Investor Presentaiton

bps -60 -160 260 160 60 Jan-08 UAE Economic Update (cont'd) Highlights Liquidity conditions have tightened, even as Eibor rates have remained largely flat. ■ Bank lending remains relatively weak at 2.2% y-o-y in August. Deposit growth has slowed and banks' holdings of certificates of deposits have declined. ■ Dubai CDS spreads have widened again since the end of July, largely on the back of global developments. Consequently, debt issuance has fallen sharply over the summer. 660 600 460 400 360 300 260 200 CDS spreads have widened again in Q3 2011 Source: Bloomberg, Emirates NBD Research 3M EIBOR - LIBOR spread tightens further in Q3 2011 Bank deposit and loan growth 18 360 Bank deposits Bank Loans 18 14 Source: Bloomberg Emirates NBD Jan-09 Jan-10 Jan-11 YoY Growth % 12 Jen-11 Feb-11 Mer-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Dubal(lhs) Abu Dhabi (rhs) Aug-09 Sep-09 Oct-08 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Source: UAE Central Bank Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 5 170 160 130 110 90 70

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