Tanfeeth Overview

Outlook Emirates NBD During 2012 YTD the UAE economy continued to display resiliency and modest growth with oil output rising 4.3% and modest private sector expansion ■ Continued strength and growth witnessed in Dubai's traditional trade, logistics, tourism and retail sales sectors and signs of improvement in the Dubai property market ■ For the remainder of 2012 and 2013 the external environment remains challenging in the context of weaker expected global growth resulting from recessionary risks in the Eurozone, downgrades to US growth and an expected slowdown in Asia ■ Nevertheless, the UAE remains well-positioned to enjoy modest GDP growth of 3.0% in 2012 underpinned by rising oil production and continued modest private sector expansion Despite a cautious and uncertain outlook, Emirates NBD is resilient and well placed to take advantage of growth opportunities in selected areas O Capitalisation and liquidity continue to be extremely strong, offering resilience and flexibility for the future Significantly 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 Emirates NBD 38

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