Investor Presentaiton

Outlook Emirates NBD Economic Outlook • • • . • . • During 2012 the UAE economy continued to display resiliency with an estimated GDP growth of 3.7% underpinned by rising oil output and modest private sector expansion Continued strength and growth witnessed in Dubai's traditional trade, logistics, tourism and retail sales sectors and signs of green shoots in the Dubai property market For 2013 the external environment remains challenging in the context of recessionary risks in the Eurozone, below trend US growth and an expected slowdown in Asia Nevertheless, the UAE remains well-positioned to enjoy robust GDP growth of 3.8% in 2013 driven by solid expansion in non-oil sectors offsetting an expected stabilisation in oil production In Dubai, growth is expected to accelerate to 3.9% in 2013 from an estimated 3.2% in 2012 as manufacturing, tourism and hospitality and non-oil foreign trade continue to benefit from strengthening regional consumption and investment Emirates NBD is well placed to take advantage of the expected acceleration in Dubai's growth 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 40 40

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