retailers Established Track Record, Reputation & Brand Prime Locations Secured for Business In-House Expertise (Fully Integrated Operations) Unique Leisure Offers

(Through Majid Al Futtaim Ventures)

167 171 175 186 192 97% 97% 98% 94% 95% 69% 72% 75% 76% 75% 0% 50% 100% 150% 30 60 90 120 150 180 2014 2015 2016 2017 2018

Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Occupancy

13 Hotels

11 in UAE 2 in Bahrain

OVER 7

NEW PROJECTS IN DEVELOPMENT A CROSS 4 COUNTRIES A ND MORE I N THE PIPELINE A CROSS THE REGION

192 MILLION

24

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MAJID AL FUTTAIM SHOPPING MALLS PORTFOLIO

Existing Projects Projects in Development

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MAJID AL FUTTAIM PROPERTIES (1/2) UAE

Mall of the Emirates Opened: 2005 , 248k m2 GLA Occupancy Rate : 96% City Centre Mirdiff Opened: 2010 , 198k m2 GLA Occupancy Rate : 95% City Centre Deira Opened: 1995 , 118k m2 GLA Occupancy Rate : 99% City Centre Me’aism Opened: 2015 , 24k m2 GLA Occupancy Rate : 96% City Centre Al Shindagha Opened: 2016 , 25k m2 GLA Occupancy Rate : 89% City Centre Sharjah Opened: 2001 , 38k m2 GLA Occupancy Rate : 99% City Centre Ajman Opened: 1998 , 30k m2 GLA Occupancy Rate : 97% City Centre Fujairah Opened: 2012 , 34k m2 GLA Occupancy Rate : 100% My City Centre Nasseriya Opened: 2014 , 5.5k m2 GLA Occupancy Rate : 86% My City Centre Al Barsha Opened: 2016 , 3.7k m2 GLA Occupancy Rate : 92% My City Centre Al Dhait Opened: 2018 , 5k m2 GLA Occupancy Rate : 71%

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MAJID AL FUTTAIM PROPERTIES (2/2)

OMAN LEBANON EGYPT BAHRAIN

Mall of Egypt Opened: 2017 , 164k m2GLA Occupancy Rate : 86% City Centre Alexandria Opened: 2003 , 48k m2GLA Occupancy Rate : 99% City Centre Maadi Opened: 2002 , 29k m2GLA Occupancy Rate : 100% My City Centre Sur Opened: 2018 , 16k m2GLA Occupancy Rate : 90% City Centre Qurum Opened: 2005 , 27k m2GLA Occupancy Rate : 97% City Centre Muscat Opened: 2001 , 69k m2GLA Occupancy Rate : 99% City Centre Bahrain Opened: 2008 , 157k m2GLA Occupancy Rate : 94% City Centre Beirut Opened: 2013 , 62k m2GLA Occupancy Rate : 94%

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BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL

GENERATING STEADY CASHFLOWS Overview of Majid Al Futtaim Retail Operating Framework

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

Sales Volume Purchasing Power Supplier Rebates Reinvest Rebates

Low Prices Good Quality Wide Choices

264

In 14 countries Across the Middle East,

Carrefour Outlets

North Africa and CIS Regions

38

Exclusive Franchise Rights for

Countries

North Africa and CIS Regions Across the Middle East,

Over 20

New stores planned

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MAJID AL FUTTAIM RETAIL

CARREFOUR STORES

Kuwait Kenya Bahrain Kazakhstan Egypt Pakistan Saudi Arabia Lebanon Iraq Jordan Oman Qatar UAE Georgia Armenia

Country Hyper Super UAE 28 69 Oman 9 2 Pakistan 6 Bahrain 8 4 Armenia 2 Egypt 13 27 Jordan 5 27 Kuwait 3 5 Lebanon 3 Kenya 3 4 KSA 17 1 Qatar 5 5 Iraq 4 1 Georgia 2 11

* *MAJID AL FUTTAIM RETAIL CLOSED THEIR HYPERMARKET IN KAZAKHSTAN ON 30 JUNE 2017

BUT CONTINUE TO RETAIN THE COUNTRY HEAD OFFICE

SLIDE 23

Majid Al Futtaim Cinemas LLC Majid Al Futtaim Leisure & Entertainment LLC

BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES

SEEKING COMPLEMENTARY BUSINESSES

Majid Al Futtaim Fashion LLC Majid Al Futtaim Finance LLC

➢ Provides unique leisure offerings to Majid Al Futtaim malls

353

Cinema Screens Across the MENA Region

Over 140k

Cards in Force

➢ Credit Card Issuer Business Introduced Visa Cards in 2010

96

7Countries Stores in

Wholly-Owned Companies Joint Venture Companies

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

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. ENOVA by VEOLIA

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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

f 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

SLIDE 25

Sir Michael Rake Chairman Chairman of Worldpay Group LLC and Director of McGraw Hill Former Chairman of BT Group and KPMG International Ian Davis Non-Executive Director Chairman of Rolls Royce and former Worldwide Managing Director at McKinsey & Company Tariq Al Futtaim Non-Executive Director Former chairman of the Majid Al Futtaim Charity Foundation Alan Keir Non-Executive Director Non Executive Director at HSBC Non Executive Director at Sumitomo Mitsui Banking Corporation Alain Bejjani Chief Executive Officer of Majid Al Futtaim Holding Former Executive Vice- Chairman of the Investment Development Authority of Lebanon Victor Chu Non-Executive Director Chairman of First Eastern Investment Group Co-founder and director of Peach Aviation

MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS

Lord Rose Non-Executive Director Former CEO of Marks and Spencer plc Chairman of Ocado and Non Executive Director of Woolworths Holding Limited Luc Vandevelde Non-Executive Director Founder and Chairman of Change Capital Partners LLP Former Chairman of the Carrefour Group and Mark and Spencer Philip Bowman Non-Executive Director Independent Director of Ferrovial S.A Former Chief Executive of Smiths Group plc and Director of Burberry Group