Analyst and Investor UpdateSecond Quarter 2013 Results

August 2013

• Completed the merger with Sorouh

• AED1.25bn Net Profit, up 200% (Q2 2012: AED418mn) derived mainly from:

Unit handovers in Al Bateen, Al Muneera, Al Zeina, Al Ward, Tala Tower and Al Bandar

On-going handover of serviced land plots at Al Raha Beach East

Steady growth in recurring revenues and operating businesses, up 10%

Gain on acquisition of Sorouh Assets

• Earnings per Share at 23 fils per share

• Cash position remains strong with AED5.4bn cash and available liquidity

• AED9.1bn visible contractual cash flows from the Government of Abu Dhabi

• Shareholders equity up 90% to AED15.5bn (December 2012: AED8.2bn) and Net Debt/Equity reduced to

60% (December 2012: 144%)

Key Highlights01

2

AED millions Q2 2013 Q2 2012 Remarks H1 2013 H1 2012

Revenues 1,262 4,631 2,886 8,220

Direct costs (776) (3,872) (1,977) (6,610)

Gross profit 485 760 909 1,611

Gross profit Margin 38% 16% 32% 20%

SG&A expenses (65) (69) (122) (129)

Depreciation and Amortization (95) (112) (192) (220)

Other Income/ Expense (58) (1) (40) 2

Finance costs, net (124) (160) (258) (299)

Net Profit before Non-Recurring items 144 418 298 965

Non-Recurring items

Project Cost Impairments/write-offs &

Fair value Loss(1,483) 0 (1,483) (69)

Gain on Business combination 2,591 0 2,591 0

Net Profit for the period 1,252 418 1,406 896

Basic and diluted earnings per share 0.23 0.09 0.26 0.20

Profit and Loss Statement02

GP driven by shift in sales mix to higher margin land salesrecognised during the quarter

DWIP impairment reflecting new zoning restrictions and otherfair market adjustments

Please refer to Slide 6

3

Due to lower level of Debt

Mainly share of losses due to reclassification of Abu DhabiFinance as an associate

Revenue driven by ongoing program of Land and unitsdelivery at Raha Beach and Tala Tower.Variance due to highprogram of delivery in 2012

Segmental Performance 1H 201302

4

Standalone Q2 2013 Proforma Quarterly Performance02

5

Sorouh Key Revenue Drivers: Strong units deliveries due to commencement of Tala Tower handover National Housing tapering off due to near completion of Watani P1&2, Sila & Ghuraibah P1.

Note: Acquisition date is May 15, 2013Only Post-acquisition Sorouh’s Revenues and Gross profit are incorporated in Aldar’s Q2 results

Pre-

acquisition

Post

acquisition Total

Revenue 1,030 4,631 494 233 727 681

Direct Cost (591) (3,872) (387) (185) (572) (532)

Gross Profit 438 760 106 48 154 149

Margin 43% 16% 22% 21% 21% 22%

AED millionsAldar Sorouh

Q2 2013

Q2 2013 Q2 2012 Q2 2012

Purchase Price Allocation (PPA)02

6

-

Fair Value ofAssets net of

MIAED 8,102 mn

Purchase PriceAED 5,511 mn

Gain onacquisition:

AED 2,591 mn

=

Balance Sheet02

7

AED millions Aldar Dec-12 SorouhPost

acquisitionRemarks (movements other than addition of Sorouh)

Property, plant and equipment 3,632 138 3,339 Mainly represents impairment on Hotels and depreciation.

Investment properties 6,078 4,663 11,126Increased due to work done on IPUD of AED 788 million (mainly Yas Mall and

Shabahat Plaza) offset by AED 403 million of fair value losses.

Development work in progress 4,223 4,565 7,244Transfer of Al Bateen and Al Ward projects to inventory on completion.

Impairment of ARB West and Cost recognized on land sales.

Inventory 1,640 1,860 3,142Decreased due to handing over residential units offset by transfer of completed

properties from DWIP.

Receivables 13,337 2,721 13,087Decreased mainly due to collection of AED 2,500 million GAD receivable and AED

250 million ADWEA receivables and certain recoverable impairments

Cash 2,260 1,521 4,664Short term deposits and restricted cash of AED 2,134 million and free cash

balance of AED 2,530 million.

Other Assets 871 315 1,075

Total Assets 32,041 43,676

Equity 8,180 - 15,825Increase in share capital and premium due to issuance of shares for acquisition

of Sorouh, conversion of Mubadala convertible bonds and 6 month’s profit

offset by dividends paid.

Debt 14,014 2,112 14,223Decreased mainly due to repayment of Sukuk AED 3.75 bn during Q2 & net

drawdown from the NBAD loan amounting to AED 2.45bn.

Payables, Advances and Other Liabilities 9,847 5,276 13,628 Decreased mainly due to reduction in advances as a result of sales recognition

Total Liabilities and Equity 32,041 43,676

Net Debt to Equity 144% 60%

Net Debt, 9.6

Cash, 4.7

Borrowings Jun-13

14

13

10

5

1

Total Assets Jun-13

Other Assets

Cash

DWIP & Inventory

Trade and otherreceivables

PPE & IP

Balance Sheet: Strong Asset Base and Declining FinancialLeverage

8

Approximately 66% oftotal is contracted toGovernment

02

44

Total BorrowingsAED14.2bn

AED 1.6bn Shams Infra.reimbursement fromGovernment of Abu Dhabi isOff- balance sheet receivable

(AED bn)

Cash still to be received from Government of Abu Dhabiagainst asset sale agreements

9

(AEDmn)

03

Date Particulars H2 2013 2014 2015 2016 2017Total

Q2 '13 - 2017

December 2009 Sale of F1 Race Track 348 348 348 348 348 1,739

January 2011 Sale of Al Raha Beach Land and Yas Island Assets* 439 511 - - - 950

December 2011 Sale of Central Market and Units & Infra. in Al Raha Beach - 3,500 1,318 - - 4,818

January 2013 Shams Infrastructure Reimbursement* 700 900 1,600

1,487 5,259 1,666 348 348 9,107

* Cash flow timing depends on handover of related assets

Cash Flow Statement02

10

AED millions Q2 2013 Q2 2012 Remarks

Cash at the beginning of the period

(unrestricted cash)1,009 3,372

Net cash from/(used in) operating

activities3,390 3,282 mainly due to the collection of receivables

Net cash from/(used in) investing

activities(27) (514)

mainly attributable to Capex in Yas Mall offset by net investment in

DWIP, increase in restricted bank and term deposits with original

maturities greater than three months.

Net cash used in financing activities (1,842) (4,630)

mainly due to net repayment of existing borrowings, related finance

costs and profit distribution on Islamic bonds, and the payment of

dividends

Cash at the end of the period

(unrestricted cash)2,530 1,510

Short term deposits and restricted

balances with banks2,134 950

Cash and cash equivalents at the end of

the period4,664 2,460

Synergies Update

11

04

Estimated Impact Status Update

CostSynergies

SG&AExpenses

• Rationalization of duplicate central functionsand corporate expenses

• Consolidation of office space and management• Corporate procurement savings from

economies of scale

Annual Savings ofAED90-110m by 2015

Progressing Well

PropertyRelatedServices

• Procurement savings in property relatedfacility management services Progressing Well

FinancingCharges

• Optimization of financial charges due toimproved credit terms

2.05% interest marginreduction on Sorouhloan facility with anoutstanding balance

of AED2.1bn

IT Platforms• Integration of IT platforms

Progressing Well

AdditionalPotentialSynergies

ProjectRelated

Expenditures

• Capital expenditure synergies on futuredevelopments by leveraging its scale andexpertise in project design, procurement andmanagement Medium Term Synergy

Potential Planning ProgressingWell

RevenueEnhancement

• Through enhanced portfolio diversification andoptimised management of the land bank, theCombined Group will be able to operate moreeffectively, better phase and sequence newdevelopments, and leverage each Company'sexpertise to drive revenue growth

Operational Highlights Q2 2013

Development Projects Investment Properties

Operating Businesses

05

12

Residential:

• Tala Tower: Almost 70% handed-over: 259 of the 375units. On-track to complete handover in Q3 2013

• The Gate: Building Completion Certificates received for 3towers

• Al Ghadeer: Building Completion Certificate received for200 villas, in first zone to be handed-over to customers

Retail Developments:

• Yas Mall: Construction 80% complete and deliveryremains on schedule

Managed Projects:

• 3,173 National Housing villas scheduled for handover inQ4: Watani (703 villas), Al Falah (1,000 villas), Sila’a(448 villas) and Ghuraibah (1,022 villas)

• 2,000 villas handed over at Al Falah to the Government ofAbu Dhabi

Offices:

• Heads of Terms issued for an additional 2,100 sqm inHQ, once concluded would take occupancy to 82%

Retail:• Total of 6 new outlets trading in Raha Beach. 2 in

Muneera and 4 in Al Zeina

• Community retail portfolio now 50% leased

Hotels:Q2 2013 occupancy across hotels portfolio up at 78% versus58% in Q2 2012

Conclusion06

• Completed the merger with Sorouh

Synergies going well

Strategic logic we did in this deal remains strong

Financial strength of the combined entity is very evident

• AED1.25bn Net Profit in Q2 2013, up 200%. Half year Net Profit of AED1.4bn, up 57% & Earnings per

share 23 fils per share

• Cash position remains strong with AED5.4bn cash and available liquidity plus AED9.1bn visible

contractual cash flows from Government of Abu Dhabi

• Higher Equity (up by 90%) and lower leverage (down to 60%)

• Strong delivery pipeline for the next 12 months with c.7,400 residential units due to be delivered

• Recurring revenue portfolio will be significantly strengthened through the lease-up of units in alrayyana

and The Gate

13

Q&A07

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