Investor Presentation August/September 2009

Merger Update Exceeded 2009 full year targets Target Synergies AED 346m of recurring annual synergies by the third year post merger, plus AED 26m of one-off synergies totalling AED 372m Actual H1 2009 Synergies (AED million) Achieved synergies of AED 328m - ahead of 2009 full year target by 33% 2009 Target vs. Actual Synergies 69% 169 ■ The recurring synergies below will be delivered 33% in year 1 (2008), 66% in year 2 (2009) and fully by 2010 350 300 % of 250- Synergies % of Smaller Base(1) Combined AED Base(1) 200 million 150 129 129 2008 2009 2010 Actual Benchmark Actual 100 100 Revenue 65 129 195 10.5% 5-10% 4.1% 50 Costs 50 100 151 22.2% 14-26% 8.3% 0 One-Off 9 17 26 Revenue Cost Total 124 246 372 Target 246 30 76% 17 One-off 328 33% Total 1) 2010 Synergy base used when computing synergy targets were 2006 financials, smaller base was NBD and combined was aggregated EBI and NBD Key Drivers of Revenue Synergies " Revenue synergies for 2008 and H1 2009: Largest distribution network of 129 branches & 652 ATMs and SDMs - Focus on cross selling- e.g. mortgages > AED 99m loans Enhanced market share/pricing advantages - e.g. FDs Embedded Customer efficiency framework - e.g. Tafawouq has tripled branch sales in Umm Suqeim & DCC - Increased corporate pricing power from enhanced scale Actual (H1 2009 annualised) Note 1: Base used when computing synergy targets were 2006 financials ■ Key Drivers of Cost and One-off Synergies Cost synergies for 2008 and H1 2009: Single Head-office in place Created efficiencies through unified business models Combined marketing & advertisement activities Staff efficiencies across all businesses One-off synergies for 2008 and H1 2009: - Projects & initiatives discontinued due to merger, namely Islamic banking set up previously planned in NBD Initiatives conducted in one group as opposed to the separate banks; e.g. Basel 2 regulatory requirements Emirates NBD 22 22

View entire presentation