Investor Presentaiton

Dubai Economic Update Highlights . Real GDP growth for Dubai estimated at 4.5% in 2013, as manufacturing, trade and hospitality expanded robustly. The construction and real estate sectors also contributed positively to growth for the first time since 2008. GDP growth expected to accelerate to 4.7% in 2014 on the back of continued growth in tourism and hospitality, boosting trade, transport and associated services. The sharp recovery in real estate prices should boost construction as new projects are launched. Infrastructure spending ahead of Expo 2020 is expected to underpin activity in the construction sector over the medium term; hosting the event estimated to add 0.5pp to Dubai's growth over 2015-2017. Composition of Dubai GDP (H1 2013) % y/y Dubai: Real GDP growth Emirates NBD 6% 4.7% 5% 4.4% 4.5% 4.5% 4% 3.2% 2.8% 3.0% 3% 2% 1% 0% -1% -2% -3% -2.4% 2008 2009 2010 2011 2012 2013f 2014f 2015f Source: Dubai Statistics Centre, Emirates NBD Research Dubai's fastest growing sectors Dubai GDP by Sector (%) -H1 2013 Hotels 5% Manuf. Trade Hosp. Trans. & comm. Fin Servcs. Constr. & RE 30 25 Fin Servcs. 12% Trade 29% Trans. & comm. 14% % y/y 15 25050 10 -5 Other Manuf. 16% 3% -10 RE 21% -15 H1 2010 H1 2011 H1 2012 H1 2013 Source Dubai Statistics Centre, Emirates NBD Research Source: Dubai Statistics Centre, Emirates NBD Research 6

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