Investor Presentaiton

100% 80% 60% 40% 20% 0% -20% -40% -60% Jan-09 Apr-09 Jul-09 Hotel occupancy and RevPAR Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Dubai Economic Update (cont) Highlights Tourism continues to be a key driver of Dubai's growth with Dubai International, the world's second busiest international hub enjoying strong passenger growth of 13.5% in Jan-Feb 2014 over the same period last year. Growth has been driven by new partnerships (for example with Qantas), network expansion and the opening of new routes to Eastern Europe, North & South America, Australia and Asia. Hotel occupancy averaged 88% in Jan-Feb 2014, broadly unchanged from the same period last year. Hotels were able to increase prices by more than 10% on average year-to-date, despite a 6% increase in the supply of hotel rooms in Dubai. Mn Dubai Airports passenger traffic TTT 765432-0 1 Jan-12 Apr-12 Jul-12 Oct-12 سلسسلسلسيليس L Jul-11 Oct-11 RevPAR (% y/y) Hotel Occupancy (%) Source: STR Global, Emirates NBD Research Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 AED Bn Passenger traffic (Mn people) (lhs) Source: Dubai Airports, Emirates NBD Research Passenger traffic (% y/y) (rhs) Dubai: External trade growth trends 1,000 60% 800 40% 600 20% 400 0% 200 -20% 0 -40% 2006 2007 2008 2009 2010 2011 2012 2013 Imports (Ihs) Imports (% y/y) (rhs) Source: Dubai Statistics Centre Exports & Re-Exports (lhs) Exports & Re-exports (% y/y) (rhs) 7 Apr-14 0% 25% 20% 15% 10% 5% Emirates NBD

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