mashreq Fixed Income Trading

Daily Market Update Monday, December 07, 2015

Page 1

Market Update

UK manufacturing outlook darkens: output, orders hit six-year low

According to an industrial survey, the outlook for British manufacturing in 2016 has darkened, with output and new orders deteriorating at rates not seen since 2009, that warned of slowing growth both at home and abroad. Manufacturing organization EEF said quarterly balances for new orders and output fell

to their lowest levels since 3Q2009, when Britain's economy had just exited its deepest recession in over 70 years. Britain had the fastest-growing major

world economy in 2014 and is likely to be at the head of the pack again in 2015. However, it has relied heavily on domestically focused services for growth,

frustrating hopes for a more export-led recovery. The downturn in manufacturing had taken its toll on plans for investment and employment. Balances for

both measures dipped below zero for the first time since early 2010. (Reuters)

Impact of QE may be diminishing slightly Bank of Japan (BOJ) board member Takehiro Sato said the impact of the central bank's quantitative easing (QE) is likely diminishing as long-term interest

rates have not declined much after the BOJ increased debt purchases in October2014. Sato said the BOJ cannot buy government debt indefinitely at its

current pace because eventually some financial institutions will not want sell off their Japanese Government Bond holdings. Meanwhile, Economy Minister

Akira Amari said he expects Japan's revised gross domestic data to show zero growth in the July-September quarter, on an annualized basis, which would

be an improvement on the contraction shown by the preliminary data. The government is likely to cut the effective corporate tax rate to below 30% in

FY2016 from April, a year earlier than planned. However, Amari explained that the corporate tax cut will not help loss-making small and medium-sized

firms, which are exempted from paying the corporate tax. Firms' capital spending has been slow to recover and the government wants companies to

increase business spending to spur the economy. (Reuters)

Pain of emerging markets revealed as debt sales sink 98%

The commodity-price slump and the slowdown in China’s economy are crippling developing nations’ ability to borrow abroad, even as international debt

sales from advanced nations remain at a five-year high. Issuance by emerging-market borrowers slumped to a net USD1.5 billion in the third quarter, a

drop of 98 percent from the second quarter, according to the Bank for International Settlements. That was the biggest downtrend since the 2008 financial

crisis and helped to reduce global sales of securities by almost 80 percent, a BIS report said. Emerging-market assets tumbled in the third quarter, led by

the biggest plunge in commodity prices since 2008 and China’s surprise devaluation of the yuan. The average yield on developing-nation corporate bonds

posted the biggest increase in four years, stocks lost a combined USD4.2 trillion and a gauge of currencies slid 8.3 % against the dollar. Sanctions on

Russian entities and political turmoil in Brazil and Turkey also affected sales by companies in those countries. (Bloomberg)

Rajan seen buying USD10 billion of Rupee bonds as cash runs short The first bond purchases by India’s central bank in almost two years will probably be followed by even larger buying as lenders run short of cash and

foreign money leaves. The Reserve Bank of India said last week it will buy as much as 100 billion rupees (USD1.5 billion) of sovereign debt on Monday.

Bank of America Merrill Lynch says the RBI needs to inject between USD8 billion and USD10 billion through such open-market operations by March, including the current operation, while Nomura Holdings Inc. sees a total of USD6 billion to USD7.5 billion. SBI DFHI Ltd. predicts bond buying of about

USD9 billion. The purchases are designed to help curb short-term rates amid advance-tax payments by companies, demand for funds in the wedding

season and outflows of foreign cash before the U.S. raises interest rates. Benchmark 10-year yields advanced last month by the most since June and that’s

already beginning to have an impact on Prime Minister Narendra Modi’s borrowing plans. Primary dealers rescued a sovereign-debt sale on Friday by

picking unsold bonds, fueling speculation investors demanded higher yields. (Bloomberg)

Oil extends decline below USD40 as OPEC abandons production target Oil extended losses below USD40 a barrel amid speculation a record global glut will be prolonged as OPEC abandoned its long-time strategy of limiting

production to control prices. Futures dropped as much as 1.9% in New York after falling 4.2% last week. The Organization of Petroleum Exporting

Countries will keep pumping about 31.5 million barrels a day, OPEC President Emmanuel Ibe Kachikwusaid said on Friday after a meeting in Vienna. The

group is setting aside its output quota of 30 million barrels a day, a target it’s breached since May 2014, until members gather again in June. Oil has

slumped 40% since Saudi Arabia led OPEC’s decision in November 2014 to maintain output and defend market share against higher-cost U.S. shale

producers. (Bloomberg)

UAE has a lot of options to boost fiscal position

The UAE has several options both on spending and non-hydrocarbon revenue sides to bolster its fiscal position in a scenario of persistent lower oil prices,

the Institute of International Finance, or IIF, said. Predicting that the consolidated government spending in the UAE, including the federal government and

the seven individual emirates, is expected to decline by 4.5% in 2015, the IIF said additional options for the country include gradually reducing social benefits that account for 12% of total spending while limiting further increases in the wage bill. At present, reductions in energy and electricity subsidies

and non-priority spending are leading to a significant decline in government spending, the IIF noted in a report. The Washington-based global body of the

financial industry said the introduction of a low-rate VAT (at 5%) would help the UAE raise new revenues efficiently while helping to strengthen tax

administration. Other options suggested by the IIF include broadening the corporate income tax with lower rates; and introducing a 15% excise tax on

cars. He said the spending cut combined with a small increase in the volume of crude oil exports will lower the fiscal breakeven price of oil from USD79 a

barrel in 2014 to USD70 a barrel this year. UAE banks should remain strong, but prolonged low oil prices may weaken asset quality and profitability. He

noted that banks have continued to post high profits so far this year and have maintained healthy capital adequacy ratios and high provisions on bad loans.

"However, if real estate prices decline further, then the asset quality of banks would deteriorate and profits would be squeezed. Also, tighter liquidity

conditions will lead to a further rise in interest rates." (Khaleej Times)

Dubai property transactions down almost 50% in some areas but signs of uptick The number of housing transactions in Dubai may have plummeted this year by nearly half, but analysts say that there are signs of an uptick in some

areas. According to the property data company Reidin, the number of property sales in some parts of the city has fallen by more than 45% since the most

recent peak in 2013. In its most recent report, Reidin found that the number of sales conducted during the first nine months of the year in Dubai Marina

fell to less than 1,500 compared with 2,250 during the same period last year and about 2,700 in 2013. In Downtown, the number of transactions for the

same period fell to about 500 this year compared with 800 in last year and 750 in 2013. And in Jumeirah Lakes Towers numbers stood at about 1,200 this year, a similar amount to last year but down from about 1,600 in 2013. Reidin said that when it analysed housing transactions in the same areas for the

third quarter of the year, it found that the pace of decline was slowing and in some cases there was a slight uptick. In Dubai Marina the number of

transactions in the third quarter of this year stood at about 400, slightly down from the 450 reported the previous year and the 900 or so reported in 2013.

But in Downtown the number of sales in the third quarter of this year stood at about 190, slightly higher than the 180 reported last year but still down on

the 210 reported in 2013. And in JLT, too, transaction numbers for the third quarter of this year were higher than the same period the previous year,

standing at about 400 compared with 390 last year but down from 600 in 2013. “Q3 2014 versus Q3 2015 shows an uptick of activity signalling that a

period of stabilisation may be on the horizon,” Reidin said in its report. The company said that it had also noted an increase in the number of properties

purchased with mortgages, a method of buying usually associated with owner-occupiers rather than landlords. Last week, the property broker Cluttons said

mashreq Fixed Income Trading

Daily Market Update Monday, December 07, 2015

Page 2

that the Dubai market was likely to continue to soften with a revival in its fortunes unlikely to take place until at least the end of next year. The company’s

Winter Residential Market Outlook stated that prices for flats dropped by 0.8% and villas by 0.5% during the third quarter, meaning that overall prices for homes have dropped by 3.5% year-on-year. (The National)

Emirates Airline to retire 52 aircraft in next three years

According to an emailed statement, Emirates Airline is looking to retire 52 Aircraft over the next three years. These include 12 A330-300s, 4 A340-300s, 1

A340-500, 6 Boeing 777-200ERs, 2 Boeing 777-300s and 1 Boeing 777-300ER, the Dubai-based airline said. The average age of Emirates aircraft slated for

retirement in 2016 will be 15.7 years; while the average industry retirement age is 25 years. 13 more aircraft will be retired in 2017 and another 13 in 2018. Emirates will take delivery of 36 new aircraft in 2016, including 20 A380s and 16 Boeing 777-300ERs. (Bloomberg)

Saudi Electric says signs up to USD 3 billion loans deal with Korea's K-Exim

Saudi Electricity Company said on Monday it had signed an agreement with the Export-Import Bank of Korea for up to USD 3 billion of loans over the next

three years. The amount could be lent over several loans, the Gulf's largest utility said in a statement, adding further details of the financing will be

disclosed in a separate announcement in the future. (Reuters)

Russia seeks to boost trade with UAE and strengthen Iran industrial links

Russia wants to boost trade ties with the UAE at the same time as it pursues closer links with Iran. The Russian trade minister Denis Manturov told The

National that he wanted to grow the USD2 billion in trade with the UAE while also boosting industrial cooperation with Iran. He has visited Tehran and Abu

Dhabi in recent weeks, while last month the Russian president Vladimir Putin also visited Iran for the first time in almost a decade. As Russia has become

isolated by the West over the conflict in Ukraine, the country is busy looking to forge new trade relationships to source raw materials for its own manufacturers and find new customers for its exports. (The National)

Venezuela opposition wins majority of congress as count goes on

Opposition wins at least 99 seats out of 167 to be awarded. Government's socialist party takes at least 46 seats. Venezuela ’s opposition alliance won at

least simple majority in Congress for the first time in 16 years in Sunday’s elections as an unprecedented recession and a collapse in the bolivar turned

voters against the populist policies of President Nicolas Maduro. The vote represents a rejection of the policies that have seen hundreds of companies

seized by the state, fueling the world’s fastest inflation and stoking shortages of essential items. It remains to be seen if the seats yet to be assigned would

give the opposition a qualified majority of three-fifths or two-thirds that would give them increased powers to challenge Maduro. Venezuela’s economy is

expected to contract 10% this year by the International Monetary Fund, while economists polled by Bloomberg see inflation of about 124%. (Bloomberg)

China begins G-20 leadership with ideas to reduce dollar's role As China takes the reins of the Group of 20 for the coming year, the first indications are emerging of its agenda. Among the priorities: making the global

system more resilient to shocks and, perhaps, less reliant on the U.S. dollar. China is setting up a working group led by South Korea and France to develop

proposals, including on ways to strengthen the role of the International Monetary Fund’s reserve-currency unit, which is set to incorporate China’s yuan as

a component next year. China also wants a discussion around whether some commodities should be priced in the IMF’s reserve currency, known as Special

Drawing Right or SDR, according to a European official involved in the G-20 talks. (Bloomberg)

BTG said to be in talks to sell USD 5.9 billion credit portfolio

Grupo BTG Pactual SA is in talks to sell a 22 billion-real (USD5.9 billion) credit portfolio to some of Brazil’s biggest banks, one component of the firm’s

attempt to unload assets to shore up cash after the arrest of its founder last month, a person with direct knowledge of the matter said. BTG’s total loan

portfolio is 43 billion reais and about half are guarantees that can’t be sold, the person said, asking not to be identified discussing internal matters. Partners

of the Sao Paulo-based firm spent the weekend in talks to sell assets including the loan portfolio, the person said, adding that the company has no short-

term debt maturing anytime soon, so it can take time to make sure it obtains a fair price for the assets. The firm got breathing room last week with a 6

billion-real line of credit from the nation’s privately backed deposit- guarantee fund, Fundo Garantidor de Creditos, or FGC. (Bloomberg)

New Issue Update

Finance House issues Tier I perpetual capital of AED 300 million Finance House P.J.S.C (FH) announced the successful issuance of Tier I capital of AED 300 Million. The issuance was completed in two tranches of AED 200

million and AED 100 million each and was structured as a Mudaraba Sukuk. The transaction was subscribed by investors ranging from insurance

companies, as well as private and public entities. CAPM Investment P.S.C (CAPM), a subsidiary of FH, was the sole placement agent for the transaction.

The perpetual issue was issued to support FH’s envisaged growth plans and will boost its capital adequacy ratio to robust levels of 22.4% on a consolidated

basis and 21.5% on a stand-alone basis; well above the regulatory requirement of 15%. (CPI Financial)

Rating Update

Fitch: stable outlook for Singapore, Malaysia gaming; slower GDP growth Fitch Ratings-Singapore-06 December 2015: Fitch Ratings says in a new report that the outlook for the highly regulated integrated resorts (IRs) in

Singapore and Malaysia is stable despite challenging macroeconomic conditions. The three issuers in these countries Genting Berhad (Genting, A-/Stable),

Genting Singapore PLC (GENS, A-/Stable) and Marina Bay Sands Pte. Ltd. (MBS, BBB-/Stable) are established companies that continue to generate robust

operating cash flows. GENS and Genting maintain a net cash position; and MBS has been deleveraging despite slower economic growth, lower tourist

arrivals at Malaysia, and rising competition from integrated resorts in the Philippines and South Korea. Receivables outstanding for all three issuers are at

acceptable levels, and are unlikely to impair their credit profiles in the medium term. Fitch believes that the Singapore government is unlikely to grant

licences to set up new casinos - due to the potentially higher frequency of problem gaming with the local population, and the muted outlook for the inbound tourism sector in Singapore. This is despite the imminent expiry of the exclusivity period for GENS and MBS. Fitch's stable outlook for the Malaysian

gaming market is underpinned by the market's domestic and mass-market focus, which provides defensive qualities. (Bloomberg)

Banco Bilbao Vizcaya Argentaria SA has reached the final stage in bidding for Turkey’s Finansbank AS in competition with ING Groep NV and a fund from

Qatar, which are also bidding separately, according to Spanish news website El Confidencial. National Bank of Greece SA put Finansbank on sale in November and plans on using the sale proceeds for state aid repayment. The Turkish lender has a book value of EUR3.4 billion (USD3.7 billion), El

Confidencial said, citing people familiar with the situation that it doesn’t identify. BBVA owns about 40% of Turkiye Garanti Bankasi AS, making it the

biggest shareholder. Any BBVA offer would be through Garanti, El Confidencial said. (Bloomberg)

Fixed Income Trading

December 7, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.90 99.90 2.40 A/A1/A UNITED KINGDOM Sr Unsecured 1,000

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.26 99.26 2.68 A/Baa1/- UNITED STATES Sr Unsecured 2,000

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.54 99.95 2.46 A/A2/A NETHERLANDS Sr Unsecured 200,000

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.56 99.56 2.48 A-/A2/A+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 83.50 83.50 8.14 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.07 100.07 1.98 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 100.29 100.29 1.87 A/A2/A+ UNITED KINGDOM Sr Unsecured 2,000

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.90 98.90 2.71 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.14 98.14 2.70 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.85 99.85 1.81 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.45 99.45 2.29 A/A1/AA- UNITED STATES Sr Unsecured 1,000

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.75 100.75 2.70 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.37 99.37 2.53 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 100.14 100.14 2.28 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.03 100.03 2.24 A/A2/A FRANCE Sr Unsecured 250,000

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.35 99.35 2.16 A/A2/A UNITED STATES Sr Unsecured 1,000

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 99.43 99.43 2.10 AA/Aa1/- UNITED STATES Sr Unsecured 2,000

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.42 99.42 1.95 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 99.27 99.27 2.37 A/A2/A UNITED STATES Sr Unsecured 2,000

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.48 99.48 2.88 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.52 99.52 1.91 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.89 99.89 2.04 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 99.57 99.57 2.37 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.14 99.14 2.66 A-/A3/A- GERMANY Sr Unsecured 150,000

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 100.61 100.61 1.59 BBB+/A3/A GERMANY Sr Unsecured 1,000

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.02 100.02 1.91 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.33 99.33 2.52 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.55 98.55 2.99 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 83.00 83.00 11.06 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 75.05 75.05 10.51 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.50 99.50 2.62 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 98.64 98.64 3.52 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 88.00 88.00 7.80 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 86.50 86.50 7.46 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 80.36 80.36 8.35 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 1

Fixed Income Trading

December 7, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.06 98.06 3.02 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.44 100.44 2.49 BBB+/A3/A UNITED STATES Sr Unsecured 2,000

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.12 100.12 2.21 A/A2/AA- UNITED STATES Sr Unsecured 100,000

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.32 99.32 2.52 A/A2/AA- UNITED STATES Sr Unsecured 100,000

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.34 98.34 2.02 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.63 99.63 2.20 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 101.14 101.14 2.69 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.91 99.91 2.22 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.35 99.35 2.42 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.16 100.16 2.36 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.01 99.38 2.56 A/A2/A AUSTRALIA Sr Unsecured 2,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 94.78 94.78 3.99 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.12 99.12 2.41 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.76 99.76 1.91 AA/A2/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.40 99.40 2.30 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.74 98.74 2.57 A/A3/A UNITED STATES Sr Unsecured 2,000

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 99.97 99.97 2.26 A+/A2/A UNITED STATES Sr Unsecured 250,000

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.41 99.41 1.99 A/A1/A UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.76 99.76 2.31 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.96 98.96 2.14 -/Aaa/AAA CANADA Secured 1,000

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.69 99.69 2.15 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.72 98.72 2.97 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 99.38 99.38 2.27 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.21 99.06 1.91 A+/A1/A GERMANY Sr Unsecured 250,000

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.25 99.25 2.33 A+/A1/A GERMANY Sr Unsecured 250,000

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.47 98.47 2.62 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.00 100.00 2.35 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.52 99.52 1.72 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.23 94.23 3.82 BBB+/A3/- GERMANY Sr Unsecured 200,000

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.45 100.45 1.99 A/A2/AA- UNITED STATES Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.51 99.51 2.28 A/A2/AA- UNITED STATES Sr Unsecured 1,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 2

Fixed Income Trading

December 7, 2015 USD GCC ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.39 99.94 2.53 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.82 96.53 4.20 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.92 96.60 4.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.24 99.91 2.54 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.87 100.47 2.85 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.63 99.27 2.96 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.67 98.34 3.04 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 100.16 100.90 4.35 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.65 99.64 3.28 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.15 99.89 2.55 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.05 95.62 5.38 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.18 95.05 4.60 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.70 102.26 1.66 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 100.02 100.68 2.67 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.51 101.19 2.87 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.41 102.11 2.03 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.64 98.39 3.31 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.96 99.71 4.36 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 98.90 99.59 3.35 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.90 101.70 4.32 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 100.76 101.61 4.11 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.89 102.45 2.70 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.80 99.96 1.98 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.97 100.59 3.09 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.20 99.81 3.05 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.45 100.02 2.37 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.09 101.85 3.25 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.94 102.53 1.73 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.69 101.31 2.13 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.14 101.76 2.66 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.96 98.62 2.98 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.81 100.56 2.59 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.96 99.97 4.63 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.47 100.18 3.46 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 78.78 79.85 7.76 BBB-/-/BBB- BAHRAIN Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 3

Fixed Income Trading

December 7, 2015 USD GCC ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.47 89.65 5.37 BBB/A3/- OMAN Sr Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.61 102.41 4.40 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.33 98.74 2.71 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 100.05 100.75 3.12 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 101.75 102.50 2.33 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured 200,000

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.36 95.41 4.90 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.91 100.72 2.93 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.74 102.23 1.51 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.49 102.18 2.38 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.04 98.71 2.58 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.39 98.14 3.54 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 95.21 96.11 4.29 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 97.58 98.93 4.57 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.73 102.32 2.23 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.59 102.15 1.56 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.14 99.76 2.24 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.20 100.83 2.45 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.29 100.91 2.65 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.18 102.84 2.27 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.90 98.67 3.65 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.14 100.71 2.36 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.40 101.05 1.85 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 98.32 99.11 3.61 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 86.80 88.02 5.95 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.27 101.12 3.61 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.70 101.33 2.36 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.00 98.81 3.14 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.00 101.58 1.34 AA/Aa2/- QATAR Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.47 104.06 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.71 102.32 2.25 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 4

Fixed Income Trading

December 7, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 97.94 98.74 3.34 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.91 92.30 4.90 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 61.94 64.72 16.08 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000

#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 91.40 91.40 7.21 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 93.08 94.29 6.76 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 91.73 92.62 6.69 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 91.53 92.63 6.33 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 85.12 86.08 6.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 89.95 90.85 6.59 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 75.58 76.72 7.93 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 93.07 94.14 5.86 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 80.50 81.00 5.96 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 86.10 86.10 6.28 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 78.25 79.25 7.47 BB+/Baa3/BBB- BRAZIL Sr Unsecured 100,000

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 72.25 72.25 7.31 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 90.76 94.24 4.75 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 87.58 88.65 8.52 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 77.23 78.27 8.83 BBB-/Baa3/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 87.33 88.90 5.79 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.95 98.60 4.04 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 104.16 104.90 5.74 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 91.15 91.95 5.92 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.59 101.23 5.26 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 89.78 90.59 5.09 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 91.98 92.64 5.28 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 92.51 93.17 5.38 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 80.76 81.64 7.11 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.54 98.80 2.93 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 95.39 96.21 5.32 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 89.75 89.75 4.28 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 97.25 97.25 4.40 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 87.00 87.00 5.94 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 96.44 97.00 4.29 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 5

Fixed Income Trading

December 7, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 92.88 93.51 4.42 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 96.04 96.51 4.60 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 92.24 92.81 5.79 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 87.63 88.30 5.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 91.88 92.40 5.66 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.47 95.12 4.55 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 100.22 100.92 5.00 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 84.78 85.68 5.92 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 100.16 100.97 6.43 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.85 98.78 3.91 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.49 91.94 4.56 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 94.08 94.61 4.92 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 87.23 87.78 5.77 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 94.12 95.37 4.82 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.97 99.70 3.84 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 94.82 95.70 5.51 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 97.20 97.79 6.05 BBB-/Baa3/BBB- TURKEY Unsecured 200,000

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 97.15 98.15 3.84 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 92.50 93.25 5.21 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 89.60 90.60 5.22 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 80.87 81.62 8.28 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 72.87 73.87 9.84 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 72.05 72.96 9.83 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 64.78 65.99 9.01 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 96.02 96.76 4.88 -/Baa3/BBB TURKEY Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 6

Fixed Income Trading

December 7, 2015 USD INDIA INVESTMENT GRADE ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.65 98.93 3.75 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.94 103.49 3.40 -/Baa3/- INDIA Sr Unsecured 200,000

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.58 100.98 3.01 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.97 102.35 2.74 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.28 98.58 3.47 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.89 98.68 4.17 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.26 103.85 3.98 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.36 98.81 4.53 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.78 103.04 2.13 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.32 103.72 2.84 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.71 99.12 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.59 99.03 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.65 102.15 3.65 BBB-/Baa3/- INDIA Sr Unsecured 200,000

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.95 101.28 2.41 BBB-/Baa3/- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.32 101.69 3.07 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.76 100.17 3.09 BBB-/Baa3/- INDIA Sr Unsecured 200,000

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.01 102.34 3.31 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.70 101.98 2.31 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.89 103.20 2.87 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.48 102.21 4.08 BBB-/-/BBB- INDIA Sr Unsecured 200,000

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.61 103.00 2.93 -/Baa2/BBB- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.62 100.95 2.97 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.92 98.50 3.99 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.51 103.05 4.20 BBB-/Baa2/- INDIA Sr Unsecured 200,000

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.54 100.23 3.84 BBB-/-/BBB- INDIA Sr Unsecured 200,000

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.70 99.19 4.23 BBB+/Baa2/- INDIA Sr Unsecured 250,000

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 91.68 92.97 5.35 BBB+/Baa2/- INDIA Sr Unsecured 250,000

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.03 103.26 2.09 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.63 101.89 2.42 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.31 102.65 2.79 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.49 102.88 2.84 BBB-/Baa3/- INDIA Sr Unsecured 200,000

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.22 102.74 3.14 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.48 103.81 2.33 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.60 102.06 2.87 BBB-/Baa3/- INDIA Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 7

Fixed Income Trading

December 7, 2015 USD SUKUK

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 102.02 102.53 1.39 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.90 101.70 4.32 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 110.98 111.76 2.94 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.90 104.50 1.52 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.53 99.95 2.02 AAA/Aa1/- HONG KONG Unsecured 200,000

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.68 99.05 2.12 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 99.65 100.12 1.49 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.18 96.73 3.45 A-/A3/- MALAYSIA Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 93.53 94.93 4.55 A-/A3/- MALAYSIA Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.73 102.32 2.23 A-/A2/A+ QATAR Sr Unsecured 200,000

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.52 102.31 6.09 B-/B3/B PAKISTAN Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.33 104.86 2.29 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.02 96.55 4.84 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.46 110.03 2.88 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 93.10 93.67 4.37 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.08 99.40 2.86 A-/A1/- MALAYSIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 103.03 103.72 3.55 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.40 101.05 1.85 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 86.80 88.02 5.95 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 98.32 99.11 3.61 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 90.84 92.06 6.09 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.87 100.60 3.91 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.27 101.12 3.61 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.47 104.06 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.00 101.58 1.34 AA/Aa2/- QATAR Sr Unsecured 200,000

SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.98 103.60 3.08 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.47 108.89 2.91 A-/A3/- MALAYSIA Sr Unsecured 250,000

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.83 100.98 1.26 A-/A3/- MALAYSIA Sr Unsecured 250,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 8

Fixed Income Trading

December 7, 2015 USD Commodity and Energy

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.82 96.53 4.20 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.92 96.60 4.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ALCOA INC US013817AW16 1-Oct-2024 1250 FIXED 5.13 94.25 94.25 5.97 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG03762CG79 27-Sep-2017 750 FIXED 2.63 95.65 95.65 5.19 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 83.50 83.50 8.14 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 81.00 81.00 8.63 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 75.25 75.25 9.08 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 200,000

ANGLOGOLD HOLDINGS PLC US03512TAA97 15-Apr-2020 700 FIXED 5.38 93.31 94.44 6.87 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

ANGLOGOLD HOLDINGS PLC US03512TAC53 1-Aug-2022 750 FIXED 5.13 86.99 87.77 7.49 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

BARRICK GOLD CORP US067901AL20 1-Apr-2022 814 FIXED 3.85 92.00 92.00 5.36 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 91.77 91.77 5.47 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK NA FINANCE LLC US06849RAF91 30-May-2021 1329 FIXED 4.40 95.72 95.72 5.31 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 96.67 97.51 3.32 A+/A1/A+ AUSTRALIA Sr Unsecured 2,000

BP CAPITAL MARKETS PLC US05565QCB23 6-Nov-2022 1000 FIXED 2.50 96.24 96.24 3.11 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 96.27 96.27 3.32 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 94.63 95.05 3.77 AA-/Aa3/- CHINA Sr Unsecured 200,000

CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 95.80 96.23 3.98 AA-/Aa3/- CHINA Sr Unsecured 200,000

CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 97.49 98.08 4.25 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 90.97 91.54 4.50 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 95.73 96.29 4.98 AA-/A1/A+ CHILE Sr Unsecured 200,000

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 94.89 94.89 3.22 A/A2/A UNITED STATES Sr Unsecured 2,000

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 97.78 97.78 3.64 A/A2/A UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CH45 15-Nov-2022 1250 FIXED 3.00 99.33 99.33 3.11 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.42 97.42 3.85 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

E.I. DU PONT DE NEMOURS US263534CK37 15-Feb-2023 1250 FIXED 2.80 96.57 96.57 3.34 A-/A3/A UNITED STATES Sr Unsecured 2,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 85.12 86.08 6.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ENCANA CORP US292505AJ36 15-Nov-2021 600 FIXED 3.90 91.15 91.15 5.68 BBB/Baa2/- CANADA Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 75.05 75.05 10.51 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 65.00 65.00 11.60 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAZ87 15-Mar-2023 1999 FIXED 3.88 65.00 65.00 10.99 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 66.65 66.65 10.37 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 77.75 77.75 12.71 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 78.97 78.97 11.21 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AN76 25-Oct-2017 1750 FIXED 2.70 92.75 92.75 6.89 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AH09 15-Nov-2021 1000 FIXED 4.95 83.25 83.25 8.61 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 9

Fixed Income Trading

December 7, 2015 USD Commodity and Energy

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 80.00 80.00 8.10 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 86.50 86.50 7.46 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.68 83.04 83.04 7.97 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1028955760 29-Apr-2019 1000 FIXED 3.13 83.88 83.88 8.72 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 80.36 80.36 8.35 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 77.00 77.00 8.32 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 76.51 76.51 8.61 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 93.20 93.20 4.82 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

HALLIBURTON COMPANY US406216BD29 1-Aug-2023 1100 FIXED 3.50 103.01 103.01 3.04 A/A2 /*-/A- UNITED STATES Sr Unsecured 2,000

KINROSS GOLD CORP US496902AJ65 1-Sep-2021 500 FIXED 5.13 83.10 83.10 8.96 BBB-/Ba1/BBB- CANADA Sr Unsecured 2,000

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 91.15 91.95 5.92 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 94.78 94.78 3.99 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 88.20 88.20 4.83 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.59 101.23 5.26 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 97.02 97.02 3.78 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

NEWMONT MINING CORP US651639AN69 15-Mar-2022 1500 FIXED 3.50 90.00 90.00 5.40 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 100.48 100.48 3.44 A/A2/A UNITED STATES Sr Unsecured 2,000

PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 97.26 98.01 3.97 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 89.78 90.59 5.09 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.58 99.07 3.29 A-/A1/- MALAYSIA Sr Unsecured 200,000

PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 96.97 97.36 3.84 A-/A1/- MALAYSIA Sr Unsecured 200,000

POTASH CORP-SASKATCHEWAN US73755LAL18 15-Mar-2024 750 FIXED 3.63 99.00 99.00 3.77 A-/A3/- CANADA Sr Unsecured 2,000

POTASH CORP-SASKATCHEWAN US73755LAM90 1-Apr-2025 500 FIXED 3.00 93.26 93.26 3.87 A-/A3/- CANADA Sr Unsecured 2,000

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 94.86 95.60 4.32 A-/A3/- UNITED KINGDOM Sr Unsecured 2,000

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 95.02 95.02 3.72 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000

SCHLUMBERGER INVESTMENT USL81445AD75 1-Aug-2022 1000 FIXED 2.40 96.55 96.55 2.98 AA-/Aa3/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.43 99.43 3.32 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 95.58 96.06 3.74 AA-/Aa3/- CHINA Sr Unsecured 200,000

SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 94.94 95.40 3.84 AA-/Aa3/- CHINA Sr Unsecured 200,000

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 95.91 95.91 3.10 AA-/Aa2/- NORWAY Sr Unsecured 1,000

STATOIL ASA US85771PAK84 15-Jan-2024 900 FIXED 2.65 95.47 95.47 3.29 AA-/Aa2/- NORWAY Sr Unsecured 1,000

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 97.58 97.58 3.11 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 88.09 89.10 7.38 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 80.87 81.62 8.28 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 96.55 96.55 4.10 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 10

Fixed Income Trading

December 7, 2015 EUR INVESTMENT GRADE ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 95.54 96.03 1.46 A/A2/A NETHERLANDS Sr Unsecured 1,000

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 78.54 79.49 7.22 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 100,000

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 97.15 97.62 1.63 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 96.23 96.66 1.77 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 94.08 94.81 1.58 A+/A1u/A- SPAIN Secured 100,000

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.34 99.69 1.55 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.46 96.93 1.19 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 94.55 95.25 1.48 A+/A1/A+ AUSTRALIA Sr Unsecured 100,000

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 95.67 96.45 1.66 AA-/A1/- UNITED STATES Sr Unsecured 100,000

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.07 95.63 1.52 A+/A2/- GERMANY Sr Unsecured 1,000

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 98.40 98.87 2.51 BBB+/Baa2/A FRANCE Subordinated 100,000

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 98.22 98.82 1.28 A/A2/- UNITED KINGDOM Sr Unsecured 100,000

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.37 94.76 2.90 BBB/Baa3/A- FRANCE Subordinated 100,000

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 96.42 96.97 1.34 A+/A2/A- UNITED STATES Sr Unsecured 100,000

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 96.84 97.40 1.55 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 99.40 99.79 1.77 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.34 97.76 1.07 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.38 97.70 1.63 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 98.28 98.62 1.11 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 97.89 98.19 1.19 A/A2/- FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 99.12 99.43 1.25 A/A2/- FRANCE Sr Unsecured 100,000

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 96.81 97.33 1.44 A-/Baa1/- FRANCE Sr Unsecured 100,000

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 93.94 94.50 3.46 BB+/Ba1/A- GERMANY Subordinated 1,000

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 93.56 94.04 1.83 BBB+/A3/A GERMANY Sr Unsecured 100,000

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 93.53 94.17 2.71 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000

ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359ZERO

COUPON0.00 94.22 94.47 1.04 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 98.73 99.11 0.95 AA+/A1/- UNITED STATES Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 74.30 75.29 7.02 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 72.70 73.68 7.08 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 66.92 67.94 6.45 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 100.21 100.55 1.29 BBB+/A3/A UNITED STATES Sr Unsecured 1,000

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.47 98.95 1.28 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 98.16 98.55 1.37 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.99 99.48 1.56 A-/A3/A+ UNITED STATES Sr Unsecured 100,000

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 98.31 98.75 1.40 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 11

Fixed Income Trading

December 7, 2015 EUR INVESTMENT GRADE ISSUES

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.06 97.49 1.56 A/A2/A AUSTRALIA Sr Unsecured 100,000

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.38 99.78 1.16 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 94.64 95.27 2.06 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 99.24 99.68 1.79 BBB+/A3/A UNITED STATES Sr Unsecured 100,000

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 97.38 98.01 1.10 AA/A1/- SWITZERLAND Sr Unsecured 1,000

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 95.97 96.47 2.94 BBB/Baa2/BBB+ SPAIN Subordinated 100,000

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 96.71 97.28 1.31 A/A2/- GERMANY Sr Unsecured 1,000

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 98.02 98.51 2.81 -/Baa3/A- FRANCE Subordinated 100,000

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 97.61 98.41 3.33 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 97.38 97.93 1.18 AA-/Aa2/- NORWAY Sr Unsecured 100,000

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 99.03 99.68 1.41 AA-/Aa1/- FRANCE Sr Unsecured 100,000

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 91.96 92.68 1.99 BBB+/A3/- GERMANY Sr Unsecured 1,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 12