INVESTOR PRESENTATION - Majid Al Futtaim Group

INVESTOR PRESENTATION

February 2019

2

Majid Al Futtaim FY 2018 Performance Update

Appendix

▪ Majid Al Futtaim Group Overview

CONTENTS

TABLE OF CONTENTS

2

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

WE ARE NAVIGATING A CHALLENGING MARKET ENVIRONMENT

Geopolitical shifts across the ME

Oil Price Volatility

Egyptian economy improving

Global Trade Wars

3

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

Maintain leadership in our core countries

Expand to be leadersin adjacent/core

geographies

Build a foundation position in Africa

Grow at scale at least one adjacent

business

Protect our leadership position in the UAE

Expand our presence inEgypt and Saudi Arabia, driven by our shopping

malls business

Expand in additionalAfrican countries,

primarily with Carrefour

Evaluate business opportunities in adjacent

businesses

WHILE REMAINING COMMITTED TO OUR STRATEGIC PRIORITIES

4

Our aspiration is to become a regionally focused lifestyle conglomerate

…with a stellar international reputation

Seamless andIntegrated OmnichannelOffering

Creating great moments for everyone, everyday

1

signature

customer

experience

2

Top notch

talent and

capabilities

Brand & Customer

Experience

Digital Customer Intelligence

HumanCapital

Long Term Strategy

WITH THE RIGHT ENABLERS AND MINDSET

5

THE ‘MAF WAY’ OF OPERATIONAL EXCELLENCE

Top Notch

Talent and

Capabilities

Signature

Customer

Experience

Create an exceptional peopleenvironment

Be a pioneer

Execute flawlessly

Adopt a founder’s mentality

1 2 3 4Enablers

great

moments

for everyone,

everyday

“

”

A LEAN AND AGILE APPROACH

Cost & Balance Sheet Optimization

Procurement and Supply Chain

Capability Building Financial Discipline in Investments

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

UAE50%

Egypt7%

Bahrain5%

Qatar7%

Saudi9%

Oman5%

Others¹17%

UAE 66%

Egypt6%

Bahrain8%

Qatar5%

Saudi 2%

Oman5% Others¹

7%

By Revenue By EBITDA

Properties13%

Retail81%

Ventures7%

Properties65%

Retail31%

Ventures7%

By Revenue By EBITDA

STABILITY AND STRENGTH THROUGH DIVERSIFICATION

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

6

FY 2018 PERFORMANCE: MAJID AL FUTTAIM PROPERTIES

Operational Highlights

Malls avg occupancy1 95%

Footfall y-o-y 4%

Rent to sales 13%

Hotels avgoccupancy

REVPAR change y-o-y

75%

-13%

Extended our network of community malls with the opening 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 opening of Aloft City Centre Deira

7

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

FY 2018 PERFORMANCE: MAJID AL FUTTAIM RETAIL

Operational Highlights Revenue(USDmn)

EBITDA(USDmn)

Sales (LFL) -4%

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

8

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

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

9

Further expanded our cinema network across the region with additional openings in Egypt, Bahrain and Kuwait

Expanded the portfolio of L&E with additional openings

577651

FY 2017 FY 2018

70 87

FY 2017 FY 2018

GROUP DEBT PROFILE (1/2)

10

Majid Al Futtaim Group’s

Balanced Funding Profile

(USD bn)

31 Dec 2018 Notes

Majid Al Futtaim Holding 3.0Primarily Senior Unsecured

obligations at Holding level

Majid Al Futtaim Properties 0.5Primarily Senior Unsecured

obligations at Properties level

Others 0.3Primarily project finance with

limited recourse to borrower

Total 3.8500800

500

97

36 55 64 437

1,033

280

0

400

800

1200

1600

2000

2019 2020 2021 2022 2023 2024 2025+

Capital Markets Bank Debt

Debt Maturity Profile (USD mn)

4.6 yrsWeighted Average

Debt Life

$2.4bnUndrawn 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$400mnIssued new perp to

replace 2013 NC5

inaugural hybrid

GROUP DEBT PROFILE (2/2)

11

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 2.4x2.7x

0

1

2

3

4

5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2014 2015 2016 2017 2018EBITDA Net Debt (USD mn) Net Debt / EBITDA (times)

Strong Leverage Metrics

Funding Risk Management Framework Policy/Covenant31 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

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 SuharCommunity Mall (Suhar)

GLA: 40,000 M2

2018

PLANNED CONSTRUCTION START PLANNED OPENING

2022

12

My City Centre MasdarCommunity Mall (Abu Dhabi)

GLA: 18,725 M2

City Centre AlmazaRegional Mall (Cairo)

GLA: 103,000 M2

Oman

City Centre Al ZahiaSuper Regional Mall (Sharjah)

GLA: 136,000 M2

Mall of OmanSuper Regional Mall (Muscat, Oman)

GLA: 145,000 M2

City Centre IshbiliyahSuper Regional Mall (East Riyadh)

GLA: 114,000 M2

Mall of SaudiSuper Regional Mall (North Riyadh)

GLA: 321,000 M2

UAE

Oman

KSA

KSA

City Centre Al JaziraRegional Mall (Abu Dhabi)

GLA: 80,500 M2

UAE

13

A strong foundation

Positioned to seize opportunities amidst a volatile environment

Appropriately managing the risks

------------------------------------------------------------------------------------------------------------------------

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➢ 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

13

14

Majid Al Futtaim FY 2018 Performance Update

Appendix

▪ Majid Al Futtaim Group Overview

CONTENTS

TABLE OF CONTENTS

14

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

IraqLebanon

Saudi Arabia

Kuwait

Qatar

6,8687,445

8,1288,788

9,436

9771044

1,145 1,1521,253

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

15

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.

16

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%

0

30

60

90

120

150

180

2014 2015 2016 2017 2018Total Shopping Mall Footfall - Million Shopping Mall Occupancy Hotels Occupancy

17

13 Hotels11 in UAE

2 in Bahrain

OVER 7NEW PROJECTS IN

DEVELOPMENT ACROSS

4 COUNTRIES AND

MORE I N THE PIPELINE

ACROSS THE REGION

192 MILLION

24

18

18

MAJID AL FUTTAIM SHOPPING MALLS PORTFOLIO

Existing Projects Projects in Development

MAJID AL FUTTAIM PROPERTIES (1/2) UAE

19

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%

20

MAJID AL FUTTAIM PROPERTIES (2/2)O

MA

N

LE

BA

NO

N

EG

YP

T

BA

HR

AIN

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%

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

21

264In 14 countries Across the Middle East,

Ca

rrefo

ur

Ou

tle

ts

North Africa and CIS Regions

38Exclusive

Franchise

Rights for

CountriesNorth Africa and CIS Regions

Across the Middle East,

Over 20New stores

planned

MAJID AL FUTTAIM RETAILCARREFOUR STORES

22

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 0

Bahrain 8 4

Armenia 0 2

Egypt 13 27

Jordan 5 27

Kuwait 3 5

Lebanon 3 0

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

Majid Al Futtaim Cinemas LLCMajid Al Futtaim Leisure & Entertainment LLC

BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES

SEEKING COMPLEMENTARY BUSINESSES

23

Majid Al Futtaim Fashion LLCMajid Al Futtaim Finance LLC

➢ Provides unique leisure offerings to Majid Al Futtaim malls

353 Cin

em

a

Scre

en

s

Across the MENA Region

Over 140kCards in Force

➢ Credit Card Issuer Business

Introduced Visa

Cards in 2010

967CountriesStores 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

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

24

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 HSBCNon 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 EasternInvestment Group

Co-founder and director of Peach Aviation

MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS

25

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