Capital Adequacy and Divisional Performance

UAE Economic Update Highlights UAE was impacted by external shocks including weaker oil prices, a credit squeeze, and declining world trade ■ Now these channels are improving, with oil prices firmer, global credit more available and world trade improving. Locally, monetary policy also responded to the crisis, with rates being cut and liquidity provided ■ UAE's accumulated surpluses over recent years enable it to engage in powerful counter-cyclical fiscal policies ■ Correction provides potential to put growth back on a more sustainable long-term path 140 120 100 80 80 40 20 0 1991 1992 1993 1994 1995 1996 Promising signs for oil (USD) 1997 1998 1999 2000 Source: Bloomberg Emirates NBD Brent oil $ per barrel 2001 2002 Rolling 180-day moving average 2003 2004 2005 2006 2007 2008 2009 Real GDP Growth Forecasts (1) 2008 2009 2010 2011 UAE 7.4% 0.0% 2.5% 4.5% UK 0.7% (4.5%) 0.5% 2.0% Eurozone 0.4% (4.0%) 1.0% 1.5% Germany 1.0% (4.8%) 1.0% 2.0% US 1.1% (2.5%) 3.0% 3.0% China 9.0% 8.5% 10.0% 9.5% Japan (0.7%) (6.5%) 2.0% 1.5% Singapore 1.3% (2.0%) 4.1% 5.0% Hong Kong 2.4% (2.5%) 4.0% 5.0% 20 20 15 10 UAE Real GDP - YoY (%)(1) 5 0 -5 2006 2007 2008 2009 ■Government spending Private consumption Export G&S ■Fixed Investment 1) EIU, Emirates NBD forecasts 2010 ■Real GDP growth 5

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