Q2-16 Financial Results Highlights

Emirates NBD Profile Operating Environment Business licenses issued* Dubai Economic Update (3/3) Highlights Dubai residential real estate prices have eased further in June 2016 with apartment prices down -13.5% y/y and villa prices down -12.2% y/y Average rents have declined on an annual basis in June, more or less aligned with the annual fall in sales prices Real estate sector is likely to face challenges through 2016 with several factors contributing such as lower oil prices weighing on confidence, increased supply, USD strength and economic developments in investors' home markets Thousands 160 140 120 Dubai residential property prices Apartments Strategy % y/y Financial & Operating Performance Appendix -9 6 3 0 3 4 9 2 4 4 -12 -15 -18 Jan-15 May-15 Sep-15 Source: Phidar Advisory, Emirates NBD Research business licences Emirates NBD 12 % y/y 10 6 149.755 139.251 4 128.644 100 116.385 108.438 2 80 0 2011 2012 2013 Total Licences (LHS) 2014 % y/y (RHS) 2015 Source: DSC, *Licenses issued by DED only (excludes Freezones) Dubai transaction volumes 1600 200 Villas Apartments (LHS) Villas (RHS) 180 1400 160 1200 140 1000 120 100 800 80 600 60 400 40 200 20 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Jan-16 May-16 Source: Phidar Advisory, Emirates NBD Research 80 6

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