Market Data, Last trade as of 26 August 2013

ADX Code:

Bloomberg Code:

Reuters Code:

ADCB

ADCB:UH

ADCB.AD

Sector Banking

Last Price (AED) 5.29

Daily Price Change (%) -0.90%

30d Average Daily Volume 2,079,305

52w High Price (AED) 5.36

52w Low Price (AED) 2.88

Market Capitalization (AEDmn) 1 27,799

Key Data (based on 26 August 2013 Market Price)

Shares Outstanding (mn) 5,255

Forward PE Ratio (x) 9.64

Price to Book Ratio (x) 1.29

Dividend Yield (%) 4.73%

Forward Return on Equity ( %) 13.79%

Interim Results

(AEDmn) 2Q13 2Q12 % Δ

Interest Income 1,461 1,374 6.30%

Non-Interest Inc 531 353 50.41%

Operating Inc 1,991 1,727 15.32%

Operating Exp 565 537 5.32%

Pre-Provision Inc 1,426 1,190 19.83%

Provisions 507 492 3.01%

Recurring Inc 919 698 31.68%

One-time Inc 0 0 -

Att. Net Profit 869 725 19.75%

(AEDmn) Jun 2013 Dec 2012 % Δ

Loans 125,410 123,195 1.80%

Deposits 111,398 109,217 2.00%

Assets 175,453 180,796 -2.96%

Borrowings 21,942 26,140 -16.06%

Equity 2 19,101 20,270 -5.77%

Tuesday, August 27, 2013

Equity Research Update:

Abu Dhabi Commercial Bank (ADCB)

1 Calculated based on adjusted shares outstanding of 5.33bn (after buybacks to date). 2 Adjusted for Tier-1 Capital Notes worth AED4bn.

Source: ADCB, Bloomberg, Thomson Reuters

Key Financial and Valuation Metrics (Amounts in AEDmn, unless stated otherwise)

2012A 2013F 2014F 2015F 2016F 2017F

Operating Income 6,595 6,859 7,487 7,962 8,446 8,831

Net Income After Tax 2,810 2,933 3,283 3,696 4,121 4,445

Net Income for Shareholders 2,736 2,884 3,212 3,626 4,038 4,358

Return on Average Equity (%) 14.27% 13.79% 14.30% 14.81% 14.97% 14.61%

Loans /Deposits (%) 112.80% 110.00% 105.00% 100.00% 95.00% 90.00%

NPLs Ratio (%) 5.40% 5.00% 5.00% 5.00% 5.00% 5.00%

EPS (AED) 0.49 0.55 0.64 0.72 0.80 0.87

BVPS (AED) 3.62 4.10 4.64 5.09 5.62 6.22

PE (x), based on fair value 10.69 9.52 8.19 7.26 6.52 6.04

PB (x), based on fair value 1.44 1.27 1.13 1.03 0.93 0.84

PE (x), based on market price 10.82 9.64 8.29 7.35 6.60 6.11

PB (x), based on market price 1.46 1.29 1.14 1.04 0.94 0.85

Recommendation: Neutral Fair Value Raised to AED5.23

Solid 2Q13 Profits on Better Margins... Attributable profits in 2Q13 rose 20% YoY to AED869mn, beating consensus (~AED770mn), on the back of better margins, improved Islamic financing business, and higher non-interest revenues. Earnings yield, net interest margin and net interest spread all posted growth in the last quarter. At the same time, cost of funds dropped along with the sustained fall in the 3-mo AIEBOR and an overall better balance of funding mix. All these worked to the effect of cushioning the decline in the growth of inter-bank lending and modest increase in lending to customers.

Islamic Income and ...

Meanwhile, the Islamic business continues to soar, ending the quarter with a net financing income that is 25x higher YoY and 24% better QoQ. Higher income from this business follows the growth in Islamic financing assets (49% to AED9.84bn) and deposits (27% to AED18.92bn), and an improving Islamic LDR (to 52% in 2Q13 versus 44% in end-2012).

Trading Income

Trading income recovered from 1Q13’s dip as it rose almost 6x to AED173mn. The gains can be attributable across the board as derivatives, foreign exchange and trading securities dealing all improved YoY in 2Q13. Specifically, income from trading securities recovered from its 2Q12 losses of AED37mn into an income amounting to AED76mn.

Fair Value Adjusted to Reflect Recent Results and Material Changes in Value Drivers, Multiples Remain Attractive

Our fair value estimate is raised to AED5.23, from AED4.71, as our model adjusted to the changes in macroeconomic assumptions (GDP growth). Other major value drivers that warranted changes included market share and discount rate (changes reflect recent developments). Our fair value target now of AED5.23 incorporates an assumption pertaining to the 10% share buyback initiated by ADCB (The bank has so far purchased a total of 340.60mn shares equivalent to a sum of AED1.53bn. Based on the approval from authorities, there are still 218.96mn available for repurchase). The bank is currently trading within an inch of our adjusted fair price. We maintain our expectation that ADCB is still on track to achieve growth in the next few years, supported by an improving economic backdrop and resilient core operations. Based on the closing price as of 26 August 2013, PE is at 9.64x and PB at 1.29x. Our profit estimate for the year 2013 translates to a PE of 9.52x and PB of 1.27x, based on our fair value estimate of AED5.23.

Latest Financial Review

Traditional Banking Business Showing Early Signs of Improvement, Islamic Business Remains Robust

While total interest income registered a 13% decline YoY to AED1.72bn, it was nevertheless up by 4% QoQ, the first time in the last four quarters. The improvement in credit volume has started to translate to a subsequent improvement in traditional lending income too. Lending volume has seen two straight quarters of QoQ positive growth, and was 1.58% higher YoY. Total lending income ( = lending to customers + inter-bank lending) improved by nearly 6% QoQ. This came through primarily as interest income from customers jumped by over 6% QoQ to AED1.57bn, offsetting the 12% QoQ decline in interest income from inter-bank lending. The drop in inter-bank lending income could have followed the more benign 3-mo AEIBOR, which fell below the percent-mark at 0.91%, as of end-June 2013 versus 1.13% by end of March 2013 and 1.30% as of end-December 2012. At the same time, interest income on investments, which in previous quarters had been supporting the traditional lending business, showed further signs of weakness (first manifested in 1Q13). Interest income from investment securities declined by nearly 13% YoY and by more than 18% QoQ to AED104mn. All this transpired as the fixed income market (bonds, commercial papers, etc.) was also seeing pressure as interest rates were dwindling. Meanwhile, ADCB’s Islamic banking business continued its quarterly uptrend. The last quarter seemed to have cemented the Islamic financing business’s uptrend. Interest income from Islamic financing grew by 91% YoY and by 7% QoQ to AED147mn.

Higher Earnings Yield + Lower Cost of Funds Higher Net Interest Margin

Overall, 3-mo AEIBOR (the industry base rate for guiding loan pricing and deposit rate) continued to fall, settling below the one-percent mark at 0.91%, by end-June 2013, from 1.13%, as of end-March 2013 (still below the peak seen in 2008, and lower than 1.30% registered, as of end-December 2012).

Apart from lower base rate, ADCB also had a better mix of its funding base, especially with its repayment of the higher-cost MoF Tier II notes. Consequently, ADCB’s cost of fund (CoF) at 1.10% in June 2013, recorded a 35bps drop from end-March

2013, and a 57bps decline YoY. Better funding mix also came into play as ADCB recorded higher earnings yield for the last quarter. Earnings yield reached 4.60%, representing a 22bps uptick from the March 2013 level. Following were similar improvements in net interest margin, up 53bps to

3.60% from March to June; and in net interest spread, up nearly 60bps to 3.93%, from March to June.

Investment Update ADCB 27 August 2013 Page 2

Trading Income and Fee-based Income Push Non-Interest Income Higher Gross fees and commission income rose by 5% YoY in 2Q13 to AED332mn. The increase was mostly due to higher retail banking fees (19% to AED207mn), higher brokerage fees (5x to AED4mn), higher trust services fees (60% to AED31mn) and other fees (76% to AED11mn). All these offset the significant drop of 33% in corporate banking fees, which reached AED79mn as of 2Q13.

However, the quarter also marked higher fees and commission expenses for ADCB. These expenses rose by nearly 50% to AED73mn, overshadowing the overall 5% rise in gross fees and commission income. Thus, net fees and commission for the quarter retreated by 3% to AED259mn. However, on a QoQ basis, net fees and commission income rose by 21%.

Trading income recovered from 1Q13’s dip as it rose almost 6x to AED173mn. The gains can be attributable across the board as derivatives, foreign exchange and trading securities dealing all improved YoY in 2Q13. Specifically, income from trading securities recovered from its 2Q12 losses of AED37mn into an income amounting to AED76mn.

2Q13: Gains on Top of Gains Attributable profits for 2Q13 amounted to AED869mn, 20% up YoY and 5% improved QoQ. Second quarter profits also beat consensus (including our own) of AED770mn by a wide margin. Gains in 2Q13 accelerated compared to 1Q13’s 4% YoY growth. As the previous passages have discussed in details, profits were primarily pushed by the strong Islamic business and by non-interest income.

A slight increase of 3% YoY on impairment charges did not make a significant mark on ADCB’s bottomline.

The chart to the right shows that on the whole, impairment charges for non-performing assets have been dropping. However, in 2Q13 provisions of AED506mn, represented an uptick of more than 50% from the level seen in 1Q13. YoY though, the increase of 3% was much lower. The overall trend in provision is in parallel to the latest movement in non-performing loans. As per ADCB management, NPL ratio as of June 2013 has dropped to 4.90% from 5.40% in March 2013, despite a modest increase in gross loans (0.8% to AED132bn). These imply that NPLs could have likely dropped by almost 9% to AED6.5bn, from AED7.07bn in March 2013 and from AED6.94bn in December 2012.

Credit Volume: Two Successive Quarters of Improvement Net loans as of June 2013 reached AED125bn, 1.58% higher YoY and 0.83% higher from the level recorded in March 2013, and 1.80% higher versus the level in December 2012. The increase in loans mostly came from higher lending to the real estate segment, a natural consequence of the recovering state of the domestic property industry. Lending to the property sector jumped by 8.58% YoY, 6.23% YTD, and 0.25% QoQ to AED54bn. As the sector overall accounts for over 40% of ADCB’s loan structure, the significant increase translated to the improvement in the total. Other notable sources of lending growth are from the financial institutions and other sectors (which include trading and manufacturing). Last quarter, ADCB also channeled some of its liquidity instead to growing its investment securities portfolio, which expanded to AED19.25bn in June 2013, up 3% from December 2012 and by more than 5% from June 2012.

Investment Update ADCB 27 August 2013 Page 3

Changing Funding Profile and Lower EIBOR Led to Downward Shift in Yields

As presented early on, the 3-mo AEIBOR continues to fall, registering at less than one percent (0.91%) by the end of June 2013. This is lower by 21 bps compared to the 1.1263% recorded in end-March 2013, and by 37bps from end-December 2012. This helped ADCB’s cost of funds to further mellow to 1.09%, as of end-June 2013 from 1.66%, as of December 2012 and 1.82%, as of June 2012.

Apart from lower AEIBOR regime, ADCB was also able to improve its funding profile. By end-June 2013, deposits made up 76% of total funding sources, up by 3 percentage point from December 2012. Meanwhile, total borrowings’ contribution to total dropped to 18%, from 21% previously. Deposits, overall, increased by 2% to AED111.40bn in June 2013, from December 2012. The jump in deposits mostly came from (1) 20% to AED39bn in lower-cost deposits, which make up over 35% of total deposits; and (2) 27% to AED19bn in Islamic deposits. Time deposits, which are considered more expensive than savings, dropped by 14% to AED53bn.

ADCB’s shift of focus into current and savings account (CASA) business has clearly paid off, as its cost of funds is currently at its record low. In a sense, this follows the overall trend among other banks, which have re-balanced their funding mixes in an effort to reduce borrowing costs and stave off declining loan yields.

ADCB, much like the other big banks in the emirates, took advantage of the better debt market conditions, and repaid during 1H13 the entire amount of the AED6.62bn Tier 2 notes issued by the Ministry of Finance (MoF) in 2009. These notes cost 5% this year and 5.25% by 2014 till maturity. ADCB in February 2013 re-opened the Tier 2 market by UAE issuers when it issued USD750mn Senior Notes maturing 2018 and USD750mn Subordinated Notes maturing 2023. The bonds were priced at mid-swaps plus 165bps and 265bps, respectively. Based on current benchmarks, these bonds cost an average of 2.17% per annum, significantly lower than the 5% to be paid on the MoF Tier 2 notes.

Capital Adequacy: Remains Steady and Above Benchmark The repayment of the entire Tier 2 notes made a slight dent in ADCB’s CAR ratio, which as of June 2013 stood at 20.96%, compared to 23.05% in December 2012, and 22.29% in March 2013. The ratio, however, remains comfortably beyond the UAE Central Bank-prescribed 12% benchmark. Tier 1 capital adequacy ratio was slightly lower at 16.35% in June 2013 versus 17.55% in March 2013, from 17.47% in December 2012, mostly due to the share buyback conducted in the period. During 1H13, ADCB bought back a total of 262.98mn shares for a total consideration of AED1.16bn. Meanwhile, Tier 2 capital adequacy ratio slid to 4.61% in June 2013 from 4.74% in March 2013 and from 5.58% in December 2012, due to repayment of the MoF Tier 2 notes.

Investment Update ADCB 27 August 2013 Page 4

ADCB: Rating Retained at Neutral, Fair Value Raised to AED5.23

Our investment rating on ADCB remains at Neutral. Our financial estimates remain to be supported by our core theme of: (1) improving macroeconomic backdrop (2) overall positive outlook on credit volume growth, and (3) overall lower provisioning in the medium-term. We are raising our fair value estimate of the share to AED5.23, from AED4.71 (ADCB Investment Update, 06 May 2013), based on the latest macroeconomic adjustments as well as the latest financial and operational results and developments. Below are the highlights of the changes we have made in our model:

Our valuation method remains the same: combination of Residual Income Approach (70%) and Peer Valuation (30%). However, we have added scenarios in light of the active share repurchase by ADCB in the past months. It must be remembered that the bank’s Board has approved way back in 2011 to buy back up to 10% of their share capital. In January 2013, ADCB has secured an approval from the authorities to proceed with the program.

Share Repurchase and Impact on the Model One of the scenarios we looked at assumes that ADCB will complete its 10% buyback this year. The immediate effect would be to reduce the number of outstanding shares on the equity side (Often, when a company buys back its own shares it keeps them as treasury shares and reduces the number of shares outstanding, in the process). As for our model, the significant effect of the share repurchase is seen on the reduced cost of equity (following an adjusted book value, based on the repurchase cost at the 30-month average daily price of ADCB for the remaining 218.96mn shares as well as the actual purchase cost-to-date of AED1.53bn) and consequently, raising the residual income for the forecast years. Since we cannot ascertain the likelihood of ADCB fully completing its 10% buyback program (though it has so far bought back 340.60mn shares, as of 11 July 2013) we have assigned a weight of 50% to the Residual Income Approach (RIA) model and the remaining 50% to the RIA model assuming no more share buybacks (other than those already purchased). The next page illustrates how our fair value target was arrived at. Our adjusted fair value estimate of AED5.23 per share, represents a slight discount of 1.13% to the last trade price of AED5.29 (as of 26 August 2013).

Key Model Drivers

GDP Growth Adjusted to reflect revised macroeconomic data. Forecasts for 2013 was adjusted upwards by

about 40bps. On the other hand, forecasts for the remaining periods 2014-2017 were adjusted

downwards by an average of 15bps.

Deposit Market Share Market share for the base year has been adjusted downwards to reflect latest developments. The

adjusted base rate is now 9.60%. For the rest of the forecast period, we have assumed gradual

improvements to the market share.

Net Interest Margin

(NIM)

Base rate for NIM remains unchanged at 3.50%. For the rest of the forecast period, we have

assumed gradual improvements in the margin.

Cost-to-Income Ratio Base rate of 31.50% has remained unchanged between updates. For the rest of the forecast

period, we have assumed gradual improvements in the ratio.

Loan Loss Provision

Ratio (LLP)

Base rate has been adjusted upwards by 10bps to 1.30%. For the rest of the forecast period, we

have assumed gradual improvements in the ratio.

Loans to Deposits Ratio

(LDR)

Base rate for the LDR remains unchanged at 110.00%. For the rest of the forecast period, we have

assumed gradual improvements in the ratio.

Discount Rate Discount rate was adjusted lower by 66bps on account of lower average market risk premium.

Investment Update ADCB 27 August 2013 Page 5

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ADCB Fair Value Estimate: Moving Along with Overall Price Trend

As the chart below shows, from the time RAMZ initiated its coverage on ADCB to the last update, which was distributed on 06 May 2013, the fair value estimate has been moving along with the overall price trend of the share.

Investment Update ADCB 27 August 2013 Page 7

Initiating Coverage Fair value was estimated at AED3.11 per share. 23 June 2011 1

Investment Update Fair value was estimated at AED3.19 per share. 30 October 2011 2

Earnings First Look Fair value was estimated at AED3.05 per share. 02 February 2012 3

Investment Update Fair value was estimated at AED3.32 per share. 20 May 2012 4

Investment Update Fair value was estimated at AED3.61 per share. 06 August 2012 5

6 04 December 2012 Investment Update Fair value was estimated at AED3.72 per share.

7 10 March 2013 Investment Update Fair value was estimated at AED4.41 per share.

8 06 May 2013 Investment Update Fair value was estimated at AED4.71 per share.

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Financial Summary

ADCB: Income Statement

(AEDmn) 2012A 2013F 2014F 2015F 2016F 2017F

Net Interest Income 5,207 5,220 5,705 5,899 6,081 6,266

Non-Interest Income 1,388 1,639 1,782 2,062 2,364 2,566

Total Operating Income 6,595 6,859 7,487 7,962 8,446 8,831

Operating Expenses 2,069 2,161 2,321 2,428 2,534 2,649

Pre-Provision Income 4,526 4,699 5,166 5,533 5,912 6,182

Loans Provisions 1,691 1,885 1,858 1,812 1,763 1,707

Investment Provisions 19 13 18 17 19 20

Total Provisions 1,710 1,898 1,876 1,829 1,782 1,727

Net Profit before Gains 2,816 2,800 3,290 3,704 4,130 4,455

Extraordinary Gains 0 0 0 0 0 0

Net Profit before Taxes 2,816 2,939 3,290 3,704 4,130 4,455

Taxes 6 6 7 8 9 9

Net Profit after Taxes 2,810 2,933 3,283 3,696 4,121 4,445

Non-Controlling Interest 75 48 70 70 83 87

Net Profit for the Shareholder 2,736 2,884 3,212 3,626 4,038 4,358

EPS 0.49 0.55 0.64 0.72 0.80 0.87

ADCB: Balance Sheets

(AEDmn) 2012A 2013F 2014F 2015F 2016F 2017F

Cash & Balances with CB 9,980 8,413 9,334 10,209 9,912 10,247

Dues from Banks 16,517 20,829 21,603 21,477 22,701 22,887

Loans & Advances, Net 123,195 137,727 141,235 143,419 145,626 147,464

Other Assets 31,104 35,923 38,626 42,197 45,801 46,270

Total Assets 180,796 202,892 210,799 217,302 224,039 226,867

Dues to Banks 4,411 4,625 4,498 4,964 5,002 5,029

Customer Deposits 109,217 125,206 134,510 143,419 153,290 163,849

Borrowings 30,109 27,649 27,649 27,649 27,649 27,649

Other Liabilities 12,351 19,411 16,344 11,206 5,345 (5,427)

Total Liabilities 156,088 176,891 183,001 187,239 191,286 191,099

Government Deposit 4,000 4,000 4,000 4,000 4,000 4,000

Shareholders’ Equity

Paid Capital 5,596 5,255 5,036 5,036 5,036 5,036

Other Items 10,137 7,783 7,648 7,606 7,588 7,549

Retained Earnings 4,537 8,525 10,676 12,984 15,692 18,745

Shareholders’ Equity 20,270 21,563 23,360 25,626 28,316 31,330

Minority Interest 438 438 438 438 438 438

Total Liabilities and Equity 180,796 202,892 210,799 217,302 224,039 226,867

Investment Update ADCB 27 August 2013 Page 9

ADCB: Key Metrics

2012A 2013F 2014F 2015F 2016F 2017F

Net Interest Margin 3.65% 3.50% 3.55% 3.60% 3.65% 3.70%

Return on Average Equity 14.27% 13.79% 14.30% 14.81% 14.97% 14.61%

Loans to Deposits Ratio 112.80% 110.00% 105.00% 100.00% 95.00% 90.00%

Non-performing Loans Ratio 5.40% 5.00% 5.00% 5.00% 5.00% 5.00%

Important Notice and Disclaimer Notice: In the interest of timeliness, this report has not been edited.

Disclaimer: The information provided in this report has been prepared without taking account of your objectives, financial situation or needs. You should, therefore before acting on the advice, consider the appropriateness of the advice having regards to these matters and, if appropriate, seek professional financial and investment advice.

All observations, conclusions and opinions expressed in this report reflect the personal views of the Al Ramz Securities, LLC. analyst and are subject to change without notice. The information in this report has been obtained from sources Al Ramz Securities, LLC. believes to be reliable. However, AL Ramz Securities, LLC. does not warrant the accuracy, completeness or currency of, and will not be liable for any inaccuracies, omissions or errors in, or for any loss or damage (including any consequential loss) arising from reliance on the information in this report.

Al Ramz Securities, LLC. does not guarantee the performance of any investment discussed or recommended in this report. Any information in this report relating to the distribution history or performance history of any investment, should not be taken as indication of the future performance of the relevant investment.

In this report, Al Ramz Securities, LLC. may express an expectation or belief as to future events , results or returns generally or in respect of particular investments. Al Ramz Securities, LLC. makes such statement in good faith and believes them to be have a reasonable basis. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. No guarantee of future returns is given or implied by Al Ramz Securities, LLC.

22F Sky Tower Al Reem Island

Abu Dhabi United Arab Emirates

Phone: +971 2 6262626 Fax: +971 2 6262444

E-mail: research@alramz.ae Website: www.alramz.ae

Investment Ratings Guide

Overweight The target price for the next 12 months is 10% above the current price.

Neutral The target price in the next 12 months is between –10% and 10% of the

current price.

Underweight The target price for the next 12 months is 10% below the current price.

Not Rated No investment rating has been assigned yet.