Emaar Properties Q3 2015 Results November 2015 Disclaimer

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Q3 2015 Results Presentation November 17, 2015 Page 1 Table of Contents

KEY HIGHLIGHTS

INCOME STATEMENT

BALANCE SHEET

OPERATIONAL OVERVIEW

APPENDIX

Q3 2015 Results Presentation November 17, 2015 Page 2 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Emaar Properties at a Glance #2 195 MM 43% listed developer (60% of EBITDA) SQM of land by market cap recurring bank in MENA(1) revenues +39,700 13.90 154.51 residential units AED BN AED NAV/ delivered since Market Value of Share 2001 Assets

#1 13 Hotels 85%+ sold Visited Mall in of Dubai total the World 1,950+ Keys units launched (Owner) in 2014/15 90% 34.880 27,594 Overall sales in AED BN Units Under key international Backlog(2) Construction(3) markets

Q3 2015 Results Presentation November 17, 2015 Page 3

(1): Market Cap of AED 43.46 BN as at November 12, 2015 (3):Units Under Construction figure refers to the Group including UAE and international (2): Backlog figure refers to Group backlog including UAE and International excluding India and EEC Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Key Financial Highlights for the Group

AED MM Q3 2015 Q3 2014(1) % Change YTD 2015 YTD 2014(1) % Change Group Property Sales 2,983 3,230 (8)% 11,442 14,489 (21)% Revenue 3,329 2,136 56% 9,849 7,888 25% Gross Profit 1,661 1,101 51% 5,177 4,483 15% Margin (%) 50% 52% (4)% 53% 57% (7)% EBITDA 1,240 961 29% 4,095 3,702 11% Margin (%) 37% 45% (18)% 42% 47% (11)% Net Profit 843 645 31% 3,048 2,622 16% Margin (%) 25% 30% (17)% 31% 33% (6)% EPS (AED/ Share) 0.12 0.09 33% 0.43 0.38 3% Equity 40,306 44,193 (9)% 40,306 44,193 (9)% Cash 16,879 16,886 – 16,879 16,886 – Net Cash 3,623 4,644 (22)% 3,623 4,644 (22)%

Emaar on Track to Boost Profitability in the Coming Years

Q3 2015 Results Presentation November 17, 2015 Page 4

(1): Q3 2014 and YTD 2014 Completed Contract figures restated and presented as Percentage-of-Completion figures for comparative purposes only Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Key Achievements

 Successfully launched 3 new projects in Dubai in Q3 2015 with a total sales value of AED 1.987 BN—AED 9.360 BN YTD 2015; total sales in Q3 2015 amounted to AED 1.393 BN—AED 7.513 BN YTD 2015.

 Together, the Hospitality, Malls, and Retail subsidiaries contributed 43% of the Group’s revenue and 60% of EBITDA.

 Hotels average occupancy of 79%(1) YTD 2015; 84% at The Address Hotels.

 Emaar Malls Group welcomed 90 million visitors during the first 9 months of 2015; achieved a 25% Base Rent renewal increase in leases renewed in Q3 2015—29% YTD 2015.

 Emaar Misr commences trading on The Egyptian Exchange (EGX) on July 5, 2015 after pricing at EGP 3.80/share.

 Emaar Misr achieves a 6% increase in sales Y-o-Y, up to AED 3.283 BN YTD 2015.

Q3 2015 Results Presentation November 17, 2015 Page 5

(1): Hotels average occupancy figure refers to the hotels in Dubai only (excluding Armani) Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Results by Segment

Revenues(1) Breakdown of Results AED million Revenues 25% 46% 24% 15% - 15% 9,849 9% 7,888 3,921 12% 2,684 1,734 1,844 2,115 1,396 1,196 1,199 768 880 40%

Emaar UAE International Emaar Malls Emaar Emaar Retail 21% Properties Development Development Group Hospitality & Leasing Gross Profit(1) 18% AED million 15% 19% 18% 17% (5)% 18% Total: AED 9,849 MM 5,177 4,483 1,849 (2) 1,427 1,692 1,575 EBITDA 443 524 489 463 549 649 5% 14% Emaar UAE International Emaar Malls Emaar Emaar Retail 30% Properties Development Development Group Hospitality & Leasing EBITDA(1) AED million 11% 5% 21% 13% (19)% 22% 40% 6%

3,702 4,095 1,465 1,655 1,150 1,204 200 242 258 210 470 575 Total: AED 4,095 MM UAE Development Emaar Malls Group Emaar UAE International Emaar Malls Emaar Emaar Retail International Development Emaar Hospitality Properties Development Development Group Hospitality & Leasing YTD 2014 YTD 2015 % QoQ Change Emaar Retail & Leasing Solid Growth Across a Diverse Portfolio with Recurring Revenues Contributing 60% of EBITDA

Q3 2015 Results Presentation November 17, 2015 Page 6

(1): Q3 2014 and YTD 2014 Completed Contract figures restated and presented as Percentage-of-Completion figures for comparative purposes only (2): EBITDA doughnut chart does not include a 5% EBITDA from ‘Others’ Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Balance Sheet Overview

Balance Sheet Overview Change in Cash & Cash Equivalents(1)

% AED million Total: AED 77,604 MM

+3,909 9,304 7,671 -1,298 Bank Balances & Trade & Other -932 -46 Cash 12 Payables 22

Advances from 18 Customers Trade & Other Dec-14 Operating Investing Financing FX Sep-15 Receivables 10 Interest-Bearing Cash CF CF CF Difference Cash Loans & 9 Balance Balance Borrowings Development 8 Sukuk Debt Maturity Profile Properties 32 1 Other Liabilities AED million 4,591

Loans to & 2,755 Investments in 12 2,401 Associates & JVs 48 Shareholder’s 2,246 Equity Investment Properties 11 383 356 503 92 Property, Plant & Equipment 11 Non-Controlling 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Other 2 4 Interests Emaar Properties Sukuk(2) Dubai Hills Assets Liabilities & Equity Emaar Malls Syndicated Loan Other Loans in International Subsidiaries & Others Emaar Malls Sukuk Conservative Capital Structure with Significant Scope for Growth

Q3 2015 Results Presentation November 17, 2015 Page 7

(1): Cash & Cash Equivalents = Total Cash – Deposits Maturing After 3 Months & Deposits Under Lien; Total Cash = AED 16,879 BN (2): Debt maturing in 2016 and 2019 also includes some international subsidiary debt Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Credit Ratios

EBITDA / Interest Net Debt / EBITDA

12.0x 0.5x

9.1x 2014 2015 6.1x 2013 2014 2015

2014

-0.67x -0.78x 2013 2014 2015

Net Debt / Equity Debt / GAV

5.6% 18.0%

2014 2015

2013 2014 2015 17.0% 17.0% 2014

-9.8% -11.1% 2013 2014 2015

Solid Credit with Negative Net Debt-to-Equity and Significant Debt Coverage

Q3 2015 Results Presentation November 17, 2015 Page 8 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

UAE Development

Market Overview Segment Highlights

 665 units launched in Q3 2015 with a  Q3 2015 Launches total sales value of AED 1.987 BN; 3,225 units launched in the first 9 months of 2015, with a total sales The Parkways (Plots) Creekside 18 A value of AED 9.360 BN. Sales Value: AED 841 MM Sales Value: AED 424 MM # of Units: 150 # of Units: 221  Q3 2015 sales across all projects in Picture Picture the UAE amounted to AED 1.393 BN, Expected Completion: NA Expected Completion: 2019 totaling AED 7.513 BN YTD 2015.

 Total UAE backlog amounted to AED 24.068 BN in the first nine months, to Forte T2 be recognized over the next 4 years. Sales Value: AED 722 MM  32 units were handed over in Q3 Picture # of Units: 294 2015; 436 units YTD 2015. Expected Completion: 2019

Q3 2015 Results Presentation November 17, 2015 Page 9 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

International Development

Market Overview Q3 2015 International Sales(1)

 Q3 2015 sales across all international Units Released projects amounted to AED 1,590 BN; AED 3,929 BN YTD 2015. Egy 93 7 pt 8,251  Emaar Misr outperforms yet again, exceeding both internal sales targets and industry peers in Egypt achieving KSA 94 6 793 total sales of AED 3,283 BN YTD 2015 vs AED 3,086 BN in the same period Turk 72 28 last year; a 6% increase Y-o-Y. ey 1008

 Emaar Misr commences trading on The Subsidiaries Leb 77 23 Egyptian Exchange (EGX) on July 5, an… 532 2015 after pricing at EGP 3.80/share. Paki 65 35 stan 1,645

Indi 92 8 a 18,841

Tota

Associate 90 10 Totall 31,070

% Sold of Units Released

Q3 2015 Results Presentation November 17, 2015 Page 10

(1): International Sales figures presented in the bar chart are cumulative figures, since launch up to this financial period Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Emaar Malls Group

Q3 Q3 % YTD YTD % 2015 2014 Change 2015 2014 Change Key Highlights Footfall 28 25 10% 90 81 11%  10% increase in footfall across the EMG portfolio (MM) in the third quarter; 11% YTD. GLA  Achieved a 25% Base Rent renewal increase for 5,920 5,898 – 5,920 5,898 – (MM SQFT) leases renewed in Q3 2015; 29% YTD.  Tenant Sales increase 10% in Q3 across the Occupancy 96% 95% 1% 96% 95% 1% EMG portfolio, driven primarily by both Eid Rate (%) Holidays falling in the same quarter. Tenant Sales 3,930 3,559 10% 13,547 13,333 2% (AED MM) Base Rent 497 427 16% 1,464 1,239 18% YTD 2015 Revenue Split (AED MM) Other Rental Turnover Service and Income Rent 25 49 (49)% 144 163 (12)% Other 13% Charges (AED MM) 13% Revenue 728 650 12% 2,190 1,908 15% (AED MM)(1) Net Turnover Rent EBITDA 531 476 12% 1,684 1,475 14% 7% Base Rent (AED MM) 67% Margin 73% 73% – 77% 77% – (%)

Solid Performance, Achieving a 15% Increase in Revenue YTD 2015

Q3 2015 Results Presentation November 17, 2015 Page 11

(1): In Emaar Properties’ financials, EMG Rental Revenue only is consolidated in Revenue; EMG Other Income is consolidated in Emaar Properties’ Other Income Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Emaar Hospitality Group

Q3 Q3 % YTD YTD % 2015 2014 Change 2015 2014 Change Key Highlights

Occupancy  8% increase in room revenue Q-o-Q attributable 70% 70% – 79% 82% (4)% Rate (%)(1) mainly to both Eid Holidays falling in Q3.  The Address Hotels continue to outperform Dubai’s hospitality market, achieving an 84% RevPar 778 838 (7)% 1,032 1,131 (9)% Occupancy Rate YTD 2015 vs. the Dubai (AED)(1) average of 77% in the same period(2).

Room Revenue 130 120 8% 490 507 (3)% (AED MM) F&B & Other YTD 2015 Revenue Split(1) 185 183 1% 709 689 3% Revenue (AED MM) Rental Pool 6% Total Revenue 315 303 4% 1,199 1,196 – Other 17% (AED MM) Room Revenue EBITDA 38% 9 – 100% 210 258 (18)% (AED MM) Food And Beverage Margin 39% 3% – 100% 18% 22% (18)% (%)

Emaar Hospitality Resilient, Outperforming the Broader Hospitality Market

Q3 2015 Results Presentation November 17, 2015 Page 12

(1): Refers to the hotels in Dubai only (excluding Armani) (2): As per STR Report, September 2015 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Emaar Misr for Development

Q3 Q3 % YTD YTD % 2015 2014 Change 2015 2014 Change Key Highlights Units  Emaar Misr outperforms yet again, exceeding 747 457 64% 1,962 1,224 60% Launched both internal sales targets and industry peers in Egypt achieving total sales of AED 3.283 BN YTD 2015 vs AED 3.086 BN in the same period Units 132 170 (22)% 600 482 24% last year; a 6% increase Y-o-Y. Delivered  Delivered units amounting to AED 586 MM YTD 2015 vs. AED 490 MM in the same period last Net Sales 1,384 1,523 (9)% 3,283 3,087 6% year; a 20% increase Y-o-Y, attributable to an (AED MM) increase of handovers in Mivida. Revenue  Emaar Misr commences trading on EGX on July 472 389 21% 1,390 1,027 35% 5, 2015 after pricing at EGP 3.80/share, raising (AED MM) EGP 2.28 BN. EBITDA 156 107 46% 429 225 91% YTD 2015 Revenue Split (AED MM) Commercial Units Margin 33% 28% 18% 31% 22% 41% 1% (%) Townhouses 27% Condominiums 13% Net Profit 174 105 66% 470 197 139% (AED MM)

Margin 37% 27% 37% 34% 19% 79% (%) Villas 59% Cash (AED 914 447 104% 914 447 104% MM)

Emaar Misr Positioned Local Market Leader Delivering Superior Growth Across All Metrics

Q3 2015 Results Presentation November 17, 2015 Page 13

(1): Emaar Misr financial information provided above is based on the accounting policies adopted by the Group Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Summary

Financial  With YTD 2015 Group sales amounting to AED 11,442 BN and a total backlog of Performance AED 34,880 BN, Emaar is on track to boost profitability in the coming years.

UAE  YTD 2015 sales across all projects in the UAE amounted to AED 7,513 BN and total Development backlog amounted to AED 24,068 BN to be recognized over the next 4—5 years.

International  YTD 2015 sales across all international projects amounted to AED 3,929 BN; Emaar Development Misr commences trading on EGX on July 5, 2015 at EGP 3.8/share.

Emaar Malls  Solid performance, achieving a 15% increase in revenue YTD 2015. Group

Emaar Hospitality  Emaar Hospitality resilient, outperforming the broader hospitality market. Group

Emaar Misr for  Emaar Misr positioned local market leader delivering superior growth across all Development metrics, achieving a 35% increase in revenue YTD 2015.

Balance Sheet  Conservative capital structure with significant scope for growth.

Q3 2015 Results Presentation November 17, 2015 Page 14 Appendix Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of Divisions

Property Property Emaar Hospitality Emaar Retail & Development Emaar Malls Group Development UAE Group Leasing International

• Leading master plan • Active in 10 targeted • Listed on DFM since • Hotel owner and • Provider of premium developer in Dubai high growth October 2014 operator (13 hotels entertainment and countries and over 1950 keys) manager of leisure • JVs with GREs • Owner and operator assets • Over 33,700 • Formed JVs with of the most visited • The Address, Vida, residential strong local partners mall in the world, Armani and Manzil • Operator of the properties delivered The Dubai Mall brands Dubai Aquarium, • Close to 6000 in the UAE since Underwater Zoo, residential • Portfolio of over • Entry into the 2001(1) Reel Cinemas, properties delivered 550,000 SQM of upscale affordable KidZania, SEGA • Projects under since 2006(1) GLA in retail segment through Republic and Dubai construction properties in Dubai Rove Hotels substantially sold • Achieved overall Ice Rink sales level of 90% in • Operator of the (85% of total units • Portfolio of over its key international Dubai Opera launched in 2014 & 140,000(2) SQM of markets expected to 2015 have been GLA in commercial commence sold) • 167 Million SQM of properties in Dubai operations in 2016 • 28 Million SQM of Land Bank Land Bank

Q3 2015 Results Presentation November 17, 2015 Page 16

(1): Up to Q3 2015 (2): GLA of Emaar Dubai’s commercial leasing portfolio Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Strategy

 Further consolidate Emaar’s position as of the largest developer of iconic projects in Dubai. Dubai  Enter into joint ventures in Dubai to get access to significant land bank with no immediate cash outflow for land purchases.

 Replicate the Dubai business model in international markets. International  Increase international contribution to Group revenue.

 Limit funding from the parent to land acquisition and initial infrastructure related construction. Funding  Additional funding to be raised at the project level through pre-sales, debt financing, IPO, and strategic sales.

Monetize Core  Monetize core assets (IPO / REITs) including, Hospitality, Turkey, and India to Assets provide further growth capital and create significant value for shareholders.

Recurring  Increase recurring revenues. Revenues  Develop mall assets internationally & expand EHG’s hotel brands globally.

IRR  Target a minimum equity IRR of 15% on non-property development businesses.

Q3 2015 Results Presentation November 17, 2015 Page 17 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of Development Projects Under Development

Sale Value Expected Completion % Completion Project Business Description Units Date of Launch (AED) Date Recognized Dubai Operations The Address The Blvd 531 1,913,140,862 Sep-12 2016 72.60% Fountain Views 289 1,062,652,294 Jan-13 2016 31.14% Fountain Views 2 289 1,101,436,520 Feb-13 2016 28.33% Fountain Views 3 208 1,142,159,704 Sep-13 2017 21.87% The Address Sky View T1 300 1,343,091,978 Mar-13 2017 23.92% The Address Sky View T2 204 977,558,152 May-13 2017 23.92% The Address Sky View Sky Collection 27 415,879,976 May-13 2017 23.92% Burj Vista 651 1,890,682,286 Apr-13 2017 22.46% Blvd Crescent T1 252 836,196,776 Mar-14 2019 Downtown Dubai Blvd Crescent T2 74 219,296,712 Jun-14 2019 Blvd Heights T1 255 828,971,440 Sep-14 2018 Blvd Heights T2 237 750,750,812 Nov-14 2018 Vida Downtown 327 1,297,813,488 Jan-14 2018 Boulevard Point 359 1,173,482,670 Jan-14 2018 Opera Grand 249 1,880,053,323 May-14 2019 Downtown Views 424 1,087,737,512 April-15 2019 Forte T1 517 1,716,381,002 May-15 2019 Forte T2 294 722,113,072 Sep-15 2019 Downtown Dubai Total 5,487 20,359,398,579 The Hills Residence 426 892,755,571 Jun-13 2018 Emirates Hills Vida Residence The Hills 136 416,653,768 Dec-13 2018 Emirates Hills Total 562 1,309,409,339 Aseel Villas - 139,150,140 Jun-14 2017 Arabian Ranches Aseel Plots 55 308,993,518 Jun-14 NA Arabian Ranches Total 55 448,143,658

Q3 2015 Results Presentation November 17, 2015 Page 18 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of Development Projects Under Development (Cont’d)

Sale Value Expected Completion % Completion Project Business Description Units Date of Launch (AED) Date Recognized Palma 121 497,714,448 Sep-13 2016 68.38% Rosa 144 787,498,872 Nov-13 2017 Lila 219 871,855,472 Jan-14 2017 Arabian Ranches II Rasha 140 762,192,320 Feb-14 2017 Yasmin 98 553,319,024 Feb-14 2017 Samara 177 728,920,176 Apr-14 2017 Azalea 108 414,141,904 Feb-15 2018 Ranches II Total 1,007 4,615,642,216 Grand Total - Dubai Operations 7,111 26,732,593,792

Dubai Hills Estates(1) Views and Grove – Villas - 418,667,650 Dec-13 2016 33% Views and Grove – Plots 97 2,320,123,189 Dec-13 NA Dubai Hills Mulberry Park Heights 664 1,247,803,632 Mar-14 2018 Acacia Park Heights 477 1,001,019,576 Feb-15 2019 Maple 646 1,745,319,910 Apr-15 2019 Grand Total – Dubai Hills 1,884 6,732,933,957

Dubai Creek(1) Residences South T1 174 410,847,512 Nov-14 2018 Residences North T1 174 409,869,512 Nov-14 2018 Residences North T2 149 341,157,312 Nov-14 2018 Residences North T3 101 324,124,688 Nov-14 2018 Dubai Creek Residences South T2 149 342,822,312 Jan-15 2018 Residences South T3 101 324,145,688 Jan-15 2018 Residences Podium 24 66,975,312 Jan-15 2018 Creekside 18 A 221 423,596,248 Sep-15 2019 Grand Total – Dubai 1,093 2,643,538,584 Creek

Q3 2015 Results Presentation November 17, 2015 Page 19

(1): Overview of Development Projects Under Development in Dubai Hills Estates and Dubai Creek does not include land plots available for sale except Views and Grove in Dubai Hills Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Location of Development Projects

Q3 2015 Results Presentation November 17, 2015 Page 20 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Location of Development Projects: Downtown Dubai

1 The Address Sky View 2 The Address Fountain Views 3 The Address The BLVD 4 Burj Vista 56 5 A2 6 A3 14 55 7 A4 8 Opera House 9 B1 10 B2 3 11 B4 54 12 21 C1 & C2 23 13 C3 14 Downtown Views 53 24 15 Forte 22 16 Opera Grand 1 2 17 BLVD Heights 18 BLVD Crescent 19 BLVD Point 26 35 20 Vida Residence Downtown 19 21 Standard Chartered Building 4 52 36 22 Emaar Square 1,2,3 5 33 6 23 Emaar Square 4,5,6 37 46 48 24 Boulevard Plaza 7 28 40 25 The Lofts 8 47 25 41 26 Mohammed Bin Rashid Boulevard 38 51 29 27 8 BLVD Walk 9 11 28 49 Stand Point 13 15 42 29 Burj Park 10 30 30 Burj Residences 16 39 31 29 BLVD 12 34 45 32 Claren 31

33 The Dubai Fountain 17 43 34 BLVD Central 18 20 32 35 Burj Khalifa Tower 44 36 Souk Al Bahar 27 50 37 Al Bahar Residences 38 The Palace 39 Burj Residences 40 The Old Town Island 44 48 Tajer Residences 52 56 Rove Hotel (Za’abeel) 41 Sahaa Offices The Old Town Qamardeen District The Address Downtown Dubai 45 49 Al Manzil Hotel 53 42 Attareen Residences The Old Town Al Manzil District The Dubai Mall 46 50 South Ridge 54 43 Vida Hotel Al Dukkan Yansoon Offices The Address Dubai Mall 47 Al Manzil Residences 51 Burj Views 55 The Dubai Mall Za’beel Expansion Q3 2015 Results Presentation November 17, 2015 Page 21 Under Development or not launched Completed Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Location of Development Projects: Arabian Ranches

1 Al Reem 1 2 Al Reem 2 3 Al Reem 3 4 Saheel 5 Golf Homes 1 6 Dubai Polo Club 3 7 Mirrador La Coleccion 1 8 Mirrador La Coleccion 2 27 26 2 9 Hattan 25 10 Alvorada 1 21 22 20 11 Alvorada 2 4 12 Alvorada 3 18 13 Alvorada 4 19 24 14 Palmera 1 28 15 Palmera 2 5 23 16 Palmera 3

17 Palmera 4 7 9 18 La Avenida 1 8

19 La Avenida 2 12 13 10 20 Alma 1 11 14 21 Alma 2 17 32 22 Savannah 15 23 Al Mahra 16 33 24 Terranova 25 Mirrador 34 35 26 School 6 31 36 27 Retail Center Mosque 28 Golf Course 38 37 29 Residents Club 29 30 Retail School Centre 39 31 Sub Station 30 32 Lila 33 Palma 34 Rosa 35 Casa 36 Rasha 37 Samara 38 Yasmin 39 Azalea

Q3 2015 Results Presentation November 17, 2015 Page 22 Arabian Ranches 1 Arabian Ranches 2 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Location of Development Projects: Dubai Hills (JV with Meeras)

1 Dubai Hills Golf Course 2 Mulberry/Park Heights 3 Golf Club 4 Tennis Academy 5 Village Retail 6 Street of Dreams 7 Driving Range 8 Luxury Estate Village 9 School 12 12 12 10 Juma Mosque 11 10 Regional Retail 11 13 10 12 Utilities 2 13 Metro Station 5 14 Golf Academy 9 12 7 12 14 13 4 10

10 3 1

6

8

Q3 2015 Results Presentation November 17, 2015 Page 23 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Location of Development Projects: Dubai Creek (JV with Dubai Holding)

Q3 2015 Results Presentation November 17, 2015 Page 24 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of Delivery Schedule

Units Delivered/ Year

6,987

5,819(2) 5,554

3,787

1,085

2015 2016 2017 2018 2019

UAE International(1)

Q3 2015 Results Presentation November 17, 2015 Page 25

(1): International deliveries do not include India (2): 2019 deliveries are based on projects launched up to September 30, 2015 and may change as more projects are launched Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of UAE Delivery Schedule

# of Units Completed Under Development Cumulative till 2014 2015 2016 2017 2018 2019(1)

Emaar Properties

Downtown 9,911 5,487 9,911 1,109 1,390 1,178 1,810

Dubai Marina 4,450 4,450

Arabian Ranches 4,305 55 4,305 55

Arabian Ranches II 253 1,007 253 121 778 108

Emirates Living (Excluding Land) 14,370 562 14,370 562

Emaar Towers 168 168

Dubai Hills Estate 1,829 42 664 1,123

Umm Al Quwain 277 277

Total Residential 33,734 8,940 33,734 1,272 2,223 2,512 2,933

Downtown Commercial Space (SQFT) 2,807,613 2,807,613

Dubai Marina Commercial Space (SQFT) 768,385 768,385

Emirates Living Commercial Space (SQFT) 613,145 613,145

Total Commercial Space (SQFT) 4,189,143 4,189,143

Associate

The Lagoons 1,093 872 221

Grand Total Residential 33,734 10,033 33,734 1,272 2,223 3,384 3,154

Q3 2015 Results Presentation November 17, 2015 Page 26

(1): 2019 deliveries are based on projects launched up to September 30, 2015 and may change as more projects are launched Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of International Delivery Schedule

Country Entity Completed Under Development To be Developed Cumulative till 2014 2015 2016 2017 2018 2019

Subsidiaries

Emaar Misr 2,212 3,823 3,586 1,587 789 970 1,823 2,565 1,887

Emaar Middle East 515 411 1,029 343 53 580 89 565 325

Emaar Turkey 232 1,069 162 21 543 335 240

Metn Renaissance 310 91 208 193 155 21 53 36 151

EGKL & EDIL 149 1,233 727 111 67 401 1,031 197 302

Total 3,418 6,627 5,550 2,396 1,085 2,515 3,331 3,603 2,665

Associate

EMGF 5,706 10,934 5,653 5,706 5,879 3,473 5,221 1,818 196

Grand Total 9,124 17,561 11,203 8,102 6,964 5,988 8,552 5,421 2,861

Q3 2015 Results Presentation November 17, 2015 Page 27 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Emaar Group Hotel Portfolio

Residences in Hotel Hotel Management Company Classification Keys Operational Pool(6) Emaar Hospitality Group Hotel Portfolio Dubai

Armani Hotel at Burj Khalifa AHM(1) 5 Star 160 NA 2010

The Address Downtown Dubai TAH&R(2) 5 Star 196 193 2008

The Address Dubai Mall TAH&R(2) 5 Star 244 192 2009

The Address Dubai Marina TAH&R(2) 5 Star 200 24 2009

The Address Montgomerie Dubai TAH&R(2) Standard 21 NA 2006

The Palace Downtown Dubai TAH&R(2) 5 Star 242 NA 2007

Manzil Downtown Dubai(3) Emaar Hospitality 4 Star 197 NA 2007

Vida Downtown Dubai(4) Emaar Hospitality 4 Star 156 NA 2007

Arabian Ranches Golf Club Emaar Hospitality Standard 11 NA 2007

Nuran Marina Residences(5) Nuran Standard 90 NA 2006

International Armani Hotel at Via Manzoni (Milan, Italy) AHM(1) 5 Star 95 2011 Other Emaar Group Hotels (7) International Novotel (Hyderabad, India) Accor 5 Star 288 NA 2006 Al Alamein Hotel (Marassi, Egypt) Emaar Misr 4 Star 130 + 20(8) NA 2007(9)

(1): AHM: Alabbar Hotel Management (6): Residences in the Hotel Pool are operated by Emaar Hospitality like hotel rooms, on behalf of unit owners, for a % of revenue (2): TAH&R: The Address Hotels and Resorts (7): Other Emaar Group Hotels are not operated by Emaar Hospitality Group (3): Formerly Al Manzil Hotel; reopened after renovation on December 15, 2014 (8): Al Alamein Hotel includes 130 rooms and 20 villas (4): Formerly Qamardeen Hotel; reopened after renovation on June 16, 2013 (9): Al Alamein Hotel is a landmark Egyptian hotel operating since 1964 and acquired by Emaar in 2007 (5): Emaar maintains management rights only; disposed ownership on June 7, 2012

Q3 2015 Results Presentation November 17, 2015 Page 28 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Emaar Hospitality Group: Asset Performance Breakdown

Emaar Hospitality Group: Asset Performance Breakdown The Address Downtown The Palace Downtown The Address Dubai Mall YTD 2015 YTD 2014 YTD 2015 YTD 2014 YTD 2015 YTD 2014

Available Room Nights 53,508 53,508 66,066 66,066 66,612 66,612 Occupancy (%) 87% 84% 80% 78% 86% 84% ADR (AED) 1,891 1,911 1,508 1,600 1,493 1,596 RevPar (AED) 1,637 1,603 1,206 1,250 1,278 1,344 Room Revenue (AED Thousands) 87,600 85,756 79,674 82,553 85,148 89,538

Emaar Hospitality Group: Asset Performance Breakdown The Address Dubai Marina Manzil Downtown(1) Vida Downtown(2) YTD 2015 YTD 2014 YTD 2015 YTD 2014 YTD 2015 YTD 2014

Available Room Nights 54,600 54,600 53,781 35,657 42,588 42,588 Occupancy (%) 80% 82% 62% 84% 78% 79% ADR (AED) 945 1,030 843 981 913 935 RevPar (AED) 756 849 527 829 714 743 Room Revenue (AED Thousands) 41,302 46,375 28,340 29,547 30,401 31,639

Q3 2015 Results Presentation November 17, 2015 Page 29

(1): Formerly Al Manzil Hotel – Closed for renovation and reopened as Manzil Downtown Dubai on December 15, 2014 (2): Formerly Qamardeen Hotel – Closed for renovation and reopened as Vida Downtown Dubai on June 16, 2013 Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Overview of Hotels / Apartments Under Development

Hotel Location Launch Keys Serviced Apartments(1) Estimated Completion

The Address The BLVD Downtown 2012 198 523 2016

The Address Sky View Downtown 2013 167 524 2017

The Address Fountain Views Downtown 2013 194 777 2017

Vida Hills Hotel & Residences The Greens 2013 160 136 2017

Vida Residences Downtown 2013 NA 340 2018

Rove Za'abeel 2014 420 NA 2016

Rove Port Saeed 2014 270 NA 2016

Rove Oud Metha 2014 286 NA 2016

Rove Jaffliya 2015 270 NA 2017

Rove Al Wasl 2015 480 NA 2017

Rove Dubai Marina (Marsa) 2015 384 NA 2017

Q3 2015 Results Presentation November 17, 2015 Page 30

(1): The Serviced Apartments figures refer to the total number of apartments and not the units in the hotel pool Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Overview of Land Bank

Gross Land Area Country (Million SQM) Saudi Arabia (Emaar Economic City) 123.6

Saudi Arabia (Emaar Middle East) 3.5

India 30.1

Egypt 7.6

Pakistan 1.7

Turkey 0.5

Lebanon 0.3

Key International Markets 167

UAE(1) 28

Total 195

Q3 2015 Results Presentation November 17, 2015 Page 31

(1): UAE Land Bank includes the GLA of Dubai Hills (9.61 Million SQM), Dubai Creek (5.57 Million SQM), DWTC (1 Million SQM), Rove Hotels (0.03 Million SQM), DWC (6.76 Million SQM), and Emaar Dubai which includes Lusaily and the remaining plots in Downtown Dubai (4.71 Million SQM) Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Group Structure

EMAAR Properties PSJC

Emaar Dubai Emaar Malls Group Hotels & Resorts Hospitality Property Development Emaar International Emaar Investments 84.6% 100% 100% Projects—100%

Emrill Services Emaar MGF-India KSA-EEC Turner Int’l ME Dubai Mall Giorgio Armani Hotels The Address Hotels 33.33% 48.86% (JV with MGF) 30.59% 50% 100% 100% 100%

CCCPL, EHTPL, BHLPL, Emaar Hotel District Cooling Turkey Amlak Int’l Malls Hyderabad-India Management 100% 100% 48.08% 100% 74% (JV with APIC) 100%

Pakistan Emaar Industries & Capital Partner Syria Emaar Leisure Group EGKL–73.1% Investments 100% 60% 100% EDIL–100% 40%

Emaar Retail LLC Morocco Misr-Egypt Emaar Int’l Hospitality 100% 100% 88.96% 100%

Reel Cinema KSA-EME Lebanon Vida Hotel + Resorts 100% 61% 65% 100%

MENA Hamptons Int’l Jordan Emaar America Rove Hotels 100% 100% 100% 50% (JV with Meeras)

Emaar Bawadi Dead Sea Co. of Tourism Dubai Opera 50% (JV with Dubai 29.33% 100% Properties)

Dubai Hills Estate 50% (JV with Meeras)

Q3 2015 Results Presentation November 17, 2015 Page 32 Key Highlights Income Statement Balance Sheet Operational Overview Appendix

EEC’s Financial Growth Quarterly Breakdown

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 SAR MM 303 229 236 145 169 111 213 157 147

85 85 47 69 50

8.1

Revenue Gross Profit Net Income

YTD 2015 Net Order Intake & Revenue: Segment Breakdown YTD 2015 Breakdown of Revenue SAR MM 972 82.2%

500 10%

60 7.7% 54 47 1 0.16% (1) Residential Industrial Valley Commercial Other Income Total: SAR 466 MM Development Development Residential Development Commercial Development Order Intake Revenue Industrial Valley Other Income(1)

Q3 2015 Results Presentation November 17, 2015 Page 33 KAEC Investor Relations: Seifeldien Sammakieh: [email protected]; Maria AlZahrani: [email protected] (1): Other Income constitutes value added services, service charges, and income from education Key Highlights Income Statement Balance Sheet Operational Overview Appendix

Glossary

Sales The sale of off-plan units in project launches or completed units from inventory. Completed units that are ready for handover to clients; some delivered/completed units may not have been Deliveries sold and remain in inventory until sold. Handing over the unit to the client, at which point the unit is no longer in Emaar’s custody and is recognized Handovers as revenue. Launched projects including those under construction and those that have not yet commenced Under Development construction. Is all land remaining after the exclusion of completed projects and plots launched for sale / under Gross Land Area (GLA) development.

Q3 2015 Results Presentation November 17, 2015 Page 34