#1Emirates NBD Investor Presentation Q3 2021 November 2021 F"CREATE OPPORTUNITIES TO PROSPER"#2Important Information Disclaimer The material in this presentation is general background information about Emirates NBD's activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take in to account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. The information contained here in has been prepared by Emirates NBD. Some of the information relied on by Emirates NBD is obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. Forward Looking Statements It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and 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. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are 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 forward-looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Rounding Rounding differences may appear throughout the presentation.#31. Emirates NBD Profile 2. Financial & Operating Performance 3. Economic Environment 4. Divisional Performance#4Emirates NBD is a leading bank in the MENAT Region Key Highlights as of September 2021 *Market cap as at 26-Oct-21 USD 191 Bn Total Assets 13 Countries Emirates NBD at a Glance USD 130 Bn Gross Customer Loans 906 Branches USD 127 Bn Total Customer Deposits 17+ million Customers 3rd Largest lender in GCC 56% Government of Dubai Shareholding 2nd Largest in UAE 40% FOL 11.9% foreign owners as at 26-Oct-2021 -20% Market Share in UAE (Assets, Loans, Deposits) USD 24 Bn Market Capitalization* 4#5Emirates NBD at a glance Emirates NBD's International Presence Market share in the UAE* Assets 17.8%; Loans 22.2%; Deposits 20% ➤ Largest financial institution in Dubai, 3rd largest lender in the GCC ➤ Leading retail banking franchise with a branch network of 900+ branches throughout the MENAT region with operations in 13 countries ➤ Leader in digital banking: 6th best Finance app worldwide by FinTech Magazine with expanding customer acquisition ➤ 55.8% indirectly owned by the Government of Dubai through ICD ➤ Stable credit ratings Rated A3 / A+ by Moody's / Fitch London 9 Germany 17 Moscow 1 Austria Turkey 689 Egypt Bahrain 68 7 KSA 110 Mumbai UAE 1 *Emirates NBD as at 30-Sep-21 excluding DenizBank Emirates NBD Emirates NBD Rep. Offices DenizBank Singapore 1 1 Jakarta Beijing 1 5#6Leader in Digital Banking and Innovation liv. • Liv. continues to expand; Liv. Prime (the first lifestyle-banking subscription plan in the region) and Liv. Sure (General Insurance products) now strong revenue generators for Liv. • Liv.'s attractive referral program is popular with customers • Liv. Blog launched, containing a growing list of articles on many topics including money matters and safety & awareness • In KSA, Liv. has 80,000 customers and is growing by about 8,000 customers per month Liv. is actively migrating to a cloud-based architecture, enabling Liv. to expands to new countries and scale easily Key Digital Developments • 86% of all face-to-face card payment transactions now 'contactless' through Mobile wallet • EXPO 2020 Dubai branch opened with a Future Banking space showcasing the Group's pioneering vision for the future of global banking Integrated website with UAE PASS for seamless digital account opening. • Launched Instant Quick Account Opening for UAE National Individuals and SMEs E20. Digital business bank live for most DED licensed entities and continues to scale up Transactions via digital channels Eligible Retail Business customers 98% digitally active 79% Eligible Corporate clients opting for digital platform 91% OOO 6#7ESG Performance - Key Sustainability Developments Key developments Certified with ISO 26000 CSR Label by Dubai Chamber R 2021 DUBAI CHAMBER CSR LABEL Community Outreach Philanthropy • AED We contributed USD 24.5 million to the local community in 2020 Environmental Sustainability • • Working towards a single-use plastic free workplace Continuous paper reduction through increased digitization across departments Green & Social Banking choices • Green Home Loans Paperless accounts (Liv. & E-Savings) • Green Auto Loans • . First bank to offer card made from recycled plastic Volunteering - Exchanger Program • • • 3,200+ volunteering hours | 147 activities | 1450+ community beneficiaries 82 volunteers for Expo 2020 Diversity & Inclusion Social and Financial Inclusion • . 66% Branches are accessible | 20 accessibility elements New Assistive Technology deployed at the Expo 2020 Branch 2100+ employees trained through inclusion workshops 43 People with disabilities placed in full-time employment Responsible Lending & Investment • • First bank from the Gulf region to issue an ESG-linked syndicated loan Emirates NBD Asset Management signed up to the UN Principles of Responsible Investment EmCap successfully closed Islamic Development Bank's first ever USD Sustainability Sukuk Financial Wellness • . Financial Wellness educational programme 275 students | Customer Satisfaction (CSAT) = 9.21 7#8Stable Shareholder Base and Diversified Business Model Split of ownership - Anchored by the Government of Dubai Ownership structure as at 30 September 2021 Others 39% Capital Assets 5% Balanced asset composition % by segment as at 30 September 2021 CIB 45% Investment Corporation of Dubai 56% GMT 18% DenizBank 18% RBWM 10% Islamic Banking 9% Key Highlights • • • • • A flagship bank for the Government of Dubai and the UAE Strong and supportive shareholder base from the Government of Dubai via Investment Corporation of Dubai International presence in Asia, Europe and MENAT across 13 countries. DenizBank acquisition further enhanced geographic profile Well diversified and balanced asset composition between corporate, consumer and Islamic banking Foreign ownership limit raised to 40% from 20% in July 2020 with foreign ownership at 11.9% at 26-Oct-2021 Recommendation Equity Analysts Coverage Buy Hold Sell 11 1 In AED Target Price 15.9 Price at 26-Oct-2021 13.9 EPS 30-Sep-2021 0.38 8#9Emirates NBD is one of the largest banks in the GCC... Total Assets USD Bn, 30-Sep-2021 Total Loans USD Bn, 30-Sep-2021 QNB 295 * QNB 215 بنك أبوظبي الأول FAB First Abu Dhabi Bank Total Deposits USD Bn, 30-Sep-2021 Total Income USD Mn, Q3 YTD 2021 QNB 213 SNB 5,623 بنك أبوظبي الأول 268 SNB 137 FABT 165 * QNB 5,598 First Abu Dhabi Bank SNB 241 Emirates NBD 129 Emirates NBD 191 بنك أبوظبي الأول FAB First Abu Dhabi Bank مصرف الراجحي SNB 157 க 5,032 Al Rajhi Bank مصرف الراجحي 115 128 Emirates NBD 4,714 Al Rajhi Bank مصرف الراجحي مصرف الراجحي 155 115 Emirates NBD 127 Al Rajhi Bank Al Rajhi Bank بنك أبوظبي التجاري ADCB 118 بنك أبوظبي التجاري ADCB 69 بنك أبوظبي التجاري ADCB 70 بنك أبوظبي الأول FAB First Abu Dhabi Bank بنك أبوظبي التجاري ADCB 4,356 2,447 9#10...and one of the largest banks in the UAE Total Income USD Mn, Q3 YTD 2021 Net Profit USD Mn, Q3 YTD 2021 Total Loans Coverage Ratio & NPLs (%) CET-1 Ratio (%) USD Bn, 30-Sep 2021 30-Sep 2021 30-Sep 2021 NPL% بنك أبوظبي الأول Emirates NBD 4,714 FABT 2,511 Emirates NBD 129 Emirates NBD 127% 6.2% Emirates NBD 16.1% First Abu Dhabi Bank بنك أبوظبي الأول FAB First Abu Dhabi Bank بنك أبو ظبي التجاري ADCB بنك دبي الإسلامي بنك أبوظبي الأول بنك أبوظبي الأول Emirates NBD 4,356 1,986 FABT 115 FAB 97% 3.9% بنك دبي التجاري 15.0% Commercial Bank of Dubai First Abu Dhabi Bank First Abu Dhabi Bank 2,447 بنك أبوظبي التجاري ADCB بنك دبي الإسلامي Dubai Islamic Bank 2,438 Dubai Islamic Bank مصرف أبوظبي الإسلامي ADIB 1,183 مصرف أبوظبي الإسلامي ADIB 1,035 بنك أبوظبي التجاري ADCB 836 بنك دبي الإسلامي Dubai Islamic Bank 437 مصرف أبوظبي الإسلامي ADIB 69 بنك أبوظبي التجاري ADCB 55 بنك دبي الإسلامي Dubai Islamic Bank 24 مصرف أبو ظبي الإسلامي ADIB 88% 5.6% 72% 6.7% مصرف أبوظبي الإسلامي ADIB بنك أبوظبي التجاري ADCB بنك أبوظبي الأول 66% 9.0% FAB First Abu Dhabi Bank بنك دبي التجاري 651 بنك دبي التجاري بنك دبي التجاري 286 21 بنك دبي التجاري 64% 6.9% بنك دبي الإسلامي Commercial Bank of Dubai Commercial Bank of Dubai Commercial Bank of Dubai Dubai Islamic Bank Commercial Bank of Dubai 13.8% 13.2% 13.0% 12.8% 10#11Consistently profitable due to diversified and resilient business model 9.1% 9.3% 8.8% 10.5% 15.7% 19.7% 18.0% 2.6 2010 18.8% 20.3% 16.5% 9.5% 13.2% Net Profit '10-'20 CAGR: 11% Operating Revenue '10-'20 CAGR: 8% 4.7 4.2 4.1 4.0 2.7 2.3 1.9 2.0 0.6 2.7 2.8 3.2 LLL 0.7 0.7 0.9 3.9 LI 1.4 2011 2012 2013 2014 2015 ■Operating Revenue (AED Bn) ■Net Profit (AED Bn) 2016 2017 2018 6.3 6.1 4.0 4.7 1.9 2.0 2019 2020 Q3 2021 YTD Return on Average Tangible Equity Excl. NI gain for 2019 11#12Emirates NBD delivers strong performance in Q3 2021 on improving economic conditions Key Highlights AED Strong performance recovery trend with Q3 2021 profit USD 0.7bn, and USD 2.0bn YTD, up 29% Key Metrics Q3-21 YTD Net Profit USD 2.0bn +29% y-o-y CET 1 16.1% AED AED UAE economic activity picking up and improving as Expo 2020 begins Continued strong underlying business momentum with record demand for retail financing International expansion continues with additional KSA branches, approval for further branches in India and strong results in Turkey NIM 2.51% 2021 Guidance: 2.45-2.55% ↑ Cost to Income 33.1% 2021 Guidance: Within 35% LCR 157.2% Loan Growth -1% 2021 Guidance: Low-single Digit Diversified balance sheet and capital base remain a core strength of the Group NPL 6.2% 2021 Guidance: mid-6% NPL Cover 126.7% 12#13Financial results highlights Q3 2021 YTD Highlights Income Expenses Risk Capital Liquidity Macro Divisional Better/ Income Statement (USD bn) Q3-21 YTD Q3-20 YTD Key Highlights (Worse) Net interest income 3.4 3.7 (6)% • Non-funded income 1.3 1.3 (3)% - Total income 4.7 5.0 (5)% Operating expenses (1.6) (1.6) 2% Pre-impairment operating profit 3.2 3.4 (7)% - Impairment allowances (1.0) (1.7) 42% Operating profit 2.1 1.7 29% Taxation charge and others (0.2) (0.1) (24)% Net profit 2.0 1.5 29% . Cost: income ratio (%) 33.1% 31.8% (1.3)% - Net interest margin (%) 2.51% 2.73% (0.22)% Balance Sheet (USD bn) Total assets Loans 30-Sep-21 31-Dec-20 Inc / (Dec) 190.5 190.2 0% • 119.4 120.9 (1)% Deposits 127.1 126.5 0% CET-1 (%) 16.1% 15.0% LCR (%) 157.2% 165.0% 1.1% (7.8)% • NPL ratio (%) 6.2% 6.2% 0% • Strong Q3-21 results a continuation of recovery with net profit up 29% y-o-y 36% of income from international operations Income momentum offsetting impact of low interest rates - Improved cost of funding from record CASA balances Improved loan mix with record demand for retail financing Strong transaction volumes offset by lower FX & Derivative income Expenses well-controlled with cost to income ratio within guidance Cost of risk of 106 bps at low-end of pre-pandemic range Provisions substantially down 42% y-o-y NPL ratio steady at 6.2% Coverage of 126.7%, highest amongst regional peers Strong Retail and DenizBank loan growth in local currency terms DenizBank loans up 10% in TRY & ENBD up 1% Retail loans up USD 1.4bn YTD Offset by USD 1.1bn of deferral repayments and currency translation Group maintains strong Capital and Liquidity - CET-1 of 16.1%, strongest amongst regional peers LCR of 157.2% reflects healthy liquidity position 13#14Financial results highlights Q3 2021 Highlights Income Expenses Risk Capital Liquidity Macro Divisional Better / Better / Income Statement (USD bn) Q3-21 Q3-20 Q2-21 (Worse) (Worse) Net interest income 1.2 1.1 7% 1.1 10% Non-funded income 0.4 0.4 (13)% 0.4 0% Total income 1.6 1.5 2% 1.5 7% Operating expenses (0.5) (0.5) (8)% (0.5) (3)% • Pre-impairment operating profit 1.0 1.0 (1)% 0.9 9% - Impairment allowances (0.3) (0.6) 49% (0.2) (30)% - Operating profit 0.7 0.5 60% 0.7 3% - Taxation charge and others (0.1) (0.0) (46)% (0.0) (16)% Net profit 0.7 0.4 61% 0.7 2% Cost: income ratio (%) 34.0% 32.0% (2.0)% Net interest margin (%) 2.65% 2.48% 0.17% 35.3% 2.44% 1.3% 0.21% Key Highlights • Net profit up 61% y-o-y with significantly lower impairments and up 2% • q-o-q on higher income Total income up 7% q-o-q and 2% y-o-y on improved NIMS Record CASA balances lower cost of funding Improved loan mix with record demand for retail financing Improved NIMs from DenizBank Expenses well controlled with cost to income ratio within guidance - Higher staff costs due to incentives related to strong retail growth • Cost of risk of 91 bps with provisions substantially down 49% y-o-y Balance Sheet (USD bn) Total assets 30-Sep-21 31-Dec-20 190.5 190.2 Loans 119.4 Deposits 127.1 CET-1 (%) LCR (%) NPL ratio (%) 16.1% 157.2% 6.2% Inc/ (Dec) 0% 120.9 (1)% 126.5 0% 15.0% 1.1% 165.0% (7.8)% 6.2% 0% 30-Jun-21 189.0 Inc/ (Dec) 1% • Retail loan growth continued in Q3 2021 • Group maintains strong Capital and Liquidity 119.4 0% 124.8 2% 15.6% 0.5% 158.8% (1.6)% 6.3% (0.1)% 14#15Net interest income 2.47 2.82 2.89 Net Interest Margin (%) 2.73 2.65 Quarterly NIM YTD NIM 2.65 2.51 2.48 2.46 2.45 2.42 2.44 2017 2018 2019 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 2.73 NIM Drivers Q3-21 YTD vs Q3-20 YTD (%) 2.55 2.51 0.43 (0.01) (0.04) (0.75) 0.58 2.30 Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights • Q3-21 NIM substantially improved Loan yields up on improved loan mix Lower funding cost on CASA growth and efficient deployment of liquidity - Higher DenizBank NIMs on lower funding costs • YTD NIM down 22 bps y-o-y due to interest rate cuts in 2020 Improved funding cost offset by reduced loan yields • NIM guidance revised up to 2.45-2.55% Higher DenizBank NIMs on lower funding costs NIM Drivers Q3-21 vs Q2-21 (%) 2.65 0.06 0.04 0.01 0.10 2.44 Q3 20 YTD Loan Yield Deposit Cost Treasury & Other ENBD DenizBank Q3 21 Ex-Deniz Q2 21 YTD Loan Yield Deposit Cost Treasury & Other DenizBank Q3 21 15#16Loans and deposits trends Gross Loans by Type (USD Bn) -1% +0% 130 130 129 129 130 Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights Gross loans flat in Q3 on significant demand for retail financing - Another record quarter for personal loans and credit cards Corporate loans down after USD 1.1bn of deferral support repayments in 2021 DenizBank's gross loans up 10% during the year in TRY Deposit mix improved in 2021 with USD 8.2bn increase in CASA - - CASA represents 58% of total Group deposits DenizBank deposits up 10% in TRY Fixed deposits up USD 1.1bn in Q3-21 as Group maintains access to all sources Continued diversification of loan profile at a sector and geographic level DenizBank 23 23 22 22 21 - Retail Islamic* 12 12 12 13 13 Corporate 17 17 17 17 17 79 78 77 78 77 • Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Deposits by Type (USD Bn) 0% 125 126 125 125 127 +2% Gross Loans by Sector (%) Other 4% Agric. 2% Manuf. 4% Trans & Gross Loans by Geography (%) DenizBank 24 23 22 21 21 Services 6% 2 2 2 2 2 Other 44 43 38 35 37 Time Trade 6% Construction & Hotels 6% International 21% Sovereign 33% GCC 3% CASA 56 59 63 66 67 FI & Mgmt Cos 7% UAE 76% Real estate 11% Personal 21% Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 * Gross Islamic Financing Net of Deferred Income 16#17Non-funded income Highlights Income Expenses Risk Capital Liquidity Macro Divisional Non-funded income (USD mn) Q3-21 Q3-20 Better/ (Worse) Q2-21 Better / (Worse) • Fee and Commission income 426 383 11% 437 (2)% Fee and Commission expense (178) (123) (45)% (159) (12)% Net Fee and Commission Income 248 260 (5)% 278 (11)% • Other operating income 103 144 (28)% 65 59% Gain/loss on trading securities 6 7 (9)% 15 (58)% Total Non-funded income 358 412 (13)% 359 0% Fee and Commission Income (USD mn) Key Highlights Q3-21 fee and commission income up 11% y-o-y - Higher transaction volumes due to increased activity Improved brokerage and asset management fee FX and derivative income up q-o-q, declined y-o-y Hedging and swaps fluctuation relating to DenizBank • Investment securities income up due to gain on sale of securities +11% 482 15 437 426 60 25 383 22 Brokerage &AM 361 144 11 62 52 12 Trade finance 56 54 167 407 350 352 Fee income 316 295 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Other Operating Income (USD mn) -28% 249 159 103 65 FX & Derivative 52 47 9 23 1 54 45 42 17 27 Property & Other Investment Sec. -5 -2- -6. -40 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 17#18Operating expenses 32.0 31.8 41.5 Cost to Income Ratio (%) Highlights Income Expenses Risk Capital Liquidity Macro Divisional 35.3 34.0 - 30.3 33.8 32.6 33.1 Q3 20 Q4 20 Q1 21 CI Ratio (YTD) CI Ratio (QTD) Q2 21 Operating expenses trends (USD mn) Guidance Q3 21 +8% 558 +3% 533 509 516 493 140 112 Other Cost 97 116 107 IT & Commun. 42 34 40 41 41 67 68 63 65 65 Dep. & Amort. Key Highlights Q3-21 expenses up 8% y-o-y and 3% q-o-q Higher staff cost on incentives related to strong retail growth Operating expenses up as business recovers Continued investment in digital platform Cost to income ratio supported by positive income momentum - Q3-21 CI ratio improved to 34.0% due to higher income - YTD CI ratio will finish the year within 35% guidance Operating expenses composition (%) Breakdown as at Q3-21 YTD Dep. & Amort. 12% 294 309 290 304 315 Staff Cost Staff 58% Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Other 11% IT 4% Occupancy 4% Equip. & Supp. 3% Commun. 3% Service & Legal... Marketing 2% 18#19Credit quality Impaired loans and allowances 6.0 6.2 6.1 9.3 9.5 9.8 6.3 9.9 6.2 10.1 8.1 7.7 7.9 8.1 8.0 126.7 125.1 122.5 119.6 117.3 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Impaired Loans (USD Bn) * Impairment Allowances (USD Bn) NPL Ratio (%) Coverage ratio (%) • • Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights NPL ratio improved by 0.1% to 6.2% in Q3-21 due to recoveries and write-offs Coverage ratio strengthened 9.4% to 126.7% during 2021 o S1 and S2 coverage broadly stable despite stage migrations in 2021 。 S3 coverage up at 90.7% on improvement in NPLs 106 bps cost of risk at low end of pre-pandemic range from 176 bps in 2020 The Bank has supported 127,813 customers with USD 2.9 billion of deferrals 。 USD 2.2 bn has been repaid, resulting in net support of USD 0.7 bn as at Q3-21 o Repayments demonstrate improving business sentiment ECL to Loan Coverage** Stagewise ECL (USD bn) Total Gross Loans Q3-21 USD 130bn 10.1 1.0% 1.1% 21.1% 9.5 1.1 20.9% Stage 1 Stage 1 87% 1.3 1.9 1.6 Stage 2 88% Stage 2 7% Deferral Support and Repayments (USD bn) 2.9 2.9 2.8 2.5 2.3 2.3 0.5 1.5 1.1 1.9 2.2 Repayments FY-20 USD 130bn 6% 6% 85.7% 90.7% Stage 3 6% 6.7 7.1 Stage 3 1.8 1.4 1.3 1.0 Remaining 0.7 Support Q2 20 Q3 20 Q4 20 Q1 21 Q1 21 Q2 21 Q3 21 FY-20 Q3-21 FY-20 Q3-21 *Includes purchase originated credit impaired loans of USD 0.5bn (Dec-20: USD 0.6bn) acquired at fair value / **Stage 3 coverage adjusted for POCI acquired at FV 19#20Capital adequacy Capital (USD billion) 23.6 1.4 19.8 2.5 18.3 (0.1) 0.2 (0.6) 2.0 CET1 31-Dec-20 Profit Interest on AT1 ECL add-back Other CET1 30-Sep-21 T1 T2 Capital 30-Sep-21 Risk Weighted Assets (USD billion) Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights • CET-1 ratio improved 1.1% during 2021 - USD 2.0bn of retained earnings - 1% increase in RWAs • Tier 1 ratio and CAR also strengthened considerably in 2021 Capital ratios well above 11% / 12.5% / 14.5% CBUAE min. requirement TESS providing further 3% temporary relief until end-2021 • CET-1 lower by 0.6% at 15.5% excluding ECL add-back Capital Ratios % 119.1 121.6 121.1 123.5 122.9 19.1 18.5 19.0 19.2 18.7 T2% 1.1 DenizBank 31.8 34.6 33.3 33.2 32.8 1.1 1.1 1.1 2.4 2.3 1.1 2.0 AT1% 2.4 2.0 Operational Risk 8.4 8.5 8.5 8.5 8.5 3.6 3.4 2.7 3.5 3.0 Market Risk CET1% 15.6 15.0 15.6 15.6 16.1 Credit Risk 75.4 75.2 76.5 78.3 78.6 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 20#21Funding and liquidity Advances to Deposit and Liquidity Coverage Ratio (%) 110 170 165.0 ☐ 165.1 161.7 160 158.8 157.2 105 150 ADR % LCR % 100 140 130 95 120 96.6 95.6 95.0 95.7 94.0 90 110 100 85 85 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Composition of Liabilities and Debt Issued (%) Customer deposits 76% Banks 8% Others 6% Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights • LCR of 157.2% and ADR of 94.0% demonstrate healthy liquidity · Liquid assets* of USD 19.6 billion cover 12% of total liabilities; 15% of deposits • USD 6.0bn issuance during the year, taking advantage of historically low cost of term funding • Debt maturity profile comfortably within Group's capabilities 3.2 0.4 Maturity Profile of Debt/ Sukuk Issued USD 17.4bn 2.8 2.7 2.6 0.1 0.3 2.6 0.5 Debt/Sukuk 1.7 1.8 1.3 2.8 2.8 0.0 2.3 1.2 0.8 0.3 10% 0.1 2021 2022 2023 2024 2025 2026 - 2029 - - 2028 - 2035 Beyond 2036 DenizBank Club Deal Public & Private Placement *Includes cash and deposits with Central Banks, excludes interbank balances and liquid investment securities 21#22UAE economy rebounding with 4.6% growth expected in 2022 Highlights UAE GDP growth 6 % y/y growth 4 3.4 2 3.0 2.4 1.9 1.2 0 -2 46 -4 -6.1 4.6 -6 -8 2016 2017 2018 2019 2020e 2021f 2022f Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights • • Positive UAE economic outlook with Expo 2020 and easing of travel restrictions expected to support recovery in tourism and hospitality. ENBD Research expects non-oil economy to grow by 3.5% this year. Residential real estate prices in UAE continued to rebound in Q3-21 with increased demand from both international and local buyers, improved investor and consumer sentiment and a rebound in oil prices. • With 87% of the population fully vaccinated the UAE continues to be a safe and attractive destination for residents and visitors. Residential property prices UAE's Covid-19 response 12 Daily New COVID-19 Cases Vaccination Doses adminstered per 100 people % y/y growth Dubai Abu Dhabi 250 4,000 8 97% of population received one dose 200 4 3,000 87% of population fully vaccinated 150 2,000 0 -4 100 1,000 -8 50 50 -12 0 0 Dec-15 Nov-16 Oct-17 Sep-18 Aug-19 Mar-20 Jul-20 Jun-20 Jun-21 Sep-20 Dec-20 Apr-21 Jul-21 Oct-21 Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, BIS 22#23Dubai: Property and tourism sectors continue to recover Highlights Income Expenses Risk Capital Liquidity Macro Divisional Dubai GDP Profile Q1-2021 Other Info. & Comms 4.3% 14.9% Hospitality 4.6% Public Admin. 5.2% Construction. 7.4% Wholesale & Retail Trade 24.3% Fl services 12.8% Transportation 8.3% RE services 8.7% Manufacturing 9.5% Top visitors by nationality % of total • Key Highlights • Data for Q1-21 shows Dubai's economy grew strongly: Wholesale & retail trade growing 2.8% y/y in Q1 21, Financial services up 3.5% y/y, manufacturing up 3.2% y/y and real estate expanding 2.4% y/y. • Visitor numbers reached 3.2 million in the first nine months of 2021. • Hotel occupancy stood at 60% in Jan-Sep, compared with 44% in 2020. • The supply of rooms exceeds pre-covid levels as restrictions on capacity lifted. RevPAR up 48% from 2020 levels on strong demand. Dubai occupancy rates and RevPAR (Jan-Sep) 1000 in thousand tourists 800 865 600 400 200 ■ 2020 100 Jan-Aug 2021 80 60 Lш 0 435 296 400 392 150 120 90 40 60 75.4 75.6 73.9 72.9 60.4 20 43.5 30 236 191 149 145 166 170 0 138 117 95 2016 India Russia USA KSA France Egypt UK 2017 2018 2019 Average hotel occupancy rates (LHS) 0 2020 2021 Average revenue per available room RevPAR (RHS) Source: STR Global, Bloomberg, DTCM, Dubai Statistics USD 23#24Divisional performance Operating Segment Metrics Q3-21 YTD Income (mn) 1,632 Increase / (Decrease)* 2% Retail Banking and Wealth Management Expenses (mn) 440 Loans (bn) 14 Deposits (bn) 48 Income (mn) 1,180 -5% Corporate and Institutional Banking Expenses (mn) 113 -7% -2% Loans (bn) 74 -3% Deposits (bn) 44 Income (mn) 490 Expenses (mn) 220 1% Emirates Islamic Loans (bn) 12 4% 4% Deposits (bn) 13 Income (mn) (16) Expenses (mn) 32 Global Markets and Treasury Assets (bn) 35 -9% 4% -25% Liabilities (bn) 6 Income (mn) 1,335 -17% Expenses (mn) 457 -2% DenizBank Loans (bn) -9% 20 -8% Deposits (bn) 21 *Income statement comparison vs Q3-20 YTD; Balance Sheet comparison vs Q4-20 Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights Retail Banking and Wealth Management • • Record acquisition leading to significant growth in retail financing Strong business momentum as low-cost CASA and fee income continue to grow Balance sheet growth providing resilience against low int. rate impact on segment 8% 12% • 7% 14% • 98% of transactions through the leading digital platform • Expo 2020 branch opened showcasing a 'Future Banking Space' Corporate and Institutional Banking • Falling interest rate impact partly off-set by growth in non-funded income • . . Good credit quality loan origination substantially covered contractual repayments Significant CASA growth helped efficiently manage liquidity cost EmCap successfully continues to lead ESG transactions in the region Emirates Islamic • Profit grew on higher non-funded income and lower impairment allowances • ADR healthy at 87%; CASA represent 76% of total deposits • Launch of Mastercard World Credit Card and Branch at Expo 2020 Dubai Global Markets and Treasury • Issued $2.2bn of PPs with maturities up to 20 years and a $750m 5-yr public issue Issued $750m of AT1 notes and helped the Group issue a $1.75bn 3-year ESG- linked syndicated loan Successfully issued Group's first Alternative Reference Rate Note, demonstrating readiness for global transition to new indices DenizBank • 61% • • Net profit up 23% on higher NIMS contribution and lower impairments in 2021 • Cost of risk for Q3-21 YTD improved to 203 bps comparable to 408 bps in 2020 • Income down on lower non-funded income and FX translation • Loan and deposits up 10% in local currency terms during the year 24#25DenizBank business overview Highlights Income Expenses Risk Capital Liquidity Macro Divisional Key Highlights DenizBank contributed total income of USD 1,335m and net profit of USD 414m to the Group for the year • DenizBank contributed total income of USD 432m and net profit of USD 131m to the Group for Q3-21 • Net interest income up q-o-q on lower funding costs. Non-funded income declined y-o-y due to lower MTM gains Q3-21 net cost of risk of 194 bps compared to 456 bps in Q3-20 Total assets of USD 34bn, USD 20bn net loans and USD 21bn deposits at end Q3-21 DenizBank is the fifth largest private bank in Turkey with wide presence through a network of 718 branches servicing around 15m customers through 14,000+ employees Income Statement (USD Mn) Q3-21 Q3-20 Better / (Worse) Better/ Q2-21 (Worse) Net interest income 386 378 2% 341 13% Non-funded income 46 144 (68)% 7 588% Total income 432 522 (17)% 347 24% Operating expenses (148) (143) (4)% (157) 6% Pre-impairment operating profit 284 380 (25)% 190 50% Impairment allowances (110) (270) 59% (61) (79)% • Operating profit 175 110 59% 129 35% • Taxation charge (43) (25) (73)% (21) (103)% Net profit 131 84 55% 107 22% Cost: income ratio 34.2% 27.3% (6.9)% 45.2% 11.0% Net interest margin 4.58% 4.28% 0.30% 4.12% 0.46% Balance Sheet Metrics (USD bn) Assets Net Loans Deposits NPL and AD Ratio (As per local reporting guidelines) NPL Ratio (Unadjusted) AD Ratio (Unadjusted) 35.7 34.1 7.0 6.8 91.2 92.8 22.1 23.1 20.1 21.3 Q4-20 Q3-21 All financial numbers post acquisition (1-Aug-19) include the fair value adjustments, unless otherwise stated. Q4-20 Q3-21 Q4-20 Q3-21 25#26Emirates NBD Thank you Investor Relations Emirates NBD Head Office | 4th Floor PO Box 777 | Dubai, UAE [email protected] Tel: +971 4 609 3046 F"CREATE OPPORTUNITIES TO PROSPER"