Delivering Robust Growth

JV Accounting Treatment Accounting Dubai Hills - Consolidation Rashid Yachts & Marina*- Consolidation Emaar South & Zabeel Square - Equity Method • • P&L Line by line consolidation 50% Minority Interest Line by line consolidation 30% Management Fee Expense 50% profit recognised using equity accounting method Management fee recognised as revenue by Emaar Development • • Balance Sheet Line by line consolidation • 50% Minority Interest Line by line consolidation Investments in associates and joint ventures Loans to associates and joint ventures • * 'Rashid Yachts & Marina', formerly 'Mina Rashid' 66 | EMAAR Impact on Return on Capital • Neutral impact on ROCE Neutral impact on ROCE Higher ROCE as Development Assets not recognised on company's Balance Sheet

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