UAE Economic Update

Associates and Joint Ventures Emirates NBD Highlights De-risking of investment in Union Properties (UP) since 2009: - UP investment reduced to nil 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 Q1 2013 AED million Union Properties Share of losses* - Impairment of investment Composition of Associates and Joint Ventures Income Statement Q1 13 Q1 12 % Q4 12 Q3 12 % n/a n/a n/a I n/a n/a n/a National General Insurance 12 7 +71% 3 3 0% • 24.8% stake in Bank Islami Pakistan acquired as part of Dubai Bank Network International 13 16 -19% 33 23 +43% Bank Islami Pakistan 1 -100% 1 1 +0% Total 25 24 4% 37 27 +37% Investment in Union Properties Balance Sheet AED million Q1 13 Q1 12 1.45 Union Properties National General Insurance 532 532 % +0% Q4 12 Q3 12 532 532 % +0% 145 134 +8% 132 130 +2% 0.80 Bank Islami Pakistan Network International 1,407 1,380 23 +2% 1,394 1,361 +2% 25 +9% 23 26 -11% 2.3 0.33 0.33 0.33 1.3 Total 2,109 2,069 +2% 2,080 | 2,048 +2% 0.5 0.5 0.5 Q4 09 Q4 10 Q4 11 AED Billion Q4 12 Q1 13 --AED per share 25

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