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In a step aimed at availing of the option that was offered to all UAE banks, and in order to enforce its capital adequacy, Emirates NBD announced in a notice to its shareholders regarding its Second Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) which will be held on 25th of March 2009, that the EGM agenda will include an article for approval on conversion of the first tranche of the UAE Government – Ministry of Finance loans into Tier 2 Capital, and authorizing the Bank’s Board of Directors to take all necessary actions to that effect.

This option will not result in any issuance of equity shares to the Ministry of Finance.

This conversion option was offered to all UAE banks as part of the original AED 50 billion deposits injection.

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