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Disclaimer

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Net profit up 36% to AED 620 million due to the growth in recurring revenues and high margin land plot sales.

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Gross profit from recurring revenue assets grew 61% to AED 368 million led by the continued stabilisation of Yas Mall, leased residential units and a strong performance from the hotel portfolio.

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Revenues for the first quarter 2015 were AED 1,385 million compared to AED 1,719 million in the first quarter 2014.

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Gross profit margins of 47% in Q1 2015, up from 20% in the first quarter of 2014.

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Gross debt reduced to AED 8.2 billion from AED 9.2 billion as at 31 December 2014.

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AED 1.2bn of sales in Q1 2015 following launch of off-market sales at Al Merief and Nareel Island.

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Q1 2015 Results Q1 Net Profit AED 620 million, up 36% versus Q1 2014

Retail

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Close to 320 units now trading at Yas Mall. Yas Mall is fully leased and expected to be fully

• ccupied by Q4 2015.

Residential

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4,800 unit strong residential portfolio achieved occupancy of 96% as at 31 March 2015. Office

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Office portfolio achieved 90% leasing as at 31 Mar 2015, following further leasing agreements signed at Aldar HQ Hotels

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Q1 2015 occupancy across the hotel portfolio at 86%, ahead of 84% in Q1 2014 supported by tourism boost to Abu Dhabi

02

Q1 Operational Highlights Recurring revenue asset stabilisation

Development handovers

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163 units handed over during the quarter, principally at The Gate (88 units) and Al Raha Beach developments (69 units)

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3 land plot sales handed over during the quarter at Shams Al Reem Island and Khalifa City.

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Ground breaking commenced at Ansam Development launches and announcements

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Al Merief residential land plot sales launched in March 2015 and successfully sold all 281 land plots off market.

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Nareel Phase II land plot sales launched on 10 May 2015 following successful Phase I

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2,000 units across three residential developments announced at CityScape: Mayan, Meera and West Yas.

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Al Falah Mall and Al Jimi Mall Expansion announcements Government Managed Projects

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Abu Dhabi Plaza Kazakhstan progressing well.

03

Q1 Operational Highlights (cont’d) Development

AED millions Q1 2015 Q1 2014 Remarks 2014 FY 2013 FY Revenues 1,385 1,719 6,551 5,380 Direct costs (738) (1,372) (5,033) (3,616) Gross profit 647 347 1,518 1,764

Gross profit Margin 47% 20% 23% 33%

SG&A expenses (88) (95) (454) (420) Depreciation and Amortization (51) (55) (228) (309) Other Income 167 419 950 617 Finance expense (62) (150) (382) (727) Finance income 18 40 110 186 Fair value gain, project cost impairments/ write-offs & reversal of impairments (11) (51) 751 (1,477) Gain on Business combination

• 2,591

Net Profit for the period 620 456 2,266 2,225 Attributable to: Owners of the Company 618 454 2,235 2,246 Non-controlling interests 2 2 31 (21) Profit for the period 620 456 2,266 2,225 Basic and diluted earnings per share 0.08 0.06 0.28 0.34

Profit and Loss

Improved quality of earnings

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Revenue down due to lower development revenue as guided for, partly offset by growth in recurring revenues Improved margins supported by high margin land plot sales and improved margins on recurring revenue assets 2015 Q1 includes infrastructure reimbursements on Al Reem Island and Yas Island Significant reduction in interest expense following refinancing efforts over the last 18 months Reduction in finance income due to retirement of finance lease

Segmental Performance

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453 157 55 28 10 102 259 139 49 39 11 96 579 1,126 1,000 2,000 100 200 300 400 500 Investment Properties Hotels Schools Operative Villages Leisure Construction Property Dev. & sales

Segmental Revenue Performance

Q1 2015 Q1 2014

AED Millions AED Millions

301 48 10 6 3 165 36 9 14 4 1 282 119 50 100 150 200 250 300 350 100 200 300 400 Investment Properties Hotels Schools Operative Villages Leisure Construction Property Dev. & sales

Segmental Gross Profit Performance

Q1 2015 Q1 2014

AED Millions AED Millions

(2) Gross Profit Margin 66% 64% 31% 26% 18% 18% 20% 36% 33% 34% (2%) 1% 49% 11%

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Balance Sheet

Continued strengthening of balance sheet

AED millions As at 31 Mar 2015 As at 31 Dec 2014 Remarks Property, plant and equipment 3,164 3,200

Quarterly depreciation charge partially offset by impairment reversals.

Investment properties 14,615 14,401

Increase principally due to transfer of leased Gate units from inventory.

Development work in progress 2,936 2,871

Increase due to works at Al Raha Beach and ground breaking at Ansam.

Inventory 2,267 2,758

Reflects the recognition of cost of sales for units handed over during the quarter and transfer of leased Gate units to IP.

Receivables 8,311 9,619

Mainly reflects the AED1.3bn Government of Abu Dhabi receivable in January 2015.

Cash 5,225 4,664

Increase supported by GoAD receivable and collections on land plot, partly offset by AED1bn debt repament.

Other Assets 1,035 1,035 Total Assets 37,553 38,549 Equity 18,288 18,373

Principally reflects transfer of Q1 2015 retained earnings.

Debt 8,161 9,170

Decrease due AED1bn repayment of Government receivable backed debt.

Payables, Advances and Other Liabilities 11,104 11,006

Decrease mainly due to utilisation of advances on units and land plots, partly offset by AED 180 million new advances on Ansam, Hadeel, Nareel and Al Merief.

Total Liabilities and Equity 37,553 38,549 Net Debt to Equity(excluding restricted cash) 19% 30% Net Debt to Equity(including restricted cash) 16% 25%

Government transaction cash flows

Clear outlook on remaining government receivables 07

* Cash flow timing depends on handover of related assets ** Excludes AED2.0bn of on-balance sheet infrastructure recoverables outstanding taken as at 31 March 2015.

ALDAR Government Deals

AED millions Date Particulars (AED in millions) 2015 Q2-Q4 2016 2017 Total Q2-Q4 2015 – 2017 December 2009 Sale of F1 Race Track 348 348 348 1,044 January 2011 Sale of Al Raha Beach Land and Yas Island Assets* 475 475

• 950

January 2013 Shams Infrastructure Reimbursement & Sale of Gate units 300

• 300

1,123 823 348 2,294

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Q1 2015 other income included AED133m infrastructure recoverables which principally related to Al Reem Island and Yas Island – not related to Shams Infrastructure reimbursements

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AED 574 million received post quarter end part of an agreement with Government of Abu Dhabi which will result in regular payments on handover of infrastructure assets

Summary Strong quarter supported by growth in recurring revenues

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Stabilisation of recurring revenues

• Strong Q1 2015 performance supported by growth in recurring revenues
• Stabilisation to continue over course of 2015 at Yas Mall

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Clear and defined development plan

• Four development launches focused on destination development
• AED 1.2bn of new sales across Al Merief and Nareel
• Abu Dhabi real estate market fundamentals remain stable

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Continued strengthening of balance sheet

• Expect to achieve debt strategy target over next 12-18 months
• Consolidation of Shams land plots and resale back into the market

Q&A

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Questions?