H.E. Nasser Alsowaidi Chairman of NBAD, said, for the first nine months of 2015, NBAD has delivered solid profits in a challenging environment. During this period of market volatility and tighter liquidity, the Bank has continued to adhere to strong balance sheet management whilst maintaining a robust capital position.

In the 3rd quarter, NBAD was once again recognised as the Safest Bank in Emerging Markets, Safest Bank in the Middle East and one of the 50 Safest Banks in the World by Global Finance Magazine.

Independent accolades such as these in addition to the Bank's high credit ratings are a testament to the strength of NBAD.

The Board and I continue to monitor the Bank's strategic progress and to ensure that actions are taken to address current market challenges as and when required. We are confident that the Bank has the right long-term stategy in place, and we are confident that our management team will successfully execute against this strategy.

I believe we are well positioned to continue to deliver solid results in 2015 and beyond.

Alex Thursby Group Chief Executive, said, Our 3rd quarter results reflect growth in our key businesses while also reflecting the challenging environment in which we find ourselves. We continued to generate solid results in our Global Wholesale flow products, Retail & Commercial and International businesses. In Global Markets, our business was adversely impacted by more challenging market and liquidity conditions. It is worth noting that despite experiencing a decline in government deposits, our overall deposits grew, reflecting our ability to attract deposits from core clients, particularly in the International business. Our expenses were in line with expectations and essentially flat for the third quarter in a row, and we will continue to implement very disciplined cost control going forward. Our return on equity (RoE) remains attractive at 14.0% for 9M'15, and I believe it will continue to be below our medium term target of 15% while these difficult market conditions persist.

As we look forward to the remainder of 2015, we remain focused on executing against our strategy and ensuring that we provide our clients with the best possible service and guidance during these challenging times. As always, we will maintain our strong risk management, and we will continue to build and invest in the spine of the business.

While we are confident we have the right strategy in place and are very bullish on the long term prospects of both NBAD and the UAE, I believe it is important to recognise that we appear to be entering a 'new normal' environment of lower oil prices and more difficult market conditions over the medium-term.

During times like these, it is important to remain cautious and prudent, and our recent ranking as the safest bank in emerging markets and the Middle East are evidence of our continued ability to do just that. As we enter the final quarter of this year and look forward to 2016, I am confident that we will continue to generate solid growth and returns for our shareholders whilst also maintaining our position as one of the world's safest banks.

ECONOMIC OVERVIEW

Overall growth is expected to slow slightly in 2015 as the global economy faces challenging macroeconomic headwinds and continued market volatility. In the US, the dollar has strengthened considerably, and many underlying factors are showing signs of improvement as lower energy prices are expected to boost consumer spending. A combination of mixed economic data throughout the year has led to a further delay in Fed action, and a hike in rates is now expected by many to be delayed until 2016. The Eurozone has recovered quicker than expected as monetary easing and declining energy costs have provided a boost. In China, growth is expected to slow as structural reforms, strict regulations and policy actions continue.

The GCC countries continue to appear to be better prepared than many other oil-exporting nations, given their combination of relatively high levels of net foreign assets and low debt-to-GDP ratios. Government spending in these countries is expected to remain healthy, albeit at lower levels, and the region continues to benefit from the stability of having its currencies pegged to the US dollar. The prolonged decline in oil prices has led the GCC governments to re-evaluate their spending priorities.

In 2015, the UAE is facing challenges including lower oil prices, tightening liquidity in the banking sector and continued market volatility. The country has demonstrated leadership and a willingness to take proactive steps to addressing lower oil prices including the recent reduction of energy subsidies. Despite tough market conditions, UAE economic growth is proving to be robust, and the country remains well prepared for the possibility of a continuation of lower oil prices. In fact, non-oil and gas activities are expected to constitute around 75% of nominal GDP in 2015 as the country continues to diversify away from its reliance on hydrocarbons. In 2016, similar growth levels are expected to be driven by non-oil activity, the lifting of sanctions to Iran and a reduced budget deficit.

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