mashreq Fixed Income Trading

Daily Market Update Sunday, July 05, 2015

Market Update • Abu Dhabi lenders’ earnings grow 11% in Q1 The total net earnings of Islamic and commercial banks in Abu Dhabi climbed 11.2% in the first quarter of 2015 in year-on-year period, showing the strengthens of the flourishing banking sector. Total earnings rose 1.5% in quarter-on-quarter comparison, said Statistics Centre Abu Dhabi complied, “Abu Dhabi-Based Banks Statistics Report”, for Q1 2015. (Khaleej Times)

• Gulf Finance House planning acquisition GFH is planning to make an acquisition this year and sell a unit in an initial public offering. The expected moves are part of efforts to reshape GFH, which was hit hard by the 2008-2009 global financial crisis. “The new strategy of GFH is primarily focused on creation of a financial group rather than just an investment bank which it used to be before,” said Hisham Alrayes, the chief executive. “From the five pillars, we would like to have an equal participation of income, ideally.” Currently the Bahrain-based Islamic investment bank has four units: , commercial banking, real estate and industry. GFH, which is talking to one firm in Bahrain and two in , is banking on closing this year with at least one leveraged acquisition valued at about USD200 million. The firm is seeking to finance the acquisition through 30 to 40% equity and the remainder in debt. (Bloomberg)

• Qatar National Bank and Bahrain's Arab Bank Corp more interested in acquiring Finansbank QNB and ABC did not follow up early interest in acquiring HSBC's Turkish business because they were more interested in 's Turkish arm Finansbank, two people familiar with the matter said. Dutch lender ING Group is set to win the auction to buy HSBC's business, after being one of several banks to submit a non-binding bid in May. Arab Bank Corp (ABC) was one of the original bidders while Qatar National Bank (QNB) also showed some early interest, Reuters previously reported. Two sources told Reuters on Thursday that both QNB and ABC dropped out because they became interested in potentially acquiring at least part of Finansbank, the Turkish unit of National Bank of Greece. (Bloomberg)

• UAE draft law on corporate tax, VAT soon The UAE is making headway in setting up a federal tax system to bolster government revenues, a senior Ministry of Finance official said on Thursday. The drafting of laws for introducing corporate tax and value-added tax (VAT) is expected to complete in the third quarter of this year. “The drafting of the corporate tax law and the value-added tax law has been discussed with the local and federal governments,” Younis Haji Al Khouri, undersecretary at the ministry, was quoted by Reuters as saying. He added that authorities were still evaluating the social and economic impact of the laws, but drafting was expected to be finished “very soon — within the third quarter of this year”. The decision to work towards the introduction of VAT was taken by the GCC officials. In May, a meeting in Doha of the GCC’s Financial and Economic Cooperation Committee adopted a draft agreement on VAT, which is widely expected to be endorsed by member governments. As per the Doha agreement, each GCC country is required to draft its own VAT law in the framework of the Gulf custom principles. According to Reuters, a UAE Ministry of Finance report released on Thursday said the cabinet had approved versions of the corporate tax and VAT draft laws. It said the ministry was working on the creation of a federal tax authority, but did not say when the body might start operating. The six-nation GCC has been weighing the introduction of VAT since 2007 to broaden their revenue base, with negotiations happening jointly to avoid any one nation losing out in competition with others in the region. However, the sharp reduction in oil prices recently could lend a further push to introduce the levy, given that most Gulf states are expected to record budget deficits in the coming fiscal year and are reluctant to pare back spending on infrastructure and social spending aimed at developing their economies and improving the lives of citizens. The IMF has urged the UAE to consider introducing excise taxes and a uniform corporate tax for both local and foreign firms. (Al Khaleej Times)

• Kuwait may issue bonds to finance deficit: Minister Kuwait is considering issuing bonds among various options to finance a budget deficit created by low oil prices, Finance Minister Anas Al-Saleh said on Thursday. “Going to the market and issuing bonds and so on, could it happen this year? Possibly yes,” he said in an interview with Al Arabiya television. “A specialized team at the central bank are studying this issue and the decisive factor will be what’s best for the country, in addition to the economic benefit to the markets.” Saleh did not specify if Kuwait was considering international or domestic bonds. The government does not have outstanding dollar bonds and has only a modest amount of domestic debt. Figures showing a budget deficit of 2.31 billion dinars (USD7.6 billion) in the last fiscal year to March 31, the first deficit since 1999/2000, came as a surprise, Saleh said. The preliminary figures were released on Wednesday. Parliament approved on Wednesday a budget for the current year that envisages a deficit of 8.18 billion dinars. In addition to issuing bonds, Kuwait could run down assets in its sovereign wealth fund to cover its deficit, as Saudi Arabia has been doing. The Kuwaiti fund holds USD548 billion of assets, estimates the Sovereign Wealth Fund Institute, which tracks the industry. (Gulf Base)

• Iran talks breakthrough seen as UN expects end to military probe United Nations monitors say they will be able to assess the possible military aspects of Iran’s past nuclear program by December, overcoming one of the last remaining hurdles to a deal between world powers and the Islamic Republic. International Atomic Agency director general Yukiya Amano rejoined negotiators from six world powers and Iran on Saturday in Vienna. Bringing the 12-year investigation into Iran’s possible military work to an end would pave the way for Iranian sanctions relief under an agreement that would curb the country’s nuclear program. “With the cooperation of Iran, I believe we can issue a report by the end of the year,” Amano told reporters. “Progress was made on the way forward.” (Bloomberg)

Page 1 mashreq Fixed Income Trading

Daily Market Update Sunday, July 05, 2015

• Tunisia calls 30-day state of emergency after beach attack Tunisian President Beji Caid Essebsi declared a 30-day state of emergency, saying the country is “not safe” after the killing of 38 people at a beachfront resort. “The extraordinary circumstance in Tunisia after the last terrorist attack and other continuous threats put the country in a state of war,” Essebsi said in a nationally televised address. “We have declared a state of emergency.” The north African nation has been on heightened alert since a gunman with links to Libyan militants attacked mostly British vacationers at the resort on June 26. The attack in Sousse, claimed by Islamic State, was the worst assault on tourists in the country’s history and threatened an industry that provides jobs for about 15% of the workforce. “We need foreign investments but don’t currently have a safe atmosphere for that,” Essebsi said. The attacks on tourists in Tunisia are “credit negative” by threatening the nation’s economic outlook, investment activity and travel industry, a key component of GDP, the ratings agency Moody’s said on July 1. (Bloomberg)

• China freezes IPOs in attempt to stem stock market bleeding China is suspending initial public offerings, creating a market stabilization fund and telling investors not to panic in an effort to shore up its stock market, which has had the largest three-week drop since 1992. The move was ordered at a meeting of the State Council, China’s cabinet, and will be enforced by the China Securities Regulatory Commission, the financial magazine Caijing reported on its website on Saturday, without saying how it obtained the information or how long the planned freeze would last. The Securities Association of China said Saturday in a statement on its website that a group of 21 brokerage firms led by Citic Securities Co. will invest the equivalent of 15% of their net assets as of the end of June, or no less than 120 billion yuan (USD 19.3 billion) in total, to set up a stock-market fund. The fund will invest in exchange-traded funds of highly capitalized stocks, it said. The funds should be available on Monday, Caijing said in a separate report. In another development, top executives from 25 Chinese mutual funds, including China Asset Management Co. and E Fund Management Co., promised to “actively” buy stock funds and hold them for at least one year, according to a statement on Asset Management Association of China’s official website. (Bloomberg)

• Greece Referendum -- Nai or Oxi ? Greeks are heading to the polls Sunday, evenly split on a referendum to chart a new course in their five-year economic crisis. The vote on whether to endorse further budget cuts and tax increases in return for aid comes in the most trying circumstances Greeks have faced in the euro era. Banks are shut, commerce is grinding to a halt, pensioners are coping with rationed payments, and Prime Minister Alexis Tsipras and his supporters are isolated in the currency bloc. Tsipras is urging a “no” vote on the terms demanded by creditors in exchange for a fresh bailout. European leaders have argued that only a “yes” vote will give Greeks a path out of economic misery. Either outcome brings complications, amid suggestions by media and some policy makers that new capital may be required, perhaps by seizing deposits from savers, to repair the damage done to the banks after the imposition of controls and prolonged uncertainty. (Bloomberg)

In a survey we carried out to gauge our readers’ view on what the referendum result is likely to be, 65% expect the Greek people to vote ‘Yes’. The official referendum results are expected to be declared by 18:00 GMT this evening.

• ECB reportedly extends funding facility to Bulgarian banks to contain Greek contagion The European Central Bank is set to extend a backstop facility to Bulgaria and is ready to assist other nations in the region to ward off contagion from Greece, according to people familiar with the situation. The ECB would provide access to its refinancing operations, offering euros to the banking system against eligible collateral, the people said, asking to remain anonymous because the matter is confidential. The ECB and the Bulgarian central bank declined to comment. Eastern Europe is at risk of tremors from Greece via ties ranging from trade to finance, with lenders from the debt-ridden country owning almost a third of banking assets in Bulgaria. The possibility of Greece abandoning the euro after shutting banks and imposing capital controls has left eastern European currencies among this week’s worst emerging-market performers. (Bloomberg)

• US June payroll data dampens September rate hike bets US job growth slowed in June and Americans left the labor force in droves, tempering expectations for a September interest rate hike from the Federal Reserve. The US Labor Department said non-farm payrolls rose 223,000 in June after a downwardly revised 254,000 increase in May, with construction and government employment unchanged, and the mining sector purging more jobs. April payrolls were also lowered, meaning 60,000 fewer jobs were created during the two months than previously reported. The unemployment rate fell two-tenths of a percentage point to 5.3%, the lowest since April 2008, but that was a sign of weakness as 432,000 people dropped out of the labor force. Still, June's payrolls increase ran well above the average for the first five months and the jobless rate is near the 5.0-5.2% range most Fed officials consider consistent with full employment. The average hourly earnings remained flat during the month of June. (Reuters)

• Eurozone business growth at four-year high amid Greek crisis Eurozone business activity expanded at its fastest pace in four years in June as the European Central Bank's stimulus package more than offset fears Greece could crash out of the currency union. The final composite June PMI from Markit, which combines manufacturing and services activity and is seen as a good guide to growth, came in at 54.2, just above a preliminary reading of 54.1 and well ahead of May's 53.6. That was its highest reading since May 2011. The index has now been above the 50 mark for two years. Price discounting helped drive up the service industry PMI, which makes up the bulk of the Eurozone economy. It rose to 54.4 from May's 53.8, matching the preliminary estimate. To meet the demand, services took on staff at the second fastest rate since mid-2011. The employment sub-index was 52.2, below the previous month's 52.6. Markit said the data pointed to 2Q2015 economic growth of 0.4%. (Reuters)

• Abengoa says it's winning back credit investors as notes roll

Page 2 mashreq Fixed Income Trading

Daily Market Update Sunday, July 05, 2015

• Fitch: Turkish, Kazakh companies most exposed in EMEA to FX risk Turkish corporates are the most exposed among EMEA emerging markets to the risks of a rise in US interest rates and a strengthening dollar, due to their large unhedged FX exposures, Fitch Ratings says. Across Fitch’s EMEA portfolio of rated companies, Kazakh issuers are the next most exposed, while Russian, Ukrainian and South African companies are mostly better hedged. Over 85% of Turkish corporate debt is denominated in US dollars, while the majority of revenues are in Turkish lira. These large unhedged FX exposures can lead to a rapid deterioration in financial ratios as the local currency weakens. Risks are exacerbated by the presence of bullet repayments due to the prospect of companies needing to quickly raise significant amounts of hard currency when access to foreign-currency markets may be limited. These risks are already reflected in Turkish corporates' credit ratings, which are generally in the 'B' category despite their conservative leverage. (Bloomberg)

• Fitch: Global economic outlook highlighted in 'Inside Credit' Fitch Ratings is forecasting growth of 2.4% in 2015, followed by 2.9% in 2016 and 2.8% in 2017. The pick-up in 2016 reflects a recovery from recession in Brazil and Russia, albeit a weak one, while the structural slowdown in China is weighing on global growth potential. Meanwhile, the growth forecasts for Major Advanced Economies are 1.8% in 2015, 2.0% in 2016 and 1.8% in 2017. 'In the U.S., growth will rebound after the unexpectedly weak first quarter, bolstered by improving fundamentals and strong confidence,' said Gergely Kiss, Director of Sovereigns. 'The eurozone recovery continues, albeit with weak growth potential compared with other major advanced economies.' (Bloomberg)

• S&P releases report on Bahrain's banking industry country risk Standard & Poor's Ratings Services has published its "Banking Industry Country Risk Assessment: Bahrain." It classified the banking sector of Bahrain (BBB- /Negative/A-3) in group '6' under the Banking Industry Country Risk Assessment (BICRA) methodology (on a 1-10 scale, with '1' representing the lowest risk). Other countries in BICRA group '6' are Brunei, Guatemala, Italy, Thailand, Uruguay, and Turkey. Among Bahrain's peers in the Gulf Cooperation the UAE is in group '5', with Kuwait and Oman in group '4'. Strengths include reliable sources of funding such as large domestic and foreign government deposits; adequate regulation and supervision of the banking sector and credit risk from retail lending is limited, owing to moderately low household debt and high collateralization through salary transfers. Weaknesses include lower oil prices which are hampering the government's fiscal and external accounts; banks bear high exposure to the commercial real estate and construction sectors and have single-name concentrations; a fragmented banking sector, in a small economy, and a limited bankable population fuel stiff competition. Although Bahrain has a more diversified economy than its Gulf peers, the government depends heavily on oil revenues, though. The recent fall in oil prices, which S&P expect will remain low through 2016, is not only clouding economic prospects but also pressuring the government's fiscal and external accounts. High geopolitical risks, unresolved domestic political tensions, and socio-economic frustrations in the country are also fanning economic risks, contributing to the negative outlook on S&P’s long-term sovereign ratings on Bahrain. (Bloomberg)

• S&P publishes latest BICRA on Sri Lanka Standard & Poor's Ratings Services has published its "Banking Industry Country Risk Assessment: Sri Lanka." S&P continues to classify the banking sector of Sri Lanka (B+/Stable/B) to be in group '8' under our Banking Industry Country Risk Assessment (BICRA) criteria. Other countries in BICRA group '8' include Azerbaijan, Bolivia, Croatia, Georgia, Hungary, Kazakhstan, Lebanon, Paraguay, Russia, Slovenia, and Uzbekistan. It’s assessment of economic risk for the Sri Lankan banking sector reflects the country's low income levels, with an estimated per capita GDP of about USD 3,988 as of December 31st, 2015. The build-up of economic imbalances post the civil war began to slow down over the past two years as credit growth subsided. Although loan growth picked up marginally in 2014, it remains well below the highs of 2010-2012. Credit risk is high, given relaxed lending and underwriting standards and evolving risk management practices. S&P views the trend for Sri Lanka's economic risk as stable. That said, the policy environment is uncertain, reflecting the dissolution of parliament and the upcoming elections in August that could affect the economy and the banking system. It expects loan growth in Sri Lanka's banking industry to recover gradually to 15%-17% in 2015 because of lower policy rates, a partial government guarantee for loans in the pawning segment, and lower interest rates on bank loans in key segments. However, S&P does not expect a sharp build-up in economic imbalances in the next 12 months as economic growth remains sound. (Bloomberg)

• Wall Street Journal accuses Malaysian PM Najib of taking funds from 1MDB, a charge denied by both 1MDB and Najib The WSJ has accused the Malaysian PM of receiving money in his account from 1MDB. Malaysia’s Attorney-General said a special task force investigating state investment company 1Malaysia Development Bhd. obtained documents in its probe related to alleged transfers of funds into Prime Minister Najib Razak’s bank accounts. Members of the task force, which comprises of the Malaysian Anti-Corruption Commission, the central bank and police, conducted raids Friday on the premises of three companies linked to the funds, Attorney-General Abdul Gani Patail said in an e-mailed statement on Saturday. About USD700 million of funds may have moved through government agencies, banks and companies linked to 1MDB before apparently appearing in Najib’s accounts, the Wall Street Journal reported on Friday, citing documents from a government probe. Deputy Prime Minister Muhyiddin Yassin called on authorities on Saturday to investigate the allegations against Najib. 1MDB on Friday denied it had funneled funds to Najib, rejecting reports saying investigators believed they had found such a money trail. The prime minister said late Friday he had never taken funds for personal gain and documents on which the Wall Street Journal report is based were doctored. The Prime Minister’s Office said on Friday the claims were part of a “political sabotage” campaign by some individuals seeking to remove Najib from office. (Bloomberg)

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Daily Market Update Sunday, July 05, 2015

• Philippines may sell USD750 million global bonds in 2016, Tan Says The Philippines may offer about USD750 million of global bonds in 2016 while seeking to keep domestic funding elevated. The Asian nation plans to borrow 747 billion pesos (USD16.6 billion) next year, and will probably sell 33 billion pesos of global bonds, Treasurer Roberto Tan said in a July 4th interview. About 643 billion pesos, or 86%, will be raised locally as the market remains very liquid, Tan said. The Philippines has increased reliance on the local market to fund its budget as money supply almost doubled in the five years under President Benigno Aquino. A steady flow of remittance by overseas workers and revenue from the outsourcing industry boosted liquidity to 7.6 trillion pesos in May, compared to about 4 trillion pesos at end-2009. “The government has cut foreign debt component to 34%of the total, reducing our vulnerability to fluctuations in the foreign currency,” Tan said in a speech at an event by the National Association of Securities Broker Salesmen Inc. “Ample domestic liquidity has allowed government to source majority of its financing requirement locally.” Of the 104 billion pesos the nation plans to raise internationally in 2016, 71 billion pesos will probably come from official development loans, Tan said, citing preliminary data pending approval from the economic team. (Bloomberg)

Rating Update • Fitch maintains Russia’s investment grade rating Fitch has kept Russia’s credit rating at BBB-, the lowest investment grade, on the back of country’s strong balance sheet. Fitch had last downgraded Russia in January. The outlook on the rating remains negative. Russia’s economy is sinking into its first recession in six years, ravaged last year by a currency crisis, a collapse in oil prices and sanctions over the conflict in Ukraine. A reserves stockpile of about USD360 billion is helping the government contain the fallout, underpinning the investment grade, Fitch said in March. The agency cited “a strong sovereign balance sheet and low sovereign financing needs against structural weaknesses (commodity dependence and governance risks), high growth volatility and geopolitical tensions,” according to the statement. (Bloomberg)

• S&P: National Bank of Abu Dhabi ratings affirmed at 'AA-/A-1+'; outlook stable. Standard & Poor's Ratings Services has affirmed its 'AA-/A-1+' long- and short-term counterparty credit ratings on National Bank of Abu Dhabi (NBAD). The outlook is stable. "The affirmation incorporates our view that NBAD will continue to operate with strong financial and business metrics over the next 24 months. We think NBAD has a high-quality management team with a strong track record. Given NBAD's well-established franchise in the United Arab (UAE) and its strong relationship with the Abu Dhabi government, we expect the bank will protect its leading market position. We also think the bank's earnings generation will remain generally robust despite stiffening competition in the UAE banking sector. "Since the global financial crisis in 2009, NBAD has focused on improving its liquidity and built up a large base of short-term liquid assets. Consequently, the bank's loan leverage as of year-end 2014 was 50% , significantly below the 60 to 65% average we see for its domestic and regional peers. (CPI Financial)

• Fitch Affirms Turk Telekom at 'BBB-'; Outlook Stable Fitch Ratings has affirmed Turk Telekomunikasyon A.S.'s (TT) Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Stable. A full list of rating actions is at the end of this commentary. TT has a leading voice and broadband position in the Turkish telecoms market, with resulting high fixed-line EBITDA margin. The company's mobile operations, the smallest of three networks in Turkey, is growing quickly and is the main driver of TT's group EBITDA growth. Foreign exchange risk is TT's main credit weakness. (Bloomberg)

• Moody's reviews 5 Greek Banks' Caa3 deposit and senior unsecured debt ratings Moody's Investors Service has placed on review for downgrade the Caa3/(P)Caa3 long-term deposit and senior unsecured debt ratings of five Greek banks: National Bank of Greece SA, SA, SA, AE and Attica Bank SA. These banks' respective baseline credit assessments (BCAs) were also downgraded to ca from caa3. The rating actions follow Moody's decision to downgrade Greece's sovereign rating to Caa3 (on review for downgrade) from Caa2 (negative) on 1 July 2015. The downgrade is driven by 1) the significant deterioration in banks' funding and liquidity in recent weeks, and 2) the current bank closures and associated capital controls, which constitute a deposit default in Moody's opinion. (Bloomberg)

Page 4 mashreq Fixed Income Trading

Daily Market Update Sunday, July 05, 2015

CREDIT MARKETS SWAPS

Change Change USD EUR AED bps Spread Day YTD Last 1d Chg Last 1d Chg Last 1d Chg iTraxx Europe 75.110 1.949 12.110 2-Year 0.896 0.003 0.124 0.004 1.352 0.009 iTraxx Europe Crossover 325.144 8.737 -20.441 5-Year 1.782 0.001 0.492 -0.026 2.461 0.000 CDX North America IG 68.205 -0.184 2.084 10-Year 2.495 0.001 1.190 -0.064 3.775 -0.020 CDX North America HY 348.603 0.040 -8.351 30-Year 2.994 0.000 1.763 -0.066 N/A N/A iTraxx SovX Western Europe 26.757 0.602 -1.108 Source: Bloomberg iTraxx SovX CEEMEA 311.915 -0.200 -3.505 iTraxx Europe Senior Financial 91.649 4.164 24.213 iTraxx Europe Sub Financial 180.364 9.171 31.497 Source: Bloomberg

CDS MISCELLANEOUS

Change Change Last Change Change bps Spread Day YTD Day YTD (%) Emirate of Abu Dhabi 5Y 58.260 -1.455 -5.280 S&P 500 2,076.78 -0.64 0.87 Emirate of Dubai 5Y 190.565 9.765 -36.330 Dow Jones Industrial Avg 17,730.11 -27.80 -0.52 Kingdom of Bahrain 5Y 263.020 -8.310 21.280 DFM General Index 4,076.06 -12.76 8.00 State of Qatar CDS 5Y 59.675 -1.475 0.000 ADX General Index 4,740.97 14.25 4.68 Kingdom of Saudi Arabia 5Y 61.710 -1.490 -5.000 Qatar Exchange Index 12,077.41 -43.67 -1.70 Lebanese Republic 5Y 354.930 -1.000 -40.145 TASI 9,136.34 32.07 9.64 Republic of Turkey 5Y 219.801 1.087 35.408 Spot Gold 1,168.70 2.44 -1.32 Arab Republic of Egypt 5Y 326.705 10.975 44.925 Spot Silver 15.70 0.00 -0.09

Source: Bloomberg WTI Crude 55.52 -1.41 4.22

Brent Crude 60.32 -1.75 5.22 Source: Bloomberg MUTUAL FUNDS

Last (NAV) Change Change 1 Month 1 Year Mashreq Al-Islami Income Fund 15.50887 -0.37% 4.23% Mashreq Al-Islami Arab Tigers 19.37230 -3.94% -0.71% Makaseb Income Fund 12.99813 -0.29% 1.65% Source: Bloomberg

Page 5 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Sovereign

Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 USD Fixed 6.750 116.38 118.38 1.68 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 103.38 104.88 4.61 B- /B3 /B

Arab Republic Of Egypt XS1245432742 11-Jun-25 1500 200/1 100 USD Fixed 5.875 96.13 97.63 6.20 B- /- /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 97.00 98.50 7.00 B- /B3 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 110.75 112.25 2.47 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 108.13 110.13 4.32 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 105.63 106.63 1.20 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 118.63 119.63 3.22 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.63 103.63 3.33 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 101.38 101.88 -0.95 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 121.38 123.38 2.91 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 112.25 113.25 3.14 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 102.50 103.50 4.65 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 88.63 90.63 5.95 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 98.50 100.50 6.55 B /B1 /B

Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.094 97.50 98.50 3.27 - /- /A

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 105.75 107.75 4.78 B+ /- /B+

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 96.38 98.38 6.61 B+ /- /B+

Gabonese Republic XS1245960684 16-Jun-25 500 200/1 100 USD Fixed 6.950 98.63 100.63 6.86 B+ /Ba3 /B+

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 105.00 107.00 3.89 A+ /A1 /WD Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.25 103.25 2.58 B- /B3 /- Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 103.00 105.00 4.11 B- /B3 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 104.00 106.00 5.46 B- /B3 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 101.63 103.63 5.80 B- /B3 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 108.25 110.25 6.68 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 96.88 98.88 7.98 B- /B3 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 93.75 95.75 5.99 - /B1 /B

Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.375 97.63 99.63 6.42 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 94.13 96.13 6.28 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.00 109.50 3.31 BBB- /NR /BBB-

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 110.63 112.13 4.11 BBB- /- /BBB-

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 110.75 112.25 4.31 BBB- /- /BBB-

Page 6 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 93.13 94.63 6.41 BBB- /- /BBB-

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.25 101.25 0.27 BB- /B1 /-

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 106.75 108.75 0.88 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 109.13 111.13 2.23 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 101.88 103.88 3.65 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 101.75 103.75 3.02 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 100.38 103.38 5.27 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 103.13 105.13 5.12 B- /NR /B

Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.200 100.25 102.25 5.89 B- /- /B

Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.650 101.38 103.38 6.29 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.13 102.13 0.84 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 109.63 111.13 2.63 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3.043 98.75 100.25 3.01 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.236 94.13 95.63 4.50 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 95.13 97.63 5.15 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 89.38 91.88 6.52 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 676 100/1 100 USD Fixed 11.750 99.75 102.25 2.42 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 102.00 103.00 -0.13 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.50 104.50 1.88 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 99.25 101.25 6.65 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 101.50 103.00 4.33 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 409 1/1 100 USD Step Cpn 4.000 90.88 92.38 6.43 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.88 104.88 6.13 B- /B3 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 91.63 93.63 9.00 B- /B3 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 92.00 94.00 9.02 B- /B3 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.13 105.13 2.41 BB+ /Baa3 /BBB- Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 110.88 112.38 2.58 BB+ /Baa3 /BBB- Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 93.50 95.00 4.09 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 94.00 95.50 4.06 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 110.13 111.63 4.23 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 97.63 99.13 4.47 (P)BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 97.63 99.13 4.24 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4.250 93.13 94.63 4.95 BB+ /Baa3 /BBB-

Page 7 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Republic of Indonesia (S) US71567RAD89 28-May-25 2000 200/1 100 USD Fixed 4.325 97.00 98.50 4.51 - /(P)Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 96.75 98.25 5.37 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 90.13 91.63 5.20 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 116.00 117.50 5.52 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 95.00 96.50 5.36 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.375 87.25 88.75 6.21 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 93.88 95.38 4.49 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 85.75 87.25 5.78 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 102.00 103.50 4.89 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 101.00 102.50 6.50 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 92.50 94.50 7.61 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.25 108.75 3.92 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 99.63 101.63 4.54 B+ /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 102.88 104.88 5.71 B+ /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 99.88 101.88 6.08 B+ /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 100.13 102.13 6.27 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 110.88 112.88 6.10 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 95.75 97.75 6.58 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.38 99.38 7.77 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 103.63 105.13 2.63 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 108.75 110.25 3.84 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 102.13 103.63 -0.35 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 112.38 113.88 1.30 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 113.13 114.63 2.87 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 108.25 109.75 3.23 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 100.88 102.38 3.38 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 110.25 111.75 3.91 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 101.75 103.25 4.21 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 108.88 111.88 4.41 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 100.50 103.50 3.37 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 111.25 114.25 5.23 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 98.13 101.13 5.30 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 101.88 103.38 4.94 B+ /B1 /BB-

Page 8 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 99.00 100.50 4.98 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAC24 03-Jun-25 650 200/1 100 USD Fixed 6.125 98.13 99.63 6.17 - /B1 /BB-e

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 101.75 103.75 5.42 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 99.63 102.63 5.73 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 96.88 99.88 5.90 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.13 105.13 2.89 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 113.38 114.88 3.66 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 110.63 112.13 2.45 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 92.25 93.75 4.21 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 105.63 107.13 3.08 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 107.63 109.13 4.47 - /Baa3 /BBB-

Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.250 94.75 96.25 4.70 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 97.50 99.00 4.62 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 113.13 116.13 5.55 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 88.88 91.88 5.44 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.75 100.25 2.71 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 68.63 74.63 26.00 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 99.38 101.38 4.62 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 84.75 87.25 7.71 B /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 99.13 101.63 8.23 B /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 103.63 105.13 3.12 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.00 104.00 0.51 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 115.88 117.38 1.75 AA /Aa2 /-

State Of Qatar XS0468534580 20-Jan-20 2500 100/1 100 USD Fixed 5.250 111.88 113.38 2.14 AA /Aa2 /-

State Of Qatar XS0615236006 20-Jan-22 2000 200/1 100 USD Fixed 4.500 110.38 111.88 2.52 AA /Aa2 /-

State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 163.00 165.50 3.92 AA /Aa2 /-

State Of Qatar XS0468535637 20-Jan-40 1000 100/1 100 USD Fixed 6.400 127.38 130.38 4.37 AA /Aa2 /-

State Of Qatar XS0615236188 20-Jan-42 1000 200/1 100 USD Fixed 5.750 118.38 121.38 4.38 AA /Aa2 /-

State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.50 102.50 1.09 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 102.50 104.00 2.65 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 98.88 100.88 1.46 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 102.25 104.25 3.55 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 116.38 118.38 6.09 NR /Ba3 /WD

Page 9 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 100.88 103.38 5.63 Not Rated Diversified

Mumtalakat Sukuk Holding (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 99.75 101.25 3.78 BBB- /- /BBB-

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 102.13 103.63 3.57 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 99.75 100.75 -0.14 AA /Aa2 /AA

IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 100.25 101.25 -0.38 AA /Aa2 /AA

IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 103.38 104.38 -0.27 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.38 104.38 1.06 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 104.75 105.75 0.38 AA /Aa2 /AA

IPIC XS0558268891 15-Nov-20 1500 250/1 100 USD Fixed 5.000 111.00 112.00 2.59 AA /Aa2 /AA

IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 123.50 125.00 1.28 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 113.75 114.75 3.03 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 113.63 114.63 1.64 AA /Aa2 /AA

IPIC XS0701227075 01-Nov-41 750 200/1 100 USD Fixed 6.875 135.00 137.00 4.47 AA /Aa2 /AA

Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 107.13 108.63 2.00 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.38 105.88 3.05 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 124.63 127.63 3.35 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 101.63 102.63 0.40 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 119.50 120.50 2.03 AA /Aa2 /AA

Mubadala XS0619200990 20-Apr-21 750 200/1 100 USD Fixed 5.500 114.75 115.75 2.55 AA /Aa2 /AA

Mubadala XS1062852253 28-Apr-22 750 200/1 100 USD Fixed 3.250 101.88 102.88 2.78 AA /Aa2 /AA

Mumtalakat XS0521476118 30-Jun-15 0 100/1 100 USD Fixed 5.000 98.75 100.25 -- NR /- /NR

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 104.13 106.63 7.07 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 94.75 96.25 7.58 B /Ba2 /- Financial Institutions

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 103.25 104.25 0.95 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.13 101.63 1.87 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 100.88 102.38 2.32 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 99.63 101.13 2.46 A /NR /A+

Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.625 98.63 100.13 2.59 A /- /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 101.88 103.38 3.98 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.25 102.75 3.98 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 100.00 101.50 -0.85 - /A2 /A+

Page 10 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 102.25 103.75 1.07 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 97.50 99.50 7.51 B+ /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 94.38 96.38 10.38 B- /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 104.00 105.50 4.55 Not Rated

Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.375 100.38 102.38 3.83 - /A3 /-

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 63.13 83.13 28.12 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 65.25 85.25 21.58 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.13 104.13 1.78 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 98.88 100.88 3.55 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 100.88 102.88 3.97 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.38 100.38 3.98 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 98.63 100.63 -10.75 - /Baa3 /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 100.13 102.13 2.91 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.13 108.13 3.29 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.50 98.50 4.37 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 98.50 100.50 4.92 - /Baa3 /BBB-

Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5.125 95.13 96.63 5.58 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 101.00 103.00 5.40 BB /- /-

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.70 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 101.75 103.75 2.07 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.13 103.13 4.63 Not Rated

Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.875 102.50 104.50 5.79 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 99.25 101.25 2.80 - /- /A+

Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.875 99.13 100.63 2.63 - /Baa3 /BBB-

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 99.13 101.13 0.34 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 100.75 102.75 1.35 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 104.75 106.25 2.14 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 98.38 100.38 3.16 BBB- /Baa3 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.75 105.25 4.32 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 102.63 104.63 4.38 BB+ /Baa3 /BBB-

Bank Dhofar XS1233710380 Perpetual 300 200/1 100 USD Variable 6.850 99.13 101.13 6.57 Not Rated

Banco Do Brasil XS0955552178 25-Jul-18 1000 100/1 100 EUR Fixed 3.750 101.75 103.75 2.46 BBB- /Baa2 /BBB

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.25 101.25 1.06 - /Baa3 /-

Page 11 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 71.13 78.13 17.98 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 96.13 101.13 2.97 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 98.88 100.88 2.16 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 100.13 101.63 -0.77 - /Baa3 /BBB-

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 99.63 101.13 0.22 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 102.38 103.88 1.52 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 105.63 107.13 2.99 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.38 104.88 3.91 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.25 103.75 4.70 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.88 101.38 4.79 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 101.38 102.88 4.62 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.13 107.13 4.86 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 99.50 101.00 0.40 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.00 103.00 2.64 BBB- /Baa3 /-

Bank Of India/Jersey XS1227592703 06-May-20 750 200/1 100 USD Fixed 3.125 97.13 99.13 3.32 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 110.88 112.88 3.69 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 100.88 102.88 5.23 B+ /B3 /-

Bank Of Sharjah XS1117297272 08-Jun-20 500 200/1 100 USD Fixed 3.374 98.00 99.50 3.49 - /- /BBB+

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.25 103.25 1.19 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 122.13 123.13 4.70 - /Ba1 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 104.50 105.50 4.48 - /Ba1 /-

Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3.500 98.13 99.13 3.70 - /Baa3 /BBB-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 113.75 115.75 4.46 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 99.13 101.13 6.93 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 101.13 104.13 1.55 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.75 102.75 2.15 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 99.38 101.38 3.39 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 100.00 102.00 2.74 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.38 100.88 3.28 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.50 103.00 2.29 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.13 104.13 1.00 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.38 120.38 2.54 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 87.50 90.50 12.23 - /NR /BB-

Page 12 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 96.75 99.75 7.81 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 95.38 97.88 9.41 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.25 103.75 1.24 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 103.63 105.63 1.72 - /Baa1 /A

Dib Sukuk Ltd (S) XS1241110300 03-Jun-20 750 200/1 100 USD Fixed 2.921 98.63 100.13 2.89 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 102.13 104.13 5.01 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 103.75 105.75 5.53 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.75 104.75 4.85 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 91.50 93.50 10.74 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.478 93.75 98.75 2.44 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.13 104.63 1.88 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.25 104.75 1.56 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.25 104.75 2.19 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.00 101.50 2.88 - /Baa1 /A+

Emirates Nbd Pjsc XS1227814883 06-May-20 350 200/1 100 USD Fixed 3.000 98.88 100.38 2.91 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.38 104.88 3.00 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 99.63 101.63 5.28 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.50 103.50 5.59 Not Rated

Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1.750 94.13 95.63 2.46 - /Baa1 /A+

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 103.75 105.75 4.11 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 100.00 102.00 4.62 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.38 104.38 1.85 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 102.25 104.25 2.80 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 96.88 98.88 2.99 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 99.13 100.63 3.90 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 93.00 96.00 9.78 B- /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 90.50 93.00 10.15 B- /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 89.88 92.38 10.02 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 98.75 101.75 4.34 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.25 102.25 2.77 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 99.13 102.13 5.62 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.63 102.63 1.67 - /A2 /A+

Page 13 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 101.63 103.13 0.85 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 103.00 104.50 1.07 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 98.63 100.13 2.59 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 101.88 103.38 0.69 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 94.38 98.38 7.74 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 90.75 94.75 6.42 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 82.50 87.50 12.00 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 77.63 80.63 16.81 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.25 102.75 2.07 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 99.88 101.38 -1.07 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 101.13 103.13 3.79 B+ /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 94.88 96.88 7.06 B+ /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.00 101.00 1.95 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.50 101.50 3.60 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 99.63 101.63 3.84 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.00 102.00 2.22 BBB- /Baa3 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 100.13 101.63 2.17 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 101.00 102.50 3.33 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.25 100.25 3.45 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 98.38 100.38 4.57 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 104.38 105.88 2.37 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 105.38 106.88 2.91 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 100.75 102.25 2.98 BBB- /Baa3 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.00 103.50 3.02 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.50 101.00 3.45 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 103.38 104.88 3.74 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.00 101.50 3.78 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 103.00 104.00 1.83 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.75 104.25 2.93 BB+ /Ba1 /-

Ind & Comm Bk Chn/Dubai XS1237348070 26-May-20 500 200/1 100 USD Fixed 2.625 98.00 99.50 2.73 - /A1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 96.13 98.13 6.17 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 106.00 108.50 4.35 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 100.38 102.38 2.67 - /Baa2 /BBB-

Page 14 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 104.38 105.88 4.54 - /Baa3 /BBB-

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 100.38 102.38 3.94 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.50 105.00 2.00 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 103.25 104.75 3.86 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.402 94.25 98.25 2.55 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.25 100.25 2.94 - /Baa2 /A

National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 95.88 100.88 -5.88 - /B3 /B

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 102.63 103.63 1.12 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.25 104.25 3.32 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.13 104.13 3.55 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.25 103.25 2.17 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 98.75 99.75 2.31 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1243334668 Perpetual 750 200/1 100 USD Variable 5.250 101.00 102.50 4.68 BBB- /Baa3 /-

National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5.750 101.25 102.75 5.19 - /Baa3 /-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 107.13 109.13 5.70 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 98.75 100.75 -4.27 - /B3 /B

Noor Sukuk Co Ltd (S) XS1224417847 28-Apr-20 500 200/1 100 USD Fixed 2.788 97.88 99.38 2.93 - /- /A-

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 100.25 101.25 -1.12 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.13 102.63 1.31 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 100.25 101.25 -0.36 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.25 103.75 1.04 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.50 101.00 1.73 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.63 102.63 1.51 - /A2 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 99.75 101.25 2.91 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 97.38 99.38 5.57 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 94.75 97.25 6.10 - /Ba2 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 100.25 101.25 -0.59 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 95.75 97.75 5.82 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 85.63 87.63 13.04 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 85.75 87.75 7.32 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 80.75 82.75 8.27 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 83.50 85.50 10.38 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 102.63 103.63 0.59 BBB+ /- /BBB+

Page 15 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.13 102.13 2.15 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 102.88 104.38 1.95 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.00 102.50 2.31 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 101.50 103.00 2.78 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 104.38 105.88 4.07 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 101.50 104.50 3.90 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 102.25 105.25 4.33 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 100.88 103.88 1.78 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.63 104.13 2.57 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.00 105.00 1.83 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.75 100.75 4.04 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 99.13 101.13 3.52 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.38 104.38 4.12 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.25 102.25 2.93 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 100.38 102.38 4.14 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 100.38 102.38 4.85 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.50 101.50 4.92 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.75 103.75 2.96 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 99.88 101.88 4.22 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 95.38 97.38 4.51 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 97.63 99.63 4.83 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.50 102.00 2.98 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 102.63 105.13 4.02 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 99.00 101.00 4.80 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 98.75 101.25 5.79 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 99.13 100.13 3.71 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 101.00 103.00 4.60 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.125 98.88 100.88 4.91 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 98.25 100.25 3.65 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 101.38 103.38 3.90 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 99.88 101.88 2.99 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 97.25 99.25 6.13 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 97.63 99.63 6.97 - /Ba3 /BB+

Page 16 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.38 104.88 2.26 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.38 102.88 2.71 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.13 105.63 3.09 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 95.88 98.88 7.17 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 98.50 101.50 5.69 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 98.38 101.38 5.17 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 88.75 91.75 8.49 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 102.50 104.00 3.98 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 101.25 102.75 4.41 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 96.63 98.13 4.46 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 96.50 98.00 5.84 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 95.50 97.50 7.01 B+ /- /B+ Real Estate / Tourism

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.50 106.00 2.50 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 102.13 103.63 4.02 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.75 106.25 2.72 - /Baa3 /BBB

Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.875 106.00 108.00 5.37 BB+ /Ba1 /BB+

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 101.00 103.50 6.29 BB+ /Ba1 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 100.50 102.50 6.95 BB+ /Ba1 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 92.88 94.38 6.68 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 100.38 102.38 3.96 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 100.50 102.50 4.81 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 102.13 104.13 5.31 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 100.63 102.63 5.64 BB /Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.00 100.50 4.26 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 101.13 103.13 3.36 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 75.75 78.75 20.23 CCC- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 77.25 80.25 19.35 CCC- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 77.00 80.00 19.50 CCC- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Flat Trading 13.375 32.13 37.13 52.80 C /Ca /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 105.75 107.75 1.20 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 111.50 113.50 2.83 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 102.25 103.75 4.06 BBB- /Baa2 /-

Page 17 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 101.13 102.63 3.13 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 105.13 107.13 3.67 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 99.13 101.13 2.98 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 93.75 96.25 11.36 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 112.50 114.50 3.07 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.75 102.75 3.19 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 103.13 105.13 4.93 BBB /Baa3 /-

Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12.000 100.25 102.25 11.36 - /Ba3 /B+

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 107.00 109.00 2.85 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 104.75 106.75 1.52 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 102.38 103.88 4.22 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.50 109.50 4.03 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 101.75 104.25 9.98 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 105.50 107.50 3.21 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 99.00 100.50 -9.16 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 110.50 112.00 2.45 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 100.13 102.13 5.94 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 104.00 106.00 6.57 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 103.75 105.75 7.11 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 100.63 102.63 3.92 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.13 103.13 5.56 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 101.50 103.00 8.12 B /B2 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 84.50 86.50 13.66 B /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 96.00 99.00 13.33 B- /- /B Telecommunications / IT

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 100.13 101.63 3.87 BB+ /- /BBB-

Bharti Airtel Ltd USY0889VAA80 10-Jun-25 1000 200/1 100 USD Fixed 4.375 98.25 99.75 4.41 BBB- /Baa3 /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 101.25 103.25 7.62 BB- /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 104.50 106.00 2.27 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 104.13 105.63 4.26 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 105.63 107.13 4.37 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 900 200/1 100 USD Fixed 2.375 100.13 101.13 2.08 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 101.63 102.63 3.16 AA- /Aa3 /A+

Page 18 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 101.50 102.50 1.31 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 105.38 106.38 2.09 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 86.88 89.38 11.76 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 99.25 101.25 4.59 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 88.63 91.63 6.36 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.13 103.13 0.89 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 120.25 121.75 2.08 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 107.38 109.38 2.92 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 95.13 97.63 3.61 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 106.25 108.75 3.96 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 94.13 96.63 4.22 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 98.00 100.50 4.47 A- /A2 /A+

Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.000 96.13 98.13 6.26 - /Ba2 /BB+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 105.63 107.63 2.54 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 108.25 110.25 3.74 - /Baa3 /BB+

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 86.88 88.88 7.95 BB+ /Ba2 /BB+

Ottawa Holdings Pte Ltd USY6589AAA44 16-May-18 365 200/1 100 USD Fixed 5.875 79.00 81.00 14.19 BB- /B2 /-

Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6.500 100.88 102.88 5.87 - /Ba3 /BB-

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 91.63 95.13 12.83 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 83.00 86.00 13.47 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 97.13 99.13 5.41 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 108.00 109.50 3.75 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 92.00 94.00 6.87 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.75 100.75 3.54 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 98.63 100.63 4.79 BBB- /- /BBB-

Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.200 94.88 96.88 6.18 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.950 88.25 90.25 7.66 BB /Ba3 /- Industrials / Energy

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 71.25 73.25 12.41 BB- /- /BB

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 43.88 46.38 215.36 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Defaulted 10.250 43.88 46.38 36.42 D /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Defaulted 6.625 43.38 45.88 24.23 D /- /C

Page 19 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 109.38 111.38 3.44 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 100.25 102.25 4.84 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 95.50 97.50 5.56 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 91.63 93.63 7.05 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 101.00 103.00 4.14 - /Baa3 /BBB-

Bharat Petroleum Corp XS1227064430 08-May-25 500 200/1 100 USD Fixed 4.000 94.75 96.75 4.41 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 72 200/1 100 USD Fixed 7.750 99.00 101.00 6.41 B+ /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.38 102.38 3.62 - /Baa2 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 101.13 103.13 5.92 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 99.50 101.50 6.28 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 100.88 102.38 3.05 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 99.88 101.88 4.52 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 97.75 99.75 5.06 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.177 98.50 100.50 0.97 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.38 100.38 1.79 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.38 100.38 2.61 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Defaulted 9.750 42.88 45.88 42.51 D /- /C

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 80.38 82.38 8.60 BB- /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.00 111.00 2.38 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.25 113.25 3.34 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.900 46.00 51.00 23.78 CCC+ /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.175 98.38 100.38 0.98 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.50 100.50 2.61 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 98.88 100.88 4.38 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 76.50 83.50 15.63 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 80.38 84.38 17.33 Not Rated

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 104.75 106.75 1.09 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 119.63 121.63 2.93 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 100.63 102.63 1.98 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 657 100/1 100 USD Fixed 5.888 108.00 109.50 3.29 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 113.13 114.63 2.98 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 365 200/1 100 USD Fixed 5.125 104.50 106.00 4.17 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 108.50 110.00 0.60 - /Baa3 /BBB-

Page 20 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 109.25 110.75 5.97 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 106.88 108.38 1.93 NR /Baa3 /BBB-

Dp World Ltd XS1234270921 18-May-20 500 200/1 100 USD Fixed 3.250 98.75 100.25 3.19 - /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 101.88 103.38 1.41 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3.875 101.25 102.75 3.46 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 100.13 101.63 4.29 Not Rated

Emirates Airlines (S) XS1203164782 31-Mar-25 898 200/1 100 USD Fixed 2.471 99.13 100.63 2.40 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 97.63 99.63 5.83 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 100.50 102.50 6.35 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 100.63 102.63 6.75 BB+ /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.13 101.13 2.54 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 99.63 101.63 5.02 BBB- /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 101.50 103.00 3.29 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 90.88 93.88 6.03 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 90.88 95.88 6.27 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 91.38 94.38 4.76 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 113.63 115.63 6.74 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 98.75 100.75 4.31 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 89.13 91.63 9.93 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 99.00 101.50 6.56 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 90.88 93.38 6.38 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 92.88 95.38 9.39 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 107.50 110.50 3.68 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 107.75 109.75 4.31 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 100.25 102.25 1.30 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.00 103.00 2.05 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 95.25 97.25 5.47 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 96.63 98.63 5.44 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 95.38 97.38 10.30 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 97.88 100.88 7.23 BB- /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 99.13 102.13 8.82 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.17 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 108.88 110.88 4.69 BBB- /Baa3 /BBB-

Page 21 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Nakilat Inc USY62014AB48 31-Dec-33 267 100/1 100 USD Fixed 6.267 114.38 117.38 4.83 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 94.63 96.63 8.73 B+ /- /BB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 99.25 101.25 3.90 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 98.25 100.75 5.38 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 96.25 98.25 5.17 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 94.38 96.88 5.79 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 100.88 102.88 1.42 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 109.00 111.00 3.58 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 102.38 104.38 4.05 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 98.63 100.63 4.29 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 104.38 105.88 4.80 BBB- /- /BBB-

Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.500 95.13 96.63 4.92 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 104.50 106.00 6.41 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 101.25 103.25 2.96 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 105.75 107.75 4.30 - /Baa2 /BBB-

Oman Electricity XS1117297355 07-May-25 1000 200/1 100 USD Fixed 3.958 97.00 98.50 4.14 BBB+ /A3 /-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.88 100.38 2.36 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 99.50 101.00 2.98 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 96.00 97.50 4.13 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 101.13 102.63 4.27 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.643 96.75 98.75 3.40 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.163 93.50 95.50 4.21 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 99.88 103.88 2.92 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 97.38 99.38 3.63 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 91.25 93.25 5.12 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 94.63 96.63 5.70 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 94.50 97.50 5.91 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 86.25 88.25 6.29 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 96.13 98.13 6.53 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 93.00 95.00 7.68 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAN93 5-Jun-2115 2500 2/1 100 USD Fixed 6.850 81.50 83.50 8.20 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 67.25 69.75 26.83 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 104.25 106.75 4.28 BB /Baa3 /BBB-

Page 22 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 96.38 98.88 4.05 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 96.13 98.13 6.72 BB- /- /BB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 101.13 103.13 5.76 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.832 102.25 104.25 2.30 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.298 107.00 109.00 3.40 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.63 106.63 3.13 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 106.50 108.50 3.92 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 97.00 98.50 4.32 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 107.75 109.75 5.53 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 100.13 101.63 1.27 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 99.50 101.00 -0.13 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.50 102.00 1.98 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 106.13 107.63 1.27 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 95.38 96.88 5.82 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 100.75 102.25 4.14 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 101.75 102.75 1.06 AA- /A1 /AA-

Saudi Electricity Co (S) XS0767862914 03-Apr-22 1250 200/1 100 USD Fixed 4.211 106.13 107.13 3.03 AA- /A1 /AA-

Saudi Electricity Co (S) XS0908512410 08-Apr-23 1000 200/1 100 USD Fixed 3.473 101.00 102.00 3.18 AA- /A1 /AA-

Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 104.25 105.25 3.30 AA- /A1 /AA-

Saudi Electricity Co (S) XS0911024635 08-Apr-43 1000 200/1 100 USD Fixed 5.060 99.75 100.75 5.01 AA- /A1 /AA-

Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 104.50 105.50 5.13 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Fixed 5.875 37.00 43.00 21.78 CC /Ca /CC

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.25 101.25 2.68 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 94.25 99.25 5.51 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.88 102.88 3.17 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 105.00 106.50 0.86 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 103.00 104.50 1.41 A- /A3 /-

TAQA XS0328390702 25-Oct-17 500 100/1 100 USD Fixed 6.165 108.25 109.75 1.82 A- /A3 /-

TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.00 101.50 1.89 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 113.75 115.25 2.09 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 113.88 115.38 2.37 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 115.25 116.75 2.99 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 98.75 100.25 3.59 A- /A3 /-

Page 23 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 99.00 100.50 3.81 A- /A3 /-

TAQA XS0272949016 27-Oct-36 912 100/1 100 USD Fixed 6.500 121.25 122.75 4.78 A- /A3 /-

Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 101.25 103.25 3.88 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 101.00 102.50 4.24 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 100.00 101.50 5.73 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 97.25 100.25 8.53 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 100.75 102.25 0.68 BBB- /Baa2 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 95.38 96.88 4.52 BBB- /Baa2 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 89.88 91.88 7.90 B+ /B3 /-

Transocean Inc US893830AK59 15-Apr-18 246 1/1 100 USD Fixed 7.375 104.88 106.88 4.69 BB+ /Ba1 /BBB-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 88.88 90.88 8.02 B+ /B3 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 100.13 101.63 3.51 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 96.63 98.13 4.71 BBB /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 101.38 103.38 2.97 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 96.50 98.50 6.47 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 101.38 103.38 7.53 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 95.25 97.25 7.59 BB- /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 81.25 86.25 43.71 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 103.50 105.00 2.86 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.63 100.13 4.38 BB /Ba2 /BB-

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 88.13 90.63 7.50 BB /Ba2 /BB-

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 94.38 98.38 8.78 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 88.25 93.25 9.06 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 86.38 88.38 8.24 B+ /- /BB- Miscellaneous

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 94.88 96.88 5.50 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 99.25 101.25 3.64 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 101.13 103.13 5.34 BB+ /Ba1 /BB+

Cosco Finance 2011 XS0858461758 03-Dec-22 1000 200/1 100 USD Fixed 4.000 99.50 100.50 3.92 - /A1 /-

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 83.88 85.88 6.99 BB /Baa3 /BB+

Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.250 98.75 100.75 4.07 BB+ /Ba1 /-

Noble Group USG6542TAE13 29-Jan-20 1209 100/1 100 USD Fixed 6.750 102.00 104.00 5.74 BBB- /Baa3 /BBB-

Page 24 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Various Developed Market Issues

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 110.13 112.13 4.18 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 106.25 108.25 2.35 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 128.00 129.00 3.76 BBB /Baa2 /A-

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 108.13 110.63 2.89 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 129.00 132.00 4.87 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 112.88 114.88 5.17 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 107.63 109.63 4.02 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 99.88 101.88 0.36 A- /Baa1 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.00 111.00 3.71 BB+ /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 119.13 121.13 3.58 BB+ /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.50 103.50 -4.74 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 102.38 103.88 7.26 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 6.96 - /B2 /B+

Deutsche Bank Ag US251525AP63 01-Apr-25 1500 200/1 100 USD Fixed 4.500 93.75 96.75 4.92 BBB- /Ba1 /A-

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 101.00 102.00 0.68 A- /A3 /A

Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.500 98.75 100.25 3.44 BB /Ba2 /-

Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.125 109.38 110.88 0.12 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 108.63 110.13 3.79 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 99.00 101.00 -0.55 A /A1 /A+

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 114.25 116.25 3.08 BBB /Baa2 /A-

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 112.50 113.50 1.25 BBB /Baa2 /A-

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 112.88 115.88 3.55 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 116.88 119.88 1.95 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 100.25 103.25 3.67 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 99.75 101.75 0.72 A- /A3 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 120.38 121.38 1.04 A- /A3 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 112.63 114.63 2.88 A- /A3 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 115.63 118.63 3.03 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 111.38 113.38 4.01 BB+ /Ba2 /BBB

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 98.88 100.88 4.90 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 110.25 112.25 2.26 BBB+ /A3 /A

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 103.63 105.63 2.90 - /- /BBB-

Page 25 Fixed Income Trading July 5, 2015

Outst. Amnt Min Piece/ Value at Offer Yield Credit Rating Security Name ISIN Code Maturity Currency Coupon Type Coupon % Indic. Bid Indic. Offer (Mn) Incr. (000) Maturity % S&P /Moody /Fitch

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 107.00 109.00 3.64 - /- /BBB-

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 110.75 112.75 2.12 BB+ /Ba2 /BBB

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 109.25 111.25 2.65 BB+ /NR /BBB

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 105.50 107.50 4.91 BB /Ba2 /BBB

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 99.50 101.50 0.50 A /A2 /A

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 96.50 98.50 4.18 BBB /A2 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 100.38 102.38 3.86 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 115.25 117.25 4.16 BB /Ba1 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 104.38 106.38 3.96 BB /Ba1 /BBB Egypt T Bills

Egypt 3M T Bills N/A 15-Sep-15 2500 500/25 100 EGP Zero Cpn N/A 96.87 97.34 8.76 B/B2/B+

Egypt 6M T Bills N/A 15-Dec-15 3000 500/25 100 EGP Zero Cpn N/A 93.68 94.57 9.22 B/B2/B+

Egypt 9M T Bills N/A 08-Mar-16 4000 500/25 100 EGP Zero Cpn N/A 91.15 92.38 9.06 B/B2/B+

Egypt 1Y T Bills N/A 07-Jun-16 4000 500/25 100 EGP Zero Cpn N/A 88.17 89.71 9.38 B/B2/B+ (C) Denotes a Convertible bond (S) Denotes a Sukuk * Offer Yield adjusted for tax

Page 26 Fixed Income Trading July 5, 2015

Contact: Mashreq Fixed Income Trading Mohammad Ahsan / Khizer Usmani / Zeeshan Ali / Usman Khan / Khurram Hussain / Yasmeen Rabbani / Shakoor Ahmed / Jean-Francois Bargiarelli Sali Al Khatib Telephone: +9714-2128822 For live prices, please visit our Bloomberg page MASH

General Disclaimer: This note has been prepared solely for information purposes. It does not constitute an investment advice, solicitation, offer or personal recommendation by Mashreq Bank or its affiliates to buy or sell any securities, product, service or investment or to engage in or refrain from engaging in any transaction, particularly, in any jurisdiction where such an offer or solicitation would be illegal. Certain assumptions may have been made in the analysis that resulted in any information and results/returns detailed therein. No representation is made that any returns/results indicated would be achieved or that all assumptions in achieving these returns/results have been considered. Past performance is not necessarily indicative of future results. Mashreq Bank does not warrant accuracy of the information provided herein and views expressed in this research reflect personal views of the analyst(s) which does not take account of individual clients’ objectives, financial situations or needs. Investors are required to undertake their own assessment and seek appropriate financial, legal, tax and regulatory advice to determine whether this investment is appropriate for them in light of their experience, objectives, financial resources and other relevant circumstances. Mashreq Bank nor any of its related parties accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this memorandum and/or further communication in relation thereto. Mashreq Bank does not accept any obligation to correct or update the information or opinions in it; however, opinions expressed are subject to change without notice. This note is disseminated primarily electronically, and, in some cases, in printed form. The above terms are indicative and do not constitute solicitation or an offer to sell to the public. This document is not intended to identify, represent or notify the conclusive terms and conditions of any transaction, other material considerations and any possible risks, direct or indirect, would be involved in undertaking such a transaction. The interest of Mashreq Bank may conflict with the interests of the investors in respect of any matter requiring its consent and Mashreq Bank will not be required to consider the interests of the investors in exercising such rights.

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