Quick overview Dr Herman J. Kok MRE Multi Development RCSC Russian Council Shopping Centers / MOLL Study tour Emirates, 24 th – 28 th February 2013

United Arab Emirates

United Arab Emirates

Economic outlook

GDP CPI inflation Current account Government balance 2011

4,2%

2012-E

3,3%

2013-F

3,7%

2014-F

3,9%

2015-F

4,1% 0,9% 9,1% 6,2% 0,7% 10,5% 8,5% 2,0% 6,3% 5,9% 2,7% 4,7% 5,7% 3,0% 4,2% 6,2%

Exports of goods (%) Imports of goods (%)

Source: Oxford Economics 30,7% 22,8% 38,8% 14,9% 23,9% 13,0% 19,2% 10,0% 18,4% 9,0%

Main oil fields in UAE

Etihad railway project

Shopping center supply in GCC Source: Alpen Capital

Source: JLL Shopping center supply in UAE

Dubai

Dubai – population

Dubai main development trends • Mohamad Bin Rashid City – MBRC (Emaar & Dubai Properties) • Jebel Ali, featuring five theme-parks (Meraas) • Al Maktoum International Airport (Dubai World city) operational in 2013 • Jebel Ali Free Zone (JAFZA): Middle East’s largest free zone

Metro system Dubai

Master plan Dubai – key projects

Metro system plan

Source: JLL Dubai – shopping center stock

Dubai – composition shopping center stock Source: JLL

Abu Dhabi

Abu Dhabi Vision 2030 Source: Abu Dhabi Vision 2030

Abu Dhabi – population

Abu Dhabi Vision 2030 Source: Abu Dhabi Vision 2030

Source: Abu Dhabi Vision 2030 Human City

Public transport and infrastructure Source: Abu Dhabi Vision 2030

Abu Dhabi – shopping center stock Source: JLL

Abu Dhabi – composition shopping center stock Source: JLL

Dalma Mall • 148,000 m2 GLA • Opening October 2012 • Owner: The Developers LLC • 536 units

Marina Mall • 126,000 m2 GLA • Opened March 2001 • Owner: National Investment Corporation • Number of stores: 405

Khalidiya Mall • 46,000 m2 gla • Opened in december 2007 • Owner: Line Investment & Property LLC • Architect: Apollodore

Al Wahda Mall • 140,000 m2 gla including extension (2012) • Opened in May 2007 • 375 stores • Owned by Line Investment & Property LLC

Abu Dhabi Mall • 220,l000 gca • Opened in 2001 • 220 stores • Owned by H.H. Sheikh Suroor Bin Mohammed Al Nahyan