Performance Review...3 Continued strength in 3Q 2013 results 3 Net earnings of AED 1.035bn for 3Q 2013, down 8% y-o-y as growth in fee and net interest income was offset by higher

the first wave of re-pricing of the asset side of the book tends to hit the corporate side and that has done so with us The second is that we are a custodian of liquidity and we have had a lot of liquidity over the last six months coming in from the Government and that we have found it difficult to place that liquidity in high-earning assets at acceptable risk so we have a lot of money currently with the Fed However going forward part of the transformation of the Bank is to use that natural competitive position of a strength of liquidity into short-term asset growth The third thing is that wersquore starting to see the average tenure of our book decrease again this is positive from a liquidity point of view but has a small effect on our earnings and we are also starting to see the effect of our lsquooriginate to distributersquo strategy which was started actually before my tenure but is continuing to be driven at a high pace If I may just go to the compression issue directly relative to pricing of risk in the market it is very clear to us that wersquore starting to see in the corporate side major compression on the Dubai marketplace and small compression issues in Abu Dhabi It is my view that that will continue in the industry and may intensify in certain parts of the industry but we have seen some greatly which started approximately six months ago I now want to talk about the non-interest income That area is very specific We had a lot of one-offs in that area but when you strip those one-offs we are quarter-on-quarter flat but that is ndash in the businesses that wersquore trying to grow has started to show some good increases in the businesses that wersquore trying to stop or some of the things that weve been doing in the past wersquore stopping wersquore seeing contraction Again I believe this is a good sign from my point of view is that wersquore starting to see the areas that we want to grow wersquore getting growth and the areas that we want to pull back from wersquore seeing that contraction That correction could take as long as six months to nine months from here but I think most of it will be finished by maybe the first quarter of next year and the last quarter of this year With regards to the provisioning we have decided that we want to go straight to a level of provisioning required by the Central Bank of 15 and we have provided to 156 we see that as a good balance but it is also interesting to note that with the good asset growth of around 5556 quarter-on-quarter we have taken an increased collective provision there but weve also increased the collective provisions in line with what is required from the Central Bank Those requirements will come into 2014 but weve gone early and we believe that wersquore well balanced in our approach with regards to provisioning

I think thatrsquos enough really just to give you a high level of where I see the results and if I can just quickly move through to slide four and emphasise or explain to you that we are clearly starting to move forward in some of the engagements with our clients but clearly the outstanding two things is the Sheikh Khalifa Excellence Award and just as importantly the upgrade now of our bank to AA- by SampP That now makes us as one of 25 ndash we think 25 ndash banks in the world that have that rating agency support of AA- and above This is very critical if we start moving into the next formation of our strategy For many of you yoursquove seen slide five so I wont both going through that again but I just want to highlight under slide six our views of why this West-East Corridor is so significant You can see through this the high growth rates that we expect to see in investment and trade flows over the next seven or eight years or so and that this represents a real opportunity for our bank particularly for our wholesale bank as we go through the strategy I want to give you a little bit of highlight as to the high level strategy that wersquore taking for our wholesale bank and you can expect to see over subsequent calls we will go through each of the businesses but I do want to highlight that pillar one of our strategy together with pillar two are our priorities and pillar one which is about strengthening our commercial business and retail business we will highlight to you possibly at the next quarterly call at the full year-end if not fairly soon after but I can assure you we have started to take action in this area already and you have already seen the launch of a new mortgage product which is very close to our positioning with the Central Bank with the new mortgage laws that are coming into play Our West-East Corridor strategy for the wholesale bank will be focused upon five key industry groups and wersquore already starting to reorganise ourselves in these five key industry groups (financial institutions energy and resources aviation real estate and family conglomerates and traders and retailers) Itrsquos about banking 800 clients across that Corridor over a period of the next five years and to start to get deep and meaningful with those clients rather than spreading ourselves over lots of clients with one-product capacity or two-product capacities With the closing margins not only in this market but as a global phenomenon cross-sell is critical to give you the ROE that wersquore looking for and that is absolutely significant in our strategy You also will see that part of the strategy on page eight formulates how we think We look at originating transactions and lending transactions and debt capital market transactions from the respective segments we use our balance sheet more as a warehouse It does not mean throwing out all of our fixed term loans ndash absolutely not ndash but what it does mean is that we circulate our balance sheet so that we can become core for the customers we choose This is critical but we also then start to develop a new form of customer for this

bank which is the financial institutions as we distribute that paper into the market and we have already commenced this in a meaningful What both avenues mean though is that in the financial institutions space we can further cross-sell into our markets positioning where I think weve done a good job over the last nine months under Mahmoodrsquos leadership together with Rola but just as importantly in the trade finance area where we have a lot more work to do going forward Cross-sell on the origination side that is with our corporate customers in the segments that I mentioned is very obvious and we will be focusing on our cross-sell build-out and you should expect to see over the foreseeable future a continuation of the growing on non-fee income as we develop that cross-sell particularly in FX and particularly in trade and on a broader platform wealth The issue then is how do we cost effectively build a model across the West-East Corridor servicing 800 clients across five industry segments Clearly we will use the Gulf in the Middle East as our key area where we service clients from our Abu Dhabi and Dubai offices It is our intent in the long run but not immediately to build out Mumbai and Lagos to service customers from their respective areas We also will be upgrading our Hong Kong office immediately and our London office immediately as we continue to build out our markets capacity and our trade capacity in our London office and we will be doing so the same in Singapore which will be the priority country for the next six months in order to get a new license Our focus is on building out London for our customers who deal in the Corridor (that has commenced) and building out Singapore as a new operational area for those customers from Southeast Asia and for those who operate within that Paris and Washington will be like London as [flow] country and weve already started the upgrading of those offices but there is still a way to go This is very important This is not about putting flags on maps in every place This is about choosing the customers that you want to be core to and putting a operational platform and locational platform in order to service them We do not need to have multiple branches in every place in Asia the Middle East or Africa to be successful with our high value wholesale customers If I can now then just move to the next slide which is part of our strategic deck that we are putting together as they all are this will give you some idea of what we see as the assessable wallet for ourselves We have taken the wholesale banking revenue pool we have excluded those who are no longer within the West-East Corridor and we have added what we call lsquoin-boundrsquo that is business that comes outside the Corridor into the Corridor That gives us an idea that we have approximately $320 billion of corporate and commercial revenue wallet inside the West-East Corridor Weve then

excluded the SME middle-cap and weve also excluded our non-target segment We believe the assessable wallet for the industries that we operate in is approximately $140 billion of wallet What wersquore also coming to the conclusion is that 53-58 and sorry I cannot be more precise than that is wallet that comes from flow products (cash trade FX) This is critical This is a fundamental change in the way that we have dealt business before where our corporate lending book has been the pre-determinant or the driver of profitability and profit growth Going forward we will use our balance sheet and lending as an anchor through which then to develop the biggest form of the wallet This has huge consequences not only in terms of the business model but in the risk profile and it is in my humble view that the risk profile of the Bank will further improve through this wholesale strategy not deteriorate But above it all it is built around the customers rather than around what products do I want to do and then decide the rest later and this is a fundamental difference for many banks globally who have preceded I just quickly want to turn to page 11 for you and quickly go through what weve done in the last quarter We have already commenced ndash this is fairly obvious ndash our strategy on the wholesale bank and wersquore expecting to present that to our Board either December or January in its fullest extent We have also started our strategy for the commercial business here in the UAE and I will again hopefully be able to give you more information of that We are clearly changing our business model where we see ourselves as a fantastic opportunity to develop a substantive commercial segment We believe that we currently stand at the momenthellipwersquore about a 2 market share player and we are massively under-scale and we see this as a real opportunity for growth in the longer run but it is a momentum business and it will take a little while to build that momentum so please donrsquot have 30 growth in your quarter four earnings We have started off various new campaigns and pipelines including in trade and I am very pleased to suggest that our short-term assets within that asset growth or loan growth has moved to 125 growth in the last quarter That is a very good start to what we hope is a continuing trend over the next year or so We have also started our streamlining of the organisation We have reorganised in many parts of the Bank at the very top level and the direct reports to myself and their direct reports and wersquore now moving through the organisation and we are redeploying resources into other areas where we want to grow We think there are some continuations of costs that can be taken out of the business but we see that as an opportunity to invest into the business rather than taking a quarterly positive cost effect That streamlining has commenced and will continue in terms of many of its facets probably into February of next year

We are also starting to look and I think this is important from your area at building the spine and the strength of the Bank in terms of its MIS in terms of the way that we look at product profitability in terms of building out better capabilities in our systems etc and I wont bore you through going through all the actions there but you will see next year from the first quarter of next year full transfer pricing full cost allocation and full cost allocation of selective provisioning into the businesses This is a critical ingredient to see the real profitability of businesses and product groups as we move forward In summary I am very excited about what the opportunities for this bank show You now have the real position of the Bank We are in a more difficult operating environment here in the UAE but we are growing so we are correcting things that we think need to be corrected and then moving forward in things that we think are the future growth areas We have started that process but there is much more to do over the next 18 months or so On that note I will pass you back to Michael to give you a more detailed explanation of the result and then for me to give you some guidance

Michael Miller Thank you As Alex mentioned there our performance reflects a continued strength in the third quarter overall we are starting to see signs of momentum as our balance sheet continues to grow through lending and deposits In the quarter top and bottom line growth was muted somewhat as hedging gains related to the repayment of the Ministry of Finance notes we had seen over the past four quarters did not recur and these will not repeat again This was in line with our expectations and in line with our previous communications Now turning to page 13 operating revenue growth was 11 for the first nine months of 2013 compared to the first nine months of 2012 driven by a higher net interest income and non-interest income Operating expenses were up 12 for the nine-month period for nine months 2013 versus the first nine months of 2012 and 10 year-over-year for Q3 reflecting continued investment in our business Impairment charges were 299 million in the third quarter and 921 million for the first nine months of the year reflecting decreases of 19 and 5 respectively Net profits were up 14 for the first nine months of the year to AED 3656 billion reflecting solid growth trends Third quarter 2013 profits were down 8 and the decline was driven again by the non-repeating hedging gains that we saw over the past four quarters

Now turning to the balance sheet on page 14 assets increased to 345 billion up 148 year-to-date and 56 sequentially driven by growth and lending in deposits Equity grew 34 sequentially to 333 billion in the September quarter due to growth in profits Sequentially customer loans were up 52 and customer deposits were up 46 as we saw growth in deposits across customer types Turning to page 15 on the next two slides we have shown the breakdown for revenues and operating profit by segment under our previous reporting structure for the first nine months of 2012 and 2013 and then we have also shown the new reporting segments for the first nine months of 2013 (global wholesale banking retail and commercial global wealth and head office) Going forward we will report based on this new structure and so for revenues of 7067 billion during the first nine months of 2013 the global wholesale banking division contributed 51 retail and commercial 31 global wealth 7 and head office 11 On slide 16 you can see that the breakdown for operating profits of AED 4744 billion for the first nine months of 2013 with 66 global wholesale bank 25 retail and commercial 7 global wealth and 2 head office Turning to the key ratio slide on 17 we look at these from an efficiency liquidity solvency and asset quality perspective for the first nine months of 2013 efficiency ratios were diluted EPS of AED 079 representing growth of 147 year-over-year return on equity was 151 net interest margin was 2 for the first nine months of 2013 down from 216 during the same period in 2012 The cost to income ratio was 329 essentially flat with 327 for the first nine months of 2012 Now for the liquidity ratio percentage lent was 53 so 53 of our balance sheet is lent to customers in the form of loans and deposits Our loans to deposits ratio was 80 Next the solvency ratios capital adequacy of 178 Tier 1 ratio of 161 and leverage of 104 times Finally asset quality ratios the NPL ratio was 332 which is within the peak of 375 we have measured in the past and as we have told you before rather than looking at total provisioning coverage which is provisions over NPLs and was 976 in the third quarter of 2013 we prefer to look at the specific and collective coverage separately and both are shown here Specific provision coverage was 534 in addition to collateral and collective provision coverage was 156 which is in compliance with the Central Bank requirement of 15 and goes into effect in 2014