Ahmed and Ali PLC, Certified Public Accountants

Suite 120

Dubai

231/23000

Independent Audit Report

To the stakeholders

Emirates Airlines

We have audited the accompanying with solidified budgetary explanations of Emirates Airlines, Walldorf and its backups (The Company”), which contain the merged explanation of money related position as of November 30, 2014, and the combined wage proclamation, the united articulation of extensive salary, the united proclamation of changes in value, the united articulation of money streams, and the notes to the united monetary articulations for the year then finished.

As per HGB, segment 322 (3) sentence 1, we proclaim that our audit of the solidified budgetary explanations has not prompted any reservations.

In our opinion, in light of our audit, the combined monetary proclamations give a genuine and reasonable perspective of the Company’s net resources and budgetary position as of December 31, 2012; and of its consequences of operations for the year then finished, as per IFRSS as received by the UAE, the supplementary procurements of United Arab Emirates law to be connected as per HGB, area 315a (1), and IFRSS as issued by the International Accounting Standards Board.

Ahmed and Ali PLC

December 15, 2014