Financial and Operating Performance

Outlook Emirates NBD ■ While economic activity remained relatively subdued in 2010, the satisfactory agreement on Dubai World restructuring and confidence and core economic sectors in Dubai continue to show signs of recovery ■ Dubai remains well-positioned: ■ Due to its strategic location and advanced infrastructure, Dubai remains unrivalled as the region's key economic, trading and financial hub ■ Lower inflation, stable USD and property market declines have enhanced Dubai's cost-competitiveness Underlying economic activity in traditional trade, manufacturing and tourism sectors are showing signs of recovery Capital markets access for Dubai Government and commercial entities is improving Emirates NBD is optimistic about the expected economic recovery and is well placed to take advantage of selected growth opportunities ■ Global economic recovery is expected to continue ■ UAE GDP is expected to recover to c.2.5% in 2010 and c. 4.0% in 2011 Expected resolution of remaining key debt restructurings expected to further improve confidence and economic activity ■ The financial sector is showing signs of emerging from the deleveraging process which commenced at the end of 2008 Emirates NBD 30 30

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