Investor Presentaiton

2500 Dubai Economic Update (cont) Highlights Residential real estate prices continued to rise across all segments, but the pace of price growth slowed in Q1 2014. The slowdown was most evident in villa prices. • Values are still 10-25% below their 2008 peaks, depending on the sector, with mid-range units having made up the most ground. Commercial property lease rates continue to rise, with prime office space up 10% q-o-q and 19% y-o-y in Q1 2014. Dubai Residential Property Prices 2000 1500 1000 Price per sq ft (In AED) 500 Jan-06 Aug-06 Mar-07 Oct-07 May-08 Dec-08 Jul-09 Mid range villa Mid range apt High end villa Source: Cluttons via Bloomberg, Emirates NBD Research Feb-10 Sep-10 Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 No. of licenses in '000s 120 100 Business Licenses issued* 80 60 40 20 0 -20 2010 2011 New Licenses ■Renewed 2012 Cancelled Source: DSC, *Licenses issued by DED only (excludes Freezones) Dubai Commercial Property Lease Rates 500 450 400 350 300 250 200 150 100 50 0 Lease rates per sq ft (In AED) Mar-06 | 90-յոՐ Nov-06 -Low end apt Prime office Secondary office Source: Cluttons via Bloomberg, Emirates NBD Research Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 88 2013 Emirates NBD

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