Financial and Operating Performance

Summary Emirates NBD ■ Robust financial performance despite significant impairments on credit portfolio and associate investments ■ Cost rationalisation initiatives proving successful evidenced by reductions in absolute levels of expenses and in the cost to income ratio Significantly improved liquidity metrics and strong capital ratios due to success of balance sheet optimisation initiatives Credit quality remains pro-actively managed and within expectations Dubai World specific provision made in 2010; 80% of Saad & Gosaibi exposure provided ■ Portfolio impairments at AED 2.2 billion or 1.4% of credit RWAS ■ Continued focus in 2010 on balance sheet optimisation, profitability and risk management enhancement while selectively investing in platforms for growth ■ Dubai remains well-positioned as the region's key economic, trading and financial hub ■ Emirates NBD is optimistic about the expected economic recovery and is well placed to take advantage of selected growth opportunities Emirates NBD 31 34

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