Investor Presentaiton

EMAAR 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

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