Emaar Properties PJSC

Financial and Strategic Update November 5, 2007

Disclaimer
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 Third Quarter 2007 Results Presentation

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Page 1

Business Highlights
Milestones: Burj Dubai is officially the worlds tallest free-standing structure S&P Index Inclusion (S&P IFCG Extended Frontier 150 Index) Emaar MGF started contributing positively to earnings Emaar Education opened its first school in Dubai 858 units sold in new international project launches

Emaar MGF IPO:

Draft Red Herring Prospectus filed in September Listing expected to be completed in next six months

Transaction with Bawadi:

Joint Venture with Bawadi (a member of Tatweer) to develop land in a prime location in Dubai

Emaar Properties Third Quarter 2007 Results Presentation

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Business Highlights
Q3 Sales Status Main International Releases:
King Abdullah Economic City (Saudi Arabia) Uptown Cairo (Egypt) The Eighth Gate (Syria) Tinja (Morocco) Tuscan Valley (Turkey) Units Released for Sale 424 450 98 74 160 Number of Units Sold 324 320 94* 69 51

*Sales commitments received

Emaar Properties Third Quarter 2007 Results Presentation

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Financial Highlights
Millions 9M-2007 AED Revenue Gross Profit Net Profit EPS (AED/USD) 12,537 5,115 4,839 0.79 USD 3,413 1,393 1,317 0.22 9M-2006 AED 8,458 4,873 4,658 0.76 USD 2,303 1,327 1,268 0.21 % of change 48% 5% 4% 4%

Emaar Properties Third Quarter 2007 Results Presentation

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Revenue & Gross Profit Analysis

Land Sales vs. Property Development Gross Profit (Burj Dubai Development)
19% Gross Profit in AED per sq.ft. 6% 16% 24% 13% 5% 19%
W Homes L Land

Revenue Composition Evolution

19%
V illas

+ 40%
19%
A partments, commercial & rental income

65% 38%

57%

Land Sale

Developed Properties

Q3-2006

Q2-2007

Q3-2007

REVENUE (AED Millions) Q3-2006 Land Villas Apartments and commercial & rental income John Laing Homes 627 660 1,291 801 Q2-2007 247 545 2,700 682 Q3-2007 215 853 2,523 868

GROSS PROFIT MARGIN (%) Q3-2006 94% 58% 45% 19% Q2-2007 72% 45% 39% 5% Q3-2007 94%(1) 71% 35% 7%(2)

(1) Excludes AED 291 million (USD 79 million) of reversal of provision for loss in land value in Dubai. (2) Excludes AED 382 million (USD 104 million) for writedown of development properties of WL Homes.

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Quarterwise Revenue and GP Margin analysis Emaar Dubai (excluding land sales)
3,000 80% 70% 2,500 60% Revenue-AED millions 2,000 GP Margin (%) 50% 1,500 40% 30% 1,000 20% 500 10% 0 0% Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Revenue from Villas Revenue-Apt/comm/rental income

Gross Margin Excluding Land Sales (%) GP Margin-Apt/comm/rental income GP Margin - Villas

Gross Profit (AED MM)

799

686

963

1,446

1,097

1,310

1,497

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Quarterwise Sales (UAE only)

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Q1-06 Q2-06 Q3-06 Q4-06
Sales (AED Millions)

4,308 3,378 2,243 1,332 2,069 2,552 3,607

Q1-07

Q2-07

Q3-07

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Financial Performance AED millions

Q307 Revenue Gross Profit SG&A Other Income Associates Income Tax Minority Interest Net Profit EPS (Basic) 4,459 1,666 (574) 344 118 (5) 11 1,560 0.26 Q207 4,174 1,526 (490) 492 23 (3) 10 1,558 0.26 % 7% 9% 17% (30%) 413% 67% 10% Q306 3,379 1,705 (291) 161 52 (32) 10 1,605 0.26 % 32% (2%) 97% 114% 127% (84%) 10% (3%) 9M07 12,537 5,115 (1,536) 1,085 168 (16) 23 4,839 0.79 9M06 8,458 4,873 (798) 520 100 (43) 6 4,658 0.76 % 48% 5% 92% 109% 68% (63%) 283% 4% 4%

Note 1: 3Q 2007 Gross Profit includes an inventory write-down of AED 382 million at WL Homes and an AED 291 million reversal of provision for impairment loss of land in Dubai

Emaar Properties Third Quarter 2007 Results Presentation

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50/50 JV with Bawadi

Project Location
Part of Dubailand, the Bawadi project is located adjacent to Arabian Ranches and the Greens

Project Details
AED 60 billion project to have a theme park, 6 hotels, a shopping mall, luxury homes and multiple business hubs 18,000 residential units 2.7 million square feet of commercial space 3.2 million square feet of retail space 6 hotels with 5,150 rooms and 1,200 service apartments 70 million square feet of land in Bawadi (Dubailand), a prime location in Dubai 76%(1) increase to our available land bank in Dubai Project to be completed in 7 to 10 years Master-planning is expected to be completed in six months

(1) Assumes 100% of land is attributed to our share; our 50% proportionate share of the JV would imply a 38% increase to our Dubai land bank.

Emaar Properties Third Quarter 2007 Results Presentation

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50/50 JV with Bawadi

Key Terms
Bawadi to contribute approximately 70 million square feet of land valued at AED 3.85 billion Emaar to contribute AED 3.85 billion in cash to be paid over the construction period to finance project build Depending on project phasing, Bawadi will transfer corresponding land rights and Emaar will contribute its equivalent portion of cash to the joint venture

Financial Impact of the Transaction

Equity accounted by Emaar JV to follow same accounting standards as Emaar Emaar cash contribution phased over the expected completion period of the project (7 to 10 years) JV self funded post Emaar cash contributions (no additional equity investment required) Pre-sales funding model expected to apply for the project

Joint Venture Governance

Equal representation on the board Chairman of the board to be appointed by Emaar Emaar to manage the JV through a management and technical services agreement

Sales to start in 2008 and positive contribution to Emaar net profit expected in 2009 At least 15% compounded annual rate of return expected

Emaar Properties Third Quarter 2007 Results Presentation

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Q4 2007 Project Launches

India Palm Drive at Gurgoan, Villas at Mohali, Esplanade at Chennai

KSA

Jeddah Gate by Emaar Middle East Villas by Emaar the Economic City

Egypt

Marassi

Dubai

Armani Residences in Burj Dubai Tower

Emaar Properties Third Quarter 2007 Results Presentation

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Financial Guidance

4Q 2007 Guidance:

Gross margins in Dubai to remain robust in line with previous quarters Net profit from normal operations to be in line with the Q3 2007

International Operations:

Plans to launch an increasing number of international projects in 2008 Earnings contribution from most of the international entities expected to start by H2 2008.

Emaar Properties Third Quarter 2007 Results Presentation

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Q&A

Emaar Properties Third Quarter 2007 Results Presentation

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Appendix

Emaar Properties Third Quarter 2007 Results Presentation

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Revenue & Gross Profit Breakdown

Revenue - 9M 2006
14%

Revenue - 9M 2007
15% 11% 15%

28%

33% 25%
59%

REVENUE (AED Millions) 9M-2006 Land Villas Apartments, commercial & rental income John Laing Homes 2,352 2,131 2,813 9M-2007 1,334 1,892 7,373

GROSS PROFIT MARGIN (%) 9M-2006 94% 57% 44% 9M-2007 87%(1) 56% 38%
Land Villas Apartments, commercial & rental income John Laing Homes

1,162

1,938

18%

7%(2)

(1) Excludes AED 291 million (USD 79 million) of reversal of provision for loss in land value in Dubai. (2) Excludes AED 382 million (USD 104 million) for writedown of development properties of WL Homes.

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