Emirates REIT United Arab Emirates Equities Real Estate Initiation of Coverage Thursday, 21 April 2016

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1 Apr-1 5 Ma y-15 Jun-15 Jul-1 5 Aug -15 Sep -15 Oct-1 5 Nov-15 Dec-15 Jan-16 Feb-16 Ma r-16 Emirates REIT United Arab Emirates Equities Real Estate Initiation of Coverage Exceptional growth stock with a lucrative dividend yield Initiate with BUY/MODERATE RISK Total property income to grow at a 6-year CAGR ( e) of 17% and Funds From Operations (net income excluding revaluation gains) at 37%. The Index Tower and Jebel Ali School provide strong growth visibility. Moderate leverage reduces REIT s expansion plan risk. Attractive dividend yield with growth visibility are key strengths. While portfolio geographic concentration and impending imposition of VAT are the major concerns. Applying VAT could depress our valuation by maximum of 1% at worst case scenario. Initiate with BUY/MODERATE RISK; PT USD1.52/share (ETR: +3%). REIT offers lucrative dividend yield with a clear growth visibility: Emirates REIT has exposure to 8 prime located buildings with leasing area of 1.8mn sqft in Dubai with a focus on office, education and retail segments. REIT offers lucrative dividend yield as it is obligated to pay a minimum of 8% of distributable profits as dividends to its shareholders. We expect an attractive average dividend yield of 7.9% during Moreover, we assume that the REIT earnings and consequently dividend are set to grow significantly over the coming years supported by acceleration in the Index tower and start of operations for Jebel Ali School. Index Tower constitutes 23% of REIT portfolio leasable area, but currently contributes just 3% of REIT s rental income as the building has been vacant since acquisition till October 215. Going forward, we expect strong acceleration in the Index occupancy rate, which will increase its contribution to 47% of REIT total rental income in 221. As per our estimates, REIT total property income and Funds From Operations (FFO) are set to grow at e CAGR of 16.4% and 37%, respectively. Moreover, REIT has a strong moderate-leveraged balance sheet with debt to asset of 35% as of December 215 vs. maximum loan to asset ratio of 5%. However, fluctuations in the real estate markets and concentration risk as all of asset portfolio is located in Dubai, are the major concerns for REIT. Page 1 Initiate with BUY/MODERATE RISK; PT USD1.52/share: We have used five equal weighted different valuation method to value Emirates REIT: (1) DCF Exit Yield which resulted in a FV of USD1.31/share, (2) DCF terminal growth rate (TGR) which resulted in FV of USD1.84/share, (3) Income Capitalization Method which yielded a FV of USD1.31/share, (4) Dividend Discount Model (DDM) which resulted in a FV of USD1.3/share and (5) multiples which resulted in a FV of USD1.86/share. Accordingly our blended Price Target (PT) came in at USD1.52/share, offering an upside potential of +3% over current market price (CMP). Hence, we initiate coverage on REIT with a BUY/MODERATE RISK rating. We assumed a cost of equity of 1.94%, a cost of debt of 3.7% and WACC of 8.39%. We used (TGR) of 2% and dividend pay-out ratio of 9% of FFO over the valuation horizon (beyond 217). Although value added tax (VAT) subject is still unclear if it will be applied on REIT, we try to set a rough directional indication of the maximum negative effect worst case scenario on valuation after imposition of VAT, concluding that VAT could depress our PT by 1. % from USD1.52/share to USD1.36/share. REIT multiples are cheap in global context as the stock trades on forward 216e PER and PBV of 9.2x and.73x, respectively as compared to median global peers multiple of 16.6x and.94x, respectively. BUY MODERATE RISK REIT (USD) vs. DUAETR Rebased Volume (RHS) REIT DUAETR Rebased mn 2. 5 PT: USD1.52 ETR: +3% Sto ck D etails Last price (USD) W High (USD) W Low (USD) 1.9 6M -ADVT (USDmn).18 % Chg: M om 1.3 % Chg: YoY -6. % Chg: YTD -6.7 M ubasher Ticker REIT.DIFX Bloomberg Ticker REIT DU C apital D etails No. of Shares (mn) M kt Cap (USDmn) M kt. Cap (AEDmn) 1,293.1 Free Float (%) 1.% 4.9% USD mn 213a 214a 215a 216e 217e 218e Total property income Net income Funds from operations Total property income growth (%) 8.3% 51.2% 12.4% 3.9% 21.1% 9.3% Net income growth (%) 219.8% 39.3% 26.7% (38.%) 28.3% 4.8% Funds from operations growth (%) 151.9% 43.9% (3.6%) 17.3% 52.8% 17.6% Net property income margin (%) 188% 175% 197% 114% 113% 17% Net margin (%) 143% 132% 148% 7% 74% 71% Funds from operations margin (%) 34% 32% 2% 31% 4% 43% Net Debt to Equity (%) 47.5% 31.6% 41.2% 45.8% 44.6% 41.7% EPS (USD)* NAV (USD)* Reported DPS (USD)* PER (x) na P/BV (x) na Dividend yield (%) na 3.8% 6.4% 6.8% 6.8% 6.7% * Adjusted per share data, stock split by 1 in January 214 Source: Company reports, MubasherTrade Research estimates Mahmoud Ibrahim Senior Equity Analyst Mubasher International Mahmoud.Ibrahim@MubasherFS.com

2 Emirates REIT United Arab Emirates Initiation of Coverage Business Model Emirates REIT is the UAE s first Shari a-compliant Real Estate Investment Trust (REIT) established in the Dubai International Financial Centre (DIFC) in 21, providing investors with diversified exposure to high-quality, incomegenerating properties. REIT is a closed-ended investment company with a mandate to invest in a diversified portfolio of Shari a compliant real estate properties and related assets. The company is focusing on the acquisition of property assets in Dubai but with subsequent exploration of other opportunities in other emirates as well as the MENA region in order to diversify investment risk. The principal objective of the fund is to provide shareholders with a stable source of income through a consistent distribution of at least 8% of its audited annual net income as dividends. REIT has an ability to purchase onshore properties in Dubai (through Ruler s Decree exclusive to Emirates REIT). Emirates REIT is the first listed trust in MENA region. REIT completed its IPO in April 214, and listed 49% of its shares on NASDAQ Dubai. At the IPO price of USD1.36/share, the issue was oversubscribed by 3.5x, raising USD21mn, which were directed to finance an acquisition opportunities. Emirates REIT is managed by Emirates REIT Management (Private) Limited (the REIT Manager ), which was incorporated in the DIFC on 27 October 21 and is regulated by the DFSA. The REIT Manager was created as a joint venture between Dubai Islamic Bank (DIB.DFM) and Equitativa Real Estate Limited (formerly: Eiffel Management Limited). On 1 March 215, Eiffel Management Limited acquired DIB s 25% stake in the REIT Manager. Since its IPO (April 214), the REIT has acquired assets worth USD23mn, expanding its exposure to primary office space in Dubai by acquiring 15 further office floors (372, sqft) in The Index Tower in June 214. The company had also acquired additional half floor in December 214 for consideration of USD171mn. Moreover, it acquired Le Grande Mall in May 214 for USD32.2mn and land plot to construct Jebel Ali School in August 215 for USD27mn. REIT has a total asset portfolio consisting of 8 buildings (Including Jebel Ali School) with total value of USD671mn as of December 215 and NLA of 1.8mn sqft distributed as follow Office (48%), education segment (38%), Retail and other segments (14%). As of 31 December 215, REIT s net asset value per share stood at USD1.57/share. Page 2 REIT's Properties Portfolio Index Tower Office Park GEMS World Academy Dubai Loft Offices Management Emirates REIT Name Position Mr. Abdulla Al Hamli Chairman Mr. Sylvain Vieujot Deputy Chairman and Chief Executive Officer Trident Grand Mall Jebel Ali School Building 24 Indigo 7 Ms. Magali Mouquet Executive Director Investor Relations and Communication Mr. James Anderson Chief Financial Officer Ms. Arsheen Saulat Source: Company reports Compliance Officer and Money Laundering Reporting Officer Milestones 23-Nov-1 Launch of Emirates REIT 23-Jun-11 Acquisition of Building Sep-11 Acquisition of Indigo 7 8-Dec-11 Acquisition of the Loft Offices 19-Jun-12 Acquisition of the Office Park 19-Feb-13 Ability to purchase onshore properties in Dubai (Ruler s Decree) 31-May-13 Acquisition of the Index Tower-Retail 1-Oct-13 Portfolio exceeds AED1bn 1-Oct-13 Acquisition of the GEMS World Academy 18-Dec-13 Acquisition of an Office floor in the Index Tower 18-Dec-13 Acquisition of the Index Tower - Car Park 1-Jan-14 Switch accounting from AAOIFI to IFRS 26-Jan-14 Share split by 1 11-Mar-14 Intention To Float on NASDAQ Dubai 8-Apr-14 Issuance of IPO shares 19-May-14 Acquisition of Trident Grand Mall 23-Jun-14 Acquisition of 15 further office floors in the Index Tower 23-Jun-14 Portfolio exceeds AED2bn 1-Oct-14 Joining the FTSE EPRA/NAREIT Global Emerging Markets Index 7-Dec-14 Acquisition of an additional half floor in the Index Tower 2-Aug-15 Acquisition of Jebel Ali School Key Portfolio Statistics 31-Dec Dec Dec-15 Number of properties (consolidated) * Portfolio occupancy Including Index Tower (%) 86.4% 66.6% 76.7% Excluding Index Tower (%) 94.% 94.1% 95.4% Weighted average lease expiry (Year) Number of tenants (Tenant) Net leasable area (Mn SQF) Market value (AEDbn)* Passing income (AEDmn) Net leasable area (KSQM) Market value (USDmn)* Passing income (USDmn) * Including investment property under re-development and fit-out

3 Emirates REIT United Arab Emirates Initiation of Coverage Business Model (Cont. d) Operating structure 15.7% 11.7% 1.% 9.9% 19.7% 6.4% 5.4% 4.9% 4.7% 4.7% 3.8% 3.1% Dubai Islamic Bank PJSC Vintage Bullion Schroders Investment Dubai Properties Group LLC Shuaa Asset General Management Pension and Social Security Authority Investments LLC Emirates NBD Clients Abu Dhabi - Asset Management TECOM Telcom Investments M Frontier Management Others Committees & Boards Shareholders Equitativa Real Estate Limited (Formerly: Eiffel Management Limited) 1% i. Oversight Board ii. Investment Board iii. Shari a Supervisory Board iv. Advisory Board Board Fees Acts on behalf of shareholders Invest in Emirates REIT Distributions Management & Performance Fees Management Services Emirates REIT Management Invest in Income Onshore Dubai Branch of Emirates REIT (CEIC) Limited Properties Property & Facility Management Fees Property & Facility Management Services Property & Facility Manager * Index Tower Le Grande Community Mall Office Park Jebel Ali School * GEMS World Academy Dubai * Building 24 Loft Offices Indigo 7 * Source: Company reports, MubasherTrade Research, * GEMS, Indigo 7 and Jebel Ali School have a "triple net lease contract which means the tenant takes care of everything, including maintenance and insurance of the building Page 3

4 Emirates REIT United Arab Emirates Initiation of Coverage Business Model (Cont. d) Portfolio Locations Le Grande Community Mall NLA: 94,139 sqft Office Park NLA: 37,81 sqft Building 24 NLA: 57,335 sqft Indigo 7 NLA: 2,477 sqft Loft Offices NLA: 163,637 sqft Index Tower NLA: 46,76 sqft Jebel Ali School NLA: 223,913 sqft GEMS World Academy NLA: 459,614 sqft Source: Company reports, Google map Page 4

5 Emirates REIT United Arab Emirates Initiation of Coverage Business Model (Cont. d) Portfolio Overview Property Index Tower Office Park GWAD Loft Offices Trident Grand Mall Building 24 Jebel Ali School Indigo 7 Total/Average Location DIFC Dubai Internet City Al Barsha South Dubai Media City Dubai Marina Dubai Internet City Dubai Land Sheikh Zayed Road Ownership Title Freehold Freehold Leasehold Freehold Freehold Freehold Freehold Leasehold Land Area 215, , ,614 82,795 na 41,36 358,449 15, Net Leasing Area (NLA) (Sqft)* 46,76 37,81 459, ,637 94,139 57, ,913 2,477 1,795,992 Area breakdwon Office (commercial) % 81.5% 83.3% - 93.% - 9.3% - 52% 47.6% Retail % 18.5% 13.1% - 6.5% 38% 8.8% - 48% 1.3% Terrace % % % Storage % % % Education % % % % Other % - 3.6% -.5% -.9% - -.8% No. of Car Spaces (space)** 1,426 na - na 161 na - na 1,587. Acquisition Date May-13 Jun-12 Oct-13 Dec-11 May-13 Jun-11 Aug-15 Sep-11 Acquisition Cost (USD mn) Current Valuation (USD mn)*** No. of Tenants**** WA Lease Expiry (Year) Occupancy at acquisition % 62% 1% 81% 77% 89% % 1% Occupancy at 31 Dec % 97% 1% 92% 6% 1% 1% 9% 77% Annual Passing Income at acquisition (USD mn) Annual Passing Income at 31 Dec 215 (USD mn) * GWAD leasehold will end in 256, while Indigo 7 leasehold will end in 239, ** REIT has car parking spaces at all buildings except GEMS and Jebel Ali School. However the Trust does not provide their numbers. *** The properties were valued by CBRE and ASTECO as of 31 December 215. **** Jebel Ali School will has one tenant. Source: MubasherTrade Research estimates Page 5

6 Emirates REIT United Arab Emirates Initiation of Coverage Business Model (Cont. d) Management and performance fees The Fund Manager is entitled to receive a Fund Management Fee of an amount equal to 1.5% per annum of the Gross Asset Value of the Fund (payable on a quarterly basis). The Fund Manager is also entitled to receive annual Performance Fee equivalent to 3.% of the increase in the Net Asset Value above the highest NAV since the last performance fee (adjusted for dividends). Dividend policy REIT is obliged to distribute 8% of its audited annual net income. Dividends in respect of a completed financial period have historically been paid as an interim dividend in January following the end of the relevant period and as a final dividend in the following June. The Oversight Committee determines whether any: (i) revaluation surplus; or (ii) gains on the disposal of Real Property, will be part of the net income for distribution to shareholders. Taxation and zakat As for taxes related to REIT s investors, no taxes are currently applied to shareholders of the DIFC, including dividend tax, capital gains tax, stamp duty or other taxes. With respect to taxes related to the fund, as a closedended investment company domiciled in the DIFC, the fund is subject to a zero corporate income tax rate for 5 years commencing from 13 September 24, including the income tax on the fund s business operations in the DIFC. This zero tax rate is also applied on the transfers of assets, profits or salaries in any currency to any party outside the DIFC for 5 years (starting 13 September 24). However, it is still not clear if the REIT will be expose to value-added taxes (VAT) in 218 or not. Limit of borrowing 5% of Gross Asset Value. Limited development activity The limit of development activity is 3% of portfolio. Moreover, REIT can invest only in properties under development if it intends to hold the property. NAV evolution REIT s NAV reached its peak in January 216 at USD1.571/share Leasing area breakdown by properties Source: Company s reports Office Park 37,81 sqft 2.6% GWAD 459,614 sqft 25.6% Index Tower 46,76 sqft 22.6% Leasing area breakdown by segment The loft Offices 163,637 sqft 9.1% le Grand 94,139 sqft 5.2% Indigo 7 2,477 sqft 1.1% Building 24 57,335 sqft 3.2% Jebel Ali School 223,913 sqft 12.5% Premium/discount % NAV (USD/share) Stock price Historical High: % 2% 15% 1% 5% % -5% -1% -15% -2% -25% -3% Storage 7,719 sqft.4% Terrace 5,364 sqft 2.8% Retail 185,224 sqft 1.3% Education 683,527 sqft 38.1% Other 14,683 sqft.8% Office (Commercial) 854,474 sqft 47.6% Source: Company s reports Source: Company s reports Page 6

7 Emirates REIT United Arab Emirates Initiation of Coverage Valuation Valuation Models Initiate with BUY/MODERATE RISK; PT USD1.52/share: We initiate coverage on Emirates REIT with a BUY/MODERATE RISK rating and a Price Target (PT) of USD1.52/share, implying an upside potential of +3% over current market price (CMP). We applied five valuation methods, assigning equal weightage to each, as follow: DCF Exit Yield: USD1.31/share We discounted REIT s Free Cash Flow to the Firm (FCFF) over valuation horizon of 1 years, utilizing WACC of 8.39% and exit yield of 1% for terminal value determination. This yield is in-line with average office rental yield during the last 8 years across Dubai area. This method yielded fair value (FV) of USD1.31/share (+11% vs. CMP). DCF TGR: USD1.84/share We used conservative Terminal Growth Rate (TGR) of 2% to calculate the terminal value in our discounted FCFF over valuation horizon of 1 years. This method resulted in FV of USD1.84/share (+56% vs. CMP). Income Capitalization Method: USD1.31/share Assuming cap Rate of 6.39% alongside net operating income (NOI) of each asset at maturity phase in 221, our FV came in at USD1.31/share (+11% vs. CMP), after discounting each asset valuation to the present. Dividend Discount Model (DDM): USD1.3/share Utilizing cost of equity of 1.92% and TGR of 2%, our 1-year DDM resulted in FV of USD1.3/share (+11% vs. CMP). We assume semi-annual dividend distribution with Dividend Payout Ratio (DPO) of 9% from REIT s FFO, beyond 217. Multiples: USD1.86/share Based on global peers forward 216e PER and PBV of 16.6x and.94x, respectively, we reached a FV of USD1.86/share (+58% vs. CMP). We based our income valuation models (DCF & DDM) on the following metrics and assumptions: Cost of equity (COE) is 1.94%, calculated as follows: US 1-year Treasury yield of 1.75%, inflation difference (between UAE and USA) of 1.5%, conservative global peers re-levered Beta of.84 as compared to stock beta of.45, US equity risk premium (ERP) of 6.23%, UAE country risk premium of 2.45% as implied by its credit default spread of 1.89%, levered up by 3% to account for inherent volatility in equity returns). cost of debt (COD) is 3.7% as per company guidance. Accordingly, the weighted average cost of capital (WACC) is 8.39% over our forecast period (216e-226e). We set conservative terminal growth rate at 2%. We assume perpetual occupancy rate of 9% across all properties in the maturity phase, however we assume perpetual occupancy rate of 1% for one tenant buildings (GWAD and Jebel Ali School). We assume monthly rental rate for car parking at AED1,/car as per management guidance. After expiration of the current short-to-medium term lease contract (1-3 years), we assume annual rent escalation rate of 2% during our valuation horizon. However, before expiration of the current lease, we have assumed unchanged rental rate. As for the one tenant buildings (GWAD and Jebel Ali School) which have long term lease contract, we assume unchanged rental income over the coming 1 years according to IFRS as REIT s rental income already accounted for the annual escalation rate over the coming 1 years We did not consider terminal value for lease hold building (GWAD and Indigo7). Our projected capex is related mainly to the index tower (Fitting out some office floor and retail area) and Jebel Ali School (Remaining construction cost of building). Moreover, we don t consider any future acquisitions in our forecast or valuation. Excess cash # of USD3mn at the end of December 215, adjusted for the USD12mn cash dividend paid in January 216. Accordingly, we consider excess cash of USD18mn in our valuation. # Excess Cash = Cash MAX (; (Current Liabilities ( Current Assets - Cash)) Valuation Summary Valuation Model Fair Value (USD/share) Vs. Current Price Weight Model Contribution REIT trades below our PT and its IPO price after considering the paid dividend * Current market price Adjusted CMP IPO price Price Target NAV DCF - Exit Yield % 2%.26 DCF - TGR % 2%.37 Capitalized NOI % 2%.26 DDM % 2%.26 Relative Valuation % 2%.37 Weighted Average Price Target (USD/share) 1.52 Current market price (USD/share) Upside potential 29.6% Source: MubasherTrade Research estimates Page 7 Relative Valuation DDM Capitalized NOI DCF - TGR DCF - Exit Yield USD/share Source: MubasherTrade Research estimates, *Adjusted CMP price doesn t consider the effect of inflation

8 Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Our Implied Enterprise Value of Properties came in at USD696mn vs. REIT s valuer s valuation of USD671mn (+3.6%): Our weighted average price target of USD1.52/share reflects an equity value of USD456mn. Considering the excess cash and interest bearing debt, our valuation implies an Enterprise Value (EV) of USD696mn, coming 3.6% higher than REIT s asset valuation prepared by CBRE and ASTECO. However, REIT s properties valuation should increase over the coming years after pick-up in the Index occupancy rate and the startup of operations of Jebel Ali School. Moreover, we highlight that our DCF-exit yield valuation model implies TGR of -.97%, while our DCF-TGR valuation model implies exit yield of 6.4%. If we consider the best and worst result concluded from DCF and capitalized NOI valuation method, REIT EV at best case would amount to USD795mn which translates into USD1.85/share. On the other hand, REIT EV at worst case scenario, would amount to USD589mn, translating into USD1.17/share. Office segment represents c.5% of our EV; The index has the largest share: On the segment front, around 5% of our valuation (DCF and capitalized NOI) of REIT is driven by the office segment. On the properties front, the index valuation dominates our valuation, representing around 37% of Emirates REIT valuation. On the other hand, The Index Tower represented around 43% of REIT properties valuation prepared by CBRE and ASTECO. The remaining capex of USD85mn is only related to the Index tower and Jebel Ali School (JAS): We assume total capex of USD85mn over our valuation horizon ( ), which is related only to fitting some office floors and retail area in the Index in addition to the remaining construction cost of building JAS. Regarding the Index, we assume fitting cost of AED5/sqft (USD136/sqft) for fitting office area as per the company s guidance. Yet, REIT did not determine how many floors will be fitted out and how many floors will be leased as core and shell over the coming years, as it will depend on demand. Accordingly, we assume that 5% of remaining available for lease space, will be fitted, while the other 5% will be leased as core and shell. We assume rental rate of AED42/sqft for fitted office space, AED2/sqft for shell and core office space, and AED5/sqft for retail area. Accordingly, we expect a capex of USD2.5mn for fitting out 5% of available for lease space office in The Index tower. With respect to retail space in the Index tower, we assume estimated capex for fitting retail area at AED9/sqft for gross leasable area (GLA) which is translated into USD245/sqft for GLA or USD489/sqft for net leasable area. In view of that, we assume capex of USD38mn for fitting out the retail area at the Index Tower. On the other hand, we assume capex of USD26.74mn for constructing the building of JAS. REIT has paid USD26.8mn for acquiring the land of JAS in August 215, while the construction of the school is estimated to take approximately fourteen months with a total estimated cost of USD29.9mn. REIT has already incurred USD3.16mn of construction cost for the school in 215. REIT will pass 1% of VAT to the tenants as per contract s term, however we tried to quantify the maximum downside risk at worst case scenario (Lower PT by 1%): In February 216, Humaid Obaid Al Tayer, Minister of State for Financial Affairs, said that Value Added Tax (VAT) will be introduced in the UAE by the beginning of 218 at a rate of 5%. The VAT subject is still very unclear for Real Estate Investment Trust in UAE as the authorities might maintain the tax advantageous for REIT by excluding it from VAT. Moreover, there is no guidance about VAT s tax base for REIT and whether it will be imposed on property transfer or not. Although Emirates REIT has a wording in its contracts, specifying that the tenant shall bear the cost of the VAT, we tried to quantify the most negative effect of VAT on Emirates REIT by running a valuation exercise, assuming that the VAT will be paid by REIT solely, without passing any amount to its tenants. We assume that VAT will be imposed on total rental income at rate of 5% by the beginning of 218. Considering the aforementioned assumptions, our exercise resulted in a 1% lower PT from USD1.52/share to USD1.36/share. We used 221 NOI for mature properties and discounted it back to date after deducting tax from rental income. As for relative valuation, we used 221 EPS and BV, then we discounted the result to date in order to reach our price target. We fully acknowledge the limitations and lack of accuracy of these assumptions. Our forecasts are based on a limited disclosure about Tax base on REIT; however, it acts as a rough directional indication of the maximum negative effect on valuation after imposing VAT, if REIT will bear 1% from the tax paid (worst case scenario). Page 8 Our property valuation vs. REIT property valuation by CBRE and ASTECO Properties Source: *MTRE: MubasherTrade Research estimates, ** Acquisition cost represents land only VAT maximum negative effect on our valuation methods and price target USD/share (1.5%) DCF - Exit Yield Acquisition (12.2%) DCF - TGR Source: MubasherTrade Research estimates Valuers (ASTECO-CBRE) (USD mn) Date Cost Market Value FV - Without VAT FV - With VAT Change (14.%) Capitalized NOI (9.9%) (6.7%) (1.5%) (1.%) (2.%) (3.%) (4.%) (5.%) (6.%) DDM DCF - Exit yield Relative Valuation DCF - TGR Price Target Income Capitalization Index Tower May Office Park Jun GWAD Oct Jebel Ali School** Aug Loft Dec Le Grande May Building 24 Jun Indigo 7 Sep Total (EV) MTRe Best Case Valuation (EV) MTRe Worst Case Valuation (EV) MTRe Valuation * %

9 Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) DCF valuation methods Year 216e 217e 218e 219e 22e 221e 222e 223e 224e 225e 226e (USD mn) Rental income Service fee income Other property income Total property income Property operating expenses (14) (15) (15) (17) (19) (2) (21) (21) (22) (22) (22) Gross profit Unrealized gain (loss) on IP revaluation* (3) Net property income Total fees and other expenses (15) (15) (16) (17) (18) (19) (19) (19) (19) (2) (19) NOPAT Accounts recievable Other current assets Accounts payable against IP Customers Advance Payments Other operating liabilities WC investment () Capex (25) (11) (6) (1) (18) (15) FCFF PV of FFCF Source: MubasherTrade Research estimates, * IP: investment properties Page 9 DCF Valuation - Exit Yield DCF Valuation - TGR PV of Continuing Value 337 PV of Continuing Value 496 Income Capitalization Cumulative PV of Forecast Period 294 Cumulative PV of Forecast Period 294 EV (USD mn) 699 EV 631 EV 79 Add: Excess Cash 18 Add: Excess Cash 18 Add: Excess Cash 18 Less: Value of Debt (257) Less: Value of Debt (257) Less: Value of Debt (257) Less: Discounted CAPEX (68) Equity Value 392 Equity Value 55 Equity Value 392 Equity Value per Share 1.31 Equity Value per Share 1.84 Equity Value per Share 1.31

10 Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Assumptions details 214a 215a 216e 217e 218e 219e 22e 221e 222e 223e 224e 225e 226e The Index Tower Rental Income (USD mn) Occupancy rate (%) 12.8% 17.1% 3.6% 42.1% 55.3% 72.3% 9.% 9.% 9.% 9.% 9.% 9.% Implied annual rental rate (USD/sqft/NLA) na Gross profit margn (%) 12.9% 37.8% 5.7% 6.6% 65.5% 7.4% 7.2% 7.1% 7.% 69.9% 69.8% Office Park Rental Income (USD mn) Occupancy rate (%) 95.3% 96.9% 96.9% 96.9% 96.9% 96.9% 96.9% 96.9% 96.9% 96.9% 96.9% 96.9% 9.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 82.% 82.% 81.9% 81.9% 81.8% 81.8% 81.8% 81.7% 81.7% 81.6% 81.6% GWAD Rental Income (USD mn) Occupancy rate (%) 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 84.4% 84.1% 83.8% 83.4% 83.1% 82.7% 82.4% 82.% 81.6% 81.2% 8.8% Loft Offices Rental Income (USD mn) Occupancy rate (%) 97.% 91.9% 92.9% 93.9% 94.9% 94.9% 94.9% 94.9% 94.9% 94.9% 94.9% 94.9% 9.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 81.% 8.9% 8.9% 8.8% 8.8% 8.7% 8.7% 8.6% 8.6% 8.5% 8.5% Le Grande Rental Income (USD mn) Occupancy rate (%) 55.2% 6.1% 65.1% 7.1% 75.1% 8.1% 85.1% 9.% 9.% 9.% 9.% 9.% 9.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 79.5% 79.5% 79.4% 79.3% 79.2% 79.1% 79.% 78.9% 78.7% 78.6% 78.5% Building 24 Rental Income (USD mn) Occupancy rate (%) 96.1% 99.8% 99.8% 99.8% 99.8% 99.8% 99.8% 99.8% 99.8% 99.8% 99.8% 99.8% 9.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 7.9% 7.7% 7.6% 7.4% 7.3% 7.1% 7.% 69.8% 69.6% 69.5% 69.3% Jebel Ali School Rental Income (USD mn) Occupancy rate (%) 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 97.3% 97.3% 97.3% 97.3% 97.3% 97.3% 97.3% 97.3% 97.3% 97.3% 97.3% Indigo 7 Rental Income (USD mn) Occupancy rate (%) 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.% Implied annual rental rate (USD/sqft/NLA) Gross profit margn (%) 97.2% 97.2% 97.2% 97.2% 97.2% 97.1% 97.1% 97.1% 97.1% 97.1% 97.% Page 1

11 By segment By property Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Valuation Breakdown DCF - Exit Yield DCF - Terminal Growth Rate Income Capitalization Loft USD69mn 11% Jebel Ali School USD74mn 12% Le Grand USD27mn 4% Building 24 USD2mn 3% Indigo 7 USD9mn 1% Index Tower USD21mn 33% Loft USD85mn 11% Jebel Ali School USD98mn 12% Le Grand USD34mn 4% Building 24 USD24mn 3% Indigo 7 USD9mn 1% Index Tower USD292mn 37% Loft USD64mn 9% Jebel Ali School USD97mn 14% Le Grand USD25mn 4% Building 24 USD19mn 3% Indigo 7 USD9mn 1% Index Tower USD297mn 42% GWAD USD98mn 16% Office Park USD124mn 2% GWAD USD98mn 13% Office Park USD151mn 19% GWAD USD72mn 1% Office Park USD116mn 17% Parking USD32mn 5% Other USD4mn 1% Parking USD42mn 5% Other USD4mn % Parking USD37mn 5% Other USD3mn 1% Retail USD85mn 14% Retail USD116mn 15% Retail USD12mn 17% Education USD173mn 27% Office USD338mn 53% Education USD196mn 25% Office USD431mn 55% Education USD17mn 24% Office USD369mn 53% Source: MubasherTrade Research estimates, * IP: investment properties Page 11

12 Annual Rent Escalation Rate (%)*** Annual Rent Escalation Rate (%)*** Annual Rent Escalation Rate (%)*** Perpetual Occupancy Rate (%)** Perpetual Occupancy Rate (%)** Terminal Growth rate (%) Exit Yield (%)* Terminal Growth rate (%) Remaining Capex (USD mn)**** Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Sensitivity to key valuation metrics DCF - Exit Yield DCF - Terminal Growth Rate Income Capitalization (USD/share) WACC % (USD/share) WACC % (USD/share) Cap Rate (%) % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% % 4.4% 5.4% 6.4% 7.4% 8.4% 9.4% 13.% % (78) % % (75) % % (71) % % (68) % % (64) % % (61) % % (58) (USD/share) WACC % (USD/share) WACC % (USD/share) WACC % % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% 8% % % % % % % % % % % % % % % % % % % % % (USD/share) WACC % (USD/share) WACC % (USD/share) Cap Rate (%) % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% % 6.4% 7.4% 8.4% 9.4% 1.4% 11.4% % 4.4% 5.4% 6.4% 7.4% 8.4% 9.4%.5% % % % % % % % % % % % % % % % % % % % % * We did not assign terminal value for GWAD and Indigo7 due to their leasehold ownership,.** We assume perpetual occupancy rate of 1% for one-tenant building (GWAD and Jebel Ali School). *** Beyond expiration of the current lease, except for GWAD and Jebel Ali school.**** The remaining estimated capex for Jebel Ali School and Index Tower. Source: MubasherTrade Research estimates Page 12

13 Cost of Equity (%) Terminal Growth Rate (%) Terminal Growth Rate (%) Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Dividend Discount Model 1-year semiannual DDM yielded a fair value of USD1.3/share: Our 1-year DDM resulted in FV of USD1.3/share, implying an upside potential of 8.9%. We based our DDM valuation model on the following assumptions: Dividend will be distributed semi-annually in January and June over our valuation horizon. We assume a dividend payout ratio (DPO) of 9% from REIT s FFO, beyond 217. We highlight that Emirates REIT is obligated to pay a minimum of 8% of distributable profits as dividends to shareholders. Furthermore, the company could pay dividend on its net income including its revaluation gain as well. Exceptionally, in 216, we assume that REIT will distribute USD.4/share in June 216, bringing 216 total DPS to DDM Valuation Summary * After excluding revaluation gain or loss ** Represents the remaining dividend during 216 (3 June 216) Source: MubasherTrade Research estimates USD.8/share for the year end in 215, which implies a DPO of 291%. We assume that DPS will remain unchanged in 217 as well at USD.8/share. We applied cost of equity of 1.92% and TGR of 2%. Going forward, we estimate a DPS of USD.8/share in 217e, USD.8/share in 218e and USD.9/share in 219e. We preferred to assume our DPO according to recognized FFO not net income, as investment properties revaluation gain is non cash item and REIT should not distribute amount higher than its FFO over the long term. We assigned a 2% weight to our DDM valuation as REIT usually has predictable and steady cash flow stream. Moreover, Emirates REIT is obligated to pay a minimum of 8% of distributable profits as dividends to shareholders. Year 216e 217e 218e 219e 22e 221e 222e 223e 224e 225e 226e Distributable net income* Dividend payout ratio - Net income 39% 63% 48% 54% 58% 64% 77% 76% 71% 71% 71% Dividend payout ratio - FFO 291% 14% 9% 9% 9% 9% 9% 9% 9% 9% 9% DPS ** Discounted DPS Terminal DPS.16 Perpetual Value 1.84 PV of Continuing Value.68 Cumulative PV of Forecast Period.63 Fair value per share (USD/share) 1.3 Current market price Upside (Downside) Potential 1.7% DDM s FV sensitivity to cost of equity, TGR and DPO (USD/share) Cost of Equity % % 8.9% 9.9% 1.9% 11.9% 12.9% 13.9%.5% % % % % % % (USD/share) Dividend Payout Ratio % * 1.3 1% 97% 93% 9% 87% 83% 8%.5% % % % % % % (USD/share) Dividend Payout Ratio % * 1.3 1% 97% 93% 9% 87% 83% 8% 13.9% % % % % % % * Dividend payout ratio is beyond 217 and is related to distributable profit only (FFO) Source: MubasherTrade Research estimates Page 13

14 Book Value (USD/share) EPS (USD/share) Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Relative valuation model resulted in FV of USD1.86/share: We used two equal weighted multiples to evaluate Emirates REIT according to relative valuation approach. We reached a weighted average price target of USD1.86/share by applying 216 PER (USD2.4/share) and PBV (USD1.32/share). Emirates REIT is the only listed REIT in MENA exchanges, thus we used the multiples of global peers to derive our FV for the trust. We assume that income from REIT properties will mature in 221 after the occupancy rate of the index tower reaches its saturation level. Therefore, we used the median 1 year forward PER and PBV for global peers. We applied these multiples to REIT s 221e net income and book value and then discount these values to the present. REIT multiples are cheap with lucrative yield in global context: Emirates REIT is considered undervalued relative to its global peers as the stock trades on forward 216e PER of 9.2x compared to median global peers multiple of 16.6x. Furthermore, REIT is trading at 216 PBV of.73x versus median of global peers multiples of.94x. On the dividend yield front, REIT offers 216 dividend yield of 6.7%, as compared to median of global peers' multiples of 5.8%. Our price target implies attractive multiples: Multiples based on PT of USD1.52/share, according to income and relative valuation approaches, are still cheap relative to median multiples of global peers. According to our price target, Emirates REIT should trade at 216e multiples of 12x on PER and.79x on PBV compared to median multiples of global peers at 16.6x and.94x, respectively. VAT effect on our valuation methods and price target Relative Valuation Method Source: MubasherTrade Research estimates 216e Peer Group Median Valuation Factor 221 Discount Factor Valuation PER 16.6x PBV.9x Average 1.86 Imposing VAT to depress our relative FV by 6.7% from USD1.86/share to USD1.74/share Relative valuation FV sensitivity to change in multiples (USD/share) (USD/share) x 18.6x 17.6x 16.6x 15.6x 14.6x 13.6x x 1.1x 1.x.9x.8x.7x.6x Source: MubasherTrade Research estimates PER - 216e Peer Group Median PBV - 216e Peer Group Median Emirates REIT has attractive EBITDA margin of 86% vs. global peers average of 72% FV - Without VAT FV - With VAT Change USD/share (3.8%) (8.3%) (6.7%) PE P/BV FV - Muliples Source: MubasherTrade Research estimates Page 14.% (2.%) (4.%) (6.%) 1% 8% 6% 4% 2% % 86.47% Source: MubasherTrade Research estimates 216 EBITDA margin 71.81% 71.83% Emirates REIT Global Peers' Average Global Peers' Median

15 Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) Mkt cap (USD mn) EBITDA Margin PER Dividend Yield Country Company name Australia Scentre Group 18,714.2 n/a n/a 83% 83% 9.6x 8.2x 19.5x 18.6x 2.9% 5.% 4.7% 4.9% 1.1x 1.3x 1.3x 1.3x Australia Westfield Corp 16, % n/a 71% 7% n/a 6.2x 23.5x 21.3x 4.3% 3.6% 3.3% 3.3% 2.x 1.5x 1.6x 1.5x Brazil BR Malls Participacoes SA 2, % 394% 77% 78% 15.5x 159.1x 19.x 15.4x 3.7% 4.2% 1.6% 1.9%.8x.6x.8x.8x Britain Hammerson PLC 6, % n/a 81% 82% 6.3x 6.5x 2.3x 19.3x 3.4% 3.7% 4.1% 4.4% 1.x.9x.8x.7x Britain Intu Properties PLC 5, % n/a 66% 7% 7.x 8.1x 21.x 2.2x 4.1% 4.3% 4.7% 4.7% 1.x.9x.7x.7x France Fonciere Des Regions 6, % n/a 86% 86% 5.8x 11.x 16.3x 15.6x 5.5% 5.2% 5.2% 5.4% 1.2x 1.2x 1.2x 1.1x Germany alstria office REIT-AG 2, % n/a 85% 86% 21.9x n/a 16.5x 15.3x 4.9% 4.1% 4.3% 4.6% 1.x.6x 1.1x 1.x Hong Kong Champion REIT 2,991.6 n/a n/a 72% 72% 1.6x 6.8x 19.x 18.2x 5.7% 5.1% 5.4% 5.6%.4x.5x.5x.5x Hong Kong Link REIT 13,68.7 7% 63% 72% 72% 5.1x 4.x 23.3x 22.x 4.3% 3.8% 4.3% 4.5%.9x.9x.9x.9x Hong Kong Yuexiu Real Estate Investment 1, % n/a 53% 53% 9.4x 13.4x 24.9x 22.6x 7.6% 7.2% 7.6% 7.3%.7x.7x.8x.9x Hong Kong Sunlight Real Estate Investmen % 66% 69% 68% 4.3x 3.4x 12.4x 19.1x 6.1% 5.6% 5.8% 5.9%.5x.5x.5x.5x Hong Kong Prosperity REIT 55.2 n/a n/a 68% 67% 8.x 5.8x 21.1x 2.4x 6.2% 6.3% 6.2% 6.3%.6x.6x.6x.6x Malaysia IGB Real Estate Investment Tru 1, % 61% 63% 64% 14.2x 18.3x 19.6x 19.1x 5.9% 6.1% 5.7% 6.% 1.2x 1.3x 1.4x 1.4x Malaysia Pavilion Real Estate Investmen 1, % 57% 64% 61% 8.6x 16.6x 19.7x 18.2x 5.5% 5.3% 5.1% 5.6% 1.2x 1.2x 1.3x 1.3x Malaysia Sunway Real Estate Investment 1,198.1 n/a 58% 67% 66% 1.2x 8.3x 17.7x 16.7x 5.8% 5.7% 5.6% 6.% 1.1x 1.1x 1.2x 1.2x Malaysia Capitaland Malaysia Mall Trust % 54% 59% 59% 1.7x 11.6x 16.2x 15.4x 6.2% 6.2% 6.% 6.2% 1.1x 1.x 1.1x 1.1x Malaysia Axis Real Estate Investment Tr % 68% 74% 72% 17.9x 18.6x 16.3x 17.7x 5.5% 7.7% 5.4% 5.6% 1.5x 1.3x 1.3x 1.3x Mexico Macquarie Mexico Real Estate M 1,95.5 n/a 274% 8% 81% 5.1x 4.5x 11.3x 11.4x 6.6% n/a 7.5% 7.6% 1.x.8x.8x.8x Mexico Fibra Uno Administracion SA de 7, % 267% 76% 76% 119.x 119.x 17.x 15.1x 4.2% 5.3% 5.3% 5.9% 1.2x 1.1x 1.1x 1.1x Mexico PLA Administradora Industrial 1,73.4 n/a n/a 77% 78% 38.2x 23.x 13.9x 12.6x 6.2% n/a 7.1% 7.7% 1.x.8x.9x.9x Mexico Fibra Shop Portafolios Inmobil % 225% 65% 65% 18.8x 8.9x 12.7x 11.9x n/a n/a 7.% 7.3% 1.1x.9x 1.x 1.x Singapore CapitaLand Mall Trust 5, % n/a 66% 65% 11.4x 11.6x 18.5x 17.5x 5.3% 5.8% 5.3% 5.3% 1.1x 1.x 1.1x 1.1x Singapore CapitaLand Commercial Trust Lt 3, % n/a 73% 73% 11.4x 13.x 16.6x 15.5x 4.8% 6.4% 6.2% 6.2% 1.x.8x.8x.8x Singapore Suntec Real Estate Investment 3, % 313% 64% 64% 15.1x 11.x 19.9x 19.4x 4.8% 6.5% 5.9% 6.%.9x.7x.8x.8x Singapore Keppel REIT 2, % 222% 83% 82% 9.4x 8.8x 15.2x 19.7x 5.9% 7.3% 6.7% 6.5%.9x.6x.7x.7x Singapore Starhill Global REIT 1, % 37% 73% 73% 12.x 1.9x 15.2x 14.9x 6.3% 5.8% 6.6% 6.7%.9x 1.x.9x.9x Singapore CapitaLand Retail China Trust % 57% 62% 64% 9.1x 1.9x 14.8x 14.4x 6.1% 7.1% 7.8% 8.1% 1.x.8x.8x.8x Singapore Ascendas Real Estate Investmen 4, % n/a 63% 65% 11.3x 15.7x 16.6x 15.8x 6.3% 5.6% 6.% 6.3% 1.1x 1.2x 1.2x 1.2x Singapore Mapletree Greater China Commer 1,97.6 n/a n/a 79% 78% n/a 8.8x 15.9x 16.2x n/a 6.3% 7.3% 7.5%.8x.9x.8x.8x Singapore Fortune Real Estate Investment 2,4.1 66% n/a 65% 65% n/a n/a 19.2x 18.2x n/a n/a 5.8% 6.% n/a n/a.6x.6x Singapore Frasers Centrepoint Trust 1, % 59% 63% 63% 9.8x 1.2x 18.x 17.9x 5.9% 6.1% 5.9% 5.9% 1.x 1.x 1.1x 1.x Singapore Frasers Commercial Trust % 57% 61% 61% 1.4x 12.3x 14.9x 14.7x 6.3% 7.3% 7.6% 7.6%.8x.9x.8x.9x Singapore Sabana Shari'ah Compliant Indu % 58% 67% 66% 17.7x n/a 1.6x 1.6x 7.8% 9.6% 1.8% 1.8%.9x.8x n/a n/a Singapore Mapletree Logistics Trust 1, % 74% 74% 75% 8.7x 12.7x 13.5x 13.1x 7.% 6.% 7.4% 7.6% 1.1x 1.2x 1.x.9x Singapore CDL Hospitality Trusts 1, % n/a 73% 73% 13.9x 22.3x 12.5x 12.9x 6.3% 7.6% 7.1% 7.3% 1.1x.8x.9x.9x Singapore First Real Estate Investment T % 83% 92% 93% 1.x 13.2x 15.3x 14.8x 6.4% 6.9% 6.9% 7.% 1.2x 1.2x 1.2x 1.2x South Africa Growthpoint Properties Ltd 4, % 53% 83% 82% 16.x 17.7x 14.2x 13.3x 6.5% 6.6% 7.5% 8.% 1.1x 1.1x.9x.9x South Africa Hyprop Investments Ltd 2,49.9 n/a n/a 68% 69% 15.9x 7.7x 2.x 17.7x 5.9% 4.5% 5.% 5.6% 1.5x 1.4x 1.3x 1.2x South Africa Resilient REIT Ltd 3, % 53% 74% 74% 11.1x 5.6x 28.6x 24.9x 5.5% 4.1% 3.5% 4.1% 1.1x 1.4x 1.8x 1.4x Thailand CPN Retail Growth Leasehold Pr 1,326.5 n/a n/a 83% 83% 11.1x 9.5x 13.9x 13.4x 6.% 5.9% 5.8% 6.2% 1.3x 1.3x 1.6x 1.6x Thailand Tesco Lotus Retail Growth Free 1,74.4 n/a n/a 72% 74% 16.8x 16.6x 19.4x 18.1x 5.5% 5.6% 5.1% 5.3% 1.1x 1.2x 1.4x 1.4x PBV Global Peers' Average 3,331 69% 133% 72% 72% 16.1x 41.6x 17.4x 16.8x 5.6% 5.8% 5.9% 6.1% 1.x 1.x 1.x 1.x Global Peers' Median 1,853 66% 64% 72% 72% 11.1x 11.x 16.6x 16.7x 5.9% 5.8% 5.8% 6.% 1.x 1.x.9x.9x UAE Emirates Market Price % 164% 86% 89% 8.x 6.1x 9.2x 7.2x 3.8% 6.4% 6.8% 6.8%.9x.8x.7x.7x UAE Emirates MTRe Price Target % 164% 86% 89% 8.x 6.1x 12.x 9.3x 3.8% 6.4% 5.3% 5.3%.9x.8x.8x.8x Source: Company reports, MubasherTrade Research estimates Better than global peers median Page 15

16 Emirates REIT United Arab Emirates Initiation of Coverage Valuation (Cont. d) PER 216 vs. Median Dividend Yield 216 vs. Median PBV 216 vs. Median Emirates REIT Sabana Shari'ah Compliant Indu Macquarie Mexico Real Estate M Sunlight Real Estate Investmen CDL Hospitality Trusts Fibra Shop Portafolios Inmobil Mapletree Logistics Trust PLA Administradora Industrial CPN Retail Growth Leasehold Pr Growthpoint Properties Ltd CapitaLand Retail China Trust Frasers Commercial Trust Starhill Global REIT Keppel REIT First Real Estate Investment T Mapletree Greater China Commer Capitaland Malaysia Mall Trust Fonciere Des Regions Axis Real Estate Investment Tr alstria office REIT-AG Ascendas Real Estate Investmen CapitaLand Commercial Trust Lt Fibra Uno Administracion SA de Sunway Real Estate Investment Frasers Centrepoint Trust CapitaLand Mall Trust Champion REIT BR Malls Participacoes SA Fortune Real Estate Investment Tesco Lotus Retail Growth Free Scentre Group IGB Real Estate Investment Tru Pavilion Real Estate Investmen Suntec Real Estate Investment Hyprop Investments Ltd Hammerson PLC Intu Properties PLC Prosperity REIT Link REIT Westfield Corp Yuexiu Real Estate Investment Resilient REIT Ltd 9.2x 1.6x 11.3x 12.4x 12.5x 12.7x 13.5x 13.9x 13.9x 14.2x 14.8x 14.9x 15.2x 15.2x 15.3x 15.9x 16.2x 16.3x 16.3x 16.5x 16.6x 16.6x 17.x 17.7x 18.x 18.5x 19.x 19.x 19.2x 19.4x 19.5x 19.6x 19.7x 19.9x 2.x 2.3x 21.x 21.1x 23.3x 23.5x 24.9x 28.6x 16.6x Sabana Shari'ah Compliant Indu CapitaLand Retail China Trust Yuexiu Real Estate Investment Frasers Commercial Trust Growthpoint Properties Ltd Macquarie Mexico Real Estate M Mapletree Logistics Trust Mapletree Greater China Commer CDL Hospitality Trusts PLA Administradora Industrial Fibra Shop Portafolios Inmobil First Real Estate Investment T Emirates REIT Keppel REIT Starhill Global REIT Prosperity REIT CapitaLand Commercial Trust Lt Ascendas Real Estate Investmen Capitaland Malaysia Mall Trust Suntec Real Estate Investment Frasers Centrepoint Trust Fortune Real Estate Investment CPN Retail Growth Leasehold Pr Sunlight Real Estate Investmen IGB Real Estate Investment Tru Sunway Real Estate Investment Champion REIT Axis Real Estate Investment Tr Fibra Uno Administracion SA de CapitaLand Mall Trust Fonciere Des Regions Pavilion Real Estate Investmen Tesco Lotus Retail Growth Free Hyprop Investments Ltd Scentre Group Intu Properties PLC alstria office REIT-AG Link REIT Hammerson PLC Resilient REIT Ltd Westfield Corp BR Malls Participacoes SA 1.8% 7.8% 7.6% 7.6% 7.5% 7.5% 7.4% 7.3% 7.1% 7.1% 7.% 6.9% 6.8% 6.7% 6.6% 6.2% 6.2% 6.% 6.% 5.9% 5.9% 5.8% 5.8% 5.8% 5.7% 5.6% 5.4% 5.4% 5.3% 5.3% 5.2% 5.1% 5.1% 5.% 4.7% 4.7% 4.3% 4.3% 4.1% 3.5% 3.3% 1.6% 5.8% Champion REIT Sunlight Real Estate Investmen Prosperity REIT Fortune Real Estate Investment Keppel REIT Emirates REIT Intu Properties PLC Hammerson PLC Suntec Real Estate Investment BR Malls Participacoes SA Macquarie Mexico Real Estate M Yuexiu Real Estate Investment CapitaLand Retail China Trust CapitaLand Commercial Trust Lt Frasers Commercial Trust Mapletree Greater China Commer Starhill Global REIT CDL Hospitality Trusts Link REIT Growthpoint Properties Ltd PLA Administradora Industrial Mapletree Logistics Trust Fibra Shop Portafolios Inmobil Frasers Centrepoint Trust alstria office REIT-AG Capitaland Malaysia Mall Trust Fibra Uno Administracion SA de CapitaLand Mall Trust Fonciere Des Regions Ascendas Real Estate Investmen First Real Estate Investment T Sunway Real Estate Investment Hyprop Investments Ltd Scentre Group Pavilion Real Estate Investmen Axis Real Estate Investment Tr IGB Real Estate Investment Tru Tesco Lotus Retail Growth Free Westfield Corp CPN Retail Growth Leasehold Pr Resilient REIT Ltd.5x.5x.6x.6x.7x.7x.7x.8x.8x.8x.8x.8x.8x.8x.8x.8x.9x.9x.9x.9x.9x 1.x 1.x 1.1x 1.1x 1.1x 1.1x 1.1x 1.2x 1.2x 1.2x 1.2x 1.3x 1.3x 1.3x 1.3x 1.4x 1.4x 1.6x 1.6x 1.8x.94x Source: Company reports, MubasherTrade Research estimates Page 16