#1Grab GAO Grab Q1 2021 Earnings Call August 2021#2Disclaimer Forward-Looking Statements This presentation (this "Presentation") contains forward-looking statements regarding Grab Holdings Inc.'s (the "Company") future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. All statements other than statements of historical fact contained in this Presentation, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" or other similar expressions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company as of the date of this Presentation, and may include, without limitation, changes in general economic conditions as a result of COVID-19, all of which are accordingly subject to change. Any such estimates, assumptions, expectations, forecasts, views or opinions set forth in this Presentation should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements contained in this Presentation are subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the "SEC") by Grab Holdings Limited ("GHL") on August [2], 2021 and other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor assess the impact of all factors on the Company's business or the extent to which any factor, or combination of factors, may cause the Company's actual results, performance or financial condition to be materially different from the expectations of future results, performance of financial condition. All information provided in this Presentation is as of the date of this Presentation and any forward-looking statements contained herein are based on assumptions that the Company believes to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this Presentation, which are based on information available to the Company on the date hereof. The Company undertakes no duty to update this information unless required by law. 2#3Disclaimer Use of Historical Financial Information and Non-IFRS Financial Measures The Company's unaudited selected financial data for the three months ended March 31, 2021 and 2020 included in this Presentation is based on financial data derived from the Company's management accounts that have not been reviewed or audited and are subject to further review and updates. The Company's reporting currency is the U.S. dollar. This Presentation also includes references to non-IFRS financial measures, which include: Gross Billings, Adjusted Net Sales, Adjusted EBITDA, Total Segment Adjusted EBITDA and Segment Adjusted EBITDA. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measures with comparable names used by other companies. The Company uses these non-IFRS financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and the Company's management believes that these non-IFRS financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of its recurring core business operating results. For example, the Company's management uses: (i) Gross Billings as an indicator of the Company's growth and business performance as it measures the dollar volume of transactions on its platform; (ii) Adjusted Net Sales as a key metric to measure top-line growth of the Company's business segments as it adjusts the Company's revenue by adding back consumer incentives and excess driver/merchant incentives; and (iii) Total Segment Adjusted EBITDA as a useful indicator of the economics of the Company's business segments, as it does not include regional corporate costs. There are a number of limitations related to the use of non-IFRS financial measures. In light of these limitations, we provide specific information regarding the IFRS amounts excluded from these non-IFRS financial measures and evaluating these non-IFRS financial measures together with their relevant financial measures in accordance with IFRS. This Presentation also includes "Pre-InterCo" data that does not reflect elimination of intragroup transactions, which means such data includes earnings and other amounts from transactions between entities within the Company group that are eliminated upon consolidation. Such data differs materially from the corresponding figures post-elimination of intra-group transactions. Industry and Market Data This Presentation also contains information, estimates and other statistical data derived from third party sources (including Euromonitor), including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies used in market research, Euromonitor cannot guarantee the accuracy of such information. You are cautioned not to give undue weight on such estimates. The Company has not independently verified such third party information, and makes no representation as to the accuracy of, such third party information. 3#4Business Update 2 2021 Q1 Results 3 Update on Public Listing Process 4 COVID-19 Update & Grab Initiatives 5 Non-IFRS Reconciliations 4#5LE Business Update O PREMIUM STATS 5 A#6Grab Continues to Demonstrate Category Leadership in 2020 Category share in Southeast Asia (1) Category share relative to next largest competitor in Southeast Asia (1) Online food delivery 50% 2.5x Source: Euromonitor International Note: 1. Southeast Asia refers to refers to Indonesia, Malaysia, Singapore, Thailand, Philippines and Vietnam only. Ride hailing 72% 4.8x E-wallet 23% 1.6x 6#7Strong 2021 Q1 Top-Line Growth Reaffirms Our Superapp Strategy +96% YOY Growth in Deliveries Segment Adjusted Net Sales (¹) (2021 Q1 vs. 2020 Q1) Driven by increases in both the number of transactions and order value +39% YOY Growth in Adjusted Net Sales (2021 Q1 vs. 2020 Q1) Demonstrates the resiliency of Grab's business model amidst the pandemic +31% YOY Growth in GMV (2) per MTU (3) (2021 Q1 vs. 2020 Q1) Highlights the strength of our superapp synergies across segments Note: 1. Adjusted Net Sales is defined as the total dollar value attributable to Grab less driver and merchant-partner base incentives 2. Gross Merchandise Value (GMV) is defined as the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees 3. Monthly Transacting User is defined as the monthly number of unique users who transact via Grab's products 4. Certain figures are non-IFRS measures. See the section on Non-IFRS Reconciliations for reconciliation of non-IFRS measures CAMILLE 11:31 163 Q Search the Grab app RM 26.67 > Food Prepaid Car Insurance W Updated 13 Jan 416 Points > Mart Gift Cards Latest updates on Covid-19 ss statements from government 4G Express More Updated 5 Mar 7#8Our Board of Directors' New Addition Rich Barton Independent Director Co-founder, CEO and Director at Zillow Prior to co-founding Zillow, founded Expedia and served as Expedia's President, CEO and Director from 1999 to 2003 Currently serves as a Director at Netflix, Qurate Retail, AGC(2) and AGC 2 (3) Dara D Khosrowshahi Independent Director CEO, Director at Uber Currently serves as a Director at Uber and Expedia. Previously served on the Board of Directors at The New York Times and TripAdvisor Previously served as President and CEO of Expedia from 2005 to 2017 Note: 1. Directors of Grab immediately after the consummation of the Business Combination 2. AGC refers to Altimeter Growth Corp. 3. AGC 2 refers to Altimeter Growth Corp. 2 Ng Shin Ein Independent Director Serves as a Director at StarHub Limited, CSE Global Limited, Avarga Limited (1) Also serves as Singapore's Non-Resident Ambassador to the Republic of Hungary and is on the Board of Governors of the Singapore International Foundation Oliver Jay Independent Director Chief Revenue Officer at Asana Previously, worked at Dropbox where he built and led the North America Online and Inside Business Sales teams and later served as the Head of Asia Pacific and Latin America Anthony Tan Co-founder, CEO and Chairman Co-founder, CEO and Chairman at Grab Named among Fortune's 40 under 40 in 2016 and 2018, The Bloomberg 50 in 2017, Fast Company's 100 Most Creative People in 2018 and Fortune's World's 50 Greatest Leaders list in 2021 Also awarded the Nikkei Asia Prize in 2020 New Addition Tan Hooi Ling Co-founder, COO & Non- Independent Director Co-founder, COO and Director at Grab Member of the National University of Singapore Board of Trustees, and sits on the boards of the Economic Development Board and Wise (formerly TransferWise) Was previously a consultant at McKinsey & Company 8#9LE 2021 21 Results O PREMIUM STATS 9 A#102021 Q1 Results Consolidated Group Gross Merchandise Value (¹) (US$M) 3,464 2020 Q1 3,644 +5% YOY 2021 Q1 Adjusted Net Sales(2) (US$M) 367 2020 Q1 507 +39% YOY Note: 1. Gross Merchandise Value (GMV) is defined as the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees 2. Adjusted Net Sales is defined as the total dollar value attributable to Grab less driver and merchant-partner base incentives 2021 Q1 GMV per Monthly Transacting User (3) (US$/MTU) 117 2020 Q¹1 153 +31% YOY 2021 Q1 3. Monthly Transacting User is defined as the number of consumers who have successfully paid for an offering on our platform within a given month. MTUS over a quarterly or annual period are calculated based on the average of the MTUs for each month in the relevant period 4. These are non-IFRS measures. See the section on Non-IFRS Reconciliations and Use Historical Financial Information and Non-IFRS Measures 10#112021 Q1 Results Consolidated Group (Cont) Total Segment Adjusted EBITDA (¹) (US$M) % of GMV (5.7%) (196) 2020 Q1 1.0% 35 +US$231M 2021 Q1 Adjusted EBITDA (2) (US$M) %of GMV (9.9%) (3.1%) (344) 2020 Q1 Note: 1. Total Segment Adjusted EBITDA is defined as the Adjusted EBITDA excluding regional corporate costs 2. Adjusted EBITDA is defined as net loss adjusted to exclude: (i) net interest income (expenses), (ii) other income (expenses), (iii) income tax expenses, (iv) depreciation and amortization, (v) stock-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) unrealized foreign exchange gain (loss), (viii) impairment losses on goodwill and non-financial assets, (ix) fair value changes on investments, (x) restructuring costs and (xi) legal, tax and regulatory settlement provisions 3. These are non-IFRS measures. See the section on Non-IFRS Reconciliations and Use of Historical Financial Information and Non-IFRS Measures (111) +US$233M 2021 Q1 11#122021 Q1 Results Consolidated Group (IFRS Financials)" Revenue (2) (US$M) % of GMV 0.0% 2020 Q1 5.9% 216 +US$215M 2021 Q1 Net Loss (US$M) %of GMV (22.2%) (17.9%) (771) 2020 Q1 (652) +US$119M 2021 Q1 Note: 1. These are unaudited IFRS financials 2. Revenue consists of commissions and fees for our offerings and to a lesser extent from the sale of our enterprise solutions, net of driver-partner, merchant-partner and consumer incentives 3. Cash and Cash Equivalents includes cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and which have original maturities of three months or less, as well as marketable securities, and restricted cash. This also includes Grab's first Term Loan B Facility of $2.0 billion closed in January 2021 Cash and Cash Equivalents (3) (US$M) 3,455 2020 Q4 4,945 +US$1,490M 2021 Q1 12#132021 Q1 Results Deliveries Gross Merchandise Value (1) (US$M) 1,141 2020 Q1 1,702 +49% YOY 2021 Q1 Adjusted Net Sales (2) (US$M) 149 2020 Q1 Note: 1. Gross Merchandise Value (GMV) is defined as the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees 2. Adjusted Net Sales is defined as the total dollar value attributable to Grab less driver and merchant-partner base incentives 3. Segment Adjusted EBITDA is defined as the Adjusted EBITDA excluding regional corporate costs 4. These are non-IFRS measures. See the section on Non-IFRS Reconciliations and Use of Historical Financial Information and Non-IFRS Measures 293 +96% YoY 2021 Q1 Segment Adjusted EBITDA (3) (US$M) %of GMV (13.2%) (0.2%) (151) 2020 Q1 (4) +US$147M 2021 Q1 13#14Deliveries GrabMart Demonstrating Strong Potential GrabMart GMV (ex Ads) GrabMart Orders Jan 20 2021 Q1 vs 2020 Q1 36x increase in GMV Mar 21 Continuing to scale GrabMart across our markets with strong take-up by customers and merchants GrabMart's GMV demonstrated strong growth, growing 36x YoY & 1.2x QoQ 14#152021 Q1 Results Mobility Gross Merchandise Value (1) (US$M) 1,266 2020 Q1 808 (36%) YOY 2021 Q1 Adjusted Net Sales (2) (US$M) 195 2020 Q1 Note: 1. Gross Merchandise Value (GMV) is defined as the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees 2. Adjusted Net Sales is defined as the total dollar value attributable to Grab less driver and merchant-partner base incentives 3. Segment Adjusted EBITDA is defined as the Adjusted EBITDA excluding regional corporate costs 4. These are non-IFRS measures. See the section on Non-IFRS Reconciliations and Use of Historical Financial Information and Non-IFRS Measures 167 (14%) YOY 2021 Q1 Segment Adjusted EBITDA (3) (US$M) % of GMV 6.4% 81 2020 Q1 14.3% 115 +US$34M 2021 Q1 15#162021 Q1 Results Financial Services Total Payments Volume (Pre-InterCo) (¹) (US$M) Off-Grab On-Grab 2,308 1,220 1,088 2020 Q1 2,727 +18% YOY 1,592 1,134 2021 Q1 Adjusted Net Sales (2) (US$M) 17 2020 Q1 23 +31% YOY 3. Segment Adjusted EBITDA is defined as the Adjusted EBITDA excluding regional corporate costs 4. These are non-IFRS measures. See the section on Non-IFRS Reconciliations and Use of Historical Financial Information and Non-IFRS Measures 2021 Q1 Note: 1. Total Payments Volume (TPV) is defined as the value of payments, net of payment reversals, successfully completed through the Grab platform for the financial services segment. Pre-InterCo means this segment data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation. 2. Adjusted Net Sales is defined as the total dollar value attributable to Grab less driver and merchant-partner base incentives Segment Adjusted EBITDA (3) (US$M) % of TPV (5.1%) (117) 2020 Q1 (2.9%) (78) +US$39M 2021 Q1 16#17Financial Services Partnerships with Adyen and Stripe adyen ZALORA +15% increase in users using GrabPay to complete a purchase after Zalora introduced PayLater by Grab via Adyen on May 1, 2021 stripe carousell +20% increase in online transactions after GrabPay made available as a payment method via Stripe in Malaysia since October 2020 17#182021 Q1 Results Enterprise Services Gross Merchandise Value (¹) (US$M) 7 2020 Q1 26 +258% YOY 2021 Q1 Adjusted Net Sales (2) (US$M) 2020 Q1 Note: 1. Gross Merchandise Value (GMV) is defined as the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees 2. Adjusted Net Sales is defined as the total dollar value attributable to Grab less driver and merchant-partner base incentives 3. Segment Adjusted EBITDA is defined as the Adjusted EBITDA excluding regional corporate costs 4. These are non-IFRS measures. See the section on Non-IFRS Reconciliations and Use of Historical Financial Information and Non-IFRS Measures 25 +388% YOY 2021 Q1 Segment Adjusted EBITDA (3) (US$M) % of GMV (131.7%) 8.2% (10) 2020 Q1 +US$12M 2021 Q1 18#192021 Q1 Results Revenue by Segment (IFRS Financials) Deliveries Mobility Financial Services Enterprise 123 (99) (21) (2) 2020 Q1 216 +US$215M 10 8 145 53 2021 Q1 19#20LE Update on Public Listing Process O PREMIUM STATS 20 A#21Update on Public Listing Process 1 Form F-4 Registration Document Filed with the US Securities & Exchange Commission 2 'Adjusted Net Revenues' relabelled as 'Adjusted Net Sales' 3 Update on IFRS Revenue presentation 21#22Grab's IFRS Revenue Presentation Financials (For Illustration) GMV Gross billing Less driver / merchant base incentives Adjusted net sales ("ANS") Consumer Incentives Deemed as a Contra-Revenue Item Less driver/ merchant excess incentives Revenue (IFRS) Less consumer incentives Less other costs Adjusted EBITDA 22#23LE COVID-19 Update & Grab Initiatives O PREMIUM STATS 23 A#24Covid-19 Update Sharp Spikes in New Cases Across The Region TH MY SG VN ID PH Malaysia (MY) Vaccination rate: 42% Movement restrictions in place Singapore (SG) Vaccination rate: 73% Returned to Phase 2 (Heightened Alert) Indonesia (ID) Vaccination rate: 17% COVID-19 measures in place Thailand (TH) Vaccination rate: 18% COVID-19 measures in place Vietnam (VN) Vaccination rate: 5% Movement restrictions in place Philippines (PH) Vaccination rate: 11% Community quarantine measures in place Source: Vaccination rate includes both partially and fully vaccination population, WID & WHO database as of July 31, 2021 24#25Covid-19 Update Recovery Progressing Steadily Consolidated Group GMV (Indexed to 100% Month of Apr-2020) 100% Apr-20 Jun-20 131% Aug-20 Oct-20 152% Re-emergences Increase of new cases in Indonesia and Malaysia in Thailand and Vietnam 172% Dec-20 152% Feb-21 Sharp increase of new cases in Philippines 168% 25#26Launched First ESG Report" Committed to building a business with a double bottom line Making a positive socio-economic impact... $7.1B earned by our driver-and merchant-partners through our platform in 2020 (2) ~600k small businesses signed up to join Grab's Deliveries Platform in 2020 (3) (1) ...and protecting our environment Reduced waste of $200M+ 380M invested for electric / hybrid vehicles for GrabRental since 2016 (4) Note: 1. We released our Environmental, Social and Governance (ESG) Annual Report 2020 on June 22, 2021. Certain environmental, social and governance highlights for 2020 (unless otherwise indicated) are set forth above. 2. Driver-partner earnings is defined as the fare, bonuses, tips and fees, net of commission. Merchant-partner earnings is defined as the total order bill, including taxes charged by the restaurant/merchant net of commission, Grab advertising spend and promotion costs. 3. Including wet market sellers and small food stalls. Small merchants refer to businesses that are not part of a large chain or quick service restaurants across our GrabFood and GrabMart offerings. 4. Gross investment into electric vehicles and hybrids in Singapore since 2016, excluding proceeds from the disposal of a small number of vehicles. sets of single-use plastic Cutlery in 2020 26#27Covid-19 Support Economic Empowerment Gropards Grab Grob Providing an uplift to those in vulnerable economic positions as a result of the pandemic Created income opportunities for >370,000 people who signed up to become our driver- partners in 2020 33% of GrabFood merchant-partners went online for the first time with Grab(¹) Note: 1. Based on surveys conducted on various dates during March 2021 by Cardas Research & Consulting Group among 1,275 GrabFood merchant-partners in Indonesia, the Philippines, Singapore, Thailand, Vietnam and Malaysia. 27#28Covid-19 Support Providing social support Launched initiatives to support our partners, communities and governments Committed >US$40M to partner relief efforts and launched >100 initiatives to mitigate impact of the pandemic on our stakeholders in 2020 > 470,000 meals for our driver-partners have been purchased by consumers through the "Meal For Your Driver" in-app feature LOND SELANGOR RAHSELANGOR Grab 28 CUIS#29Covid-19 Support Grateful for the opportunity to work closely with Governments Facilitate national vaccination efforts Working with the Indonesian Ministry of Health and Good Doctor (1) to set up drive-through vaccination centers in >54 cities in Indonesia Partnering with Governments in Singapore, Malaysia, and Indonesia to provide timely vaccination information through the Grab app Note: 1. A joint healthtech venture of Ping An Good Doctor and Grab.... Supporting local healthcare needs Launched GrabCare, a dedicated offering to enable frontline healthcare workers to travel to and from hospitals in Singapore and the Philippines Partnership with Thailand's public hospitals and Red Cross to provide GrabExpress services for transportation of food and medicine Help affected businesses go online Partnered with the Ministry of Finance and various State Governments to distribute financial aid to drivers and delivery partners in Malaysia Partnered government agencies in Singapore to help hawkers go online with discounted onboarding costs and reduced commissions 29#30LE Closing Remarks O PREMIUM STATS 30 A#31LE Non-IFRS Reconciliations O PREMIUM STATS 31 A#32P&L Bridge to Adjusted EBITDA 2020 financials (US$B) - PIPE (¹) 12.5 GMV 12.5 1.8 GMV Gross billing 2020 financials (US$B) - Final (2) 1.7 Gross billing (Less OVO restatement) (0.2) Less driver / merchant base incentives (0.2) Less driver / merchant base incentives 1.6 Adjusted net sales ("ANS") 1.5 Adjusted net sales ("ANS") (0.4) Less driver / merchant excess incentives (0.4) Less driver / merchant excess incentives Note: 1. PIPE 2020 figures refers to figures from PIPE presentation filed with the SEC, dated April 13, 2021 and does not incorporate PCAOB audit adjustments 2. Final 2020 figures incorporate PCAOB audit adjustments (0.6) Less consumer incentives 1.2 Revenue (IFRS) 0.5 Revenue (IFRS) (0.5) Less consumer incentives (1.4) Less other costs (1.5) Less other costs 0.1 Add OVO restatement (0.8) Adjusted EBITDA (0.8) Adjusted EBITDA 32#33GMV to IFRS Revenue Reconciliations $B GMV Growth Gross billings Less OVO restatement Gross billings (adjusted for OVO restatement) Growth Less driver / merchant base incentives Adjusted Net Sales ("ANS") Growth Less driver / merchant excess incentives Less consumer incentives Revenue Growth Note: 1. Final 2019 and 2020 figures incorporate PCAOB audit adjustments 2. Final Q1 2021 are based on unaudited numbers PIPE 12.2 115% 1.7 1.7 173% (0.6) 1.0 149% (0.6) 0.5 889% 2019A Final 12.3 115% 1.7 (0.2) 1.5 156% (0.5) 1.0 137% (0.7) (1.1) (0.8) NM PIPE 12.5 2% 1.8 1.8 9% (0.2) 1.6 54% (0.4) 1.2 163% 2020A Final(1) 12.5 2% 1.8 (0.1) 1.7 13% (0.2) 1.5 55% (0.4) (0.6) 0.5 NM Q1 21 Final 3.6 5% 0.5 0.5 20% (0.0) 0.5 39% (0.1) (0.2) 0.2 NM 33#34Adjusted EBITDA to IFRS Net Loss Reconciliation $B Adjusted EBITDA Reconciling items: Other income / expense Interest expense from RCPS Depreciation / amortization Net Loss Note: 1. Final 2019 and 2020 figures incorporate PCAOB audit adjustments. 2. Final Q1 2021 are based on unaudited numbers PIPE (2.3) (1.1) (0.7) (4.0) 2019A Final(1) (2.2) (0.1) (1.0) (0.6) (4.0) PIPE (0.8) (1.4) (0.4) (2.7) 2020A Final(1) (0.8) (0.2) (1.4) (0.4) (2.7) Q1 21 Final (0.1) i (0.4) (0.1) 34