FINANCIAL INSTITUTIONS

ISSUER PROFILE7 February 2019

TABLE OF CONTENTSCompany overview 1Financial highlights 2Business description 2Distribution channels 4Ownership structure 5Subsidiaries, associate and jointventure 5Company management 6Company history 6Peer group 6Subsidiaries rated by Moody’s 6Related websites and informationsources 7Moody’s related research 7

Analyst Contacts

Jonathan Parrod +971.4.237.9546Associate Analystjonathan.parrod@moodys.com

Mik Kabeya +971.4.237.9590AVP-Analystmik.kabeya@moodys.com

Nondas Nicolaides +357.2569.3006VP-Sr Credit Officernondas.nicolaides@moodys.com

Emirates NBD PJSCKey Facts and Statistics - FY December 2018

Company overviewEmirates NBD PJSC (ENBD) is a Dubai-based bank that provides a range of financial productsand services, including personal, priority, private and corporate banking, specialist facilities,consumer finance and asset management. As of 31 December 2018, it held domestic marketshares of 17.4% in terms of assets, 19.8% in terms of loans and 20.0% in terms of deposits.

As of 31 December 2018, the bank reported total assets of AED500.3 billion ($136.2 billion).

ENBD operates in the United Arab Emirates (UAE), Egypt, the Kingdom of Saudi Arabia,India, Singapore and the UK, and has representative offices in China, Indonesia and Turkey.In the UAE and overseas, it maintained 230 branches, and 1,069 ATMs and SDMs as of 31December 2018.

ENBD was established in October 2007 following the merger of Emirates Bank International(EBI) and National Bank of Dubai (NBD). Since 2007, the bank has been listed on the DubaiFinancial Market (DFM: EMIRATESNBD). As of 31 December 2018, its largest shareholder wasits overall parent, Investment Corporation of Dubai, which held a stake of 55.8%. InvestmentCorporation of Dubai is majority owned by the Government of Dubai.

Note: Currency converted using a pegged exchange rate of AED–$0.27229Source: Company reports (financial statements Dec 2018, investor presentation September 2018), company data, Moody’s research,Dubai Financial Market, Central Bank of the UAE, www.oanda.com

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Financial highlightsOverviewNote: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’sgenerated ratios on Emirates NBD PJSC, please see <Emirates NBD PJSC page on Moodys.com>.

Exhibit 1

Latest full-year resultsEmirates NBD PJSC

(in AED Million) 31-Dec-18 31-Dec-17 31-Dec-16 % Change 18/17 % Change 17/16

AED/$, Pegged 0.27229 0.27229 0.27229 - -

Total Assets 500,343 470,372 448,004 6.37 4.99

Total Shareholders' Equity 64,024 59,362 53,861 7.85 10.21

Shareholders' Equity excluding Minority Interest 64,015 59,354 53,854 7.85 10.21

Total Regulatory Capital 58,803 57,783 54,369 1.77 N/M

Tier 1 Ratio (%) 19.80 18.90 18.67 90 bps N/M

Net Income 10,042 8,346 7,239 20.32 15.29

Net Income Attributable to Equity Holders 10,040 8,345 7,239 20.32 15.28

Notes: 1) Based on consolidated financial data2) “Tier 1 Ratio” and “Total Regulatory Capital” for Dec 2018 and Dec 2017 are in accordance with Basel III regulatory framework while for Dec 2016 (It is referred as Tier 1 Capital ratio andTotal Regulatory Capital) are in accordance with Basel II regulatory frameworkSource: Company reports (financial statements Dec 2018 and Dec 2017), www.oanda.com

Business descriptionENBD provides the government, individuals, corporates and financial institutions with private, corporate, investment and Islamicbanking facilities. It also offers various financial products and services, including asset management and brokerage activities.

The bank operates through the following five business segments: Corporate Banking; Consumer Banking; Treasury; Islamic Banking; andOthers. In the financial year ended 31 December 2018 (FYE Dec 2018), the largest contributor to the bank’s total operating income wasthe Consumer Banking segment (42.2%).

Corporate Banking: This segment offers a range of corporate banking facilities to the government, financial institutions, corporatecustomers (including large and mid-market corporations), small and medium-size enterprises, and commercial clients. Its productsand services include current and savings accounts, deposit-taking facilities, overdraft facilities, term loans, factoring, cash managementservices, trade finance, advisory services, investment banking and Islamic products under Al Watani Al Islami. In FYE Dec 2018, thissegment accounted for 33.6% of the bank’s total operating income, and reported total assets of AED280.7 billion ($76.4 billion) as of31 December 2018.

Consumer Banking: This segment offers retail banking products and services, including retail loans, overdraft facilities, current andsavings accounts, deposit-taking facilities, consumer finance, equity broking and bancassurance, as well as associated financial servicessuch as banking cards, wealth management, asset management and portfolio management. In FYE Dec 2018, this segment accountedfor 42.2% of the bank’s total operating income, and reported total assets of AED61.3 billion ($16.7 billion) as of 31 December 2018.

Treasury: This segment comprises the management of the bank’s own portfolio of investment, funds management and interbanktreasury operations. Its products and services include fixed-income products and structured deposits, as well as foreign exchange andinterest rate hedging solutions. In FYE Dec 2018, this segment accounted for 5.3% of the bank’s total operating income, and reportedtotal assets of AED77.0 billion ($21.0 billion) as of 31 December 2018.

Islamic Banking: This segment comprises income and fees earned, and expenses paid by ENBD’s Islamic banking subsidiaries. In FYEDec 2018, it accounted for 14.2% of the bank’s total operating income, and reported total assets of AED55.8 billion ($15.2 billion) as of31 December 2018.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018

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Others: This segment includes property management operations and other support functions. In addition, it includes the activities ofENBD’s subsidiaries Emirates NBD Egypt SAE and Tanfeeth LLC. In FYE Dec 2018, it accounted for 4.7% of the bank’s total operatingincome, and reported total assets of AED25.5 billion ($7.0 billion) as of 31 December 2018.

Note: Currency converted using pegged exchange rate of AED–$0.27229Source: Company report (financial statements Dec 2018), company data, www.oanda.com

Exhibit 2

Business segment(% of total operating income, consolidated, for FYE Dec 2018)

Consumer Banking 42.2%

Corporate Banking 33.6%

Islamic Banking14.2%

Treasury5.3%

Others4.7%

Source: Company report (financial statements Dec 2018, Pg: 74)

Exhibit 3

Business segment(% of total assets, consolidated, as of 31 Dec 2018)

Corporate Banking56.1%

Treasury15.4%

Consumer Banking12.3%

Islamic Banking11.1%

Others5.1%

Source: Company report (financial statements Dec 2018, Pg: 74)

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Exhibit 4

Gross profit/(loss) per business segment(consolidated, in AED Million)

3,532 3,348

235 128

(3)

3,765

4,325

646 701

(1,092)

4,426 4,785

785 924

(879)

(2,000)

(1,000)

0

1,000

2,000

3,000

4,000

5,000

6,000

Corporate Banking Consumer Banking Treasury Islamic Banking Others

FYE Dec 2016 FYE Dec 2017 FYE Dec 2018

Source: Company reports (financial statements Dec 2018, Pg: 74 and 75 and Dec 2017, Pg: 77)

Distribution channelsAs of 31 December 2018, the bank operated through a network of 230 branches, and 1,069 ATMs and SDMs in the UAE and overseas.Internationally, the bank conducts business in the Kingdom of Saudi Arabia, Egypt, India, Singapore and the UK, as well as throughrepresentative offices in China, Indonesia and Turkey.

ENBD also delivers its products and services through various alternative distribution channels, including internet, mobile and telephonebanking. The bank’s total assets were geographically distributed as follows:

Exhibit 5

Emirates NBD PJSC Total Assets(%)Geographical Region 31-Dec-18 31-Dec-17UAE 82.6 81.8Other Gulf Cooperation Council (GCC) countries* 5.3 4.4International 12.1 13.8Total 100.0 100.0

*The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain and Oman

As of 31 December 2018, the bank held domestic market shares of 17.4% in terms of assets, 19.8% in terms of loans and 20.0% interms of deposits.

As of June 2018, the 10 largest banks in the UAE were as follows:

Exhibit 6

10 Largest UAE Banks as of June 2018Total Assets % Share Total Loans (Net) % Share Total Customers’ Deposits % Share 1. First Abu Dhabi Bank PJSC 28.1 1. First Abu Dhabi Bank PJSC 23.0 1. First Abu Dhabi Bank PJSC 25.62. Emirates NBD PJSC 19.4 2. Emirates NBD PJSC 21.1 2. Emirates NBD PJSC 19.93. Abu Dhabi Commercial Bank 11.1 3. Abu Dhabi Commercial Bank 11.0 3. Abu Dhabi Commercial Bank 10.24. Dubai Islamic Bank PJSC 8.8 4. Dubai Islamic Bank PJSC 9.5 4. Dubai Islamic Bank PJSC 9.05. HSBC Bank Middle East Limited 5.4 5. Abu Dhabi Islamic Bank 5.1 5. Abu Dhabi Islamic Bank 6.06. MashreqBank psc 5.2 6. HSBC Bank Middle East Limited 4.9 6. HSBC Bank Middle East Limited 4.87. Abu Dhabi Islamic Bank 5.0 7. MashreqBank psc 4.5 7. MashreqBank psc 4.68. Union National Bank PJSC 4.1 8. Union National Bank PJSC 4.5 8. Union National Bank PJSC 4.29. Commercial Bank of Dubai PSC 2.8 9. Commercial Bank of Dubai PSC 3.1 9. Commercial Bank of Dubai PSC 2.9

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10. The National Bank of Ras-Al-Khaimah(P.S.C.)

2.1 10. The National Bank of Ras-Al-Khaimah (P.S.C.)

2.2 10. The National Bank of Ras-Al-Khaimah (P.S.C.)

2.0

Source: Company reports (financial statements Dec 2018, investor presentation Sep 2018), company data, Central Bank of the UAE, Moody’s research

Ownership structureAs of 31 December 2018, ENBD reported 5,557,774,724 shares outstanding. Since 2007, the bank has been listed on the Dubai FinancialMarket, which is regulated by the Emirates Securities & Commodities Authority (DFM: EMIRATESNBD).

As of 2 January 2019, ENBD’s largest shareholder was the bank’s overall parent, Investment Corporation of Dubai, with a 55.8% stake.Investment Corporation of Dubai is majority owned by the Government of Dubai.

As of 2 January 2019, ENBD’s major shareholders were as follows:

Exhibit 7

Emirates NBD PJSC

Shareholder % Share

Investment Corporation of Dubai* 55.76

Capital Assets LLC 5.33

*Investment Corporation of Dubai is a company in which the Government of Dubai holds the majority of the sharesSource: Company report (financial statements Dec 2018), company data, Dubai Financial Market, www.sca.gov.ae

Subsidiaries, associate and joint ventureAs of 31 December 2018, ENBD’s subsidiaries, associate and joint venture were as follows:

Exhibit 8

Emirates NBD PJSC

Company Country of Incorporation Nature of business % Held

Subsidiaries

Buzz Contact Centre Solutions LLC UAE Call centre management 100

Dubai Bank PJSC UAE Islamic banking 100

Emirates NBD Capital PSC UAE Fund management 100

Emirates Funds Managers (Jersey) Limited Jersey Asset management 100

Emirates NBD Global Funding Limited Cayman Islands Medium-term borrowing and money market transactions 100

Emirates NBD Properties LLC UAE Real estate 100

Emirates NBD Securities LLC UAE Brokerage services 100

Emirates NBD Asset Management Limited UAE Asset management 100

Emirates Islamic Bank PJSC UAE Islamic banking 99.9

Emirates Money Consumer Finance LLC UAE Consumer finance 100

Emirates Funds LLC UAE Asset management 100

Emirates NBD Capital (KSA) LLC Saudi Arabia Investment services 100

Emirates NBD Trust Company (Jersey) Limited Jersey Trust administration 100

Tanfeeth LLC UAE Shared services organisation 100

The Emirates National Dubai Real Estate

Company LLC

Saudi Arabia Nominee company for mortgage business 100

ENBD London Branch Nominee Company England Asset management 100

Emirates NBD Egypt SAE Egypt Banking 100

Associate

National General Insurance Company PSC UAE General and life insurance 36.7

Joint Venture

Network International LLC UAE Card processing 51

Source: Company report (financial statements Dec 2018)

5 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018

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Company management

Exhibit 9

Emirates NBD PJSCCompany Management Current TitleShayne Nelson ENBD: Group Chief Executive OfficerSubramanian Suryanarayan ENBD: Group Chief Financial OfficerManoj Chawla ENBD: Group Chief Risk OfficerAbdulla Qassem ENBD: Group Chief Operating Officer

As of 17 Jan 2019

Exhibit 10

Emirates NBD PJSCBoard of Directors Current TitleH.H. Sheikh Ahmed Bin Saeed Al Maktoum ENBD: ChairmanHesham Abdulla Al Qassim ENBD: Vice Chairman and Managing DirectorH.E. Khalid Juma Al Majid ENBD: DirectorAli Humaid Ali Abdulla Al Owais ENBD: DirectorHussain Hassan Mirza Mohd Al Sayegh ENBD: DirectorButi Obaid Buti Al Mulla ENBD: DirectorMohamed Hamad Obaid Khamis Al Shehi ENBD: DirectorMohamed Hadi Ahmad Al Hussaini ENBD: DirectorShoaib Mirhashim Khoory ENBD: Director

As of 17 Jan 2019Source: Company data

Company historyENBD was established in October 2007 following the merger of EBI and NBD. The official completion of the deal on 5 November 2009resulted in the legal transfer of all EBI and NBD assets and liabilities to ENBD.

In March 2011, ENBD sold 49% of its shareholding in its wholly owned subsidiary Network International LLC. In October 2011, itacquired a 100% stake in Dubai Bank PJSC, a provider of Sharia’-compliant banking services in the UAE.

In December 2012, ENBD signed an agreement to acquire the Egyptian operations of BNP Paribas. Consequently, in 2013, it acquiredBNP Paribas Egypt S.A.E. for a total consideration of AED1.8 billion ($500 million). BNP Paribas Egypt S.A.E. has been renamed EmiratesNBD Egypt S.A.E.

On 22 May 2018, ENBD entered into an agreement to acquire Sberbank’s 99.85% stake in Denizbank A.S.. The acquisition is expectedto be completed in the first half of 2019 subject to regulatory approvals.

Note: Currency converted using pegged exchange rate of AED–$0.27229Source: Company reports (annual report Dec 2012, financial statements Dec 2014, Dec 2013 and Dec 2011), company data, Moody’s research, www.oanda.com

Peer group

» First Abu Dhabi Bank PJSC

» Abu Dhabi Commercial Bank

» Dubai Islamic Bank

» Abu Dhabi Islamic Bank

Subsidiaries rated by Moody’s

» EIB Sukuk Company Ltd.

6 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018

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» Emirates NBD Global Funding Limited

Related websites and information sourcesFor additional information, please see:

The company’s website

» www.emiratesnbd.com

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related researchIssuer page on Moodys.com

» Emirates NBD PJSC

Credit opinion

» Emirates NBD PJSC, November 2018

Banking system outlook

» Banking System Outlook - United Arab Emirates: Recovering economy and resilient financial fundamentals drive stable outlook,November 2018 (1142883)

Banking system profile

» Banking System Profile: United Arab Emirates, December 2018 (82104743)

Rating methodology

» Banks, August 2018

Other

» Moody's: Strong growth in core income drives higher quarterly profits at UAE's largest banks, February 2018

» Moody's: Outlook for GCC banks is stable reflecting their resiliency in slower economies, December 2017

» Moody's maintains stable outlook on UAE's banking system on economic resilience, solid bank financial fundamentals, October2017

» Moody's: Large UAE banks post solid Q2 profitability supported by higher interest income, August 2017

» Moody's: Profitability for Emirates NBD will remain resilient despite loss of market lead, July 2017

» Emirates NBD : Profitability Will Remain Resilient Despite Softer Economy and Competition From a New, Larger Rival, July 2017

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.

7 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018

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Analyst Contacts

Jonathan Parrod +971.4.237.9546Associate Analystjonathan.parrod@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

9 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018