Investor Presentaiton

Associates and Joint Ventures Emirates NBD Highlights Significant de-risking of investment in Union Properties (UP) since 2009: - UP investment reduced by AED 0.5 billion in 2009, AED 1.0 billion in 2010 and AED 750 million in 2011 through recognition of share of losses and impairment Further downside risk on UP limited as carrying value is close to market value Network International accounted for as a jointly controlled entity from the start of 2011 with a carrying value of AED 1.4 billion at the end of Q4 2012 • 24.8% stake in Bank Islami Pakistan acquired as part of Dubai Bank Composition of Associates and Joint Ventures Income Statement AED million Union Properties FY 12 FY 11 % Q4 12 Q3 12 % (750) -100% n/a Share of losses* - Impairment of investment (74) -100% n/a (676) -100% - n/a National General Insurance 13 12 +5% 3 3 -17% Network International 91 81 +12% 33 23 +45% Bank Islami Pakistan 6 2 +179% 1 1 +0% Total 110 (654) -117% 37 27 +35% Investment in Union Properties Balance Sheet AED million 1.78 1.45 Union Properties FY 12 FY 11 % 532 532 +0% Q4 12 Q3 12 532 532 % +0% National General Insurance Network International 1,394 1,363 132 129 +3% 132 130 +2% 0.80 2.8 Bank Islami Pakistan 23 18 +2% +25% 1,394 1,361 +2% 23 26 -11% 2.3 0.33 0.33 1.3 Total 2,080 2,042 +2% 2,080 | 2,048 +2% 0.5 0.5 Q4 08 Q4 09 Q4 10 AED Billion Q4 11 Q4 12 --AED per share 26

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