Dubai Economic Update

Outlook | Emirates NBD ■ The UAE economy has proved relatively resilient to global and regional developments in 2011, with estimated GDP growth of 4.6% for the year on the back of higher oil production and improving trends in non-oil trade and tourism ■ For 2012 the external environment remains challenging in the context of weaker expected global growth resulting from recessionary risks in the Eurozone, downgrades to US growth and an expected slowdown in Asia Nevertheless, the UAE remains well-positioned to enjoy modest GDP growth of 2.5% in 2012 underpinned by supportive fiscal policy Despite a more cautious and uncertain outlook, Emirates NBD is resilient and well placed to take advantage of growth opportunities in selected areas O Capitalisation and liquidity continue to be extremely strong, offering resilience and flexibility for the future Significantly de-risked and strengthened balance sheet offers strong platform for capturing future growth opportunities The Bank has a clear strategy in place and is focused on relentless execution Emirates NBD 38

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