European government leaders met over the weekend and delivered hopes and promises but
not enough substance or resolve. We have probably come some way back from the brink. Euro
zone financial intuitions remain very vulnerable but for the moment there seems a diminished
risk of an imminent collapse. The headlines that mostly focus on the position of the UK miss
the point the European politicians have still failed to deliver a plan that can materially change
the direction of the current crisis. The Euro zone still faces a mountain of debt that it has to be
rolled over next year. The European summit has provided some further steps towards a
solution but it remains steps rather than strides. The pace of the crisis will to our mind remain
dominated by the market reaction not the strategies of the policy makers. We continue to
advise caution.

The still missing component of the attempts to save the Euro zone is money. Member states
need to repay of €1.1trillion of debt in 2012 the bulk of it in the first six months. The Euro zone
banks also have $665 billion of debt coming due in the first half of 2012. The Euro zone leaders
have proposed using the European Central Bank (ECB), the European Financial Stability Fund
(EFSF), the European Stability mechanism (EMS) and they are now going around- the-houses
to use the IMF. However, whichever way you look at it, the Euro zone still cannot safely say it
can underwrite its bond markets in the coming 12 months because it has insufficient funding.
The ECB is stopped out of buying bonds aggressively by the German insistence that the ECB
cannot be seen as lender of last resort. The EFSF has supposedly €440 billion to deploy but
few people know where the funds will come from. The EFSF has struggled to raise €11 billion
in the public markets. The EMS will not come into being until July possibly too late for this
crisis. In any case in some parts of Europe the EMS’s creation is seen as unconstitutional. This
all leaves the IMF. The Euro zone has agreed to lend €220 billion to the IMF via Euro zone
member states’ central banks which the IMF then lends back to the euro zone banks. The only
reason for such a convoluted way of dealing with things is so that the population of the Euro
zone doesn’t have to be consulted! Bottom line no institution is being allowed to print sufficient
money to bail out Europe. There is no lender of last resort, there is no last resort.

Private Banking - CIO Office. PBIGD121211U2443 - December 2011

PRIVATE BANKING from

CIO WEEKLY REVIEW

DECEMBER 12, 2011

The need for the Euro zone to find a convincing solution was brought into stark contrast after
data was released that showed that Euro zone banks continue to be heavy sellers of Euro zone
sovereign debt. In the last nine months the banks have sold €65billion of Euro zone sovereign
debt.

Whilst the politicians were putting together a plan that may convince some that there is real
progress pending the ECB’s moves continue to be quite tentative. The ECB cut interest rates
by 50bps very much in line with expectations but missing the opportunity to give a pleasant
surprise to the market and cut rates by a more aggressive 75bps.

The key question for investors is whether the initial positive sentiment of the markets post the
summit can be maintained. In the Euro zone sentiment is likely to be set by the tone of the
bond and cash markets. Italian and Spanish yields have fallen sharply from their highs. Italian
10-year yields that peaked at well over 7% have fallen to 5.75%. In order for Italian and
Spanish bonds to stay at lower levels will probably require the continued intervention of the
agencies such as IMF and ECB to buy the bonds. However buying by the government
agencies will have little credibility unless both Italian and Spanish governments deliver ongoing
budgetary discipline. The new Spanish government has been very quite since its election earlier
this month. In Italy the technocratic government is still assessing the level of support for the
new measures it announced recently.

The better mood in markets was helped by the better than expected data in the United States.
Consumer confidence continues to improve reinforcing the stronger pattern seen to retail sales
growth in the last couple of months. Consumer confidence has been helped by the stronger
than expected employment data that has shown the lowest level of jobless claims in over nine
months. The economic data is tracking a level of GDP growth of around 3% a very healthy
outcome given the global backdrop.

Our preference is to use the emerging asset markets as ways of taking incremental risk if
sentiment continues to improve. After all it is better to be left holding something you truly
believe in over the long haul than Euro zone assets that could lose considerable value in a
collapse. Although economic data out of China and Brazil came in below expectations last week
we believe that this only set the scene for potentially far greater monetary easing in the coming
months. In China fixed investment growth was the slowest in some years. There is also a
greater risk that the housing market will slow more rapidly than was expected. In Brazil October
industrial production was much weaker than expected paving the way for a probably 100bps cut
in interest rates over the course of the next quarter as well as unwind of other monetary
tightening seen earlier this year.

In the FX space the Euro will likely remain under some downward pressure. Sterling will
probably find some support particularly against the Euro given the political decision for the UK
to take an independent stance against the EU proposals.

Dubai, December 07, 2011: Emirates NBD, a leading bank in the region, announced today, a tie-up with Gargash Enterprises, the authorised distributor of Mercedes-Benz in Dubai, to offer customers a flat rate of 3.25 per cent (around 6 per cent reducing rate), on purchases of select models of Mercedes Benz vehicles. The promotion runs across all Emirates NBD branches and Mercedes Benz showrooms until December 30, 2011.

“This tie-up with Gargash Enterprises came about as a result of listening to what our customers want, and follows from the Emirates NBD and Mercedes joint sponsorship of the Omega Dubai Ladies Masters tournament,” said Saif Al Mansoori, Deputy Head - Group Marketing and Branding, Emirates NBD. “We understand that luxury vehicles are
a popular lifestyle choice in this part of the world, and today’s announcement makes it possible to own a top-of-the-range car at affordable rates.”

As part of the promotion, there will be a discount of AED 2,000 on Mercedes Benz “C- Class” models, AED 2,500 on “E-Class” and “M-Class” models and AED 4,000 on the “S-Class.” The discount offer also comes with a free first service.

As well as low rates on vehicle financing, there will be additional benefits such as a preferred motor insurance rate, free doorstep annual registration renewal services, freecredit card for one year, around the clock roadside assistance, free bank account, free SALIK card and online SALIK recharge and RTA fine payment facilities giving complete peace of mind.

Applicants of this vehicle financing programme also have access to “auto protect,” an insurance package linked to the auto loan offering, loan protection, family protection and disability protection under one policy. Premiums for “Auto Protect” are as low as 1% and can be financed with the loan amount.

“We are excited with this great partnership with Emirates NBD to deliver an unbeatable value-added package to our customers,” said Wassim Derbi, Marketing Manager Gargash Enterprises. “We have set the special offer on a range of models to provide customers a choice with a variety of attractive incentives from Gargash and Emirates NBD to make it easier to drive away in a brand new Mercedes-Benz.”

Emirates NBD invites customers to view Mercedes Benz vehicles at select bank branches in Dubai. The vehicles can be seen at the Emirates NBD Head Office on Baniyas Street, from now until December 8, the Dubai police academy branch from December 12 - 15, the Jebel Ali Free Zone branch from December 19 - 22, and the Jumeirah branch from December 26 - 29, 2011. They will also be on display at the Emirates Golf Club during the Omega Dubai Ladies Masters tournament.

Jibran Raheel wins dream date with destiny

The ninth of December will forever be engraved in Jibran Raheel’s memory, as the day he had his dream date with destiny, and was given the chance to perform live on stage with AR Rahman, the Indian music maestro. 23-year-old Raheel is the winner of Emirates NBD’s “Sing Like a Star with AR Rahman” contest, which saw more than 200 aspiring singers vie for a chance to sing live with the internationally acclaimed Indian composer, singer-songwriter, record producer, musician, and philanthropist.

“We are extremely delighted that a truly deserving singer has been given the chance of a lifetime, and hope that this contest will open the doors of opportunity for Raheel,” said Vikram Krishna, Head - Group Marketing and Branding, Emirates NBD, congratulating the winner on his achievement.

Singing has always been a passion with Raheel, who hails from Karachi, Pakistan, although he has not had any formal training in music. A resident of Sharjah, Raheel has been in the UAE for about nine months, and is currently working with a UAE-based courier company.

All the contestants went through auditions before 10 singers were shortlisted for the final round. Selected by A R Rahman himself, the final deserving winner also received training from the maestro, before accompanying him live on stage. The contest was sponsored by Emirates NBD, a leading bank in the region.

Dubai, Nov xx, 2011: Emirates NBD, a leading bank in the region, announced today that its Priority Banking Division will be the exclusive sponsor for the exceptional contest titled: “Sing like a star with AR Rahman,” to be held on December 9, 2011. This is a unique contest that allows one lucky and deserving winner to sing live on stage with A R Rahman in his concert on December 9, 2011.

45-year-old AR Rahman is an internationally acclaimed Indian composer, singer-songwriter, record producer, musician, and philanthropist. Described as the world’s most prominent and prolific film composer by Time magazine, Rahman’s works are notable for integrating Eastern classical music with electronic sounds, world music genres and traditional orchestral arrangements.

Auditions for the “Sing like a star with AR Rahman” contest, will be held on November 23, 2011, at Temptations Restaurant, Grand Excelsior Hotel, situated in the Al Barsha 1 area, off Interchange 4 on Sheikh Zayed Road. Aspiring contestants will be expected to sing the popular song: “Phir se ud chala” from the recent Bollywood movie Rockstar, the music for which has been composed by Rahman.

The contestants at the audition will be judged by a panel of experts including music artists like Sukhbir, the well-known Bhangra pop singer, and radio personalities. Interested contestants have to fill the audition forms before they go to the venue. Forms can be downloaded from the Emirates NBD website or can be picked up from any of the bank’s two branches at the Mall of the Emirates.

“Emirates NBD is committed to promoting talent and offering customers once-in-a-lifetime chances to realise their dreams, as this is in line with our campaign ‘Inspired by your success,” said Vikram Krishna, Head, Group Marketing, Emirates NBD. “We are pleased to sponsor this contest, which will open the doors of opportunity for several talented singers, and will also provide our customers with the chance to experience one of the greatest musicians of our time.”

Ten top finalists will be shortlisted to meet and perform for A R Rahman, who will select the winner of the contest. The grand prize winner will receive training and tips from AR Rahman himself, ahead of the chance to perform the song live on stage with the music maestro on December 9, 2011.

Rahman, who began his film scoring career in the early 1990s, has sold more than 300 million records worldwide. He has won two Academy Awards, two Grammys, a BAFTA, a Golden Globe, four National Film Awards, 14 Filmfare Awards and 13 Filmfare Awards (South India), in addition to numerous other awards and nominations. In 2009, Rahman was named one of the World’s Most Influential People by Time, while the UK-based World Music magazine Songlines, named him one of “Tomorrow’s World Music Icons” in August this year.

Abu Dhabi : Emirates NBD, a leading bank in the Middle East, was named awarded ‘Marketing Department of the Year’ at the eighth annual International Business Awards ceremony, also known as the Stevies® from the Greek word for ‘Crowned.’ The award was presented by H.E. Sheikha Lubna bint Khalid bin Sultan Al Qassimi, UAE Minister for Foreign Trade. With this award, Emirates NBD became one of 24 UAE-based companies to win The Stevies this year, further strengthening its position as a leading brand in the region.

The Emirates NBD brand also established its place among leading global brands such as Siemens, Daimler, Cisco, General Motors and Coca Cola, as its ‘Truth and Reality’ brand campaign was recognised as Distinguished Honoree in the category of Communications or PR Campaign of the Year, at the global business awards programme.

“Emirates NBD is truly honoured to receive this coveted international trophy, as it is a recognition of the effectiveness of our brand strategy and an important step forward into the international arena,” said Vikram Krishna, Head of Group Marketing, Emirates NBD. “We are particularly proud that our efforts at building the leading banking brand in the region have succeeded in positioning Emirates NBD on par with brands of international distinction.”

Over the last year, Emirates NBD has employed an innovative 360 degree marketing approach, which encompasses eight distinct fields of consumer insights, product innovation, internal branding, brand activation, events & sponsorships, local area marketing, digital marketing and communications.  As a consequence, Emirates NBD’s brand value has grown by US$300 million to touch US$1.25 billion, making it the 130th most valued brand in the world.

“As a very young brand launched in 2007, Emirates NBD faced an uphill task to establish itself in the extremely competitive banking arena in the UAE. In order to implement and communicate our brand value proposition of an enriched banking experience, we focused simultaneously on strengthening several customer-facing areas at the bank. Our dedication and concerted team effort has paid off and these international awards are a tremendous achievement for the bank,” added Krishna.

Known as the world’s premier business awards, recipients of The Stevies were selected from amongst 3000 plus entries received from organisations and individuals in more than 50 nations.  Award winners and honorees were determined through two rounds of judging by 10 specialised committees and close to 200 professionals worldwide, who participated in the judging process. The judgement criteria focused on the quality of the entry and the merits of the claims to innovation, integrity and growth.

The 16-inch award trophy, which portrays an individual holding a crystal pyramid, is hand cast and finished in 24-karat gold.

Dubai, UAE: : Emirates NBD Priority Banking, a division of Emirates NBD, a leading bank in the region, highlighted today the sustained growth of its operations, which have grown to reach 45 Priority Centres in the UAE, staffed by 120 Relationship Managers, who are focused on meeting the evolving needs of their successful individual clients.

The growth of Emirates NBD Priority Banking is due to the division’s unique ability to provide unmatched access to an industry-leading array of products and services, according to Frederic de Melker, Head of Priority Banking, Emirates NBD.

“Emirates NBD Priority Banking continues to expand its network and enhance its value-based propositions, which include rapid, convenient service and a wide range of innovative banking solutions and red-carpet lifestyle benefits,” de Melker said.

“Emirates NBD’s Priority Banking customers are driven, self-motivated individuals, who seek a premium banking service that not only addresses their needs, but also celebrates their success and enriches their lives,” he added. “We understand that for our affluent customers their families makes their success complete. Hence we provide them with a range of solutions to secure the future of their loved ones, while empowering them to achieve their own long-term dreams.”

Emirates NBD’s team of highly qualified Relationship Managers regularly undergo training and certification programmes to ensure that they provide the right advice and financial planning services to their customers. The Relationship Managers are backed by expert investment specialists, who are able to match a customer’s profile to a broad range of conventional and Sharia-compliant investment and insurance products, ensuring tailor-made solutions for clients across a broad range. These include products such as Jersey Offshore Deposits, Gold Certificates, FlexiDeposit and Regular Returns fixed deposit.

Emirates NBD’s  range of premium credit and debit cards also allow exclusive access to a variety of premium lifestyle, travel and dining privileges for customers year-round.

Saif Al Mansoori, Deputy Head - Group Marketing and Branding, Emirates NBD

Dubai, : Emirates NBD, a leading bank in the region, announced today that it will serve as strategic partner of the Footvolley World Cup 2011, which will be hosted for the first time in the UAE, under the patronage of H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Sports Council.

Emirates NBD will be the gold sponsor of this event, which is being organised by MBM Holdings, a Dubai based company owned by HH sheikh Mohammad Bin Maktoum Bin Juma Al Maktoum. The Footvolley World Cup 2011 is also being held and under the supervision of the Dubai Sports Council, the General Authority of Youth and Sports Welfare and the UAE Volleyball Association. The three-day championships will take place at Jumeirah Beach Walk, from October 26 – 29, 2011, and is expected to attract a sizeable crowd of spectators.

Footvolley is a two-a-side game played on the beach and is part of the International Federation of Volleyball, the world governing body for the sport. The rules are closely related to beach volleyball but footvolley does not involve the use of hands and is played with a football instead of a volleyball. The sport first emerged in Brazil in 1965 and has grown in world-wide popularity ever since, including here in the Middle East. There will be two teams from the UAE competing among the 32 international teams in this year’s event.

“We are pleased to welcome Emirates NBD as a strategic partner of the Footvolley World Cup 2011,” said H.H. Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, Chairman of MBM Holdings. “As a UAE based investment Group, we always look to partner with prominent national and international organisations of significance to our investors. Emirates NBD is a leading force in financial services in the region and one that our investors will recognise the world over. We look forward to establishing closer ties and working together towards the promotion of sports in the UAE.”

 “Emirates NBD is committed to supporting and encouraging world class sporting events in the UAE,” said Saif Al Mansoori, Deputy Head, Group Marketing and Branding, Emirates NBD. “The Footvolley World Cup 2011 is a significant event in this region, as it further establishes the UAE as a dynamic and growing sporting hub in the Middle East. Emirates NBD’s strategic partnership with this event is in line with the bank’s continuous efforts to represent the UAE in the wider international community, and at the same time offer our clients international sporting events that they can enjoy right here on home turf.”

The participating teams will be competing for the USD30,000 prize which will be awarded by the Dubai Sports Council to the winning team at the conclusion of the games.

Logos displayed proudly at summer international tournaments in Sweden and Denmark

Emirates NBD Sponsors UAE Precor

Dubai – August 16th, 2011: The biggest banking organization in the Middle East, Emirates NBD signed an agreement to sponsor the UAE’s leading amateur under-16 football team, UAE Precor.

The team recently placed among the top 16 teams at one of the world’s largest youth soccer tournaments, the Dana Cup. The tournament features 850 teams from 45 countries and takes place every year in Hjorring, Denmark, from July 25th to 30th, 2011.

“These youngsters show outstanding drive and promise and we support excellence wherever we find it. Our sponsorship of UAE Precor reflects our belief in the team and in the international talents living in the UAE,” said Abdulelah Al Kindy, General Manager, Retail Banking, Emirates NBD.

“As an organization, we are also keen on the economic, social and environmental sustainability of our community. We believe supporting youth sport will pay dividends in the long run as these young talents cement the future of UAE football.”

Back home in the Emirates, in addition to winning all U16 local and regional tournaments that took place in 2010/2011 season, the team recently secured a third place in Division 3 of the Dubai Amateur Adults Football League (DAFL) playing against adult teams. The team reached the knock-out-round 32 at the recently concluded Gothia Cup when an administrative mistake barred them from competing further. In the Danish youth tournament, Dana Cup, the team made it to the top 16 teams after placing first in their group in the boys’ under-16 division.

The UAE Precor team consists of 22 footballers representing at least 14 different countries. The team is coached by Derek Burke with Tarek Khalifa as his assistant coach. Burke also manages the team and encourages and supports them in all their achievements.

Speaking about the sponsorship, Tarek Khalifa said, “In addition to other eminent corporate sponsors, Emirates NBD’s endorsement is yet another valuable feather in the cap of the UAE Precor team. This sponsorship inspires and invigorates the players and it shows in their game. We are proud to be associated with Emirates NBD.”

Listed among top 50 emerging markets banks worldwide

Jamal Bin Ghalaita, Group Deputy CEO at Emirates NBD

Dubai, December 30, 2010: In a clear sign of its dominant market position, Emirates NBD has been ranked the largest bank in the Middle East by Global Finance, which also recognised Emirates NBD as one of the top 50 banks across all international emerging markets.

These independently compiled rankings by Global Finance, a monthly magazine headquartered in New York, confirm the status of Emirates NBD as the leading bank in the region – and as an increasingly significant presence globally at a time when key emerging markets continue to drive the global economy out of recession.

Despite the impact of the global financial downturn, Emirates NBD has sustained a year-on-year compound annual growth rate (CAGR), supported by its focus on sustainable growth and its ongoing new business product and service launches such as Emirates NBD Asset Management, Emirates Money and Gold Business. The bank projects that it will sustain this growth over the next three years, on the back of strategic policies and further long-term initiatives, according to Jamal Bin Ghalaita, Deputy Chief Executive Officer, Emirates NBD Group.

“We are very pleased that the bank’s strong performance has been recognised by Global Finance,” said Bin Ghalaita. “Over the past three years, Emirates NBD Group has grown its portfolio three-fold and expanded its UAE-wide network to more than 130 branches and over 700 ATMs.

“Today, with more than 8000 employees , Emirates NBD is also directly contributing to the economic growth and diversification of the UAE as an employer of choice and leader in Emiratisation among financial services firms,” he said. “We look forward to sustaining our growth in the years to come.”

“This year’s results show that almost two years into the storm that many believed would send the emerging markets into a tailspin, the leading banks of the developing world are proving bigger, stronger and more resilient than ever,” said Joseph Giarraputo, Publisher and Editorial Director, Global Finance.

Global Finance assembled these lists with the help of Bankersalmanac. The basis of all Global Finance rankings was the size of total bank assets as of the end of 2009. For further information related to these rankings, please visit: GFmag.com.

Emirates NBD hosts Ramadan Suhour for Dubai media

Dubai, August 26, 2010: In celebration of the Holy Month of Ramadan, Emirates NBD, a leading bank in the region, held a Suhour gathering for media representatives in Dubai. The event took place at the Al Majlis Tent, Mina A’Salam Hotel, Madinat Jumeirah, and was hosted by members of Emirates NBD’s Management.

The large number of guests attending the evening event comprised of Dubai-based journalists from a range of national and international publications and broadcast channels. The Arabian style hospitality and ambience of the tent provided an ideal setting for guests to meet and network with senior management in a relaxed and informal atmosphere.