fl DAR AL SHARIA shay atk 08 September 2014 SHARIA PRONOUNCEMENT / FATWA ic ar In respect of the initial public offering (“IPO”) of Emaar Malls Group LLC ("EMG"), we have reviewed the following documents: 1. Memorandum and Articles of Association of EMG (including amendments therein); 2. EMG’s Unaudited Management Accounts as of 30 June 2014; and 3. Statement of Sharia non-compliant income (as prepared by EMG). Further to our review of the above mentioned documents, we hereby confirm that: 1. Based on the Memorandum of Association of EMG, activities and objectives of EMG are substantially inline with and conform to the principles of Sharia 2. As of 30 June 2014, as per the unaudited financials of EMG and the statement of Sharia non-compliant income (as prepared by EMG), financial ratios of EMG (i.e debt to equity ratio, Sharia tangibility ratio, Sharia non-compliant income ratio, etc.) are within the acceptable limits prescribed by the AAOIF! Sharia Standards. 3, As per the statement of Sharia non-compliant income referred to above, total Sharia non-compliant income of the company does not exceed the limits prescribed by AAOIFI Standards (\e. less than 5% of the total income of EMG), EMG shall purify any Sharia non-compliant income prior to distribution of dividend or proceeds (if any) in accordance with the policies and procedures as set out in ‘AAOIFl Sharia standards. In the light of above, we hereby confirm that the stocks of EMG are Sharia compliant. Allaho A’alam, Yours truly, Prof. Dr. Hussain Hamid Hassan Chairman Fatwa and Sharia Supervisory Board Emirates NBD SAVY EY4e Nene jth of) OTN TET ae Batt spats tLa ages AAA arg ppd ately 2 gHLA LATA DU Rag he Dor Ai Shoris Logal and Financial Consultaney LLC, P.O. Box 12988, Dubai, UAE, Tel: #9714 2107333, Fax: +971 42351580. www.daralsharia.2e