Investor Presentaiton

EMIRATES NBD ECONOMIC OVERVIEW STRATEGY 2022 ANNUAL REPORT 2021 The global economy has on some measures recovered from 2020's pandemic-related recession. The International Monetary Fund (IMF) estimates world GDP growth at 5.9% in 2021, up from a contraction of 3.1% in 2020. However, the recovery has been uneven, with advanced economies and those with greater coronavirus vaccine coverage proving more resilient than low-income developing countries. The headline global growth figure also masks the impact of several waves of coronavirus which have buffeted the world and contributed to an increased level of uncertainty for policymakers, businesses and consumers. This remains the case as we look ahead to 2022, with the Omicron variant expected to weigh on economic growth in the first quarter. The speed and efficiency with which the UAE rolled out coronavirus vaccines in 2021 enabled the country to avoid further lockdowns and put the economy in a strong position to benefit from the global rebound in activity in 2021. Emirates NBD Research estimates the UAE's non-oil sector grew 3.5% in 2021, underpinned by recovering domestic demand, along with a surge in global trade volumes and a modest rebound in international tourism. Oil prices recovered sharply in 2021, rising more than 60% on average compared with 2020, boosting sentiment and allowing GCC governments to narrow their 2020 budget deficits significantly. Emirates NBD Research expects the UAE to record a budget surplus for 2021, and with oil prices likely to remain elevated in 2022, there is fiscal space for increased public sector investment in strategic growth sectors. With OPEC+ expected to continue to increase oil production in the coming months, the hydrocarbon sector is expected to contribute positively to UAE GDP growth in 2022 for the first time in three years. For the rest of the world however, higher oil prices have been a key driver of inflation, along with supply chain disruptions as a result of the pandemic. Consumer inflation in the United States and Europe has accelerated by more than policy makers had expected and is likely to remain higher for longer than previously envisaged. As a result, the Federal Reserve is expected to cease its asset purchases by the end of February and start raising interest rates in March. Other major central banks are also expected to tighten monetary policy this year, but at a slower pace, which is likely to be reflected in a stronger US dollar. Inflation has also been a key theme in Turkey, where easing monetary policy, a depreciation in the exchange rate and strong domestic demand all combining to push inflation higher. GDP growth has rebounded strongly from the pandemic and is estimated to have exceeded 10% in 2021. Emirates NBD Research expects non-oil sector growth in the UAE to accelerate to 4% in 2022, even as global growth slows somewhat. Higher interest rates and a stronger dollar could prove headwinds to growth in the UAE in 2022, but the structural reforms implemented over the last couple of years will help boost investment and drive growth over the medium term. These reforms include the expansion of longer-term residency visas to broader categories of residents and new pathways to citizenship, wide-ranging changes to personal and labour laws, allowing 100% foreign ownership of onshore companies and most recently, the decision to align the UAE's working week with that of larger developed economies. These measures will serve to reduce barriers to investment and attract both human and financial capital to the UAE over the coming years. Driven by the robust stabilisation and recovery witnessed in 2021 after a challenging 2020, Emirates NBD is now strongly positioned to capitalise on key opportunities across its network, whilst consistently delivering an excellent customer experience, spearheading digital innovation, and continuing to meet compliance and regulatory standards. In 2022, Emirates NBD will continue to focus on the following core pillars: • • . • Deliver an excellent customer experience Drive core business Focus on future potential Drive international diversification Build market leading infrastructure Develop a dynamic organisation Deliver an excellent customer experience In line with our vision to be the most innovative bank for our customers, people and communities, we have embarked on an exciting transformation journey aimed at harnessing the power of advanced analytics and incorporating it into the Group's DNA. This will allow us to develop deeper understanding of our customers and offer them the personalised experiences they need to prosper. The Group will continue to focus on developing and launching innovative offerings through new generation platforms, and reinvent customer journeys with a focus on straight-through processing as we consistently leverage network benefits accruing from digitisation. With ongoing efforts to offer more user-friendly and enhanced user-experience (UX) solutions, the Group also commenced a phased roll-out of the revamped mobile and online banking platforms. Successful launch of the new and enhanced businessONLINE platform for Emirates NBD and Emirates Islamic, as well as for international geographies, led to further penetration and increase in digitally active Corporate and Business Banking clients. Corporate and Institutional Banking further enhanced its digital banking suite to cover virtual accounts, liquidity management, API banking, digital supply chain finance, and smartGUARANTEES. In addition, we launched new state-of-the-art products such as Dynamic Discounting, positioning Emirates NBD as the first bank in the region to offer this product. Drive core business Keeping a firm focus on core business, Emirates NBD continued to be one of the leading retail franchises in the UAE market, achieving above market growth in retail deposits, and new retail loans and card volumes recovering to exceed pre-COVID levels. In 2022, the Group aims to sustain growth momentum, and tap into the benefits of our new and enhanced mobile and online banking to further strengthen our market position and driving higher customer acquisitions. بنك الإمارات دبي الوطني Emirates NBD 15. NasdaqDuba Hesham Abdulla Al Qassim, Emirates NBD Vice Chairman and Managing Director, rings market-opening bell at Nasdaq Dubai to celebrate listing of USD 750 million bond 16

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