#1Q3 2021 Earnings Call November 2021 Grab Gr Glat#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 Amendment No. 2 to the registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the "SEC") by Grab Holdings Limited ("GHL") on October 18, 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. Use of Historical Financial Information and Non-IFRS Financial Measures The Company's unaudited selected financial data for the three months ended September 30, 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 and operating metrics. Such non-IFRS measures and operating metrics should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with IFRS, and such non-IFRS measures and operating metrics may be different from non-IFRS financial measures and operating metrics used by other companies. The Company uses these non-IFRS financial measures and operating metrics 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 and operating metrics 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. There are a number of limitations related to the use of non-IFRS financial measures and operating metrics. With respect to the non-IFRS financial measures, 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. 2#3Disclaimer Operating Metrics Gross Merchandise Value (GMV) is an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement. GMV is a metric by which Grab understands, evaluates and manages its business, and Grab's management believes is necessary for investors to understand and evaluate its business. GMV provides useful information to investors as it represents the amount of a consumer's spend that is being directed through Grab's platform. This metric enables Grab and investors to understand, evaluate and compare the total amount of customer spending that is being directed through its platform over a period of time. Grab presents GMV as a metric to understand and compare, and to enable investors to understand and compare, Grab's aggregate operating results, which captures significant trends in its business over time. Monthly Transacting User (MTU) is defined as the monthly transacting users, which is an operating metric defined as the monthly number of unique users who transact via Grab's products, where transact means to have successfully paid for any of Grab's products. MTU is a metric by which Grab understands, evaluates and manages its business, and Grab's management believes is necessary for investors to understand and evaluate its business. Gross Billings is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, over the period of measurement. Gross Billings is a metric by which Grab evaluates and manages its business, and Grab's management believes is necessary for investors to understand and evaluate its business. This metric enables Grab and investors to understand, evaluate and compare the total dollar value of commissions and fees charged by Grab over a period of time. Grab presents Gross Billings as a metric to understand and compare, and to enable investors to understand and compare, its aggregate operating results, which captures significant trends in its business over time. Partner incentives is an operating metric representing the dollar value of incentives granted to driver- and merchant-partners. The incentives granted to driver- and merchant-partners include base incentives and excess incentives, with base incentives being the amount of incentives paid to driver- and merchant-partners up to the amount of commissions and fees earned by Grab from those driver- and merchant-partners, and excess incentives being the amount of payments made to driver- and merchant-partners that exceed the amount of commissions and fees earned by Grab from those driver- and merchant-partners. Consumer incentives is an operating metric representing the dollar value of discounts and promotions offered to consumers. Partner incentives and consumer incentives are metrics by which we understand, evaluate and manage our business, and we believe are necessary for investors to understand and evaluate our business. We believe these metrics capture significant trends in our business over time. 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#41 Business Update 2 Q3 2021 Results 3 Strategy Update 4 Non-IFRS Reconciliation Grab Mart TH GIAO NHANH A(K 4#5Grab Our Key Business Priorities Pay with GrabPay Credits. ab Winning hearts & minds Further strengthen our category position across our key markets *** Scan recents QR code to send money Pay with GrabPay Credits. ( Invest for growth Continue to drive growth across our core categories Reduce cost to serve Rapidly expand our ecosystem with our Superapp flywheel 5#6Business Update 11:31 6 Q Search the Grab app RM 26.67 > Food Prepaid Car Insurance Updated 13 Jan 416 Points > Mart Gift Cards Latest updates on Covid-19 ss statements from government 4G Express More Updated 5 Mar 6#7Strong, resilient top-line growth in Q3 2021 Gross Merchandise Value (1) +32% YoY (Q3 2021 vs. Q3 2020) Deliveries Gross Merchandise Value (1) +63% YoY (Q3 2021 vs. Q3 2020) Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement. 7#8Resilience amidst greater volatility Strong execution in Deliveries Achieving strong GMV growth for Deliveries in Q3 2021 Easing of lockdowns Grob Food Gradual reopening of economies providing tailwinds to our business Mobility recovery continues in Q4 Vietnam, Malaysia, Indonesia bouncing back strongly 8#9Business Update Vietnam Mobility GMV erased by lockdowns Vietnam Mobility GMV(1) index (Indexed to 100% Week Beginning 28 Jun 2021) 100 28 Jun 2021 12 Jul 2021 26 Jul 2021 9 Aug 2021 23 Aug 2021 6 Sep 2021 20 Sep 2021 Sharp recovery entering Q4 as restrictions ease 4 Oct 2021 Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement 18 Oct 2021 105 9#10Business Update Monthly Transacting Users impacted by Vietnam Monthly Transacting Users(1) (in millions MTUS) 23.9 Q3 2020 (Reported Group MTU) 22.1 Q3 2021 (Reported Group MTU) 24.8 Q3 2021 (Normalized Group MTU)(2) Notwithstanding Vietnam, MTUs would have grown Reaffirms conviction in our Superapp strategy Note: 1. MTU is defined as the monthly number of unique users who transact via Grab's products, where transact means to have successfully paid for any of Grab's products. Monthly transacting users (MTUS) over a quarterly or annual period are calculated based on the average of the MTUs for each month in the relevant period. 2. Normalized MTUS is based on Group MTUS in which Vietnam MTUS are held constant since Q3 2020. 10#11Business Update Mobility recovery as lockdowns ease Mobility GMV (1) Growth (4 weeks beginning 4 Oct 2021 vs. 4 weeks beginning 5 Jul 2021) Group +26% Malaysia +106% Indonesia +109% Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement 11#12Business Update Continued reopening with higher vaccinations TH MY SG VN ID PH Malaysia (MY) Resumption of interstate travel 78% Singapore (SG) Implemented Vaccination Travel Lanes 81% Indonesia (ID) Gradual easing of restrictions 43% Thailand (TH) Reopened to vaccinated tourists 60% Vietnam (VN) Gradual easing of restrictions 58% Philippines (PH) Gradual easing of restrictions 25% Aug-21 Vaccination Rate Incremental Vaccination Rate as of Oct-21 Source: Vaccination rate includes both partially and fully vaccinated population, WID & WHO database as of October 31, 2021 12#13Business Update Strengthening our leadership team Anthony Tan CEO & Co-Founder Hooi Ling Tan Co-Founder Ming Maa President Peter Oey Chief Financial Officer Chin Yin Ong Chief People Officer Alex Hungate Chief Operating Officer Commencing 4 Jan 2022 13#14Q3 2021 Results 11:31 6 Q Search the Grab app RM 26.67 > Food Prepaid Car Insurance Updated 13 Jan 416 Points > Mart Gift Cards Latest updates on Covid-19 ss statements from government 4G Express More Updated 5 Mar 14#15Q3 2021 Results Consolidated group Gross Merchandise Value (1) (US$M) 3,061 Q3 2020 4,038 +32% YOY Q3 2021 GMV per Monthly Transacting User (2) (US$/MTU) 128 Q3 2020 183 +43% YOY Q3 2021 Gross Billings(3) (US$M) 436 Q3 2020 616 +41% YOY Q3 2021 Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement. 2. MTUS means monthly transacting users, which is defined as the monthly number of unique users who transact via Grab's products, where transact means to have successfully paid for any of Grab's products. MTUs over a quarterly or annual period are calculated based on the average of the MTUs for each month in the relevant period. 3. Gross Billings is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver-and merchant-partners or promotions to end-users, over the period of measurement. 15#16Q3 2021 Results Consolidated group (Cont.) Total Segment Adjusted EBITDA (1,3) (US$M) %of GMV 0.3% 10 Q3 2020 (0.8%) (33) -US$43M Q3 2021 Adjusted EBITDA (2,3) (US$M) %of GMV (4.2%) (128) Q3 2020 (5.3%) (212) -US$85M Q3 2021 Note: 1. Total Segment Adjusted EBITDA is defined as the Adjusted EBITDA excluding regional corporate costs. 2. Adjusted EBITDA is defined as net loss adjusted to exclude: (i) net interest income (expenses), (ii) other income (expenses), (iii) income tax expenses, (iv) depreciation and amortization, (v) stock-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) unrealized foreign exchange gain (loss), (viii) impairment losses on goodwill and non-financial assets, (ix) fair value changes on investments, (x) restructuring costs and (xi) legal, tax and regulatory settlement provisions. 3. These are non- IFRS financial measures. For a reconciliation to the most directly comparable IFRS measure see the section titled "Non-IFRS Reconciliation." 16#17Q3 2021 Results Corporate cost margins improved As of Q3 2021 (US$M) (33) Total Segment Adjusted EBITDA(1,3) (179) Q3 2021: -4% of GMV Q3 2020: -5% of GMV Less: Regional corporate costs (212) Adjusted EBITDA(2,3) Less: Other Income / (Expenses) YoY increase in Q3 2021 driven by non-cash expenses (86) Depreciation/ Amortization (472) Interest Expense (217) Others (988) Loss for the period 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 financial measures. For a reconciliation to the most directly comparable IFRS measure see the section titled "Non-IFRS Reconciliation." 17#18Q3 2021 Results Consolidated group (IFRS Financials)(¹) Revenue (US$M) %of GMV 5.6% 172 Q3 2020 3.9% 157 -9% Q3 2021 Net Loss (US$M) %of GMV Note: 1. These are unaudited IFRS financials. 2. Cash Liquidity includes cash on hand, time deposits, marketable securities and restricted cash. (20.3%) (621) Q3 2020 (24.5%) (988) -US$366M Q3 2021 Cash Liquidity (2) (US$M) 3,705 Q4 2020 5,187 +US$1,482M Q3 2021 18#19Q3 2021 Results Deliveries Gross Merchandise Value (1) (US$M) 1,420 Q3 2020 2,318 +63% YOY Q3 2021 Gross Billings (2) (US$M) 242 422 +74% YOY Q3 2020 Q3 2021 Segment Adjusted EBITDA (3) (US$M) %of GMV (1.6%) (23) Q3 2020 (0.9%) (22) +US$1M Q3 2021 Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement. 2. Gross Billings is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, over the period of measurement. 3 Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs. For a reconciliation to the most directly comparable IFRS measure see the section titled "Non-IFRS Reconciliation." 19#20Deliveries GrabMart's strong growth continues GrabMart GMV growth trajectory continues GrabSupermarket Now in 4 countries GMV increase 380% YOY | 78% QOQ GrabMart GMV Q1 2020 Q3 2020 Q1 2021 Q3 2021 20#21Q3 2021 Results Mobility Gross Merchandise Value (1) (US$M) 754 Q3 2020 529 -30% YOY Q3 2021 Gross Billings(2) (US$M) 162 Q3 2020 126 -22% YOY Q3 2021 Segment Adjusted EBITDA(3) (US$M) %of GMV 11.4% 86 Q3 2020 12.0% 64 -26% YOY Q3 2021 Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement. 2. Gross Billings is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, over the period of measurement. 3 Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs. For a reconciliation to the most directly comparable IFRS measure see the section titled "Non-IFRS Reconciliation." 21#22Q3 2021 Results Financial services Total Payments Volume (Pre-InterCo)(¹) (US$M) 2,186 1,272 914 Q3 2020 3,140 +44% YOY 1,990 1,150 Q3 2021 On-Grab Off-Grab Gross Billings (2) (US$M) 24 Q3 2020 28 +17% YOY Q3 2021 Segment Adjusted EBITDA(3) (US$M) %of TPV (2.7%) (58) Q3 2020 (2.4%) (76) -US$17M Q3 2021 Note: 1. Total Payments Volume (TPV) is defined as the value of payments, net of payment reversals, successfully completed through the Grab platform for the financial services segment. Pre-InterCo means this segment data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation. 2. Gross Billings is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, over the period of measurement. 3. Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs. For a reconciliation to the most directly comparable IFRS measure see the section titled "Non-IFRS Reconciliation." 22#23Q3 2021 Results Enterprise and New Initiatives Gross Merchandise Value(1) (US$M) 9 Q3 2020 41 +351% YOY Q3 2021 Gross Billings (2) (US$M) Q3 2020 39 +414% YOY Q3 2021 Segment Adjusted EBITDA(3) (US$M) %of GMV 60.3% 5 Q3 2020 2.1% -84% YOY Q3 2021 Note: 1. GMV means gross merchandise value, an operating metric representing the sum of the total dollar value of transactions from Grab's services, including any applicable taxes, tips, tolls and fees, over the period of measurement. 2. Gross Billings is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, over the period of measurement. 3 Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs. For a reconciliation to the most directly comparable IFRS measure see the section titled "Non-IFRS Reconciliation." 23#24Q3 2021 Results Revenue by segment (IFRS Financials) 172 11 12 118 31 Q3 2020 157 -9% YOY 7 14 88 49 Q3 2021 Enterprise Financial Services Mobility Deliveries 24#25Public Listing Process Update 25#26Strategy Updates 11:31 6 Q Search the Grab app RM 26.67 > Food Prepaid Car Insurance Updated 13 Jan 416 Points > Mart Gift Cards Latest updates on Covid-19 ss statements from government 4G Express More Updated 5 Mar 26#27Deliveries Strong growth outlook across Deliveries Value and convenience via online Food Delivery Close gaps via Kitchens & Private Labels Address offline via Dine-in & Takeaway Daily necessities through Groceries 14 GrabFood Kitchens Takeaway Private Labels GrabMart 104 Dine-in 12% Penetration rate in 2020(¹) 68 Kitchens Across SE Asia US$171B TAM by 2025(2) 1% Penetration rate in 2020(3) GrabSupermarket Source: Euromonitor, unless otherwise stated. 1. Based on the percentage of total prepared meals ordered online (including online ordering for dine-in and takeaway). 2. Based on the total personal consumption expenditure on prepared meals in Southeast Asia. 3. Based on the percentage of groceries ordered online 27#28Financial Services Grab increasing its ownership of OVO OVO Cash Rp 21.999 OVO Points 105.894 Top Up PLN Angsuran Kredit Ovo Transfer Pulsa Internet & TV Kabel OVO x Lazada 11.11 SOLUSI HEMAT Akhir Tahun & DISKON HINGGA 250 Tarik Tunai Paket Data Proteksi JM11 69-11 NOV 2021 Note: 1. According to surveys conducted by NielsenIQ and Kadence International Promo History NEW Invest Lainnya OVO is a leading e-wallet in Indonesia (1) Open ecosystem platform, with a wide range of acceptance points Strong potential to be the most widely accepted online payments platform 28#29Mastercard x Grab Advancing digital upskilling Traditional Chinese aracter for Listen 4813 聽 EVES UNDIVIDED ATTENTION HEART Grab ONGEE ANN EARS KING The Traditional Chinese Character for Listen 聽 21 Jun 20 EYES UNDIVIDED ATTENTION HEART Grab UNGERA Provide millions with access to bespoke training tools from Mastercard x Grab In 2020, >1.7m driver-partners completed training programs facilitated by Grab 29#30Tech for Good Institute Driving thought leadership in Southeast Asia Gan Gan Gan Gan G 432 Timothy Murphy Ta Ga Ga Ga Gac 2 Ga Ga Ga Gagic Ga Dr Bambang Susantono Ga Ga Ga GR ADB Ga Ga Ga Gac Gac Ga Ga Ga Ga Ga Ga G Ga Ga Ga Ga G Launched Tech for Good Institute to drive positive impact of tech on society Thought leadership platform for the public and private sector 30#31Grab Our Key Business Priorities Pay with GrabPay Credits. ab Winning hearts & minds Further strengthen our category position across our key markets *** Scan recents QR code to send money Pay with GrabPay Credits. ( Invest for growth Continue to drive growth across our core categories Reduce cost to serve Rapidly expand our ecosystem with our Superapp flywheel 31#32Non-IFRS Reconciliation 11:31 6 Q Search the Grab app RM 26.67 > Food Prepaid Car Insurance Updated 13 Jan 416 Points > Mart Gift Cards Latest updates on Covid-19 ss statements from government 4G Express More Updated 5 Mar 32#33Adjusted EBITDA to IFRS Net Loss Reconciliation $ in billions Loss for the period Reconciling items: Interest expense from RCPS Depreciation and amortization expense Others Adjusted EBITDA Note: 1. Q3 2021 and Q3 2020 are based on unaudited numbers Q3 2021 (1.0) 0.4 0.1 0.3 (0.2) Q3 2020 (0.6) 0.4 0.1 0.0 (0.1) 33#34Appendix 11:31 6 Q Search the Grab app RM 26.67 > Food Prepaid Car Insurance Updated 13 Jan 416 Points > Mart Gift Cards Latest updates on Covid-19 ss statements from government 4G Express More Updated 5 Mar 34#35Incentives $ In millions Deliveries Mobility Financial Services Enterprise & New Initiatives Total Base Incentives (¹) 16.9 19.3 0.0 0.0 36.3 As of Q3 2020 Excess Incentives (2) 90.0 6.1 0.1 -0.2 96.0 Consumer Incentives (3) 104.6 18.9 12.0 -3.6 131.8 Base Incentives (¹) 25.7 11.1 0.1 0.0 36.8 As of Q3 2021 Excess Incentives (2) 138.7 11.8 0.1 0.0 150.6 Consumer Incentives (3) 209.2 15.2 14.6 32.1 271.1 Note: 1. Base incentives refer to the amount of incentives paid to driver and merchant-partners up to the amount of commissions and fees earned by Grab from those driver- and merchant-partners. 2. Excess incentives refer to payments made to driver- and merchant-partners that exceed the amount of commissions and fees earned by Grab from those driver- and merchant-partners. 3. Consumer incentives refer to discounts and promotions offered to consumers. 35