Investor Presentaiton

Appendix Strategy 50 50 Financial & Operating Performance Emirates NBD Profile Operating Environment 55 60 65 70 Dubai Economic Update (1/3) Highlights Dubai's economy expanded 3.9% y/y in Q1 2015, slower than 5.1% growth in Q1 2014. The services sector has enjoyed the strongest growth in Q1 2015, up 5.6% y/y, accounting for 38.3% of total Dubai GDP. The Emirates NBD Dubai Economy Tracker indicates slower growth in the emirate's non-oil private sector in September but the index is still well above the neutral level. New orders growth was largely unchanged last month, indicating strong demand growth, while business optimism remains very high. 4% 3% Emirates NBD Dubai Economy Tracker Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Source Markit/ Emirates NBD Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 5 10 Dubai: Real GDP growth Emirates NBD 6% 4.6% 5% 4.1% 3.8% 3.5% 3.5% 3.0% 2% 3.1% do 0% -1% -2% -3% -4% -5% 2008 -4.3% 2009 2010 2011 2012 2013 2014 Source: Dubai Statistics Centre, Emirates NBD Research Dubai's fastest growing sectors 15 250 % yly Trade Manufacturing Construction Services 0 -5 -10 -15 Q1 | Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 2014 Source: Haver Analytics, Emirates NBD Research 00 Q1 2015 4

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