Emirates NBD 2014 Achievements and Strategic Update

Outlook Economic Outlook Emirates NBD . • • • For the UAE • 2014 GDP growth expectation revised down to 4.5% from 5.0% due to fall in oil price • 2015 GDP growth forecast also revised lower to 4.3% from 4.8% For Dubai • 2014 GDP growth expectation unchanged at 5% as non-oil sectors expanded robustly • 2015 GDP growth forecast is 4.7% due to continued strength in non-oil sectors Dubai residential property price growth slowed significantly in 2014. Mid-range villa prices declined 6.7% y-o-y in December 2014 Inflation averaged 2.3% in 2014. We expect to see inflation average 3% in 2015 Emirates NBD improved its capital, funding and credit quality ratios allowing it to take advantage of the expected opportunities in Dubai and the region 34 34

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