Creating value for the U.S.

Emirates: a significant engine for American aerospace manufacturing jobsNot only does the relationship with Boeing span decades, Emirates is also currently the largest Boeing 777 operator on the planet, with one of out every eight 777 aircraft ever manufactured by Boeing having been delivered to Emirates. The 777 is the backbone of Emirates’ fleet with 164 777s of various configurations in service today, and another 190 next-generation Boeing aircraft including the 777X and 787 on order.

start of Emirates operations1985aircraftan all Boeing 777 and Airbus A380 fleet

273destinations in 86 countries on six continents

158U.S. airports served with Emirates passenger flights

12thousand+ Emirates passengers connect annually onto U.S. partner airlines

300billion estimated annual local economic value to 10 airports and surrounding regions served by Emirates in the U.S. (based on economic impact studies from respective airports or regions)

$3.3

Emirates is a consumer-focused, profit-driven, financially transparent and non-subsidized enterprise that has earned a profit for 30 straight years. How? Because Emirates is a fully commercial airline committed to world-class customer service, is well-managed, and has pioneered an innovative aviation model: connecting long-haul to long-haul services via a hub, thereby reducing costs for the airline and providing unrivaled global connectivity for travelers.

In 2004, Emirates began flying between New York JFK and Dubai, which is Emirates’ hub. The relationship between Emirates and the U.S. however goes back much further, in fact, it was in 1991 when Emirates placed its first order for the wide-body Boeing 777 aircraft. This aerospace relationship spanning decades combined with the air connectivity to and from the U.S. means Emirates is a significant value creator for U.S. communities, workers and consumers.

Emirates and Boeing celebrate the delivery of its last Boeing 777-300ER in December 2018

million jobs created and sustained in the U.S. aerospace industry by Emirates’ aircraft, engine and service purchases

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In November 2013, Emirates was a launch customer for Boeing’s next generation 777 aircraft, the Boeing 777X. In an unrivaled demonstration of support for Boeing and the 777 program, Emirates placed an order for 150 Boeing 777X aircraft including 300 GE9X engines to be delivered from 2020 onwards. This was the single largest order by value in the history of U.S. commercial aviation, and also GE Aviation’s largest ever commercial jet engine contract from any airline.

In November 2017, Emirates placed a further $15.1 billion order for 40 Boeing 787 Dreamliners.

Emirates’ total purchases and orders of aircraft, engine and maintenance from Boeing, GE Aviation and Engine Alliance since 1991 has created and sustained one million American jobs, based on the U.S. Department of Commerce’s jobs multipliers and Boeing list prices. The total count of Boeing aircraft in Emirates’ past and current fleet is 366 aircraft.

“We are honored by Emirates’ commitment to the newly launched 777X and the significant long term

boost this provides to U.S. exports and jobs. Emirates has been an integral part of the 777 success story for many years and today operates the largest fleet of 777s anywhere in the world. We look forward to further strengthening our partnership with Emirates and continuing to support Dubai’s expansion into a global aviation hub.” – Jim McNerney, former Chairman, President and CEO, Boeing

“The confidence placed by Emirates in GE Aviation is almost overwhelming. Emirates is critical in enabling GE to demonstrate and improve upon its high-thrust engine technologies. The success in service of the GE90-powered 777-300ER paved the way for the

industry’s enthusiasm for the GE9X-powered 777X. And Emirates has been there for the whole remarkable journey.” – David Joyce, GE Vice Chairman, President and CEO, GE Aviation

In November 2015, Emirates signed a $16 billion “OnPoint” contract with GE Aviation for maintenance, repair and overhaul of the GE9X engines powering Emirates’ new Boeing 777X aircraft.

“The relationship between GE and Emirates remains strong, and the finalization of the GE9X OnPoint agreement further extends our partnership well into the future. The OnPoint solution agreement will allow us to provide comprehensive MRO support along with OEM parts and work scopes to ensure the engines remain in peak operating condition.”

– David Joyce, GE Vice Chairman, President and CEO, GE Aviation

Emirates’ U.S. service supports billions of dollars in annual economic activity and tens of thousands of American jobs… ... at and around airports According to U.S. airport data or economic impact studies carried out by surrounding regions, the annual economic impact of Emirates’ operations to 10 of the 12 airports it serves exceeds $3.3 billion and supports thousands of jobs.… through visitor spending … Based on analysis by Campbell-Hill measuring the impact of visitor spending and using 2014 data, the 10-daily round-trips to the U.S operated by Emirates each resulted in $186 million in annual visitor spending, supported 3,975 jobs which in turn led to $161 million in annual U.S. employee earnings.

… with a total impact of more than 104,112 jobs and $10.5 billion GDP contribution based on 2015 dataThe total economic impact of Emirates’ activity impacting the U.S. in 2015 is quantified as 104,112 jobs, $6.4 billion in labor income, $10.5 billion in contribution to GDP and $21.3 billion in business revenue for U.S. companies. This is based on an economic impact analysis by Campbell-Hill based on CY 2015 and takes into account the direct, indirect and induced impact of Emirates’ operations, expenditure and stimulated passengers in the U.S.

1 million American jobscreated and sustained by Emirates’ total investment

in aircraft, engine and maintenance (past and current) with Boeing, GE Aviation and Engine Alliance

Emirates’ partnerships – connecting over 300,000 passengers annually onto our U.S. partner airlinesEmirates’ partnerships in the U.S. benefit passengers, airlines and communities. Passengers save time and money through more seamless travel; U.S. airlines gain substantially more revenue by selling additional tickets to more destinations; and U.S. communities enjoy more connectivity with the world. Emirates signed partnership

agreements with JetBlue Airways in 2012 and Alaska Airlines in 2015, feeding hundreds of passengers daily onto their domestic networks. Over 300,000 Emirates passengers connect onto U.S. partner airlines annually.

Emirates SkyCargo: trade bridges to the world that support American exports and American jobsIn addition to the passenger-flight belly-hold cargo space, Emirates SkyCargo’s U.S. all-cargo network includes 11 weekly freighter operations to Chicago, Columbus, Houston, Los Angeles and New York JFK; as well as a weekly shared service with ASL to New York JFK.

In 2018, those flights from the U.S. have carried 128,000 tonnes of high value goods. These trade bridges ensure U.S. exporters can get goods

to markets quickly, whether it’s in the Middle East, Africa or Asia.

Every week, Emirates carries items such as auto parts out of New York JFK, oil and gas equipment out of Houston, medical supplies out of Los Angeles and frozen meat from Chicago. In 2018, over 265 tonnes of aircraft parts were flown out of Seattle and 1,700 tonnes of lobster was flown from Boston.

“Our partnership already connects 2,500 customers a week to Emirates and we expect that to increase as we streamline the travel experience for customers traveling between Alaska and Emirates.”

Bradley Tilden, President and CEO, Alaska Airlines

“We’re proud to do it with Emirates, a fantastic partner for JetBlue over the past years.”

Robin Hayes, President and CEO, JetBlue Airways

Chicago

Los AngelesSan Francisco

Seattle

HoustonFort Lauderdale

OrlandoDallas/Fort Worth

BostonNew York

Estimated annual local economic impact of Emirates’ operations

$200m$300m$257m$624m$200m$166m$544m$720m$140m$100m Total impact:$3..3bn

Source: Economic impact studies from respective airports or regions. Studies not available for Washington, DC and Newark.

“The Gulf Carriers’ flights generate ‘hundreds of millions of dollars’ in annual economic benefits for the Dallas-Fort Worth region, with Emirates being singled out as the single largest contributor with $300 million in annual economic benefit.”

– John Ackerman, Executive Vice President, Global Strategy and Development, Dallas/Fort Worth International Airport

“With an estimated annual economic impact to our region of more than $100 million and approximately one thousand new jobs as a direct and indirect result of Emirates arrival, we are confident this new service will mark the beginning of many more great things to come.”

– Mark Gale, CEO/Director of Aviation, Broward County (Fort Lauderdale-Hollywood International Airport)

“With the recent up-gauging to the Boeing 777-300ER the impact increases to around $140 million [from $100 million], and hopefully one day to $188 million if Emirates chooses to operate the A380 to Orlando International.”

– Phil Brown, Executive Director of the Greater Orlando Airports Authority

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“…aviation forms an essential part of the two countries’ vibrant commercial and economic relations…”

“…reaffirmed their strong support for the Agreement…desire to maintain the many benefits it has created.”

“…the UAE’s carriers are and have been at all times in full compliance with the Agreement.”

“…government support in whatever form…is neither uncommon nor necessarily problematic in the global aviation sector.”

“…many airlines are wholly or partially state-owned.”

“…noted that such audited financial reports have for many years been issued by Emirates...”

“…voluntary points outlined above.”

O N C O U R S E

ANNUAL REPORT2017-18

Emirates: a long history of financial transparency Emirates is state-owned but neither state-subsidized nor state-advantaged. The United Arab Emirates welcomes international competition with more than 130 Open Skies agreements. As a result, Emirates competes with over 100 international airlines at Dubai International. It secures financing on a fully commercial basis through a wide range of sources including operating leases, commercial asset-backed debt and bonds. Emirates’ financial accounts are independently audited by PricewaterhouseCoopers in full compliance with International Financial Reporting Standards, and are publicly available on the website, emirates.com. Contrary to false claims that Emirates receives state aid, Emirates has, in fact, paid more than $4.2 billion in dividends to its sole shareholder, the Government of Dubai.

U.S. Open Skies: vital to protecting and creating American jobsU.S. Open Skies policy has generated enormous, decades-long economic benefits for the United States: for U.S. consumers, airlines, tourism, manufacturing, express companies, cargo carriers, exporters and hoteliers, just to name a few. A 2015 economic study by Brookings’ Clifford Winston and Washington State University’s Jia Yan found that Open Skies agreements have generated at least $4 billion in annual benefits for travelers, including lowering fares by nearly 15 percent, and that negotiating more Open Skies agreements could bring an additional $4 billion per year in traveler gains.

Despite this success, the three large U.S. network passenger carriers and their unions have – for a number of years now - engaged in a massive campaign that selectively targets the Open Skies agreements with the United Arab Emirates and Qatar in order to limit air service by the Gulf airlines. The bottom line is that these three U.S. network airlines, despite record-setting profits, seek to revise U.S. international aviation policy to put their financial self-interest ahead of the interests of the U.S. economy and the millions of American workers who benefit from Open Skies. They want to replace the pro-consumer, pro-competitive, pro-growth Open Skies policy with an approach that limits competition, denies consumers a choice of new routes and better service, and sacrifices the creation of thousands of new American jobs to protect the narrow interests of three U.S. companies.

So far, the campaign has been a failure for the three large U.S. network airlines. In May 2018, the US and UAE governments released a “Record of Discussion” which reaffirmed the terms, provisions and benefits of the U.S.-UAE Open Skies agreement signed in 2002, including on fifth freedoms rights. It also confirmed that the UAE carriers have been compliant with the agreement and specifically, that Emirates has for many years been issuing internationally-compliant and audited financial statements. Importantly, the efforts to limit competition efforts have also galvanized a wide array of Open Skies supporters to vocally oppose jettisoning existing agreements and rewriting a made-in-America success story in international aviation that has delivered compelling results for a quarter century.

“Emirates has been in London since 1988 or ’89. Our experience in dealing with them is they’re perfectly rational and completely commercial. We’ve seen no evidence of anything that would cause us concern.”

– Willie Walsh, Chief Executive Officer, International Airlines Group

“Struggling European rivals, such as Lufthansa, regularly complain that the Gulf carriers are bankrolled by their governments. That may be true of Etihad and Qatar - but not of Emirates. It began in the mid-1980s with only $10m capital from the government and has since generated much of its capital from retained profits.”

– The Economist, November 2013

“This resolution is a clear victory for American workers, travelers, and exporters, and reaffirms the U.S. commitment to Open Skies. We commend the Trump Administration for its thoughtful approach and unwavering commitment to resolve this matter in a way that fully protects the rights of each party under the agreement. Today’s announcement will allow all sectors of commercial aviation to grow stronger than ever and upholds America’s leading role in global aviation.” – U.S. Airlines for Open Skies