Investor Presentaiton

JVJDA Accounting Treatment Accounting Dubai Hills - Consolidation P&L 100% consolidation • 50% Minority Interest Balance Sheet 100% consolidation • 50% Minority Interest Mina Rashid - Consolidation 100% consolidation 30% Management Fee Expense 100% consolidation Dubai Creek EMAAR Impact on Return on Capital Neutral impact on ROCE BTS projects - JDA • 50% profit recognised as management fee in revenue BTL/BTO projects - 50% profit recognised based on equity method (base case) Recoverable under joint development agreements Advance for Investments Investments in associates and joint ventures Loans to associates and joint ventures Neutral impact on ROCE Higher ROCE as Development Assets not recognised on company's Balance Sheet Emaar South & Zabeel Square - Equity Method 53 | BTS projects - • EMAAR PROPERTIES 50% profit recognised Management fee recognised in revenue of Emaar Development. . Investments in associates and joint ventures Loans to associates and joint ventures • Higher ROCE as Development Assets not recognised on company's Balance Sheet

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