Investor Presentaiton

Outlook Emirates NBD Economic Outlook . • . • • We have revised up the 2013 GDP forecast for the UAE to 4.4%, on the back of higher than expected oil output year-to-date, as well as strong expansion in the non-oil private sector. We expect GDP to grow by a further 4.1% in 2014 We retain our 2013 growth forecast of 3.9% for Dubai. Continued expansion in the trade and hospitality sectors as well as a continued recovery in real estate and business services should support broader business activity. Official inflation is likely to remain low in 2013, averaging around 1.5% before rising to 3% somewhat into 2014. Emirates NBD is well placed to take advantage of the strong continued growth in Dubai Capitalisation and liquidity continue to be extremely strong, offering resilience and flexibility for the future Conservative provisioning, 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 34 34

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