Credit Quality Overview

Outlook Emirates NBD Economic Outlook • . . • 2014 GDP growth expectations for the UAE have been revised upwards to 5% due to a strong expansion in the non-oil private sector. 2014 GDP growth expectations also revised upwards to 5% for Dubai as manufacturing, hospitality, transport and logistics expanded robustly. Buoyant real estate and construction sectors will also boost growth In 2014 Dubai residential property price growth slowed significantly for villas and apartments Inflation expected to rise to 3% in 2014 from 1.1% in 2013 on the back of higher housing costs and higher input prices Emirates NBD has improved its capital and funding profile allowing it to take advantage of the expected future growth in Dubai and the region As Dubai continues to grow we expect a further positive trend in impaired loans leading to a stronger balance sheet 33

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