Investor Presentaiton

Dubai Economic Update Emirates NBD Highlights 2013 GDP growth for Dubai is estimated at 3.9% as the real estate sector continues to recover and construction is no longer a drag on growth vs. 3% in 2012 which was driven mainly by manufacturing, which accounts for about 13% of Dubai's GDP; non-oil foreign trade and services sectors showed strong growth during 2012 • Manufacturing, tourism and hospitality are likely to benefit from strong regional demand Non-oil trade with other GCC countries, particularly Saudi Arabia and Qatar, likely to offset any weakness in trade with Europe and the US Dubai: Real GDP growth Y-o-y growth % 5.0% 3.9% 4.0% 3.4% 3.2% 2.8% 3.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% 2008 -2.4% 2009 2010 2011 2012e 2013f Source: Emirates NBD Research, Dubai Statistics Centre Dubai GDP - Composition by Sector, and Sector Growth Dubai GDP by Sector-2011 (AED 100 bn) Fin Hotels 4% Servcs. 10% Trans. & comm. 20.0 10.0 0.0 Trade 29% -10.0 N 2011 2012e 13% Manuf. 13% -20.0 RE 20% Other 11% Real Estate and Business services Non profit organisations 2013f Agriculture, Livestock and Fishery ■Construction ■Mining and Quarrying Wholesale, retail, maintenance ■Social and personal services Domestic Services (households) Manufacturing ■Restaurants and hotels ■Financial Services imputed bank services Utilities (Electricity and water) ■Transport, Storage, Communication Government services GDP Source: Dubai Statistics Centre, Haver Analytics 6

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