#1EMAAR Prepared for the Future Built on Strength, Prudence & Resilience. Investor Presentation November 2020#2| Disclaimer EMAAR Emaar Properties PJSC, for themselves and for Emaar Group, give notice that: The particulars of this presentation do not constitute any part of an offer or a contract. Given that the presentation contains information based on forecasts and roll outs, all statements contained in this presentation are made without responsibility on the part of Emaar Properties PJSC, their advisors, or members of Emaar Group (including their directors, officers and employees). None of the statements contained in this presentation is to be relied upon as a statement or representation of fact. All parties must satisfy themselves as to the correctness of each of the statements contained in this presentation. Emaar Properties PJSC and members of the Emaar Group do not make or give, and neither members of the Emaar Group nor any of their directors or officers or persons in their employment or advisors has any authority to make or give, any representation or warranty whatsoever in relation to this presentation. This presentation may not be stored, copied, distributed, transmitted, retransmitted or reproduced, in whole or in part, in any form or medium without the permission of Emaar Properties PJSC. EMAAR PROPERTIES#3Discussion Summary Investing In Emaar Expanding Footprint in UAE & International Markets Business Strategy & Outlook Q3 & 9M 2020 Results Update Annexure#4Investing In Emaar#5Emaar Purpose & Business Model An Enduring Enterprise driven by: Vision to redefine engineering excellence • Mission to create futuristic residential, retail, entertainment & leisure assets transforming the lifestyles of people globally • Goal to deliver sustainable long- term growth and value creation Our Business Model: We operate a business model that puts risk mitigation at the centre of our core strategies. We create value by providing high quality and highly desirable environments, which help our discerning customers to succeed today, and in the future. Our properties are also inclusive places, which foster opportunities and contribute positively to their neighbourhoods Our Purpose: Our purpose is to be the most admired realty group globally, that transforms the lives of its occupiers, and thus deliver sustainable long-term income and wealth creation#6A Globally Admired Real Estate Company EMAAR Creator of World-Renowned Architectures Burj Khalifa - Tallest Building in the World Dubai Mall - Most Visited Mall in the World (Owner) Dubai Creek Tower - World's tallest tower in the making Dubai Fountain - World's largest choreographed musical fountain Global Ranking1 in Listed Real Estate Space Market Cap: 1st in MENA² (under MSCI EM Index) Net Profit: 15th in EM (1st excl. China)² Revenue: 28th in EM (1st excl. China)² Ranked #1 best regarded company among real estate companies in the world³ Proven Execution in UAE & International Markets Residential Units sold since 2002 c. 112,700 globally, c. 72,800 in UAE Residential Units delivered since 2002 Over 68,500 globally, over 45,000 in UAE 1.7 Bn sq. ft. land bank in key countries EMAAR Landmark Hospitality Assets 25 Hotels with c. 5,342 keys Established brands: Address Hotels & Resorts, Vida Hotels & Resorts, Rove Hotels Asset-light model for growth: 31 hotels in pipeline with 2/3rd under management contract Preferred Shopping Malls & Retail Centres Owns & operates GLA of 8.2 Mn sq. ft. globally4, incl. 6.6 Mn sq. ft. in Dubai Omnichannel presence through Namshi Namshi - Revenues 24% CAGR5, NMV 24% CAGR5 Strong Revenue Visibility Solid Revenue Backlog AED 40.8 Bn globally (AED 27.3 Bn in UAE) Robust recurring businesses6 26% Recurring Revenues (76% of EBITDA) 5 | EMAAR PROPERTIES 1) Source: Bloomberg, 2) As on 30th Sep 2020, 3) by Forbes in 2019, 4) Includes Emaar Square Mall in Turkey with 1.6 sq. ft. GLA, 5) Calculated over 2015 to 2019, 6) Taken as on 9M'20, includes gain on sale of Downtown DCP (AED 2.2B)#7Pending#8Pending#9EMAAR Emaar In "The Value Zone" Emaar Properties is Trading at Significant Discount to its NAV despite Superior Financial Metrics 57% -46% ■Market Cap (AED Bn) -63% 2019 Implied Cap Rate 1 52.0 Premium (Discount) to BV Emaar Malls 10.5% ▲ -80% 20.8 ▲ Premium (Discount) to NAV* US Peers EU Peers 4.8% 6.0% EM Peers 4.1% 2014 9M 2020 2 5-Year Revenue CAGR 1 EBITDA Margin % 1 Leverage Debt/Equity 1 Emaar Properties 16.0% Emaar Properties 39.3% Emaar Properties 0.36 US Peers 20.8% US Peers 11.4% US Peers 0.70 UK Peers 13.2% UK Peers 20.1% UK Peers 0.03 Asian Peers 20.7% Asian Peers 22.6% Asian Peers MENA Peers 3.9% MENA Peers 26.6% MENA Peers 1.45 0.44 8 | EMAAR PROPERTIES 1) Source: Factset, based on latest available Fiscal Year 2) Source: Factset, market valuation based on 11th November 2020, * NAV taken as of 31st Dec, 2019#10Pending#11Pending#12Pending#13Pending#1413 | Renowned For Its Iconic Retail Assets... EMAAR PROPERTIES 1) FY 2019 EMAAR The Dubai Mall - Most Visited Mall in the World World renowned shopping & entertainment destination 4.2 Mn sq. ft. GLA (incl. Fashion Avenue Expansion) 96% Occupancy¹ 1,200+ stores with leading retailers and marquee global brands ✓ 84 Mn Footfalls in 2019 (~4% CAGR over 2012-19)#1514 | ...Delivering Robust Growth Emaar Malls Delivered Consistent Growth over 2012 to 2019 Robust Growth in Footfalls... EMAAR Preferred gateway to Dubai's consumerism for aspiring retailers and brands Urban lifestyle destination and unique retail experience Benefits from mature catchment created by the integrated master community developments by Emaar Emaar's malls are top choice for retailers in a difficult environment, due to our well-established presence, superior positioning and strong footfall 6,095 5,969 5,158 5,295 5,371 5,423 5,419 5,368 6% 89 104 114 124 125 130 136 136 2012 2013 2014 Footfalls - Mn 2015 2016 2017 2018 2019 ■Main Units GLA-'000 Sq.Ft. Along with Steady Increase in Rent psf. (AED) 6% 600 505 539 561 579 460 381 419 EMAAR PROPERTIES 2012 2013 2014 2015 2016 2017 2018 2019#1615 ...And Consistently Outperforming the Market Emaar Malls Outperformed Dubai Retail Market over 2018-2019 Super Regional Malls Regional Malls Rent per sq. ft.: 2-Yr CAGR Rent per sq. ft.: 2-Yr CAGR -4% -18% 1% -15% EMAAR Specialty Retail & Community Centres Rent per sq. ft.: 2-Yr CAGR -9% -14% ■ Emaar ■Dubai Retail Market 1 ■ Emaar ■Dubai Retail Market¹ 1 ■ Emaar Dubai Retail Market EMAAR PROPERTIES 1) Source: JLL, CBRE#17...Complemented By Immersive Entertainment Avenues EMAAR Major Tourist Attractions driving Footfalls at The Dubai Mall ✓ At The Top, world's highest observation desk Dubai Aquarium & Underwater Zoo featuring one of the world's largest acrylic viewing panels VRZOO, VR experience of world's endangered species Entertainment Business: Robust Growth & Superior Margins In AED Mn 62.6% 66.6% 67.7% 68.6% 58.7% 58.9% 59.4% 1,389 1,195 1,291 1,304 1,408 899 991 ✓ KidZania, children's edutainment centre Reel Cinemas, UAE's largest 26-screen laser megaplex VR Park, largest virtual reality park spread over 75,000 sq. ft. Dubai Ice Rink, Olympic-sized ice-skating & events venue 2013 2014 2015 2016 Revenues 2017 EBITDA Margin % 2018 2019 Expansion Plans ✓ Planning to add new cinemas, family entertainment centres and thrill attractions in Dubai Focussing on expansion outside UAE, primarily in Saudi Arabia and Bahrain, to operate exceptional entertainment experiences 16 | EMAAR PROPERTIES#1817 Hospitality Assets Deliver Steady Performance Steady Performance in a Difficult Market Environment Emaar Hotels: Able to maintain healthy EBITDA margin in a weak market with operating costs under control Hospitality sector will be the key beneficiary of Expo (Emaar is also the Hospitality partner for Expo) ✓ Adopting an asset-light strategy for growth Hospitality Business: Resilient & Profitable EMAAR In AED Mn 37.9% 30.8% 30.2% 23.9% 24.7% 25.5% 23.9% 1,681 1,677 1,515 1,520 1,559 1,438 1,339 Healthy pipeline of 31 hotels under development, 2/3rd of which are under management contracts Established brands - Address Hotels & Resorts, Vida Hotels & Resorts and Rove Hotels 2013 2014 2015 2016 2017 2018 2019* ADRs and Occupancy are higher than the average of Dubai's market Revenues EBITDA Margin % EMAAR PROPERTIES *2019 includes revenue from sales of hotel units by Rove City Walk of AED 41 Mn.#19EMAAR Replicating Our Success In International Markets Leverage Emaar's Strength And Unlock the Land Bank Potential in Key International Markets Development c. 39,900 units sold & c. 23,400 units delivered since 2002 1.33 Bn sq. ft. land bank in key countries Major Projects: ✓ Egypt: Uptown Cairo - 'City within a city', Marassi - tourist resort with 7 distinct lifestyle districts ✓ Turkey: Emaar Square - mix-use development in the heart of Istanbul, Tuscan Valley - integrated community ✓ KSA: Jeddah Gate - integrated masterplan with premium residential ✓ India: world class living spaces in Gurugram, Delhi, Mohali, Jaipur, Indore etc. Retail ✓ Own & operate iconic retail assets ✓ Will be part of Emaar's master developments ✓ Owns & operates one of the largest mall in Turkey - Emaar Square Mall opened in 2017 with 1.6 mn sq. ft. of GLA ✓ Uptown Cairo Mall - will be the largest open mall in Egypt ✓ Explore retail asset management contracts in GCC markets Entertainment Launch entertainment avenues complementing our retail assets Offer unique leisure attractions at Emaar Square Mall in Turkey - Discovery Centre, Aquarium & Underwater Zoo, Family Ent. Centre, Ice Skating Rink, Mega Movie Theatre ✓ Expansion outside UAE, primarily in Saudi Arabia and Bahrain Hospitality Adopt an asset-light strategy to expand in key markets Leverage established brands - Address Hotels & Resorts, Vida Hotels & Resorts and Rove Hotels ✓ Currently, own and manage Al Alamein Hotel (4-star hotel with ~190 keys), Blanca, Address Marasi and verdi Hub in Marassi, Egypt 18 | EMAAR PROPERTIES#20Business Strategy & Outlook#21Pending#22Pending#23Pending#24UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions EMAAR Projects under Emaar Malls Operate As Pure Rental Income Play GLA Project Name • Pure Rental Income Play Expected ('000 sq.ft.) Opening Focus on rental income growth and cash flow generation Minimal Development Risk TDM Boulevard Expansion C. 110 H1 2021 • • Execute extensions & renovations at existing retail assets Selectively add new community centres in Emaar master developments New Expansions • • New retail assets to be developed by Emaar Properties (independently or through Joint Ventures) Emaar Malls to selectively buy the retail assets post construction with significant GLA already leased out Other Projects being developed by Emaar Properties Project Name TDM - Fountain View Expansion Dubai Hills Mall1 Dubai Expo Mall 1,2 GLA ('000 sq.ft.) Expected Opening c.169 c.2,000 H2 2020 H2 2021 c.385 H2 2021 23 EMAAR PROPERTIES 1) Being developed under joint ventures by Emaar Properties & third parties, 2) Dubai South Mall is now renamed as Dubai Expo Mall#25Q3 & 9M 2020 Results Update#26Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR 9M 2020 Key Highlights Overall Property Sales at AED 7.8 Bn Revenues AED 13.4 Bn EBITDA AED 4.8 Bn Net Profit AED 2.4 Bn International Property Sales at AED 3.4B (9% increase Vs. 9M'19) 26% Recurring Revenues 76% Recurring EBITDA1 Emaar Malls Achieved ~56 Mn Footfalls Namshi achieved 35% growth in revenue 25 EMAAR PROPERTIES 1) Includes gain on sale of Downtown DCP (AED 2.2B), 2) Sold 80% shares in Downtown DCP to Tabreed Successfully monetized Downtown District Cooling business², raised ~ AED 2.5 Bn#27Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Key Highlights AED Million Q3 2020 Q3 2019 % Change 9M 2020 9M 2019 % Change Group Property Sales 2,666 4,518 (41%) 7,786 15,771 (51%) Revenue 4,342 6,075 (29%) 13,374 17,644 (24%) 2 Gross Profit 1,654 2,721 (39%) 4,753 8,436 (44%) Margin (%) 38.1% 44.8% 35.5% 47.8% 2 EBITDA 1,115 2,226 (50%) 4,817 7,163 (33%) Margin (%) 25.7% 36.6% 36.0% 40.6% Net Profit 430 1,331 (68%) 2,436 4,442 (45%) Margin (%) 9.9% 21.9% 18.2% 25.2% EPS (AED/Share) 0.06 0.19 (68%) 0.34 0.62 (45%) Total Equity 1 65,477 63,449 3% 65,477 63,449 3% 1 Cash 5,163 6,796 (24%) 5,163 6,796 (24%) Debt¹ Net Debt¹ 21,734 23,102 (6%) 21,734 23,102 (6%) 16,571 16,306 2% 16,571 16,306 2% 26 | EMAAR PROPERTIES 1) 2019 numbers are as at 31 December 2019, 2) Includes AED 663 Mn provision for impairment of development property#28Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Segment Analysis Segment Wise Revenues (AED Mn) Revenue Share % EBITDA Share % -24% 17,644 1,021 5% 4% 921 27% 18% 40% 3,317 13,374 AED 486 - 52% 625 13,374 Mn 54% AED 5,480 Mn 2 6% 2,673 2,401 - 32% 20% 4% 2,634 20% 3% - 28% 9,712 - 1% 7,228 - 26% Contribution From Recurring Business 26% Recurring Revenues 9M 2019 9M 2020 76%¹ Recurring EBITDA 1 Entertainment & Leasing Others 27\ UAE Development International Development Emaar Malls Emaar Hospitality EMAAR PROPERTIES 1) Includes gain on sale of Downtown DCP (AED 2.2B), 2) Excludes AED 663 Mn provision for impairment of development property#29Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Historical Trend Revenues CAGR 16% Gross Profit In AED Mn 12,883 11,562 9,374 8,100 7,263 CAGR 12% 25,694 24,586 18,572 15,540 13,661 2015 2016 2017 2018 2019 EBITDA CAGR 14% 10,860 9,653 7,763 6,676 5,783 2015 2016 2017 2018 2019 Net Profit After Minority Interest CAGR 9% 6,139 6,200 5,419 5,572 4,383 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 281 EMAAR PROPERTIES#30Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Balance Sheet & Cash Flow Overview Balance Sheet Overview Cash Flow Overview Total: AED 116,253 Mn Bank Balances & Cash 4% 517 15% Trade & Other Payables 5,158 558 Trade & Other Receivables 24% 8% Advances from Customers 12% Interest Bearing Loans & Borrowings 6% Sukuk Development Properties 2% Other Liabilities 34% (2,978) In AED Mn 3255 - (1) Loans & Investments 5% in Associates & JVs 49% Shareholder's Equity Investment Properties 19% Property, Plant & Equipment Right Of Use 9% Dec-19 Cash & Operating Investing CF Financing CF CF FX Difference Sep-20 Cash & Others 1% 8% Non-Controlling Interests 4% Cash Equivalents Cash Equivalents Assets Liabilities & Equity 29 | EMAAR PROPERTIES#31Pending#32Pending#33Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Emaar Development - Historical Trend Revenues CAGR 25% Gross Profit CAGR 21% 15,411 12,746 3,761 8,863 2,861 6,899 2,395 5,253 2015 2016 2017 2018 2019 EBITDA CAGR 17% 3,236 2,353 1,918 2015 2016 2017 5,810 3,620 2018 2019 In AED Mn 6,833 5,061 2015 2016 2017 2018 2019 Net Profit After Minority Interest CAGR 8% 3,222 2,743 2,700 2,452 1,962 2015 2016 2017 2018 2019 32 | EMAAR PROPERTIES Note: Revenue is based on incremental percentage of completion achieved on development as per IFRS 15#34Consolidated Results UAE Development International Development International Development - Key Highlights c. AED 13.5 Bn Revenue Backlog 1 c. AED 3.4 Bn Sales Booked in 9M 2020 To be recognized over next 3-4 years c. 2,400 Units Delivered in 9M 2020 c. 23,472 Units Delivered Since Inception c. 13,200 Units Under Construction c. 39,900 Units Sold Since Inception Emaar Malls Emaar Hospitality EMAAR International Sales - Units Released 95% 5% 14,863 C 91% 9% 1,185 86% 14% 24,223 照 88% 12% 1.095 H₂ Total 33 | EMAAR PROPERTIES 1) Sales value of properties sold but not yet recognised as revenue under IFRS as of 30 Sep 2020 83% 17% 703 84% 16% 2,713 89% % Sold of Units Released 11% 44,782#35Pending#36Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Emaar Malls - Key Highlights1 Excl. Namshi AED Million 9M 2020 9M 2019 % Change AED Million 9M 2020 9M 2019% Change Revenue 2,401 3,317 (28%) GLA (Mn sq. ft.) 6.6 6.6 0% Gross Profit 1,484 2,572 (42%) Occupancy Rate % 91% 92% Margin (%) 61.8% 77.5% - Base Rent 823 2,068 (60%) EBITDA 1,074 2,219 (52%) Turnover Rent 365 68 437% Margin (%) 44.7% 66.9% - Revenue 1,561 2,725 (43%) Net Profit Margin (%) 543 22.6% 1,493 45.0% (64%) EBITDA 1,088 2,224 (51%) Margin (%) 69.7% 81.6% 35\ Introduced flexible rent relief policy including tiered base rent waiver Achieved SG&A savings of 21%2 through optimization & prudent spending The Dubai Mall becomes 1st Shopping Mall to win GBAC STARTM (1) accreditation for exceptional hygiene standards EMAAR PROPERTIES 1) Transactions after inter company adjustment and including Namshi; 2) Excl. Namshi#37Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Emaar Malls (Excl. Namshi) - Historical Trend Rental Income EBITDA CAGR 5% CAGR 7% 3,599 3,647 3,227 3,323 2,992 EMAAR In AED Mn 2,934 2,952 2,676 2,447 2,250 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Net Profit CAGR 9% 2,281 2,334 2,092 1,874 1,656 2015 2016 2017 2018 2019 36 | EMAAR PROPERTIES#38Pending#39Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Emaar Hospitality - Key Highlights AED Mn 9M 2020 9M 2019 3 % Change 9M 2020 Revenue Breakup Occupancy Rate (%)* 50% 74% RevPar (AED)* 228 476 (52%) 30% Room Revenue 190 369 (49%) 36% Room Revenue F&B Revenue F&B & Other Revenue 339 552 (39%) Rental Pool & Others Total Revenue¹ 625 921 (32%) 18% EBITDA² 187 367 (49%) Margin (%) 30% 40% Key Highlights • Achieved higher than market average ADR and Occupancy 38 | • • Market leading Hygiene & Safety standards endorsed by Dubai Tourism, Address Downtown featured in the new Dubai Tourism promotional video Al Alamein was rated as Top 1% hotels worldwide as per Trip Advisor Emaar Hospitality Resilient, Outperforming the Broader Hospitality Market in UAE EMAAR PROPERTIES (*) Refers to all hotels including Armani & Rove Hotels, the same is for the operational period (1) Revenue includes revenue from sale of hotel units under Rove - AED 96 Mn (2) 9M 2019 EBITDA includes profit on sale of 5 hotels (3) Numbers are including operating results of 5 hotels till 11th February 2019 which were sold to ADNH w.e.f. 12th Feb 2019#40Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality EMAAR Emaar Hospitality - Asset Performance Address Boulevard¹ The Palace Downtown Address Dubai Mall¹ Address Downtown 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 Available Room Nights 53,704 58,105 65,340 66,066 66,856 66,612 60,280 60,060 Occupancy (%) 55% 78% 26% 73% 56% 79% 48% 63% ADR (AED) 677 773 1,356 1,186 775 1,135 1,370 1,585 RevPar (AED) 375 606 353 866 433 901 659 1,002 Room Revenue (AED Thousands) 20,136 35,207 23,053 57,188 28,953 60,036 39,734 60,203 1 Address Dubai Marina Manzil Downtown Vida Downtown 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 Available Room Nights 54,000 54,600 53,781 53,781 42,744 42,588 Occupancy (%) 57% 82% 31% 75% 23% 78% ADR (AED) 490 745 637 565 773 578 RevPar (AED) 280 607 196 423 180 449 Room Revenue (AED Thousands) 15,123 33,161 10,562 22,771 7,711 19,104 39 | EMAAR PROPERTIES 1) These hotels have been sold in 2019 as a part of Asset Light Strategy, and are now being operated by Emaar under long term Hotel Management Agreement, also occupancy is calculated only for the operational period#41Pending#42Emaar Group - Divisions Overview EMAAR UAE Development Leading master plan developer in Dubai • JVs with GRES • Over 45,000 residential units delivered since 2002 Projects under construction substantially sold (~88%) • 343.62 Mn sq. ft. of Land Bank in the UAE • UAE build-to-sale business is led by Emaar Development PJSC, listed on DFM since November 2017 International Operations • • Active in 10 targeted high growth countries JVs with strong local partners • c.23,400 residential units delivered since 2006 • Achieved overall sales level of 89% • • c. 1.3 Bn sq. ft. of Land Bank in key countries Emaar Misr is listed on the Egyptian Exchange since July 2015 Operates Emaar Square Mall at Turkey with 1.6 mn sq. ft. GLA . Emaar Malls • Owner and operator of the most visited mall in the • • world, The Dubai Mall Portfolio of over 7 mn sq. Emaar Malls PJSC is listed on DFM since October 2014 • • Emaar Hospitality Hotel owner and operator (25 hotels with 5,342 keys) (includes owned as well as managed assets) The Address, Vida, Armani and Manzil brands. Upscale affordable segment under Rove Hotels (JV with Meraas) Owner and operator of Dubai's iconic cultural destination "Dubai Opera" • Marked historic milestone of 50 hotel projects in its portfolio (includes both in operation and under development hotels) . • Entertainment & Leasing Provider of premium entertainment and manager of leisure assets Operator of the Dubai Aquarium, Underwater Zoo, Reel Cinemas, KidZania, VR Park, Dubai Ice Rink and At The Top. • Portfolio of over 1.2 mn sq. ft. of GLA in commercial properties in Dubai ft of GLA in retail properties in Dubai 41 EMAAR PROPERTIES#43EMAAR UAE Development - Projects Overview Downtown Dubai All under-construction projects (including BLVD Heights, Vida Residence, Downtown Views, and Grande), inventory and undeveloped land for sale Arabian Ranches Expansion of the current Arabian Ranches community adjacent to a golf course and in close proximity to the Dubai Polo & Equestrian Club to create over 1,400 additional units Wholly-owned projects Dubai Marina Two waterfront residential/commercial towers, near to Bluewaters Island, and the newly-developed Vida serviced apartments tower Emirates Living Green-focused development featuring two low-rise apartment buildings that overlook the Emirates Golf Club and a two-tower mixed- use development Emaar Beachfront* An exclusive residential community within the new maritime epicentre of the UAE, Dubai Harbour. The development represents a unique blend of cosmopolitan living in a prime location and a serene seaside lifestyle. The Valley Garden A gated community located on Al Ain road near the Outlet Mall The project is aimed at providing a serene and safe sanctuary to families amid world class amenities and lush green parks, play area for kids and many other features Land bank (100% owned) Al Marjan Ras Al Khaimah A project of c.1m sqft of land located at the top of Al Marjan Island ideal to build 5 stars hotel and service apartments 421 EMAAR PROPERTIES Lusaily A contiguous land parcel of 46m sqft subdivided into two plots located between Dubai Investment Park and Jumeirah Golf Estates in Dubai *Emaar Beachfront partial acquisition completed and launched in Jan 2018. In March 2018 an MOU with Aldar was signed to jointly develop the project; formal agreement is under process#44Pending#45UAE Development - Projects Under Development % Remaining Collections of Sold Value Project (100% Owned) Units Project Value (AED Mn) (1) Downtown Dubai 7,984 26,110 Area (SQF) 9,621,516 Launch Period % Unit Sold % Value Sold % Collected of sold value % Completion % Gross Margin Sep-20 Total Sep-20(2) Till Handover Post Handover 91% 84% 47% 43% 53% 35% 18% Blvd Heights 548 1,795 775,306 Sep-14/ Mar-16 88% 81% 77% 100% 49% 23% 12% 11% Opera Grand Residential Tower 294 2,107 520,929 May-14 84% 79% 73% 84% 59% 27% 17% 9% The Downtown Views 480 1,230 574,530 Apr-15 99% 99% 74% 94% 43% 26% 19% 7% Forte 920 2,612 1,065,216 Apr-15 91% 87% 52% 70% 35% 48% 29% 19% Address Opera 808 3,835 1,095,193 Jan-16 95% 83% 58% 64% 44% 42% 33% 10% Il Primo 118 2,687 707,095 Jun-16 73% 69% 33% 65% 41% 67% 26% 41% Act One Act Two 780 2,107 821,318 Aug-16 81% 79% 35% 58% 42% 65% 31% 35% Downtown Views 2 1,502 3,518 1,614,488 Mar-17 96% 93% 42% 57% 35% 58% 33% 25% Vida Dubai Mall 620 1,631 607,784 May-Jul-17 96% 95% 34% 26% 44% 66% 56% 10% # Burj Royale 602 983 493,704 Jan-18 100% 100% 25% 19% 53% 75% 74% 1% Grande 887 2,819 960,435 May-18 89% 82% 29% 27% 43% 71% 56% 15% Burj Crown 425 784 385,518 Jan-20 71% 66% 17% 51% 83% 71% 12% Dubai Marina 841 1,912 927,510 98% 97% 62% 32% 38% 33% 5% 52-42 482 1,090 516,922 Apr-16 97% 96% 74% 97% 37% 26% 21% 5% Vida Residence at Dubai Marina 359 823 410,588 Mar-17 99% 97% 47% 53% 27% 53% 48% 5% Arabian Ranches II 426 675 656,856 99% 99% 27% 38% 73% 23% 50% Camelia 258 407 397,317 Oct-18 99% 99% 27% 53% 37% 73% 23% 50% Camelia 2 168 268 259,539 Oct-18 100% 100% 27% 52% 40% 73% 23% 50% Arabian Ranches III 1,498 2,323 2,315,174 73% 70% 26% 29% 74% 36% 38% Sun 429 624 645,840 Feb-19 100% 99% 28% 7% 29% 72% 32% 40% Joy 485 744 743,150 Mar-19 85% 80% 28% 5% 33% 72% 33% 40% Spring 154 238 232,332 May-19 85% 81% 25% 5% 30% 75% 45% 29% Ruba 430 716 693,852 Oct-19 30% 28% 16% 23% 84% 53% 31% Emaar Beachfront 2,239 5,986 2,311,801 68% 63% 33% 33% 67% 51% 16% Beach Vista 449 1,199 486,018 Jan-18 95% 94% 38% 64% 29% 62% 54% 8% Sunrise Bay 459 1,219 473,623 Feb-18 76% 66% 40% 69% 35% 60% 39% 22% Marina Vista 345 799 316,082 Sep-18 78% 68% 32% 23% 34% 68% 57% 10% Grand Bleu Tower 322 1,075 390,441 Apr-19 58% 59% 25% 36% 75% 66% 9% South Beach 269 626 235,318 Sep-19 78% 64% 26% 23% 34% 74% 39% 34% Beach Isle 395 1,070 410,319 Feb-20 21% 26% 19% 32% 81% 45% 35% The Valley Eden Total 100% Owned 363 475 553,940 75% 75% 19% 27% 81% 53% 28% 363 475 553,940 Nov-19 75% 75% 19% 27% 81% 53% 28% 13,351 37,481 16,386,797 85% 81% 44% 40% 56% 37% 19% #Group's percentage of share is 61.25% 44 | EMAAR PROPERTIES 2) Corresponds to gross margin for units sold not necessarily indicative of margin at completion 1) Total monetary value of units under development based on expected selling price Note: Revenues of project under construction are recognized once 20% construction completion and 20% collection is achieved EMAAR 3) Emaar Beachfront launched in Jan 2018, in March 2018 an MOU with Aldar was signed to jointly develop the project; formal agreement is under process#46Pending#47Pending#4847\ UAE Development - Completed Projects1 Project Value Project (100% Owned) Units (AED Mn) (²) Area (SQF) % Collected of sold % Remaining Collections % Unit Sold % Value Sold value of Sold Value Downtown Dubai 4,592 18,631 6,837,110 98% 97% 95% 5% Address Sky View 552 2,891 988,344 99% 99% 93% 7% Blvd Point 450 1,364 596,217 100% 100% 88% 12% Blvd Crescent 358 1,144 490,298 93% 91% 89% 11% Vida Downtown 345 1,410 494,537 94% 90% 91% Burj Vista 666 1,932 867,737 100% 100% 97% Fountain Views III 209 1,154 358,791 100% 99% 95% Address Boulevard 532 1,932 667,697 100% 99% 98% Burj Khalifa 900 4,630 1,586,013 98% 94% 99% Fountain Views 290 1,068 392,771 100% 99% 98% Fountain Views II 290 1,106 394,705 99% 98% 99% Dubai Marina 164 1,511 644,468 85% 90% 94% Marina Plaza 164 1,511 644,468 85% 90% 94% Emirates Hills 137 424 202,837 97% 96% 97% Vida The Hills 137 424 202,837 97% 96% 97% Arabian Ranches | 33 293 161,326 100% 100% 83% La Avenida Il 33 293 161,326 100% 100% 83% Arabian Ranches II 1,549 6,786 4,673,951 98% 98% 90% Reem 217 505 400,875 98% 98% 74% Samara 177 723 467,319 98% 97% 78% Azalea 109 413 266,572 96% 96% 61% Rasha 140 760 523,899 97% 97% 92% Lila 219 871 573,553 100% 100% 94% Rosa 144 787 543,599 97% 96% 97% Yasmin 98 553 375,066 95% 94% 94% Polo Homes 71 733 500,316 100% 100% 98% Palma 121 498 334,981 100% 100% 98% Casa Total 100% Owned 253 943 687,771 100% 99% 99% 6,475 27,644 12,519,692 98% 97% 94% ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ គឺ ៖ ៖ នំ ភ្នំ ៖ ៖ ៖ ៖ សំ សំ ៖៩ 17% 17% 10% 26% 22% 39% 1) Completed projects with remaining inventory and/or remaining collections EMAAR PROPERTIES 2) Total Project value of completed projects based on expected selling price EMAAR#49UAE Development - Completed Projects1 Project (Joint Ventures) Units Project Value (AED Mn) (2) Area (SQF) % Collected of sold % Remaining Collections % Unit Sold % Value Sold value of Sold Value Dubai Hills Estates 4,156 17,024 16,873,188 91% 87% 83% 17% Sidra 2 423 1,741 1,130,388 99% 99% 75% 25% Sidra 480 2,028 1,306,348 100% 100% 81% 19% Grove and Views 182 2,889 4,353,923 70% 83% 83% 17% Parkway Vistas 62 869 474,074 97% 97% 66% 34% Fairway Vistas 66 987 510,833 98% 98% 73% 27% Maple 2 667 1,744 1,230,941 96% 96% 94% 6% Acacia 538 1,064 678,133 90% 87% 86% 14% Emerald Hills 179 1,253 2,070,763 27% 20% 26% 74% Maple 1 647 1,761 1,217,635 96% 95% 94% 6% The Parkway 117 682 1,411,734 79% 78% 84% 16% Mulberry 677 1,337 859,952 91% 85% 94% 6% The Fairway 118 670 1,628,464 97% 97% 89% 11% Dubai Creek Harbour 872 2,296 1,302,168 92% 88% 93% 7% Dubai Creek Residences 872 2,296 1,302,168 92% 88% 93% 7% Emaar South 1,430 1,916 1,786,317 70% 60% 71% 29% Urbana I, II, III 936 1,030 1,069,032 80% 78% 71% 29% Golf Views 289 305 253,641 62% 52% 92% 8% Golf links 205 581 463,644 38% 34% 50% 50% Total (JVs) 6,458 21,236 19,961,673 86% 85% 83% 17% Grand Total (100% Owned + JVs) 12,933 48,880 32,481,365 92% 91% 89% 11% 48 | EMAAR PROPERTIES 1) Completed projects with remaining inventory and/or remaining collections 2) Total Project value of completed projects based on expected selling price EMAAR#50UAE Development - Location of Development Projects The World Islands EMAAR Jebel Ali Port Sheikh Zayed Road Al Maktoum International Airport Emaar South The Palm Jumeirah Emaar Beachfront (1) Dubai Marina Lusaily(2) Burj Al Arab Al Marjan, Ras Al Khaimah Mina Rashid Port Rashid Burj Khalifa Sheikh Zayed Road Zabeel Square Emirates Living Dubai Hills Estate Arabian Ranches I & II Arabian Ranches III Downtown Dubai Dubai Creek Harbour The Valley Garden THE VALLEY (1) Emaar Beachfront partial acquisition completed and launched in Jan 2018. In March 2018 an MOU with Aldar was signed to jointly develop the project; formal agreement is under process (2) Not in the perimeter of Emaar Development PJSC 49 | EMAAR PROPERTIES Dubai International Airport The Tower 100% owned with master plan 100% consolidated JVS JVs/JDA with 50% share 100% owned land bank without master plan#5150 | UAE Development - Expected Delivery Schedule (Units) Completed EMAAR Under Under Development Delivery Schedule 2020 2020 Development Completed Remaining Deliveries Deliveries 2021 2022 2023 A - Emaar Development (fully consolidated) Downtown 13,565 7,984 450 548 2,502 3,020 Emaar Beachfront 2,239 908 614 1,914 717 Dubai Marina 4,450 841 482 359 Arabian Ranches 4,360 Arabian Ranches II 1,239 426 217 168 258 Arabian Ranches III 1,498 429 The Valley 363 1,069 363 Emirates Living (Excluding Land) 14,968 Emaar Towers 168 Dubai Hills Estate 3,609 5,400 423 1,731 2,384 1,285 Umm Al Quwain 277 Mina Rashid 281 281 Total - A 42,636 19,032 1,090 2,279 6,444 6,246 4,063 B - Joint Ventures Dubai Creek Harbour 872 7,832 1,053 2,554 2,084 2,141 Emaar South 1,429 1,735 1,429 1,024 711 Zabeel Square Total - B Total (A + B) EMAAR PROPERTIES 2,301 9,567 1,429 1,053 2,554 3,108 2,852 44,937 28,599 2,519 3,332 8,998 9,354 6,915#52UAE Development - Land Bank Details. EMAAR Land Bank Evolution through Investments & Strategic Partnerships Year Area 2012 Arabian Ranches II GFA BTS 2011-9M 2020 Multiple -22x CAGR -45% 2013 Dubai Hills Estate 2014 2015 369 369 2016 2017 Dubai Creek Harbour Emaar South Downtown Views, Ras Al Khaimah Zabeel Square & Emaar Beachfront* 287 287 231 233 234 234 2019 Arabian Ranches III, Mina Rashid & The Valley Garden 211 211 198 199 Gross Land Area 167 UAE Available Land Bank (Million SQFT) 114 162 UAE wholly owned 167.82 78 Lusaily' # 45.98 Ras Al Khaima 0.84 25 Others (Downtown, Arabian 19.61 13 18 Ranches etc.) The Valley Garden 100.79 Emaar Beachfront 0.61 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M 2020 Dubai Hills 51.04 GFA BTS Dubai Creek 54.9 Gross Land Area BTS Mina Rashid 10.11 No Long Term Need for Land Purchase Emaar South & others 59.75 Total UAE Available Land Bank 343.62 Note: Cumulative historical GFA BTS not adjusted for GFA developed post 2011 nor GFA currently under development # Not in the perimeter of Emaar Development PJSC, 51 EMAAR PROPERTIES *Emaar Beachfront partial acquisition completed and launched in Jan 2018. In March 2018 an MOU with Aldar was signed to jointly develop the project; formal agreement is under process.#53International Development - Expected Delivery Schedule EMAAR Country Entity Completed Under Development To be developed Cumulative till Sep 2020 2020 2021 2022 2023 2024 Subsidiaries Emaar Misr 7,725 7,137 7,687 7,670 423 3,226 1,887 1,036 1,226 BAW Emaar Middle East 936 BHPH Emaar Turkey 985 320 Metn Renaissance 732 72 132 909 45 259 99 65 27 27 415 144 103 388 106 85 30 30 25 28 EGKL & EDIL 881 1,477 256 724 452 705 565 56 112 Emaar India 19,559 3,789 2,078 17,041 3,103 3,167 1,417 449 249 Total 52 | EMAAR PROPERTIES 30,501 12,867 10,124 27,464 4,201 7,574 3,964 1,593 1,615#54International Development - Land Bank Details International Land Bank Saudi Arabia (Emaar Economic City)* Saudi Arabia (Emaar Middle East) India (Emaar India) Egypt Pakistan Gross Land Area (Million SQFT) 1,119.41 3.16 153.92 35.63 13.3 Turkey Lebanon 5.25 2.76 Total Key International Markets 1,333.43 *As on 30 Jun 2020 53 | EMAAR PROPERTIES EMAAR#55Pending#56Pending#57Hospitality Group - Hotels Apartments Under Development EMAAR Serviced Hotel Estimated Location Launch Keys Apartments Completion Vida Dubai Marina Dubai Marina 2017 158 360 2022 Vida Dubai Mall Downtown 2017 195 380 2022 Rove La Mer La Mer District 2018 366 NA 2020 Rove City Walk City Walk 2018 5642 ΝΑ 2022 56 | EMAAR PROPERTIES 1) The Serviced Apartments figures refer to the total number of apartments and not the units in the hotel pool 2) Portion of rooms keys are sold to customers on hotel management agreement basis#58Fair Valuation Overview - GAV By Segment December 2019 Book Value Split 2% 4% December 2019 Fair Value Split 3% 1% 22% 7% 23% 42% 38% 5% 35% 18% EMAAR Total AED 117 Bn Total AED 184 Bn ■ UAE Development ■Retail & Leasing ■ Associates ■International Development Hospitality ■ UAE Development Retail & leasing ■International Development Hospitality ■ Others ■ Associates ■ Others 57 EMAAR PROPERTIES Market Value of Assets is 1.6x of the Book Value Fair valuation is carried out by CBRE, JLL and other reputable valuers for development properties (including land), investment properties and revenue generating fixed assets. The above do not include fair value of unconsolidated JVs and JDAS except those that are listed associates & JVs.#59Pending#60Fair Valuation Overview - NAV Table 2019 2018 Book Value Fair Value Book Value Fair Value Cash and bank balances Trade and Other Receivables Development Properties 6,796 6,796 9,494 9,494 25,924 25,924 21,441 21,441 40,320 61,558 38,384 68,727 Investment in Associates and Joint Ventures 4,923 5,057 4,701 3,975 Securities and Loans to Associates and Joint Ventures 3,843 3,843 3,223 3,223 Investment Properties 21,905 65,974 19,768 66,697 Fixed Assets 10,900 12,838 10,648 12,566 Intangible assets 767 767 616 616 Assets Held for sale 669 669 3,144 3,144 Right of use assets Total Assets 823 823 116,870 184,249 111,419 189,883 Total Liabilities (incl. Minority Interest) (62,708) (80,689) (63,379) (81,724) Net Asset Value 54,162 103,560 48,040 108,159 Number of Shares Outstanding (in Million) 7,160 7,160 7,160 7,160 Net Asset Value per Share (AED) 7.56 14.46 6.71 15.11 59 | EMAAR PROPERTIES EMAAR Fair valuation is carried out by CBRE, JLL and other reputable valuers for development properties (including land), investment properties and revenue generating fixed assets. The above do not include fair value of unconsolidated JVs and JDAS except those that are listed associates & JVs.#61Group Structure EMIRATE OF DUBAI (29.2%) DOMESTIC REAL ESTATE INTERNATIONAL MAI.LS INSTITUTIONAL INVESTORS (14.3%) EMAAR PROPERTIES (3) HOSPITALITY COMMUNITY MANAGEMENT PUBLIC (56.5%) LEISURE & ENTERTAINMENT EMAAR OTHERS EMAAR DEVELOPMENT PJSC (3) KSA EME (100%) EGYPT (4) (88.74) EMAAR MALLS (3) (84.6%) EMAARHOSPITALITY GROUP (100%) EMAAR HOTEL & RESORTS (100%) DISTRICT COOLING (20%) EMAAR ASSET MANAGEMENT AT THE TOP (100%) (100%) EMAAR ENTERTAINMENT (100%) MENA HAMPTONS (100%) (80%) EEC (6) (30.6%) EMAAR BAWADI (5) (50% JV WITH DUBAI PROPERTIES) DUBAI HILLS ESTATE (1) (50%) EMAAR INDIA (77%) & EMAAR APIC JV (74%) EMA AR LEBANON (65%) NAMSHI (100%) ROVE HOTELS (50%) JV WITH MERAAS) MIRAGE LEISURE & EMAAR DUBAI SOUTH DEVELOPMENT (100%) DWC (1 & 5) (50%) EMA AR TURKEY (100%) EMA AR MOROCCO (100%) DWTC EMAARLLC (5) (50%) ZABEEL SQUARE (1 & 5) (50%) EKO TAMALI (5) (50%) EMAAR AMERICA (100%) TURNER MINA RASHID (1) INTERNATIONAL ME (5) EMAAR PAKISTAN EGKL (73.1%) & EDIL EMA AR SYRIA (70%) (60%) (65%) (100%) 60 | EMAARJORDAN (100%) DEAD SEA TOURISM (29.33%) EMAAR PROPERTIES Listed companies Note: DUBAI OPERA (100%) (1) Only built to sell projects are held by Emaar Development and JV partners. Build to lease and operate (BTL/ BTO) projects are directly held by Emaar Properties PJSC, its subsidiaries and JV partners (2) Dubai Creek Harbour is a joint development agreement hence not included in above structure (3) Listed on DFM (4) Listed on EGX (5) Equity accounted joint ventures or associates (6) Listed on Tadawul AMLAK (3 & 5) (48.1%) EMAAR INDUSTRIES & INVESTMENTS (5)) (40%) EMRILL(5) (50%)#62Pending