Emaar Malls : DocumentEmaar Malls records 19% growth in Q1 2017 net profit to AED 539 million (US$ 147 million)

MALLS

07 May 2017

Mr. Hasan Abdul Rahman Al Serkal Executive Vice President &

Chief Operations Officer Dubai Financial Market

Dubai - United Arab Emirates

Submitted Through Efsah System

Subject: Press release regarding the financial results for Ql 2017

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emaar.com

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Dear Mr. Al Serkal,

Please find attached a press release regarding the preliminary financial results of Emaar Malls PJSC for the first quarter of year 2017 .

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Vice- Chairman

CC: Securities and Commodities Authority

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Press Release

Emaar Malls records 19% growth in Ql 2017 net profit to AED 539 million (US$ 147 million)

• Emaar Malls assets welcome 34 million visitors during thefirst quarter of the year; higher by 10% as compared to same period 2016

• Ongoing expansion of The Dubai Mall and new retail precincts in Dubai Hills Estate and Dubai Creek Harbour

• Distributes AEDl. 301 billion (US$354 million), equivalent to 10% of share capital, as cash dividend to shareholders

Dubai, UAE; May 7, 2017: Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED 539 million (US$ 147 million) in the first quarter (January to March) of 2017, higher by 19 per cent over Q4 (September to December) 2016 net profit of AED 452 million (US$ 123 million) and similar to the net profit of AED 529 million (US$ 144 million) during Ql 2016.

The assets of Emaar Malls - The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres - together welcomed over 34 million visitors in the first three months of the year, an increase of 10 per cent over the same period in 2016. The gross leasable area (GLA) occupancy levels across Emaar Malls' assets averaged 96 per cent during Ql 2017.

At its second Annual General Meeting held in April, Emaar Malls approved a cash dividend of AED 1.301

billion (US$ 354 million), equivalent to 10 per cent of share capital, for the second consecutive year.

Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said the growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

"The retail sector is a strong contributor to the nation's economy and it supports the economic diversification strategy of our leadership. We are committed to driving the growth of the malls and retail sector through our assets, and to provide customer-centric experiences by leveraging digital technologies. Through our ongoing expansion of our malls and by developing new retail precincts, we are focused on creating long-term value for our stakeholders as well as offering memorable retail and leisure experiences for residents and visitors to the UAE."

Emaar Malls today has a gross leasable area of about 6 million sq ft in Dubai. Another 1million sq ft of built up area will be added with the ongoing expansion of The Dubai Mall's Fashion Avenue, which will add more than 150 international brands as well as new F&B and leisure choices. Emaar Malls is also developing the Boulevard and a new retail addition under it's The Souk concept in the Springs Village with over 245,000 sq. ft. GLA.

In addition, Emaar is developing dedicated retail precincts in Dubai Hills Estate and Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding The Souk concept to Emaar's integrated developments.

-ends-

Note to Editors

About Emaar Malls:

Emaar Malls' properties include some of the most iconic malls, entertainment and community integrated retail centres in the Middle East, including The Dubai Mall, its flagship asset, which has been the most visited shopping and entertainment mall worldwide in each of the last four years.

Emaar Malls also owns and manages Sauk Al Bahar, an Arabesque style dining and entertainment development in Downtown Dubai; Dubai Marina Mall, a lifestyle shopping mall for residents and visitors of the Dubai Marina community; and Gold & Diamond Park, a shopping destination dedicated to gold and jewellery.

Emaar Malls' properties are developed as an integral part of the master plan developments of its controlling shareholder, Emaar Properties, and, therefore, are strategically located in key areas of Dubai that benefit from favourable socio-economic demographics and increasing tourism.

For more information, please contact:

Kelly Home I Nivine William ASDA' A Burson-Marsteller

[phone]

[e-mail] I [e-mail]

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Emaar Malls PJSC Income Statement

(AED Mill ons)

For the quarter ended For the quarter ended

31 Mar 2017 31 Mar 2016 31 Mar 2017 31 Dec 2016

Unaudited Unaudited o/Q change Unaudited Unaudited % change

Rentalincome	836	833	0°/o	836	835	Oo/o
Operating expenses	(104)	(108)	(4%)	(104)	(129)	(19%)
Operating profit	732	725	1%	732	706	4%
Sales, marketing, general & administration expenses	(54)	(55)	(2%)	(54)	(105)	(49%)
Earnings before interest and depreciation	678	670	1o/c	678	601	13%
Write-off (Note 1)	(4)	(100%)
Depreciation	(93)	(89)	4%	(93)	(99)	(6%)
Finance costs net	(46)	(48)	(4%)	(46)	(50)	(8%)

Net Profit for the period 539 529 2% 539 45219%

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Chairman•••••••.• ,,-;:- •.•••••••••

Date:. Note 1:

Write-off relates to net book value of community project, whichis under re-development.