Investor Presentaiton

Bps (in 10s) UAE Economic Update (cont) Trends in CDS spreads Highlights • . UAE bank deposits increased by AED 92.6bn in the first 10 months of 2012. Loan growth was slower, averaging 2.7% in the first 10 months of 2012. Personal loan growth better than the headline figure, rising 4% on average in Jan-Oct 2012. 5Y CDS spread for Dubai continued to decline, and reached its lowest level since Q1 2008, reflecting increased market confidence in the Emirate's ability to meet its debt obligations. 3M EIBOR was broadly stable during 2012, in line with 3M LIBOR bps 510 460 410 360 310 260 210 160 110 60 EIBOR - LIBOR spreads 3 2 + CO 6 5 0 -1 -2 Jan-08 Source Bloomberg Spread EIBOR ⚫LIBOR Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 y-o-y Growth % Emirates NBD Dubai (Ihs) Abu Dhabi (rhs) 160 150 140 130 120 110 100 90 80 70 60 Nov-12 Jan-13 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Source: Emirates NBD Research, Bloomberg Bank deposit and loan growth 18 16 14 12 NO 864212 -2 Bank deposits Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Source UAE Central Bank Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Bank Loans Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 5 bps

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