Emirates NBD Operating Costs and Efficiency Highlights

Divisional Performance Emirates Islamic Bank Global Markets & Treasury Revenue was stable compared to the same period last year at AED 483 million during Q3 2011 YTD Globally financial markets remained volatile, adversely impacting the Treasury Trading business Persistent low interest rate environment continued to limit clients' propensity to hedge their interest rate exposure although Treasury Sales recorded a moderate pickup in demand for balance sheet hedging products during Q3 2011. Similarly, there was a greater demand for investment products. As a result of global currency volatility, currency hedging volumes improved in Q3 2011 resulting in increased foreign exchange flow business. EIB revenue decreased by 24% compared to the same period last year to AED 562 million during Q3 2011 YTD (net of customers' share of profit), due to lower income from investment securities Financing receivables declined 13% to AED 13.9 billion from end- 2010 Customer accounts declined by 24% to AED 19.3 billion from end- 2010 ■ Total number of EIB branches now 32 through the addition of 1 branch in Abu Dhabi and 1 branch in Sharjah during Q3 2011 YTD; the ATM & SDM network totals 98 Note: Stand-alone Financial Statements for Emirates Islamic Bank may differ from these results due to consolidation adjustments Emirates NBD Revenue Trends AED million -1% 490 483 Q3 10 YTD Q3 11 YTD Revenue Balance Sheet Trends AED billion -13% 25.3 Revenue Trends AED million -24% 742 -24% 254 562 19.3 116 15.9 13.9 488 446 Q4 10 Q3 11 Financing Receivables Customer Accounts Q3 10 YTD Q3 11 YTD NFI NII 27 27

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