#1Emirates NBD Investor Presentation February 2015 Emirates NBD#2Important Information Emirates NBD Disclaimer The material in this presentation is general background information about the activities of Emirates NBD Bank PJSC (Emirates NBD), current at the date of this presentation, and believed by Emirates NBD to be accurate and true. It is information given in summary form and does not purport to be complete. Some of the information that is relied upon by Emirates NBD is obtained from sources believed to be reliable, but Emirates NBD (nor any of its directors, officers, employees, agents, affiliates or subsidiaries) does not guarantee the accuracy or completeness of such information, and disclaims all liability or responsibility for any loss or damage caused by any act taken as a result of the information. The information in this presentation is not intended to be relied upon as advice or a recommendation to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. An investor should seek independent professional advice when deciding if an investment is appropriate. Forward Looking Statements Certain matters discussed in this presentation about the future performance of Emirates NBD or members of its group (the Group), including without limitation, future revenues, earnings, strategies, prospects and all other statements that are not purely historical, constitute "forward-looking statements". Such forward-looking statements are based on current expectations or beliefs, as well as assumptions about future events, made from information currently available. Forward-looking statements often use words such as "anticipate", "target”, “expect”, “estimate”, “intend”, “plan”, "goal", "seek”, “believe”, “will”, “may”, “should”, “would”, “could” or other words of similar meaning. Undue reliance should not be placed on any such statements in making an investment decision, as forward-looking statements, by their nature, are subject to known and unknown risks and uncertainties that could cause actual results, as well as the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements, such as changes in the global, political, economic, business, competitive, market and regulatory forces; future exchange and interest rates; changes in tax rates; and future business combinations or dispositions. Emirates NBD undertakes no obligation to revise or update any statement, including any forward-looking statement, contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. 2#3Contents Operating Environment Emirates NBD Profile Financial and Operating Performance Strategy Outlook Appendix Emirates NBD 3#40.0 3.5 3.0 2.5 2.0 1.5 M bpd 1.0- 0.5 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 UAE Oil production Dec-12 UAE Economic Update Highlights 2014 GDP growth expectation revised down to 4.5% from 5.0% due to fall in oil price. Oil production has been flat on average in 2014, lower than the 2% increase in output forecast earlier this year. 2015 GDP growth forecast also revised lower to 4.3% from 4.8% on the basis that oil output likely to remain flat again this year Non-oil sector growth robust, according to Purchasing Managers' Index, which reached record highs in Q3-14, on the back of strong output and new order growth, reflecting improved domestic and external demand Inflation increased to 2.3% in 2014 on higher housing costs and rising input prices, up from 1.1% in 2013. Inflation expected to average 3% in 2015 Real GDP Growth Forecasts UAE China Country 2010 2011 2012 2013 2014F 2015F 1.6% 4.9% 4.7% 5.2% 4.5% 4.3% 10.4% 9.3% 7.7% 7.7% 7.4% 7.0% Eurozone 1.9% Hong Kong 6.8% 4.8% 1.5% 1.6% -0.7% -0.4% 0.8% 1.5% 2.9% 2.2% 2.7% India 9.4% 7.7% 4.8% 4.7% 4.8% 5.5% Japan 4.7% -0.5% 1.8% 1.6% 0.5% 1.5% Singapore 15.4% 5.3% 2.5% 3.9% 2.8% 3.2% UK 1.9% 1.6% 0.7% 1.7% 3.0% 2.5% US 2.5% 1.6% 2.3% 2.2% 2.0% 3.5% Saudi 4.8% 10.0% 5.4% 2.7% 3.6% 3.0% OPEC oil price (rhs) Source: Bloomberg, Emirates NBD Research UAE Oil Production (Ihs) Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 ר ז 140 120 100 ༔ སྟྲྀ ༄ ⌘® ༈༙ 8• USD per barrel 50 Aug-09 Source: Markit/HSBC 54 54 52 62 60 56 58 $ 。 g Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Source: Bloomberg, Emirates NBD Research UAE PMI - Non Oil Private Sector Activity Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 4 Emirates NBD#5Dubai Economic Update Dubai: Real GDP growth Highlights Dubai's economy expanded 4.6% in 2013 broadly in line with forecast, as manufacturing, hospitality and transport and logistics expanded robustly. The construction sector also contributed positively to growth for the first time since 2008, albeit marginally at 1.3% y-o-y GDP growth expected to accelerate to 5% in 2014 on the back of continued growth in tourism and hospitality, boosting trade, transport and associated services as well as a faster recovery in the construction sector Infrastructure spending ahead of Expo 2020 will remain the main driver of growth in the construction sector, although the delivery of recently launched residential developments will also contribute over the next few years % y/y ៩៖ ៖ ៖ ៖ 0% -2% -4% Composition of Dubai GDP Other Dubai GDP by Sector (%) - 2013 5% Hosp. 5% Financial servcs. 11% Trade 29% Transport, comm. 15% Manuf. 14% Constr. & RE 21% 3.5% Emirates NBD 5.0% 4.6% 4.7% 4.1% 3.5% 3.0% II -4.3% -6% 2008 2009 2010 2011 2012 2013 2014f 2015f Source: Dubai Statistics Centre, Emirates NBD Research Dubai's fastest growing sectors -10 -15 -20 2505 10 0 -5 15252 Manuf Fin. Serv. 15 2010 % yly 2011 Trans. & Comm. Hospitality Trade Constr. & RE 2012 2013 Source Dubai Statistics Centre, Emirates NBD Research Source: Dubai Statistics Centre, Emirates NBD Research 5#6100% 80% 60% 40% 20% 0% -20% -40% Jan-12 Apr-12 Jul-12 Oct-12 Dubai Economic Update (cont) Highlights Tourism continues to be a key driver of Dubai's growth with Dubai International, the world's busiest international hub enjoying strong passenger growth of 5.9% in 2014 over the same period last year, despite major runway refurbishment in May-July • Growth has been driven by new partnerships (for example with Qantas), network expansion and the opening of new routes to Eastern Europe, North & South America, Australia and Asia • Hotel occupancy averaged 78.5% in 2014, down from 80% last year. Increased supply of hotel rooms as Dubai adds capacity ahead of 2020 is likely to keep hotel occupancy rates under pressure until demand catches up Dubai's non-oil foreign trade value declined 3.7% y/y in H1 2014 Mn 7 965432-0 1 Hotel occupancy and RevPAR Jan-13 Apr-13 Jul-13 RevPAR (% y/y) Hotel Occupancy (%) Source: STR Global, Emirates NBD Research Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 AED Bn Jan-12 Dubai Airports passenger traffic Passenger traffic (Mn people) (lhs) Source: Dubai Airports, Emirates NBD Research Passenger traffic (% y/y) (rhs) Dubai: External trade growth trends 1,000 60% 800 40% 600 400 200 мі 20% 0% -20% 0 -40% 2006 2007 2008 2009 2010 2011 2012 2013 2014e Imports (Ihs) Exports & Re-Exports (lhs) Imports (% y/y) (rhs) Exports & Re-exports (% y/y) (rhs) Source: Dubai Statistics Centre 6 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% Emirates NBD#72500 2000 1500 1000 Price per sq ft (In AED) 500 Mar-06 Dubai Economic Update (cont) Highlights Residential real estate prices have continued to consolidate in Q4 2014, and annual price growth has slowed as expected this year. For the year to December, mid-range villa prices fell 6.7% and mid-range apartments grew by 4.7%. Higher transaction fees and mortgage caps have helped to cool the market. The medium term outlook for residential real estate prices is strong however, with Phidar Advisory forecasting a shortage of residential units in Dubai by the end of 2018. Commercial property lease rates also stabilised in Q4 2014. Prime office space prices rose 17.5% y/y and secondary commercial space rose 21.1% y/y, unchanged from Q3. Dubai Residential Property Prices Aug-06 Jan-07 Q-unc Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Mid range villa Mid range apt High end villa Source: Cluttons via Bloomberg, Emirates NBD Research Aug-1 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 No. of licenses in '000s 120 100 Business Licenses issued* 80 60 40 20 0 -20 2010 2011 New Licenses ■Renewed 2012 Cancelled Source: DSC, *Licenses issued by DED only (excludes Freezones) Dubai Commercial Property Lease Rates 500 450 400 350 300 250 200 150 100 50 0 Lease rates per sq ft (In AED) Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 -Low end apt Prime office Secondary office Source: Cluttons via Bloomberg, Emirates NBD Research Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-1 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 7 2013 Emirates NBD#8UAE Banking Market Update Emirates NBD Highlights UAE Banking sector is the largest by assets in the GCC; sector is dominated by 23 local banks which account for more than 75% of banking assets; 28 foreign banks account for the remainder Bank deposit and loan growth* 18% Bank deposits (% y/y) Bank Loans (% y/y) 16% 14% 12% In the past couple of years the Central Bank of the UAE has sought to play a stronger role in the oversight and governance of the Banking Sector in the UAE 10% 8% 6% 4% Total (gross) bank loan growth accelerated to 10.2% y/y in Nov. Deposit growth remains strong at 12% y/y in Nov مس 2% 0% -2% Composition of UAE Banking Market (AED Bn) Gross Loans 267 1,131 1,398 Deposits 258 1,168 1,426 Assets 363 1,980 -4% Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Source: UAE Central Bank, *loan growth gross of provisions GCC Banking Market Banking Assets USD Bn Assets % GDP(3) 638 UAE(1) KSA Qatar Kuwait 2,343 Bahrain(2) 49 Oman 64 Emirates NBD Other Banks Source: UAE Central Bank Statistics as at Nov 2014, ENBD data as of FY 2014. 271 199 558 73 71 106 125 Feb-14 May-14 140 146 1) Includes Foreign Banks; 2) Excludes Foreign Banks; 3) GDP data is for FY 2014 forecasted. Bahrain as at Oct 2014; UAE, KSA, Qatar, Kuwait and Oman as at Nov 2014; Source: UAE Central Bank; National Central Banks and Emirates NBD forecasts Aug-14 Nov-14 8#9Contents Operating Environment Emirates NBD Profile Financial and Operating Performance Strategy Outlook Appendix Emirates NBD 6#10Summary • One of the largest financial institutions (by asset size) in the GCC • Flagship bank for Dubai Government • 56% owned by Dubai Government Emirates NBD . Consistently profitable; despite significant headwinds during the global financial crisis • Fully fledged, diversified financial services offering • Ever increasing presence in the UAE, the GCC and globally • Well positioned to grow and deliver outstanding value to its shareholders, customers, and employees 10 10#11Emirates NBD at a glance A leading bank in UAE Market share in UAE (at 31 Dec 2014): Assets c.15.5%; Loans c. 19.1% - Deposits c.18.1% Retail market shares (estimated at 31 Dec 2014): Personal loans c.14% Home loans c.4% - Auto loans c. 15% Credit cards c. 17% - Debit cards c.24% Fully fledged financial services offerings across retail banking, private banking, wholesale banking, global markets & trading, investment banking, brokerage, asset management, merchant acquiring and cards processing Credit Ratings Long Term Short Term Outlook M Baa1 P-2 Stable Moody's Fitch Ratings GCAPITAL A+ F1 Stable A A1 Stable intelligence Emirates NBD Largest Branch Network in the UAE Dubai 102 Ras al-Khaimah (4) Abu Dhabi 25 Sharjah 17 Other Emirates 10 Umm al-Quwain (2). Total 154 - Fujairah (2) Ajman (2) Dubai (102) Abu Dhabi (25) International Presence Branch ● Rep office Egypt (61 branches) Sharjah (18) Conventional Islamic Total 98 56 154 11#12Emirates NBD is one of the Largest Banks in the UAE and GCC as at 30 Sep 2014 UAE Ranking by Assets (AED UAE Ranking by Shareholder's Bn) NBAD Equity (AED Bn) Emirates NBD 398 Emirates NBD FGB 354 208 ADCB 198 DIB 128 ADIB 109 Mashreq 102 UNB 89 CBD 47 RAK 35 NBAD FGB ADCB UNB 16 Mashreq 16 DIB 15 ADIB 13 CBD 8 RAK 7 Emirates NBD UAE Ranking by Profits (AED Mn) 46 NBAD 4,195 37 FGB 4,126 32 Emirates NBD 3,913 26 26 ADCB 3,179 DIB 2,060 Mashreq 1,815 UNB 1,584 ADIB 1,341 RAK 1,073 CBD 890 GCC Ranking by Assets (AED Bn) GCC Ranking by Shareholder's Equity (AED Bn) GCC Ranking by Profits (AED Mn) QNB 479 QNB 56 QNB 8,116 NCB 429 NCB 45 NBAD 398 Emirates NBD 46 44 NCB 6,689 Al Rajhi 5,206 Emirates NBD 354 Al Rajhi 40 NBAD 4,195 Al Rajhi 292 NBAD NBK 277 SAMBA* KFH 222 Riyad Bank 34 Riyad Bank 213 NBK 33 SAMBA* 210 FGB 32 www ww 37 FGB 4,126 35 Emirates NBD 3,913 SAMBA 3,701 SABB 3,229 Riyad Bank 3,224 FGB 208 ADCB 26 ADCB 3,179 12 *Data as on 30 Jun 2014; Source: Bank Financial Statements and Press Releases, Bloomberg#13Contents Operating Environment Emirates NBD Profile Financial and Operating Performance Strategy Outlook Appendix Emirates NBD 13 13#14Profit and Balance Sheet Growth in Recent Years Emirates NBD Revenues and Costs (AED Bn) Revenues Costs Profits (AED Bn) Pre-Provision Operating Profits Net Profits +6% +4% 14.4 11.9 10.8 +22% 3.6 3.6 3.8 9.7 9.9 10.2 4.2 4.4 ----+5% +7% 10.1 3.1 7.1 7.7 +31% 6.6 6.3 6.5 3.3 3.3 +9% 5.1 +58% 2.3 2.5 2.6 200920102011201220132014 200920102011201220132014 2009 2010 2011 2012 2013 2014 200920102011201220132014 Assets and Loans (AED Bn) Assets Loans Deposits and Equity (AED Bn) Deposits Equity +5% +3% +7% 342 363 282 286 285 308 +6% 238 246 258 +10% 215 196 203 218 240 41 (+3% 181 200 193 214 +8% 35 26 28 29 31 +17% 200920102011201220132014 200920102011201220132014 2009 2010 2011 2012 2013 2014 200920102011201220132014 Equity is Tangible Shareholder's Equity excluding Goodwill and Intangibles.; All P&L numbers are YTD, all Balance Sheet numbers are at end of period Source: Financial Statements 14#15FY-14 Financial Results Highlights Emirates NBD Highlights • Net profit of AED 5,139 Mn for FY-14 improved 58% y-o-y, with pre-impairment operating profit exceeding AED 10 bn, a first for any UAE bank • Increased dividend of AED 0.35 per share proposed • Net interest income rose 17% y-o-y helped by an improved asset mix due to retail and Islamic growth, a lower cost of funds due to CASA growth and reduction in more costly time deposits • Non-interest income improved 33% y-o-y due to higher transaction volumes, translating into higher banking fee income across business units, and one-off gains from the sale of property and investments Cost to income ratio improved 5% y-o-y to 30.4%. Excluding one-offs, cost to income ratio was 31.3%. Expenses increased 5% y-o-y due to staff and occupancy costs linked with rising business volumes, partially offset by a control of professional fees and marketing costs NPL ratio improved significantly to 7.8% in 2014 due to reclassification of DW exposure, write-off of fully provided Retail loans and strong recoveries on the back of an improved economy • Provisions of AED 4,995 Mn boosted the coverage ratio in 2014 to 100.3% • AD ratio of 95.2% within management range NIMS improved 22 bps y-o-y to 2.85% due to an improved asset and deposit mix Key Performance Indicators AED Mn Net interest income Share of profits from associates FY-14 FY-13 Better/ (Worse) 9,496 8,139 17% Non-interest income 4,946 3,717 33% Total income 14,442 11,856 22% Operating expenses (4,389) (4,194) (5%) Pre-impairment operating 10,053 7,662 31% profit Impairment allowances (4,995) (4,713) (6%) Operating profit 5,058 2,949 72% 210 147 43% Gain on disposal of stake in 0 202 associates/subsidiaries (100%) Taxation charge (129) (41) (214%) Net profit 5,139 3,256 58% Cost: income ratio (%) 30.4% 35.4% 5.0% Net interest margin (%) 2.85% 2.63% 0.22% AED Bn 31-Dec-14 31-Dec-13 % 363.0 342.1 6% 246.0 238.3 3% 258.3 239.6 8% 15 Total assets Loans Deposits#16Q4-14 Financial Results Highlights Emirates NBD Highlights Net profit of AED 1,226 Mn for Q4 improved 82% y-o-y and declined 22% q-o-q Net interest income rose 11% y-o-y helped by an improved asset mix mainly due to Islamic growth, a lower cost of funds helped by both CASA growth and repayment of MOF Tier 2 deposit Non-interest income improved y-o-y boosted by foreign exchange and derivative income but declined 22% q-o-q due to reduced income from sale of property and investment securities 15% • Cost to income ratio improved 5.7% y-o-y to 33.1%. Excluding one-offs, cost to income ratio was 30.5%. Expenses improved 4% y-o-y linked with rising business volumes, partially offset by a control of staff and other costs • NPL ratio improved significantly to 7.8% in Q4 due to reclassification of DW exposure, write-off of fully provided Retail loans and strong recoveries on the back of an improved economy • Provisions of AED 1,163 Mn boosted the coverage ratio to 100.3% • AD ratio of 95.2% within management range NIMS improved 15 bps y-o-y to 2.91% due to an improved asset and deposit mix Key Performance Indicators Better/ AED Mn Q4-14 Q4-13 Q3-14 (Worse) Better/ (Worse) Net interest income 2,473 2,224 11% 2,465 0% Non-interest income 1,082 938 15% 1,380 (22%) Total income 3,555 3,162 12% 3,845 (8%) Operating expenses (1,177) (1,228) 4% (1,075) (10%) Pre-impairment 2,378 1,934 23% 2,770 operating profit (14%) Impairment allowances (1,163) (1,313) 11% (1,219) 5% Operating profit 1,214 621 95% 1,552 (22%) Share of profits from associates 51 45 12% 38 35% Gain on disposal of stake 0 12 (100%) 0 n/a (39) (5) (632%) (27) (47%) Net profit 1,226 673 82% 1,563 (22%) Cost: income ratio (%) 33.1% 38.8% 5.7% 27.9% (5.2%) Net interest margin (%) 2.91% 2.76% 0.15% 2.95% (0.04%) AED Bn 31-Dec-14 31-Dec-13 % 30-Sep-14 % Total assets 363.0 342.1 6% 353.9 3% Loans 246.0 238.3 3% 247.7 (1%) Deposits 258.3 239.6 8% 249.7 3% 16 in associates/subsidiaries Taxation charge#17Net Interest Income Emirates NBD Highlights NIMS declined 4 bps in Q4-14 and improved 22 bps to 2.85% through 2014 • Loan spreads improved in 2014 due to growth in higher yielding retail and Islamic assets • Deposit spreads improved in 2014 due to CASA growth and repayment of Ministry of Finance Tier 2 deposit • Treasury spreads improved y-o-y due to strong investment performance coupled with cheaper cost of wholesale funding • We expect NIMS in 2015 to be in the range of 2.7 - 2.8% Net Interest Margin (%) 2.95 2.91 2.85 2.83 2.83 2.78 2.76 2.75 2.77 2.63 2.47 2.48 2.58 2.39 2.43 2.44 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Qtrly NIM YTD NIM Net Interest Margin Drivers (%) Q4-14 vs. Q3-14 FY-14 vs. FY-13 2.95 2.85 0.05 0.03 (0.04) (0.02) 2.91 0.17 0.00 0.00 2.63 (0.01) Q3 14 Loan Deposit Treasury Other Spreads Spreads Spreads Q4 14 FY 13 Loan Deposit Treasury Spreads Spreads Spreads Other FY 14 17#18• Non Interest Income Emirates NBD Composition of Non Interest Income Highlights Non-interest income improved 33% y-o-y due to a rise in all sources of fee income and income from sale of properties and investment securities New products developed in 2014 such as the eIPO system and the direct remittance platform are expected to help sustain and grow non-interest income Property income improved significantly helped by a number of bulk sales AED Mn Property income declined in Q4-14 compared to earlier quarters, reflecting lower disposals Investment securities income up 66% helped by disposal of some Union Property shares earlier in the year FY-14 FY-13 Better / (Worse) Core gross fee income 4,324 3,468 25% Fees & commission expense (670) (551) (22%) Core fee income 3,654 2,917 25% Property income 611 390 57% Investment securities 680 410 66% Total Non Interest Income 4,946 3,717 33% Core Gross Fee Income Trends (AED Mn) Core Gross Fee Income Trends (AED Mn) 4,324 +10% 514 173 95 1,146 +3% 988 1,031 1,059 1,088 74 3,468 310 253 256 273 318 -69 76 -64 -63 43 530 593 575 578 464 162 180 167 164 174 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 13 Trade finance Fee Income & AM fees Brokerage Forex, Rates FY 14 & Other Forex, Rates & Other Brokerage & AM fees Fee Income Trade finance 18#19Operating costs and Efficiency Emirates NBD Highlights Costs increased by 10% q-o-q in Q4, as per previous guidance, and increased by 5% in 2014 Cost to Income Ratio improved by 5% in 2014 to 30.4% YTD due to strong income growth and a control on costs. Adjusted for one-offs, Cost to Income Ratio would be 30.5% for Q4-14 and 31.3% for FY-14 The longer term management target for cost to income ratio is 33% which provides headroom for future investment Cost to Income Ratio Trends 38.8 35.4 33.1 31.5 30.3 30.4 29.5 29.3 27.9 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 CI Ratio (YTD) CI Ratio Operating Cost Trends (AED Mn) Operating Cost Components (AED Mn) 4,389 -4% 1,228 1,177 41 89 93 1,050 1,087 1,075 83+10% 133 (69) -79- C78J 86] 715 677 620 664 656 83 81 81 75 94 -94 111 94 97 -86 226 176 167 172 229 4,194 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 FY 13 Staff Occupancy Other Cost cost Cost Egypt FY 14 Egypt Occupancy cost Other Cost Staff Cost Depr & Amort 19#20Credit Quality Emirates NBD Highlights Impaired Loan & Coverage Ratios (%) • NPL ratio improved significantly to 7.8% 100.3 92.0 85.4 13.8 80.1 • DW exposure reclassified as performing 76.1 66.2 70.3 59.8 57.5 60.7 64.7 49.4' • AED 4.4 Bn of fully provided Retail (Conventional and Islamic) loans written off 43.4 14.3 13.9 13.8 13.5 12.6 ⚫ 2014 net impairment charge of AED 5 Bn driven by additional net specific Corporate and Islamic loan provisions Coverage ratio increased to 100.3% reaching guidance target 4.3 4.0 3.6 3.5 3.5 3.1 7.8 9.5 10.3 10.3 10.2 10.0 9.5 Q4 11 Q4 12 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Impact of DW % NPL ratio, excl. DW Coverage ratio, excl. DW % Coverage ratio, incl. DW % Impaired Loans and Impairment Allowances (AED Bn) Impaired Loans Impairment Allowances 33.6 36.1 36.0 -43% 35.8 34.4 29.7 20.8 21.9 23.1 24.2 9.4 9.3 9.4 9.1 8.5 16.6 0.5 0.4 0.4 0.4 20.8 (0%) 9.2 20.7 12.9 0.6 15.1 16.2 16.2 16.2 15.8 -0.6 12.8 13.6 14.5 15.2 13.6 2.9 3.8 3.7 3.7 3.8 3.8 3.6 0.3 0.4 4.9 6.5 0.2 6.6 0.2 6.4 0.2 6.1 0.2 15.3 0.4 4.90.1 9.9 16.4 7.0 1.4 2.1 3.4 3.6/0.2 3.8 3.8 3.9 3.9 3.9 0.5 0.2 10.2 3.8/0.1 Q4 11 Q4 12 Q4 13 Q1 14 Q2 14 DW Q3 14 Core Corporate Q4 14 Q4 11 Q4 12 Q4 13 Q1 14 4.2/0.1 4.5 0.1 Q2 14 Q3 14 Q4 14 3.8 0.1 Retail Islamic Other Debt Securities 20 20#21Capital Adequacy Highlights CAR improved by 1.5% and Tier 1 ratio improved by 2.7% in 2014 due to: Capitalisation Emirates NBD 19.6 19.2 19.6 20.4 21.1 - Issuance of USD 500 Mn Tier 1 notes and 17.2 18.0 15.3 15.0 15.6' retained earnings 44.7 43.6 44.4 45.7 46.4 Repayment of AED 4.8 Bn of MOF deposits Tier 2 9.9 9.4 9.0 7.0 6.7 34.8 34.2 35.4 38.7 39.7 - Decrease in risk weighted assets Capital Management exercise successfully completed with the entire repayment of crisis era support Capital Movements (AED Bn) Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 T2 T1 T1 % CAR % Risk Weighted Assets - Basel II (AED Bn) FY-13 to FY-14 (AED Bn) Capital as at 31-Dec-2013 Net profits generated 9.9 Tier 1 Tier 2 Total 34.7 -3% 44.6 5.1 - 5.1 FY 2013 dividend paid (1.4) (1.4) 226.9 14.9 2.8 227.6 14.9 2.4 226.5 224.5 -2% 220.2 18.6 2.7 18.6 5.1 21.3 -7.0 Tier 1 Issuance 1.8 1.8 Repayment of Tier 2 (2.9) (2.9) 209.2 210.2 205.1 200.8 191.9 Amortisation of MOF T2 / sub debt (0.1) (0.1) Interest on T1 securities (0.5) (0.5) Tier 2 Issuance 0.1 0.1 Repayment of subordinated debt Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Goodwill 0.1 0.1 Other (0.1) (0.4) (0.4) Operational Risk Market Risk Credit Risk Capital as at 31-Dec-2014 39.7 6.7 46.4 21#22Funding and Liquidity Highlights AD ratio of 95.2% within 90-100% management target range Liquid assets of AED 56.6 Bn as at 31 December 2014 (17.9% of total liabilities) Modest maturity profile affords Emirates NBD ability to consider public and private debt issues opportunistically In 2014, - Issued USD 500 Mn of Tier 1 capital notes - Issued USD 1.5 Bn of senior public issues Issued USD 1 Bn private placements in AED, USD, GBP, CHF, EUR and JPY - Repaid remaining AED 4.8 Bn of MOF Tier 2 deposits Composition of Liabilities/Debt Issued (%) Liabilities (AED 316.3 Bn) Debt/Sukuk (AED 30.4 Bn) Customer deposits 82% Banks 5% ■ Others 4% ■Debt/Sukuk 8% ■Syn bank borrow. 1% ■Loan secur. 1% EMTNS 6% Emirates NBD Advances to Deposit (AD) Ratio (%) 118.5 98.1 105.1 102.0 99.5 99.2 95.3 95.6 95.2 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Target range 90-100% AD Ratio (%) Maturity Profile of Debt Issued (AED Bn) Maturity Profile of Debt/Sukuk Issued 100% = AED 30.4 Bn 5.95 4.76 3.60 3.04 5.29 5.44 1.36 0.63 0.23 0.09 ■ Sukuk 2015 2016 2017 2018 2019 2020 2022 2023 2024 2026 1% *including cash and deposits with Central Banks but excluding interbank balances and liquid investment securities 22 22#23Loan and Deposit Trends Emirates NBD Highlights Gross loans grew 3% y-o-y in 2014 (5% y-o-y excluding the write-off of fully provided Retail loans), and declined 2% q-o-q in Q4-14 • Consumer lending declined 2% y-o-y in 2014 (grew 10% y-o-y excluding write-offs) and declined 17% q-o-q due to write-offs and temporary IPO leverage effect in Q3-14 unwinding in Q4-14 • Islamic financing grew 5% y-o-y in 2014 (8% excluding write-offs), and declined 2% q-o-q in Q4-14. Deposits increased 8% y-o-y in 2014, and increased 3% q-o-q in Q4-14 Strategic push to grow CASA continued in 2014: - CASA deposits up 19% y-o-y in 2014 and 2% q-o-q in Q4-14 CASA deposits as a percentage of total deposits have increased to 58% in FY-14, up from 43% at end 2012 and 53% and end 2013 Trend in Gross Loans by Type (AED Bn) +3% -2% 250 254 259 262 265 272 267 235 238 221 216 205 178 180 188 191 195 196 197 200 201 171 25 162 166 22 23 26 27 28 29 29 33 27 22 20 20 4 20 28 1 33 1 34 35 35 36 36 38 39 38 1 1 1 1 Q4 09 Q4 10 Q4 11 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Corporate Consumer Islamic* Treasury/Other Trend in Deposits by Type (AED Bn) +8% 252 253 258 +3% 214 223 230 240 250 229 5 200 193 2 181 107 105 97 103 110 112 107 122 120 138 113 122 22 79 91 102 116 118 127 141 144 148 151 56 61 Q4 09 Q4 10 Q4 11 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Other Time CASA Gross Islamic Financing Net of Deferred Income 23 23#24Loan Composition Total Gross Loans (AED 267 bn) Corporate Loans (AED 95 bn) Corporate Treasury/Other Retail 27 (10%) (0%) 95 (35%) Emirates NBD Cont. Trans. & com. 8% 7% RE 32% Trade 12% 38 7% (14%) Manuf. Islamic* 5% 107 (40%) 3% Others** 27% Serv. Fin Inst Sovereign Retail Loans (AED 27 bn) Others Overdrafts 7% 12% Car Loans 15% Personal 32% Islamic* Loans (AED 38 bn) - Per. Retail 53% RE 16% Fin Inst 8% 5% 5% 0% Serv. Per. - Corp. 6% 2% Others** 3% Manuf. 2% Trade 14% 13% 5% Mortgages Credit Cards Time Loans *Islamic loans net of deferred income; **Others include Agriculture and allied activities and Mining and quarrying Cont. Trans. & com. 24 24#25Associates and Joint Ventures Emirates NBD Composition of Associates and Joint Ventures Income Statement AED Mn FY 14 FY 13 Better/ (Worse) Q4 14 Q3 14 Better/ (Worse) National General 13 38 (66%) (3) 6 (150%) Insurance Network International 133 107 24% 52 31 68% Bank Islami Pakistan 3 1 200% 0 2 (100%) Total 149 146 2% 49 39 26% Balance Sheet AED Mn 31-Dec-14 31-Dec-13 Better/ (Worse) 30-Sep-14 Better/ (Worse) National General Insurance 189 160 18% 191 (1%) Network International Bank Islami Pakistan Total 1,570 1,451 8% 1,517 3% 23 20 14% 23 (2%) 1,781 1,631 9% 1,732 3% Highlights Union Properties (UP) no longer classified as Associate: During 2013, ENBD disposed of 32.6% of UP shares in the market Since percentage of holding is less than 20%, ENBD does not have significant influence in UP UP holding has therefore been accounted as AFS investment from 21 August 2013 Network International accounted for as a jointly controlled entity from the start of 2011 with a carrying value of AED 1.6 Bn 24.8% stake in Bank Islami Pakistan acquired as part of Dubai Bank 25 25#26Egyptian Business Overview Highlights Financials Emirates NBD Full service commercial banking platform: Corporate Banking: focused on large corporate and MNCs; serves c.4,000 clients Retail Banking: High growth segment; serves c.246,000 clients Wide presence in Egypt through 61 branches and 189 ATMs Financially sound with robust profitability and a healthy balance sheet Improving Cost to Income Ratio AED Mn Year 2013 (from 9-June-13) FY-14 Net interest income 225 482 Non-interest income 133 224 Total income 358 706 Operating expenses (193) (340) Pre-impairment operating profit 165 366 Impairment allowances (22) (32) Net Loans Deposits Operating profit 143 334 100% = AED 3.7 Bn 100% AED 10.2 Bn Taxation charge (30) (102) Net profit 113 232 Other 1% AED Bn 31-Dec-13 31-Dec-2014 Retail 46% Time 46% Net Loans 3.7 3.7 54% Corporate 53% CASA Deposits 9.0 10.2 Impaired Loan Ratio (%) 0.2% 0.8% Cost to Income Ratio (%) 53.8% 48.1% 26#27Divisional Performance Retail Banking & Wealth Management Islamic Banking Revenue improved 8% y-o-y Deposits grew 12% from end 2013 driven by CASA growth Loans grew 11% from end 2013 driven by growth in credit cards, auto loans, personal loans, overdrafts and time loans • The bank has improved its distribution as part of its channel optimization strategy and had 526 ATMs and 98 branches as at 31-December RBWM offers best-in-class online and mobile banking solutions and in 2014 launched various innovative services such as the e-IPO platform . Islamic Banking revenue improved 34% Financing receivables grew by 14% in 2014 mainly due to increases in Murabaha financing • Customer accounts declined by 6% in 2014 mainly due to repayment of MoF Tier 2 deposit At Q4-14, El had 56 branches and an ATM & CDM network of 174 Islamic Banking business continues to develop through a strengthened core franchise coupled with an expansion of retail, SME, and corporate offerings Balance Sheet Trends AED Bn +12% +11% 113.5 101.1 Emirates NBD Revenue Trends AED Mn +8% 5,621 5,196 1,535 1,915 27.4 30.3 3,661 3,706 2013 2014 Loans Deposits 2013 2014 NFI NII Balance Sheet Trends AED Bn -6% Revenue Trends AED Mn +14% +34% 30.0 27.3 28.3 1,993 24.0 1,484 326 591 1,403 1,158 2013 2014 2013 2014 Financing Receivables NFI NII Customer Accounts 27#28Divisional Performance (cont'd) Emirates NBD Wholesale Banking revenues grew 8% y-o-y • Loans were stable from end 2013 as normal loan repayments offset new underwriting Deposits grew by 11% from end 2013 driven by CASA growth • Focus during 2014 was on enhancing customer service quality in key sectors, share of wallet, increased cross-sell of Treasury and Investment Banking products and larger Cash Management and Trade Finance penetration Balance Sheet Trends AED Bn +11% 0% 187.6 187.0 Revenue Trends AED Mn +8% 4,816 4,447 1,306 1,249 91.8 82.6 3,198 3,510 2013 2014 2013 2014 Loans Deposits NFI NII Global Markets & Treasury Wholesale Banking Revenue at AED 835 Mn in 2014 improved 81% y-o-y Y-o-y growth due to robust increase in sales revenue and strong performance by Credit Trading desk. Successful balance sheet hedging has resulted in improved Net Interest Income Revenue Trends AED Mn +81% 835 462 691 622 144 -161 2013 2014 NFI NII 28#29Contents Operating Environment Emirates NBD Profile Financial and Operating Performance Strategy Outlook Appendix Emirates NBD 29 29#30ENBD's core strategy is focused on the following building blocks Key Objective Strategic Levers Drive core business Enablers Source: Emirates NBD Deliver an excellent customer experience Run an efficient organization Emirates NBD Drive geographic expansion Build a high performing organization 30 30#31Strategic update - 2014 achievements Priorities Deliver an excellent customer experience 2014 Objectives Continue Group-wide Service Excellence Program Lead multi-channel banking in the UAE Drive customer service through social media and other platforms Achievements • • Emirates NBD . Enhanced customer experience via proactive servicing and improved complaint management Expanded digital services across all channels, especially mobile banking and launched innovative products, e.g., EIPO 2 Build a high performing organization 3 • Drive Nationalization efforts Raise employee engagement to be at par with best in class global banks Improve performance management and accountability across Group Drive core business Run an efficient organization Transform Wholesale Banking franchise Fortify Retail franchise and turbo-charge Islamic finance Focus on legacy NPLs and tail management Diversify income streams, improve capital efficiency and liquidity Streamline organizational set-up Streamline operations and platforms • • • · • • • Increased customer service availability on Facebook and Twitter 3-year nationalization strategy approved by the Board of Directors (currently under implementation) Employee engagement increased by 4% over 2013 while ENBD scored 12% higher than GCC benchmark National Leadership Program launched to identify and grow future senior leaders Transformation on track with new leadership and key investments Retail Loans growth of 11%, Islamic Financing Receivables growth of 14% NPL ratio improved significantly to 7.8% and coverage improved to 100.3% Capital adequacy improved from 19.6% to 21.1% Advances to deposits ratio improved from 99.5% to 95.2% • Increased fee to income ratio from 27.9% to 29.6% 5 Drive geographic expansion • Integrate Egypt business into Emirates NBD Group Selectively pursue organic growth in current international markets • Egypt integration is ongoing and expected to be completed in Q2 2015 31#32Strategic priorities for 2015 Priorities Focus Areas 1 • Deliver an • excellent customer experience 2 Build a high performing organization 3 Emirates NBD Continue to deliver superior customer experience through better service and product offerings Drive front line cultural/ behavior change • Reinforce ENBD's position as a digital innovator in the region via best-in-class online and mobile banking services • Enhance customer relationships in Wholesale Banking through new tools • Increase nationalization efforts with a focus on developing local leadership talent Improved performance and reward management • Continue raising Employee Engagement level to meet global standards Drive core business • Drive asset growth through the fast growing Retail and Islamic franchises • • Diversify loans portfolio to include broader representation of sectors and markets Increase penetration in key Wholesale Bank growth sectors, e.g., Trade Finance, Manufacturing Increase fee and commission income, e.g., via increased Trade Finance penetration and improved Treasury product offering Run an efficient organization • Drive digital channel adoption to lower transaction costs • Develop robust risk and compliance culture to meet enhanced regulatory standards • Streamline processes and procedures in key business units 5 Drive geographic expansion • • • Complete IT and systems integration in Egypt by Q2 2015 Catalyze growth in current international markets by focusing on cross border trade and other opportunities Continue to evaluate potential organic and inorganic opportunities in selected markets 32 32#33Contents Operating Environment Emirates NBD Profile Financial and Operating Performance Strategy Outlook Appendix Emirates NBD#34Outlook Economic Outlook Emirates NBD . • • • For the UAE • 2014 GDP growth expectation revised down to 4.5% from 5.0% due to fall in oil price • 2015 GDP growth forecast also revised lower to 4.3% from 4.8% For Dubai • 2014 GDP growth expectation unchanged at 5% as non-oil sectors expanded robustly • 2015 GDP growth forecast is 4.7% due to continued strength in non-oil sectors Dubai residential property price growth slowed significantly in 2014. Mid-range villa prices declined 6.7% y-o-y in December 2014 Inflation averaged 2.3% in 2014. We expect to see inflation average 3% in 2015 Emirates NBD improved its capital, funding and credit quality ratios allowing it to take advantage of the expected opportunities in Dubai and the region 34 34#35Summary Emirates NBD Profitability Credit Quality Provisions CI Ratio • Pre-impairment operating profit of AED 10.1 Bn in FY-14, up 31% y-o-y • Net profit of AED 5.1 Bn for FY-14 improved 58% y-o-y • NPL ratio improved significantly to 7.8% in 2014 due to reclassification of DW exposure, write-off of fully provided Retail loans and strong recoveries • Net impairment allowances of AED 5 Bn in 2014 have boosted the coverage ratio to 100.3%, reaching management target • Cost to Income ratio improved by 5.0% y-o-y to 30.4% in FY-14 Income Net Interest Margin Capital and Liquidity Outlook • Total income improved 22% y-o-y to AED 14.4 Bn helped by an improving asset mix, efficient funding & capital base and strong fee income • NIMs improved to 2.85% in FY-14 • Capital and liquidity extremely strong offering resilience for the future • Tier 1 ratio improved by 2.7% to 18.0% and AD ratio improved by 4.3% to 95.2% The Bank will continue to implement its successful strategy and consolidate its position as a dominant player in the UAE and the region 35#36Contents Operating Environment Emirates NBD Profile Financial and Operating Performance Strategy Outlook Appendix Emirates NBD#372014 Awards (1/2) Emirates NBD Best Bank and Best Regional Bank Awards Asset Management and Consumer Finance Awards • Best Local Bank - United Arab Emirates' at the 2014 annual Euromoney Private Banking and Wealth Management Survey 'Best Consumer Credit Product award' and 'Best Risk Management award' for its Personal Loan business at the 2014 Asian Banker's 'International Excellence in Retail Financial Services Awards' . 'Middle East Regional Bank of the Year' at the International Financing Review (IFR) Middle East Awards 2013 . 'Bank of the Year' at Gulf Business Industry Awards 2014 • . . · . • • • • Group CEO named 'Banking CEO of the Year' and 'Gulf Business CEO of the Year' at Gulf Business Industry Awards 2014 Emirates NBD Investment Bank is ranked as the leading arranger of USD Sukuk globally according to league tables published by Bloomberg 'Best Consumer Internet Bank for the UAE' by Global Finance magazine's World's Best Internet Banks Award. Winner of the 'Best Mobile Banking App' for the Middle East and Africa region Emirates NBD wins a second international accolade in 2014 for 'Online and Mobile Banking Service' at Banking Technology Awards 2014 'UAE Asset Manager of the Year' for second consecutive year, at the 5th annual MENA Fund Manager Performance Awards 2014 'MENA Equity Fund of the Year' for the Emirates MENA Top Companies Fund, at the 5th annual MENA Fund Manager Performance Awards 2014 'Balanced Fund of the Year' for the Emirates MENA Opportunities Fund, at the 5th annual MENA Fund Manager Performance Awards 2014 "Best Investment Management Company 2014, UAE" at the World Finance Investment Management Awards 2014 Group CEO awarded 'CEO of the Year' for Emirates NBD's Asset Management business at the Global Investor/ ISF Investment Excellence Awards Treasury, Emerging and Capital Markets Awards • 'Fixed Income Manager of the Year' at Global Investor/ ISF Investment Excellence Awards • UAE's "Best Foreign Exchange Provider 2014" by Global Finance • • "Best Treasury Management Project" award in the Middle East at the Asian Banker Middle East Banking Products and Projects 2014 Awards 'Most impressive emerging market financial institution borrower' by Global Capital (formerly Euroweek) at the Global Capital Bond Awards 2014 • 'Best debt house' at EMEA Finance's Middle East Banking Awards 2013#382014 Awards (2/2) Marketing, Social Media and Customer Engagement Awards Card Awards . Emirates NBD Ranked 25 on the Power 100 Social Media Rankings compiled by The Financial Brand wins a 'Silver' and 'Bronze' award in the Social Media category, at the 2014 Dubai Lynx Awards • 'Social Brand of the Year' and award for 'Best use of Data' at MENA Digital Awards • • 'Best Social Media Engagement' award at the Asian Banker Middle East Banking Products and Projects 2014 Awards 'Banking & Finance Customer Care Excellence Award' at the 8th annual Middle East Government and Business Customer Care Excellence Awards 2014 • 'Best New Card' and 'Best Customer Engagement Program' at the Smart Cards Middle East 2014 • 'Best Sports Marketing Campaign' at Sports Industry Awards • . • Marketing Campaign of the Year, Best Use of Social Media, Brand Excellence in Financial Services, Effective Use of Marketing Communications at the Global Brand Excellence Awards 2014 Awarded five titles at Effie MENA Awards 2014 awards in the Banking, Finance and Insurance, as well as brand experience categories Emirates NBD Man United Card Awarded 'Best International Sports Affinity Co-brand Card in the UAE for 2013' by MasterCard • Emirates NBD receives Global Visa Award - for "Best Domestic Risk Efficiency" • Emirates NBD Manchester United Cards named 'Best Co-brand Program' at MasterCard Innovation Forum • Other Awards Emirates Money named the "Best Non-Bank Consumer Finance Business" at the Asian Banker Middle East Banking Products and Projects 2014 Awards • Emirates NBD Ranked No. 1 in the Gulf News honors list for handling of customer issues • Emirates NBD received four 'Excellence in Practice' citations from American Society for Training and Development (ASTD) for training programs at the bank • Emirates NBD Securities has won Mobile Trading Award 2014 by Dubai Financial Market (DFM) • Tanfeeth won an award for the best practices in the field of Human Resources from the Society of Human Rights Management#39Large Deals Concluded in 2014 WAHA CAPITAL PJSC الواحة كابيتال WAHA CAPITAL USD 750,000,000 TERM AND REVOLVING FACILITIES MARCH 2014 EMIRATES CENTRAL COOLING SYSTEMS CORPORATION EMPOWER ENERGY SOLUTIONS USD 600,000,000 TERM LOAN FACILITY MARCH 2014 Mandated Lead Arranger & Bookrunner Emirates NBD Mandated Lead Arranger and Book runner Emirates NBD TAWEELAH ALUMINIUM EXTRUSION COMPANY (TALEX) LLC TALEX J Towoch Aluminium Extrusion Company LLC. شركة الطويلة تسحب الألمنيوم ذ م م USD 140,000,000 TERM LOAN FACILITY MAY 2014 Mandated Lead Arranger Emirates NBD MERCURIA MERCURIA Emirates NBD ALLANA INTERNATIONAL LIMITED EMIRATES TELECOMMUNICATIONS CORPORATION افكو IFFCO USD 450,000,000 TERM AND REVOLVING CREDIT FACILITIES APRIL 2014 Initial Mandated Lead Arranger & Bookrunner Emirates NBD SEKERBANK Şekerbank S اتصالات etisalat EUR 3,150,000,000 MULTI CURRENCY TERM LOAN FACILITY APRIL 2014 Mandated Lead Arranger Emirates NBD TURKIYE FINANS KATILIM BANKASI Turkey's Finance Türkiye Finans USD 2,650,000,000 REVOLVING CREDIT FACILITY JUNE 2014 USD 32,000,000 AND EUR $5,500,000 DUAL CURRENCY TERM LOAN FACILITY JUNE 2014 Mandated Lead Arranger USD 253,500,000 AND EUR 72,000,000 SYNDICATED DUAL CURRENCY MURABAHA FINANCING FACILITY JUNE 2014 Mandated Lead Arranger Emirates NBD Emirates NBD Initial Mandated Lead Arranger, Joint-Coordinator and Bookrunner Emirates NBD#40Large Deals Concluded in 2014 B.B. ENERGY ALBARAKA TURK KATILIM BANKASI DANA GAS EXPLORATIONS FZE دانة غاز DANAGAS USD 100,000,000 DUAL TRANCHE TERM LOAN AND MURABAHA FACILITY JUNE 2014 Initial Mandated Lead Arranger, Bookrunner and Co-ordinator Emirates NBD alBaraka Emirates NBD ATLANTIS THE PALM LIMITED ATLANTIS THE PALM, DUBAI 9B AB Energy USD 151,000,000 AND EUR 54,400,000 SYNDICATED DUAL CURRENCY MURABAHA FINANCING FACILITY SEPTEMBER 2014 USD 175,000,000 REVOLVING CREDIT FACILITY JUNE 2014 Initial Mandated Lead Arranger, Joint-Coordinator and Bookrunner USD 750,000,000 CREDIT FACILITY AND USD 350,000,000 COMMODITY MURABAHA FACILITY SEPTEMBER 2014 Mandated Lead Arranger Emirates NBD Emirates NBD Initial Mandated Lead Arranger, Intercreditor Agent. Facility Agent and Security Agent Κα Emirates NBD GUNVOR S.A. PT GARUDA INDONESIA (PERSERO) TBK LAMPRELL PLC DUBAI FESTIVAL CITY SHOPPING CENTER HOTELS LLC, DUBAI FESTIVAL CITY REAL ESTATE DEVELOPMENT LLC AND DUBAI CITY RETAIL DEVELOPMENT LLC Garuda Indonesia USD 200,000,000 SENIOR UNSECURED AMORTISING TERM LOAN FACILITY AND PURCHASE OF RIGHTS AND SERVICES FACILITY AUGUST 2014 G GUNVOR USD 345,000,000 UNCOMMITTED BORROWING BASE FACILITIES AGREEMENT JULY 2014 Lamprell UPTO USD 750,000,000 MULTI TRANCHE FACILITIES AUGUST 2014 Al-Futtaim AED 3,942,000,000 CLUB AND TERM LOAN FACILITIES DECEMBER 2014 Mandated Lead Arranger and Bookrunner Emirates NBD Mandated Lead Arranger Emirates NBD Mandated Lead Arranger Emirates NBD Mandated Lead Arranger Emirates NBD#41Large Deals Concluded in 2014 DUBAI PARKS AND RESORTS AL SHARQ INVESTMENT Emirates NBD DUBAI ALUMINIUM KUVEYT TURK KATILIM BANKASI al INVESTMENTI Jubai Parks. AND RESORTS dubal Dubai Aluminium USD 365,000,000 SYNDICATED TERM LOAN FACILITY December 2014 USD 1,148,400,000 CONVENTIONAL AND ISLAMIC PROJECT FINANCE FACILITIES DECEMBER 2014 USD 1,800,000,000 TERM LOAN FACILITY DECEMBER 2014 KUVEYTTÜRK USD 300,000,000 AND EUR 40,000,000 SYNDICATED DUAL CURRENCY DUAL TRANCHE MURABAHA FINANCING FACILITY DECEMBER 2014 Mandated Lead Arranger and Bookrunner Emirates NBD Conventional Mandated Lead Arranger, Bookrunner and Underwriter Emirates NBD Mandated Lead Arranger, Bookrunner and Underwriter Emirates NBD Initial Mandated Lead Arranger, Bookrunner, Documentation Agent and Facility Agent Emirates NBD TATA STEEL GLOBAL HOLDINGS & TATA STEEL NETHERLANDS HOLDINGS B.V ΤΑΤΑ TATA STEEL YES BANK LIMITED YES BANK USD 1,500,000,000 TERM LOAN, EUR 370,000,000 TERM LOAN AND GBP 700,000,000 REVOLVING CREDIT FACILITIES NOVEMBER 2014 USD 288,000,000 AND EUR 103,500,000 DUAL CURRENCY, MULTI-TRANCHE, TERM LOAN FACILITY OCTOBER 2014 Mandated Lead Arranger and Bookrunner Emirates NBD Initial Mandated Lead Arranger, Bookrunner, Coordinator and Facility Agent Emirates NBD#42Investor Relations PO Box 777 Emirates NBD Head Office, 4th Floor Dubai, UAE Tel: +971 4 201 2606 Email: [email protected] Emirates NBD 42