June 2, 2006: Emaar Properties announces the acquisition of John Laing Homes

June 2, 2006

Emaar Properties, one of the world’s largest real estate companies, announced today that it has agreed to acquire John Laing Homes, the second largest privately held homebuilder in the U.S., creating one of the world’s leading real estate developers in residential homebuilding. The AED 3.856 billion (US$1.050 billion) all cash transaction has been unanimously approved by the boards of directors of both companies and closed on June 1, 2006.

KPMG Corporate Finance LLC was retained as a financial advisor to Emaar Properties. Robert Booth, Executive Director Emaar Properties had this to say about the transaction, “Through its industry knowledge and significant experience with global transactions, KPMG Corporate Finance was able to find an acquisition candidate and negotiate a deal that fit perfectly with our strategic goals.”

About Emaar Properties

Emaar Properties, a Dubai-based Public Joint Stock Company, (the “Company”) is one of the world’s largest real estate companies. The Company is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. Emaar has several major real estate projects in the United Arab Emirates (UAE), including the Burj Dubai, which will be the world’s tallest tower when complete, and The Dubai Mall, which will be the world’s largest shopping mall. The company has projects across the region covering India, Egypt, Turkey, Morocco, Syria, Jordan, Pakistan, Lebanon, and Saudi Arabia. Emaar also has an agreement with Giorgio Armani to develop an international chain of luxury Armani hotels and resorts.

About John Laing Homes

John Laing Homes, the second largest privately held homebuilder in the United States, based in Newport Beach, California, with revenues of US$1.6 billion and 2,891 residential closings in 2005. John Laing Homes consistently ranksamong industry leaders in overall customer satisfaction by J.D. Power & Associates and has received numerous industry awards, including “America’s Best Builder” for 2006 from Builder magazine, “2005 Most Admired Builder of the Year” from Big Builder magazine, “2004 Builder of the Year” from Professional Builder magazine, and “Builder of the Decade” in 2000 from independent research firm Eliant.

About KPMG Corporate Finance LLC

KPMG Corporate Finance LLC is a leading financial adviser serving domestic and international clients. KPMG Corporate Finance offers a full suite of investment banking and advisory services and the experience and depth of knowledge in global M&A and project finance to advise clients on mergers and acquisitions, sales and divestitures, buy-outs, financings, restructurings, fairness opinions, infrastructure project finance and other advisory initiatives. Operating in 52 countries, KPMG's Corporate Finance practice comprises more than 1,600 professionals who are able to meet the needs of KPMG's firms’ clients across the globe. In 2005, KPMG's Corporate Finance practice was ranked the number one financial adviser for completing the highest number of transactions globally (429 deals totaling US$40.3 billion), according to Thomson Financial’s global M&A league tables, and in 2006 it was named global financial advisor of the year by Infrastructure Journal.