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Results Presentation H1 2026
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Neither Equitativa nor Emirates REIT intend or undertake to update or revise forward-looking statements to reflect any changes in their expectations or market conditions or any changes in information, events, conditions or circumstances on which any such statement is based. By their nature, forward-looking statements involve inherent risks and uncertainties because they relate to future events and circumstances which may or may not occur and may be beyond our ability to control or predict. They should therefore be regarded with caution. Important factors that could cause actual results, performance or achievements of the REIT to differ materially from any outcomes or results expressed or implied by such forward-looking statements include, among other things: general business and economic conditions globally, industry trends, competition, changes in government and other regulation, including in relation to the environment, health and safety, changes in political and economic stability, changes in This presentation has been prepared by Equitativa (Dubai) Limited (“Equitativa” or the “Manager”), as the manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”). This presentation is provided for information purposes only and is not investment advice, a solicitation or an invitation for investment. Whilst every care has been taken in relation to the accuracy of the information herein, this information is in summary form and does not purport to be complete and therefore no warranty is given or implied. Recipients should obtain independent legal and financial advice before making any investment decision that relies on this information. This presentation may contain certain ‘forward-looking’ statements. Such statements reflect current views on, among other things, markets, activities and prospects. Such ‘forward-looking’ statements can sometimes, but not always, be identified by their reference to a date or point in the future or the use of ‘forward looking’ terminology, including terms such as ‘believes’,‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, ‘would’, ‘could’, ‘should’ or similar terms. Emirates REIT | H1 2026 Results Presentation Disclaimer occupier demand and tenant default and the availability and cost of finance. Such forward-looking statements should therefore be construed in light of such factors. Information contained in this presentation relating to the REIT or its share price, or the yield on its shares are not guarantees of, and should not be relied upon as an indicator of future performance. Due to rounding, numbers presented throughout the document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The summary financial information presented in this document has been extracted from the interim condensed consolidated financial information. This document is provided for ease of reference only. For further details, please refer to the Interim Financial Statements published on the Emirates REIT website. M A N A G E D B Y 2
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3 Speakers Emirates REIT | H1 2026 Results Presentation Vice President Reda El Madi Houlihan Lokey Chief Financial Officer Timothy Collier Emirates REIT Chief Operating Officer Aleksandra Gladkaya Emirates REIT Chief Executive Officer Thierry Delvaux Emirates REIT
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1 I N B R I E F P O R T F O L I O 2 O V E R V I E W M A R K E T 3 H I G H L I G H T S K E Y 6 L E T ’ S T A K E A S T E P B A C K Emirates REIT | H1 2026 Results Presentation 4 H I G H L I G H T S O P E R A T I O N A L 5 F I N A N C I A L H I G H L I G H T S 7 P E E R B E N C H M A R K 8 Q U E S T I O N S A N D A N S W E R S 4 Agenda
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Emirates REIT | H1 2026 Results Presentation 5 IN BRIEF PORTFOLIO 1 M A N A G E D B Y
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N E T A S S E T V A L U E Emirates REIT | H1 2026 Results Presentation 1 Index Tower* 2 Loft Offices 3 Building 24 4 Indigo 7** 5 European Business Centre COMMERCIAL RETAIL 6 Index Mall* EDUCATION 7 Lycée Français Jean Mermoz 8 GEMS World Academy 9 Durham School Dubai PORTFOLIO VALUE USD 1,203m AED 4.4bn USD 949m USD 2.97 per share 6 *Index Mall and Index Tower are considered as a single asset within Emirates REIT’s portfolio. ** Sold on 12 June 2026 Portfolio Overview Portfolio in Brief
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Emirates REIT | H1 2026 Results Presentation M A N A G E D B Y 7 OVERVIEW MARKET 2
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8 Emirates REIT | H1 2026 Results Presentation Market Overview GDP outlook revised from +4.8% growth to -0.04% in 2026 amid regional geopolitical uncertainty. Business activity remained resilient, with UAE PMI at 50.8 and Dubai PMI at 50.7 in June. Inflationary pressures increased, with UAE inflation forecast at 2.9% and Dubai inflation at 5.7%. Strong capital inflows continued to support liquidity and real estate market fundamentals. Economic growth expected to rebound to c.5.0% in 2027 as regional conditions stabilise. Dubai office market remained resilient, supported by strong occupier demand and limited Grade A supply. Office rents increased 13% year-on-year, with prime office rents up 16%. Occupancy remained high at approximately 94% across the market. Demand for Grade A offices remained stable across DIFC, TECOM, and DMCC. Limited future supply and ongoing pre-leasing activity continued to support rental growth. UAE REAL GDP GROWTH (Y-O-Y) DUBAI, OFFICES, AVERAGE OCCUPANCY RATE, % Occupancy Q2 2024 Q2 2025 Q2 2026 0% 20% 40% 60% 80% 100% 93% 94% 94% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027 F 0% -2% -4% -6% 0% 2% 4% 6% 8% Economy Office Source:CBRE, ”UAE Real Estate Market Review Q2 2026".
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9 Emirates REIT | H1 2026 Results Presentation Market Overview Source: CBRE, ”UAE Real Estate Market Review Q2 2026". Retail Education Retail sector faced softer demand amid weaker tourism flows and consumer spending. Occupancy remained strong at approximately 98%, broadly unchanged year-on-year. Retail rents increased by approximately 3% year-on-year in Q2 2026. Limited new retail supply is expected during 2026, supporting market stability. Approximately 240,000 sqm of new retail GLA is scheduled for delivery in 2027. 4 . 1 m s q m G L A T o t a l s t o c k n o w * I n s t i t u t i o n a l m a l l / m a j o r s h o p p i n g c e n t r e G L A Average Rental Rates Across Primary and Secondary Malls 3 % Y - o - Y Y-o-Y rental change D u b a i S c h o o l M a r k e t ( a s o f A c a d e m i c Y e a r 2 0 2 5 - 2 0 2 6 ) A m e r i c a n C u r r i c u l u m S c h o o l s 4 0 2 2 7 s c h o o l s B r i t i s h C u r r i c u l u m S c h o o l s 9 0 I n d i a n C u r r i c u l u m S c h o o l s 3 4 O t h e r C u r r i c u l u m S c h o o l s 6 3 Source: KHDA Dubai Private School Sector 30 June 2026 Report. Private education sector remained resilient, supported by strong demographics and sustained demand. Dubai private school enrolment exceeded 400,000 students in 2025/26. Over 95% of students continued in-person learning, reflecting stable demand. Private school fees were frozen for 2026/27 to support affordability. Long-term outlook remains positive, driven by population growth and education investment
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Emirates REIT | H1 2026 Results Presentation 10 HIGHLIGHTS KEY 3 M A N A G E D B Y
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11 Emirates REIT | H1 2026 Results Presentation Total Property Income +15% U S D 4 5 m ▲ Occupancy +0.54 p.p. 9 6 % ▲ +20% U S D 4 0 m ▲ Net Property Income Key Highlights Net Asset Value +7.4% ▲ ( 1 ) U S D 9 4 9 m Investment Properties +4.1% ▲ U S D 1 , 2 0 3 m Total Operating Profit U S D 2 8 m ▲ 51% (1) This takes into account the impact of the reclassification made in the comparative for H1 2025. For further information, please refer to Note 25 of the FY2025 audited Financial Statements available in the Annual Report on the REIT’s website. Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 using actual figures.
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12 TOTAL PROPERTY INCOME(IN USD M) + 14% Q 4 2 0 2 5 Q 1 2 0 2 6 Q 2 2 0 2 6 0 5 1 0 1 5 2 0 2 5 2 0 . 9 2 1 . 2 2 3 . 7 INVESTMENT PROPERTY MARKETVALUATION (IN USD M) + 2.7% Q 4 2 0 2 5 Q 1 2 0 2 6 Q 2 2 0 2 6 0 2 0 0 4 0 0 6 0 0 8 0 0 1 , 0 0 0 1 , 2 0 0 1 , 1 4 5 1 , 1 7 3 1 , 1 7 6 Key Highlights Unless otherwise stated, comparative figures are calculated by reference to the first and last reporting dates shown on the x-axis. Emirates REIT | H1 2026 Results Presentation
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Sold to a private purchaser on 12 June 2026 for AED 37 million. Emirates REIT acquired Indigo 7, a mixed-use retail and office building, in September 2011. The proceeds will further strengthen the balance sheet, enhancing Emirates REIT's financial flexibility and positioning it to navigate an evolving macroeconomic and geopolitical environment. 13 Divestment - Indigo 7 Market Value AED 27m As at 31 Mar 2026 Sold at AED 37m Emirates REIT | H1 2026 Results Presentation Realised Gain 35% Key Highlights
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Emirates REIT | H1 2026 Results Presentation 14 HIGHLIGHTS OPERATIONAL 4 M A N A G E D B Y
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11m USD/y40m AED/y RATES (AED/M2) +54% L ik e F o r L ik e A c t u a ls H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 5 0 0 1 0 0 0 1 5 0 0 2 0 0 0 1,840 1,295 1,412 1,551 1,395 1,492 1,611 1,840 1,997 1,997 L ik e f o r L ik e A c t u a ls H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 % 2 0 % 4 0 % 6 0 % 8 0 % 1 0 0 % L ik e f o r L ik e A c t u a ls H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 1 2 3 4 5 6 7 TOTAL INCOME (USD M) +36% L ik e f o r L ik e A c t u a ls H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 1 0 2 0 3 0 4 0 5 0 39 33 40 36 45 33m USD/y120m AED/y 54m USD/y200m AED/y 22m USD/y80m AED/y 44m USD/y160m AED/y 65m USD/y240m AED/y 77m USD/y280m AED/y Lycée Français Jean Mermoz European Business Center Durham School Index Tower GEMS World Academy Loft Offices Indigo Building Building 24 2025 February 2026 June 2026April 2026 Emirates REIT | H1 2026 Results Presentation Operational Highlights ANNUALISED RENTS CONTRIBUTIONS H1 2026 15 96% OCCUPANCY +12 p.p. 83% 91%85% 95% 82% 85% 90% 95% 96% 83m USD/y300m AED/y OPERATING COSTS (USD M) -25% 6.0 5.96.2 4.5 5.4 24 27 31 39 43 4.2 4.6 4.2 5.3 4.5 Unless otherwise stated, comparative figures are calculated by reference to the first and last reporting dates shown on the x-axis using actual figures. As at 30 June 2026
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Emirates REIT | H1 2026 Results Presentation Portfolio Performance Operational Highlights 16 TOTAL INCOME (USD M) +15% H 1 2 0 2 5 H 1 2 0 2 6 E D U C A T IO N A S S E T S B U IL D IN G 2 4 E U R O P E A N B U S IN E S S C E N T R E IN D E X T O W E R L O F T O F F IC E S IN D IG O 7 0 2 4 6 8 1 0 1 2 1 4 1 6 1 8 2 0 2 2 2 4 2 6 9 . 5 9 . 3 1 . 2 1 . 6 3 . 6 4 . 2 2 1 . 3 2 4 . 2 2 . 9 3 . 1 0 . 5 2 . 5 H 1 2 0 2 5 H 1 2 0 2 6 E D U C A T I O N A S S E T B U I L D I N G 2 4 E U R O P E A N B U S I N E S S C E N T R E I N D E X T O W E R L O F T O F F I C E S I N D I G O 7 * 0 % - 2 0 % 0 % 2 0 % 4 0 % 6 0 % 8 0 % 1 0 0 % 100% OCCUPANCY 97% 95% 69% 99% +0.54 p.p. 90% Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 *As at the date of sale As at 30 June 2026
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17 Emirates REIT | H1 2026 Results Presentation INCOME GENERATION Operational Highlights As at 30 June 2026 NET OPERATING INCOME (USD M) + 20% L i k e - F o r - L i k e A c t u a l s H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 1 0 2 0 3 0 4 0 5 0 27.2 22.3 20.2 33.3 40.5 27.0 29.8 34.4 33.7 40.4 Income supported by positive rental reversions, sustained tenant demand and high occupancy across the portfolio. Rental performance remained positive across the portfolio, with properties recording strong year-on-year rental growth. Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 using actual figures.
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L i k e - F o r - L i k e A c t u a l s H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 5 1 0 1 5 2 0 2 5 3 0 3 5 3 1 3 4 3 3 3 5 2 8 3 2 3 4 3 4 2 8 2 9 OPERATING EXPENSES (USD/OCCUPIED M2) - 16% 18 Emirates REIT | H1 2026 Results Presentation OPERATING EXPENSES Operational Highlights As at 30 June 2026 Cost efficiencies achieved while maintaining high occupancy and service levels across the portfolio. The reduction in the operating cost base supported stronger conversion of property income into net property income. Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 using actual figures.
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19 HIGHLIGHTS FINANCIAL 5 Emirates REIT | H1 2026 Results Presentation M A N A G E D B Y
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key financial highlights 20 Financial Highlights Dividends Paid Share Price 2.6% ▲ U S D 0 . 6 2 5 Total Assets U S D 1 . 3 b n 4.9% ▲ Islamic Financing USD 244m LTV (Finance to Value) June 2026 19% USD 13m As at 30 June 2026 Emirates REIT | H1 2026 Results Presentation Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 using actual figures.
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21 Financial Highlights Emirates REIT | H1 2026 Results Presentation TOTAL PROPERTY INCOME (USD M) H1 2023 H1 2024H1 2022 H1 2025 H1 2026 L i k e - F o r - L i k e A c t u a l s 2 4 3 3 2 7 3 6 3 1 4 0 3 9 3 9 4 2 4 5 4 - 4 - 1 7 1 7 H1 2023 H1 2024H1 2022 H1 2025 H1 2026 Growth Highlights Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 using actual figures. + 15% FUNDS FROM OPERATIONS (USD M) + 137% As at 30 June 2026
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22 Financial Highlights Emirates REIT | H1 2026 Results Presentation 1.10 1.31 1.76 2.78 2.97 353 419 563 886 949 H1 2023 H1 2024H1 2022 H1 2025 H1 2026 H1 2023 H1 2024H1 2022 H1 2025 H1 2026 Unless otherwise stated, comparative figures in this section are based on H1 2025 versus H1 2026 (1) This takes into account the impact of the reclassification made in FY 2025. For further information, please refer to Note 25 of the FY2025 audited Financial Statements available in the Annual Report on the REIT’s website. Amounts reflecting for other periods are as per previously reported figures. NET ASSET VALUE (NAV) (USD M) + 7.2% NAV PER SHARE (USD PER SHARE) + 7.2% ( 1 ) ( 1 ) Growth Highlights As at 30 June 2026
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23 Financial Highlights 11.5 7 17 FUNDS FROM OPERATIONS(USD M) H1 2026H1 2025 +2.4x 11.3 NET FINANCE COST (USD M) -2.1% H1 2026H1 2025H1 2026H1 2025 NET PROPERTY INCOME (USD M) +20% 34 40 Income and Earnings Emirates REIT | H1 2026 Results Presentation As at 30 June 2026
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24 Financial Highlights NET FINANCE COST VS. TOTAL PROPERTY INCOME (%)OPERATING COST VS. TOTAL PROPERTY INCOME (%) A c t u a l s L i k e - F o r - L i k e H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 5 1 0 1 5 2 0 2 5 1 0 % A c t u a l s L i k e - F o r - L i k e H 1 2 0 2 2 H 1 2 0 2 3 H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 0 2 0 4 0 6 0 8 0 1 0 0 6 5 % 2 9 % 3 8 % 2 5 % Income and Earnings - H1 2026 18 17 15 14 10 18 17 14 14 11 58 92 86 30 27 42 69 66 29 25 Emirates REIT | H1 2026 Results Presentation As at 30 June 2026
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Emirates REIT | H1 2026 Results Presentation 25 A STEP BACK LET’S TAKE 6 M A N A G E D B Y
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N e t P r o fi t ( U S D M ) F u n d s f r o m O p e r a t i o n s ( U S D M ) F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 H 1 2 0 2 6 0 - 1 0 0 - 2 0 0 - 3 0 0 0 1 0 0 2 0 0 3 0 0 G E N E R A T E D N E T P R O F I T -224 6 4 8 2 1 2 7 2 0 9 2 1 6 5 4 0 . 5 4 9 - 6 3 1 8 1 7 2 5 26 Emirates REIT | H1 2026 Results Presentation Let’s Take a Step Back USD 508m Sustained Profitability
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27 F I N A N C E - T O - V A L U E ( L T V ) - 6 9 % F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 H 1 2 0 2 6 0 % 1 0 % 2 0 % 3 0 % 4 0 % 5 0 % 6 0 % 7 0 % 2 0 % 6 2 % 4 3 % 5 6 % 5 0 % 2 4 % 1 9 % ( 2 ) U S D 5 1 0 . 1 m T O T A L C A S H U S E D ( 1 ) ( 1 ) Strengthened the balance sheet through significant reduction in debt. Materially lowered financial risk and increased the REIT’s resilience. Significant capacity to fund value-enhancing initiatives and pursue attractive growth opportunities. U S E O F C A S H ( U S D , M ) 1 0 2 . 4 2 3 8 . 1 6 2 . 4 2 0 . 2 D e b t R e p a y m e n t C a s h I n fl o w F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 H 1 2 0 2 6 0 5 0 1 0 0 1 5 0 2 0 0 2 5 0 3 0 0 3 7 . 8 3 9 . 4 6 0 . 2 7 1 . 7 1 2 5 . 8 7 1 . 5 2 9 1 . 9 7 8 . 1 9 . 9 5 2 Emirates REIT | H1 2026 Results Presentation Unless otherwise stated, comparative figures are calculated by reference to the first and last reporting dates shown on the x-axis. Let’s Take a Step Back (1) The total repaid amount includes principal repayments as well as profit payments. (2) Total property income, excluding IFRS adjustments, together with proceeds from asset disposals. Targeted Deleveraging
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28 3 3 . 3 m N E T A S S E T V A L U E ( I N U S D M ) + 3 2 1 % 4 0 . 5 m F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 H 1 2 0 2 6 0 2 0 0 4 0 0 6 0 0 8 0 0 1 ,0 0 0 2 2 5 2 9 0 3 7 3 5 0 0 7 0 8 8 9 6 9 4 9 3 3 . 3 m NET ASSET VALUE PER SHARE (IN USD M) +301% 4 0 . 5 m F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 H 1 2 0 2 6 0 .0 0 .5 1 .0 1 .5 2 .0 2 .5 3 .0 0 .7 4 0 .9 5 1 .1 7 1 .5 7 2 .2 2 2 .8 1 2 .9 7 Sustained long-term value creation at the portfolio and Shareholder levels. Materially increased the underlying asset value attributable to each share. Emirates REIT | H1 2026 Results Presentation Unless otherwise stated, comparative figures are calculated by reference to the first and last reporting dates shown on the x-axis. Let’s Take a Step BackNet Asset Value
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29 SHARE PRICE (USD/SHARE) F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 Q 1 2 0 2 6 Q 2 2 0 2 6 0 . 0 0 . 1 0 . 2 0 . 3 0 . 4 0 . 5 0 . 6 0 . 7 0 . 4 9 4 0 . 1 7 6 0 . 6 9 1 0 . 2 8 1 0 . 2 4 4 0 . 2 0 7 0 . 5 1 0 0 . 6 2 5 ( 3 ) + 2 5 5 % Emirates REIT | H1 2026 Results Presentation D I V I D E N D P A Y M E N T S ( U S D , M ) + 5 , 4 5 2 % F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 F Y 2 0 2 6 0 5 1 0 1 5 2 0 2 5 3 0 1 4 . 5 0 . 5 1 4 . 7 0 0 2 7 (1) Unless otherwise stated, comparative figures are calculated by reference to the first and last reporting dates shown on the x-axis. (1) Includes the USD 13 million final dividend paid in respect of FY 2025 and the USD 7 million dividend declared in respect of FY 2026, and assumes the declaration of the planned quarterly dividend later in the year. Starting quarterly dividend payments Ongoing work to implement a share buyback programme Let’s Take a Step BackDividend and Share Price Recovery Initiatives
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30 Date Property Acquisiton Price (USD M) Prior Book Value (USD M) Sale Price (USD M) Premium Jun 2021 Index Tower (Half Floor) 4.7 4.2 10.8 157% May 2022 Jebel Ali School 26.8 50.5 63.6 26% Jul 2024 Trident Grand Mall 8.8 18.8 20.1 7% Oct 2024 Office Park 90.7 136.1 196 44% Jun 2026 Indigo Building 7 7.1 7.4 10.1 36% Acquire assets with clear value-creation potential. Actively enhance income, occupancy and long-term returns. Selectively and strategically dispose at attractive premiums. Realise gains and re-deploy to support lasting benefits for shareholders. Emirates REIT | H1 2026 Results Presentation (1) Assuming a purchase price of AED 1,650 per sq. ft. (2) Premium calculated against prior book values before disposal of assets. Let’s Take a Step Back (2) Profit to Prior Book Value 34% Profit to Cost Basis 54% (1) Active Management
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Emirates REIT | H1 2026 Results Presentation 31 BENCHMARK PEER 7 M A N A G E D B Y
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3 . 5 1 0 . 3 1 2 . 5 7 L o w e s t H i g h e s t M e d i a n 2 . 9 2 E m i r a t e s R E I T N A V P E R S H A R E ( U S D ) P e e r R a n g e 32 Scale and Income Profile Source: Houlihan Lokey financial analysis. Based on reported financial figures from the latest publicly available company reports as at 31 March 2026 and public market data as of 23 July 2026. All figures as reported; no Houlihan Lokey estimates. Peer Benchmark Emirates REIT | H1 2026 Results Presentation D I V I D E N D Y I E L D P e e r R a n g e 5 . 2 % 6 . 8 % H i g h e s t 1 0 . 2 % E m i r a t e s R E I T M e d i a n L o w e s t Emirates REIT combines substantial scale—the largest GCC-listed REIT managed by a private and independent manager—with above-median NAV per share and dividend yield. G R O S S A S S E T V A L U E ( U S D , M ) 0 1 , 0 0 0 2 , 0 0 0 3 , 0 0 0 4 , 0 0 0 5 , 0 0 0 6 , 0 0 0 7 , 0 0 0 E m i r a t e s R E I T E N B D R E I T D u b a i R e s i d e n t i a l R E I T A l M a l C a p i t a l R E I T A l R a j h i R E I T J a d w a R E I T S a u d i B o n y a n R E I T A l A h l i R E I T R i y a d R E I T D e r a y a h R E I T 1 , 2 7 7 4 6 9 6 , 6 9 0 3 9 9 8 5 0 5 9 4 7 8 6 5 3 0 7 2 5 3 9 8
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33 C h a n g e i n N A V / S h a r e ( % ) C h a n g e i n S h a r e P r i c e ( % ) 0 1 0 0 2 0 0 3 0 0 4 0 0 E m i r a t e s R E I T E N B D R E I T D u b a i R e s i d e n t i a l R E I T A l M a l C a p i t a l R E I T A l R a j h i R E I T J a d w a R E I T S a u d i B o n y a n R E I T A l A h l i R E I T 1 R i y a d R E I T D e r a y a h R E I T 2 3 9 . 5 3 9 7 . 7 4 1 . 7 1 1 . 1 1 2 . 6 0 . 1 1 4 - 3 3 . 3 - 3 . 9 - 3 3 . 8 0 . 3 - 3 3 . 4 3 1 . 5 - 0 . 4 3 - 4 6 4 . 3 - 5 3 . 1 7 . 9 - 5 9 . 2 Over the last five years, Emirates REIT delivered a 240% increase in NAV per share—significantly ahead of the next-best peer and the peer median. Over the same period, the share price increased by 398% Outperformance demonstrates how the REIT’s active-management strategy has translated into substantial growth in both underlying value and market value for shareholders. Source: Houlihan Lokey financial analysis. Based on reported financial figures from the latest publicly available company reports as at 31 March 2026 and public market data as of 23 July 2026. All figures as reported; no Houlihan Lokey estimates. Where five years of data is not available for a given REIT (e.g. due to a listing within the period or the absence of published reporting), changes in NAV per share and share price are calculated over the longest period available. Emirates REIT | H1 2026 Results Presentation NAV ACCRETION AND SHARE PRICE CHANGE IN LAST 5 YEARS Peer BenchmarkSustained Peer Outperformance
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34 Second-lowest LTV in the peer group, providing financial resilience and substantial capacity to pursue future growth opportunities. Despite its strong balance sheet, Emirates REIT trades at the deepest discount among its GCC peers. Even with the strongest historical NAV accretion and near-lowest leverage price in the peer group, the shares trade at the widest discount to NAV — underscoring the disconnect between fundamental value and the share price. Peer Benchmark L T V ( % ) D i s c o u n t t o N A V ( % ) 0 2 0 4 0 6 0 8 0 E m i r a t e s R E I T E N B D R E I T D u b a i R e s i d e n t i a l R E I T A l M a l C a p i t a l R E I T A l R a j h i R E I T J a d w a R E I T S a u d i B o n y a n R E I T A l A h l i R E I T 1 R i y a d R E I T D e r a y a h R E I T 1 9 . 1 7 8 . 7 3 9 . 5 5 1 6 . 5 2 6 . 5 3 1 . 9 3 . 1 2 8 . 1 1 3 . 2 1 9 . 6 1 1 3 0 . 3 2 3 . 4 3 7 . 3 3 5 . 3 5 0 . 7 5 1 . 6 4 0 . 9 4 3 . 3 Source: Houlihan Lokey financial analysis. Based on reported financial figures from the latest publicly available company reports as at 31 March 2026 and public market data as of 23 July 2026. All figures as reported; no Houlihan Lokey estimates. Emirates REIT | H1 2026 Results Presentation Low LTV, Deepest Discount
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35 QUESTIONS 8 Emirates REIT | H1 2026 Results Presentation ANSWERS& M A N A G E D B Y
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36 T H A N K Y O U M A N A G E D B Y