mashreq Fixed Income Trading

Daily Market Update Sunday, December 06, 2015

Quote of the Day

"In order to succeed, we must first believe that we can." (Nikos Kazantzakis)

Market Update  OPEC decides to follow a higher (not lower) production policy OPEC set a record oil-output ceiling of 31.5 million barrels a day, a level that’s in line with the group’s most recent production estimate. The increase from a previous target of 30 million barrels doesn’t include production from Indonesia, which joined the group after a break of almost seven years. At a meeting Friday in Vienna that was expected to last four hours but expanded to nearly seven, the Organization of Petroleum Exporting Countries tossed aside the idea of limiting production to control prices. Instead, it went all in for the one-year-old Saudi Arabia-led policy of pumping more until rivals, both external as well as internal, are squeezed out of market share. OPEC has set a production target almost without interruption since 1982, though member countries often ignored it and pumped well above it. OPEC output has outstripped it for 18 consecutive months, according to data compiled by Bloomberg. Now the organization says it will keep pumping as much as it does now - about 31.5 million barrels a day - effectively endorsing limitless output. OPEC’s policy is squeezing incomes for its members, whose combined annual revenue could fall to USD550 billion from an average of more than USD1 trillion in the past five years, the International Energy Agency said on November 10. Venezuela, whose foreign currency reserves are at the lowest level in 12 years, led calls for a reduction in output, supported by Ecuador. Saudi Arabian Oil Minister Ali Al Naimi said that the growing global demand could absorb an expected jump in Iranian production in 2016. Meanwhile, Iraqi Oil Minister Adel Abdel Mahdi stated that Iraq would further raise output in 2016 after having steeply increased production in 2015. He added that Iran also had the right to increase output after Western sanctions are lifted. Iranian Oil Minister Bijan Zangeneh said Tehran would be prepared to discuss OPEC quotas or other action only when his country reaches pre-sanction oil output levels. UAE Oil Minister Suhail bin Mohamed Al Mazroui stated that OPEC should cooperate with non-OPEC countries and that the group was open to such discussions. However, the minister said that the oil market would decide when to balance itself. He added that the sustainability of crude supply was more of a concern than worry about prices. (Bloomberg)  US Non-Farm payrolls for November beat estimates, further strengthen the case for rate hike this month US non-farm payrolls for November rose by 211,000, beating median estimates of 200,000. The figure for October was revised upward from 271,000 to 298,000. September job gains were also increased by 8,000. The jobless rate held at a more than seven- year low of 5%. A healthy rate of hiring has raised the odds that Fed officials will raise interest rates this month for the first time since 2006. The pace of future increases is contingent on progress toward the central bank’s inflation goal and probably depends on how quickly wage pressures mount as the job market tightens. There is now a 74% probability that the Fed will hike rates in its next meeting scheduled for 15-16 December. Employee pay increased at a slower pace last month. Average hourly earnings at private employers rose 0.2% in November after a 0.4% gain. Hourly pay climbed 2.3% in November from the same month last year after a 2.5% increase in October. Employment in November was spurred by the biggest increase in construction hiring since January 2014. Retailers, health- care providers and leisure and hospitality companies added jobs at a healthy, but slower pace than in October. Construction companies took on 46,000 workers, led by residential specialty contractors, while payrolls at retailers rose by almost 31,000 in November, a step down from the month before. Payroll estimates of 91 economists ranged from gains of 130,000 to 275,000. Derived from a separate Labor Department survey of households, the underemployment rate, which adds in part-time workers who’d prefer full-time positions and people who want to work but have given up looking, crept up to 9.9% from 9.8% in October. The labor force participation rate rose to 62.5% from 62.4%. Participation has declined this year as part of a broader trend that Janet Yellen has said is related to the aging of the US population. “I don’t think we should expect to see labor force participation move up a great deal over time,” she told the Joint Economic Committee of Congress on Thursday. “If it were simply stable over time rather than on that declining trend, I think we would be absorbing people who were perhaps discouraged,” Yellen also said. (Bloomberg)  US trade deficit widens as exports hit three-year low According to the Commerce Department, US trade deficit widened unexpectedly in October 2015 as exports fell to a three-year low, suggesting that trade could again weigh on economic growth in the 4Q2015. The trade gap rose 3.4% to USD43.9 billion, a sign that the worst of the drag from a stronger dollar was far from over. September's trade deficit was revised up to USD42.5 billion from the previously reported USD40.8 billion. The government revised trade figures going back to April to incorporate more comprehensive and updated quarterly and monthly data. Trade subtracted 0.22% from GDP in 3Q2015, which expanded at a 2.1% annual rate. The dollar's 18.6% appreciation against the currencies of the US’ main trading partners since June 2014 has eroded export growth. Exports fell 1.4% to USD184.1 billion, the lowest level since October 2012. Imports dipped 0.6% to USD228.0 billion in October 2015. (Reuters)  Janet Yellen and other FOMC members signal a rate hike this month US Federal Reserve chairwoman Janet Yellen told US Congress on Thursday that the economy is reaching a point where it can handle an interest rate rise. She said that raising interest rates would show "how far our economy has come in recovering from the effects of the financial crisis". Yellen told the congressional Joint Economic Committee that household spending appeared “solid” and a rate hike this month was a “live option.” Her remarks come after a string of data indicated a strengthening US economy, although the testimony took placed before the release of November’s NFP figures on Friday. Manufacturing data released on Thursday showed factory orders in October rose after two months of decline. New orders were up 1.5%. Ms Yellen recognised that the slowing global economy and a stronger dollar had had an impact on the US, but said consumer and business spending along with housing investment was still strong. “Ongoing gains in the labour market, coupled with my judgement that longer-term inflation expectations remain reasonably well anchored, serve to bolster my confidence in a return of inflation to 2%," Ms Yellen said. Chair Yellen said a rate of 100,000 new jobs per month would be enough to sustain the labour market. She also indicated that she expected this growth to help raise wages which have been mostly stagnant since the financial crisis. "I would expect to see some upward pressure on wages - I think we've seen some welcome hints," she said. (BBC)

Federal Reserve Bank of Atlanta President Dennis Lockhart said he favors raising interest rates this month, adding to signs that the central bank will proceed with its first increase since 2006. “Absent information that drastically changes the economic picture and outlook, I feel the case for liftoff is compelling,” Lockhart said in the text of remarks Wednesday in Florida. The Atlanta Fed official said employment gains have clearly met the FOMC’s desire for further improvement as a criterion for liftoff. “I think the economy is closing in on full employment,” which would suggest stronger wage gains, Lockhart said. “The trend in wage growth has been weak for some time, but it may be picking up.” Inflation hasn’t met the Fed’s target of 2%, but that’s because of transitory factors including falling energy prices and a stronger US dollar, Lockhart said. The Dallas Fed’s trimmed-mean measure of prices, which excludes outlying price changes, has gained 1.7% over the past year, Lockhart said. (Bloomberg)

Federal Reserve Bank of St. Louis President James Bullard said the US central bank’s policy setting is “extreme” and it’s time to start moving the benchmark lending rate and balance sheet “toward more normal levels.” “I continue to be an advocate for beginning policy normalization,” Bullard told a Philadelphia Fed conference on Friday, according to his prepared remarks. Bullard is a voting member of the policy-setting Federal Open Market Committee in 2016. “My argument has been that the FOMC’s goals have been met, while the FOMC’s policy settings remain extreme,” he said. “Prudent policy suggests edging the policy rate and the balance sheet toward more normal levels.” (Bloomberg) Page 1 mashreq Fixed Income Trading

Daily Market Update Sunday, December 06, 2015

 ECB announces expansion in monetary stimulus with cut in deposit rate and extension of asset purchase program The European Central Bank (ECB) moved to bolster the eurozone economic recovery by cutting a key interest rate and extending its stimulus programme. The overnight deposit rate was cut from -0.2% to -0.3%, to push banks to lend instead of parking money at the ECB. The ECB also extended its monthly EUR60 billion stimulus programme by six months to March 2017, but left its main interest rate on hold at a record low of 0.05%. Many analysts were underwhelmed by the news and had forecast tougher measures. ECB president Mario Draghi told a news conference that its bond-buying stimulus programme, or quantitative easing (QE), was working. But an extension of QE was needed to tackle prolonged low inflation and get it back towards the ECB's 2% target, he said. Bond yields jumped and the euro surged on Thursday after Draghi announced an interest-rate cut and a six-month extension to quantitative easing. Mario Draghi defended the European Central Bank’s expansion of its stimulus program a day after investors panned it, while saying further action can be taken if needed. The combination of measures “was not a package meant to address market expectations,” the ECB president said at an event in New York on Friday. “It was meant to address the reaching of our objectives.” Draghi argued that the newest measures announced, including the reinvestment of principal payments on the debt held, will add some EUR 680 billion (USD740 billion) in liquidity to the system by 2019. The package was precisely designed to react to a situation where the euro-area recovery is continuing steadily while prices remain too susceptible to slipping into deflation, he argued, and added that there had a been very broad support on the Governing Council to the proposal. (Bloomberg/BBC)  Bond markets lost USD270 billion on comments from Draghi and Yellen The value of the US fixed-income market slid by USD162.5 billion on Thursday while the euro area’s shrank by the equivalent of USD107.5 billion as a smaller-than-expected stimulus boost by the European Central Bank and hawkish comments from Janet Yellen pushed up yields around the world. A global index of bonds compiled Bank of America Merrill Lynch slumped the most since June 2013. The benchmark US 10-year note yield jumped 13 basis points on Thursday, the most since February 6 and closed the week on Friday at 2.27%. Germany’s 10-year bund yield surged 20 basis points on Thursday to 0.67% and closed the week at the same level. German two-year yield climbed 13 basis points to -0.31% after dropping to -0.454% before the ECB decision. The bond rout on Thursday added weight to warnings from Franklin Templeton’s Michael Hasenstab that there is “a lot of pain” to come as rising US interest rates disrupts complacency in the debt market. “A lot of investors have gotten very complacent and comfortable with the idea that there’s global deflation and you can go long rates forever,” Hasenstab, whose Templeton Global Bond Fund sits atop Morningstar Inc.’s 10-year performance ranking, said last week. “When that reverses, there will be a lot of pain in many of the bond markets.” (Bloomberg)

 Euro area inflation stays at 0.1% in November Euro-area inflation was unexpectedly unchanged at 0.1% in November, the European Union’s statistics office in Luxembourg said on 2nd December. Economists surveyed by Bloomberg had predicted the rate would rise to 0.2%. Core inflation, which strips out volatile elements such as food and energy prices, unexpectedly slipped to 0.9% last month, according to Eurostat’s report. Economists predicted the rate would remain unchanged at 1.1%. While policy makers have stressed repeatedly that inflation is being damped by a drop in costs for energy and other commodities that will fall out of the equation at the end of the year, they now seem to be concerned that low price growth will become entrenched. Inflation hasn’t been in line with the ECB’s goal of just under 2% since early 2013, and forecasts in September signaled it wouldn’t return there until late 2017. (Bloomberg)  Egypt’s GDP growth accelerates to 4.5% in 2nd quarter of 2015 Egypt’s GDP growth rate accelerated to 4.5% in April-June 2015, versus a growth rate of 3.8% in the same period last year, according to Planning Minister Ashraf Alsayed El-Arabi. State revenues rose to EGP465 billion in the fiscal year through June, compared with EGP457 billion a year earlier whereas spending increased to EGP733 billion from EGP702 billion. Egypt’s trade deficit widened to USD38.8 billion in the 12 months through June from USD34.1 billion in the same period a year earlier. (Bloomberg)  Qatar reportedly launches a USD5.5 billion syndicated loan facility Qatar has reportedly launched a loan syndication for total size of USD5.5 billion. According to unspecified sources, interest rate on the loan will be 85-95 bps over Libor. The facility is being arranged by Bank of Tokyo-Mitsubishi UFJ, Mizuho, Sumitomo Mitsui Banking, Deutsche Bank, Barclays and Qatar National Bank. (Reuters)  CBB urges Bahraini Islamic banks to seek mergers Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj has made a renewed call to Bahraini Islamic banks to merge or acquire other institutions. He said given a tougher regulatory environment, challenges to their business model and increased competition from Islamic as well as conventional competitors, the preferred path, particularly for Islamic investment banks, was to merge in order to create institutions of size. Al Maraj said CBB is introducing a centralized Shari’ah board with a broad mandate. The board’s scope of work will include overseeing product development by Islamic financial institutions and Islamic windows, strengthening Shari’ah compliance, providing guidance to the CBB in issuing rules and regulations for the sector, providing guidance to the courts in legal cases involving Islamic financial institutions and acting as the Shari’ah board for the CBB. (Gulfbase.com)  Emirates REIT obtains AED 400 million facility from ADCB Emirates REIT has drawn down AED 200 million with remaining AED 200 million available over 15 months, the co. says in statement posted on Nasdaq Dubai. Profit rate set at 3-month EIBOR + 2.5% without requirement to repay loan principal for first 4 years. Says pro forma impact of borrowing of first 200m on loan to gross asset value would be an increase from 30.56% to 35.75% as of Oct. 31. After AED 200 million draw-down and including fees, average blended funding rate of Emirates REIT will be 3-month EIBOR + 2.69%. Executive Deputy Chairman Sylvain Vieujot: “The facility will enable us to pursue our strategy of investing in cash-generating assets, and acquiring new assets while continuing to provide consistent returns to our shareholders”. (Bloomberg)  ADNOC plans to cut costs sharply amid low oil prices Abu Dhabi National Oil Company (ADNOC) Head of Strategy & Coordination Ali Khalifa al-Shamsi has said that the company is planning to bring down capital and operating expenditure by 25%. This underlines the extent of the pain induced by continued low oil prices, with the newly announced cuts going beyond the 10-15% that ADNOC had targeted back in May 2015. He said ADNOC would continue with all its projects, even though the 60% drop in the oil price since summer 2014 had led to sharp cuts in capital investment. The 25% cuts would put ADNOC in line with recent spending curbs by international oil companies. It also fits with a shift towards greater fiscal conservatism in the GCC region. (Bloomberg)  Greek parliament approves austere budget for 2016 The Greek parliament approved a 2016 budget featuring sharp cuts in spending and some tax increases to satisfy the country's international lenders at a time of growing austerity fatigue. The leftist-led government of Prime Minister Alexis Tsipras is under pressure to deliver tangible benefits to its poorest citizens after having signed to a third rescue package from Eurozone governments in August 2015 worth up to EUR86 billion. The budget makes EUR5.7 billion in public spending cuts including EUR1.8 billion from pensions and EUR500 million from defense. The savings are greater than EUR1.5 billion in 2015. It also included tax increases of just over EUR2 billion. He stressed that for the first time in five years, spending on hospitals, social welfare and job creation was being increased modestly within the bailout's constraints. Tsipras said that was possible because his government had secured greater fiscal space by reducing its primary budget surplus target before debt service to 0.5% of GDP in tough negotiations with the creditors. The budget will have a Page 2 mashreq Fixed Income Trading

Daily Market Update Sunday, December 06, 2015

deficit of 2.1% of GDP in 2016 compared with 0.2% in 2015. Meanwhile the European Commission has approved state aid of EUR2.71 billion for National Bank of Greece, based on a modified restructuring plan. According to the European Union's rules on state aid, the commission concluded that measures the National Bank of Greece has already implemented will allow it to secure a grant of credit to the Greek economy. (Reuters)  Brazil GDP contracts at a faster pace than expected Latin America’s largest economy shrank more than analysts forecast, as rising unemployment and higher inflation sapped domestic demand, pulling the nation deeper into recession. GDP in Brazil contracted 1.7% in the three months ended in September, after a revised 2.1% drop during the previous quarter, the national statistics institute said in Rio de Janeiro on 1st December. The fall is more than the 1.2% estimate from 44 economists surveyed by Bloomberg, and marks the first three-quarter contraction since the institute’s series began in 1996. A sprawling corruption investigation has caused political gridlock in Brasilia, delaying President Dilma Rousseff’s efforts to pass measures to fortify fiscal accounts and revive confidence. As the budget deficit has swelled, boosting threats of further sovereign downgrades to junk, the government on Monday was forced to impose a partial shutdown, freezing discretionary spending. Meanwhile, the central bank has boosted borrowing costs to the highest since 2006, depressing demand and boosting unemployment, while failing to tame double-digit inflation. To slow consumer price increases, the central bank has nearly doubled the benchmark since 2013, to 14.25%. That’s prompting companies to hold off on taking new loans as the state development bank also reduces subsidized credit. Investment fell 4% in the third quarter -- its ninth straight decline, according to the GDP report. (Bloomberg)  Rousseff counts on VP Temer’s support as impeachment starts Brazil President Dilma Rousseff said the impeachment request filed against her this week has no valid basis to move forward and she expects full support from Vice President Michel Temer. During a visit to the northeastern city of Recife, Rousseff said she trusts Temer to fulfill his constitutional role, even after one of his closest allies, Aviation Minister Eliseu Padilha, submitted a letter of resignation on Thursday. “I expect Michel Temer’s full confidence, and I’m sure that he’ll comply,” Rousseff said Saturday. “I’ve developed my relationship with Temer for a long time, and I know him as a person, as a politician, and as someone loyal to the constitution.” Temer, who is also the president of the PMDB, the largest party in Congress, will be a deciding factor in the outcome of impeachment proceedings that were opened on 2nd December by Eduardo Cunha, the speaker of the lower house of Congress. Cunha, who is also a member of the PMDB, has lashed out at the government since he came under investigation for allegedly hiding money from kickbacks in Swiss bank accounts. Cunha says the bank accounts aren’t his, because they’re managed by a trust, and the money was earned legally. The impeachment request that Cunha accepted says Rousseff illegally financed her re-election campaign and broke the country’s fiscal responsibility law by using questionable accounting practices to hide a budget deficit this year and last. Rousseff said Saturday that she didn’t commit any illicit acts and that the audit court report calling such practices illegal is just a recommendation, while Congress has the final say. (Bloomberg)  China announces USD60 billion of funding for joint projects with African countries Chinese President Xi Jinping announced USD60 billion in funding to promote cooperation and support development efforts in Africa, at a summit in Johannesburg with dozens of African heads of state. This was his second visit to the continent since becoming the leader of the world’s second-largest economy in 2013. This funding includes USD5 billion of interest-free loans and USD35 billion in preferential financing, export credit lines and concessional loans. Xi also committed USD1.2 billion for work on power plants in Zimbabwe and pledged to invest 94 billion rand (USD6.5 billion) in infrastructure and other projects in South Africa. While China is Africa’s largest trading partner, with two- way flows exceeding USD220 billion last year, the continent primarily exports commodities, while purchasing manufactured goods. Chinese investment in Africa fell by more than 40% in the first half of 2015 as economic growth in the world’s largest buyer of raw materials slowed, according to the Chinese Ministry of Commerce. The International Monetary Fund is forecasting an economic expansion of 3.8% this year for sub-Saharan Africa and 4.3% in 2016, down from 5% last year. (Bloomberg)  BBVA, ING and Qatar Fund are in the running to buy Finansbank Banco Bilbao Vizcaya Argentaria SA has reached the final stage in bidding for Turkey’s Finansbank AS in competition with ING Groep NV and a fund from Qatar, which are also bidding separately, according to Spanish news website El Confidencial. National Bank of Greece SA put Finansbank on sale in November and plans on using the sale proceeds for state aid repayment. The Turkish lender has a book value of EUR3.4 billion (USD3.7 billion), El Confidencial said, citing people familiar with the situation that it doesn’t identify. BBVA owns about 40% of Turkiye Garanti Bankasi AS, making it the biggest shareholder. Any BBVA offer would be through Garanti, El Confidencial said. (Bloomberg)  Government Development Bank of Puerto Rico repays the maturing bonds Puerto Rico made a crucial round of bond payments on 1st December, buying precious weeks to negotiate with its creditors over ways to reduce the island’s crippling debt. Underscoring the depths of the island’s financial troubles, Governor Alejandro Garcia Padilla signed an executive order to use money earmarked for servicing the debts of several public corporations to pay interest and principal on USD354 million in Government Development Bank bonds partially guaranteed by the commonwealth. Puerto Rico now faces a January 1 deadline to pay an additional USD357 million of general-obligation interest as talks between the island and creditors drag on. (Bloomberg)  India planning to step up import curbs on steel India will step up curbs on steel imports before the end of the year to combat a rising tide of cheap shipments and aid local producers, according to Steel Secretary Aruna Sundarajan. The basket of products that face a 20% safeguard tax may be widened beyond hot-rolled coil, Sundarajan said in an interview. The curbs, which could include additional measures, may be announced in about two weeks, Sundarajan said on 2nd December. India is among countries facing a surge in steel shipments from China, the world’s top producer, where slowing local consumption has spurred mills to ship unprecedented volumes. India’s plan for additional barriers adds to signs that importers are pushing back with greater vigor against the tide, potentially capping China’s exports into 2016. (Bloomberg)  MTN Nigeria fine increased to USD3.9 billion after regulator error MTN Group Ltd. had its record fine in Nigeria increased USD500 million to USD3.9 billion after the country’s telecommunications regulator said it wrote the incorrect penalty in an earlier letter to Africa’s largest phone company. “There a typo,” Nigerian Communication Commission spokesman Tony Ojobo said by phone on Friday, referring to a letter dated Dec. 2 that reduced the original USD5.2 billion penalty to USD3.4 billion. “The reduction should have been 25%. We saw the mistake and had to fix it.” MTN spokesman Chris Maroleng declined to comment. The shares traded 4.7% lower at 133.40 rand as of 10:39 a.m. in Johannesburg, the lowest since Nov. 17. MTN received a second letter on Thursday which superseded the first letter and increased the fine to USD3.9 billion, the Johannesburg-based company said in a statement on Friday. The payment date is Dec. 31. (Bloomberg)

Page 3 mashreq Fixed Income Trading

Daily Market Update Sunday, December 06, 2015

Rating Update  Moody's affirms Azerbaijan's Baa3 government bond rating; outlook stable Moody's Investors Service affirmed Azerbaijan's Baa3 government bond and issuer ratings. The outlook remains stable. The key factors for affirming the Baa3 rating and maintaining the stable outlook include Azerbaijan's fiscal resilience, supported by the State Oil Fund of the Republic of Azerbaijan's (SOFAZ) large assets, at more than 60% of GDP, and Moody's expectation that the country's government debt-to-GDP ratio will stabilize in 2016 at below 25%. The country's sizeable fiscal buffers and the employment of a more flexible exchange rate will allow it to mitigate the impact of lower oil prices on the economy. Azerbaijan's rating remains constrained by its low institutional capacity, low credibility and effectiveness of government policies as well as the weak banking sector and geopolitical tensions with neighbouring Armenia (Ba3 negative). Azerbaijan's local and foreign currency deposit ceilings and local- currency and foreign-currency bond ceilings remain at Baa3/P-3. (Bloomberg)  Fitch affirms Kuwait at 'AA'; Outlook Stable Fitch Ratings has affirmed Kuwait's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AA'. The outlook remains stable. The Country Ceiling has been affirmed at 'AA+' and the Short-Term foreign currency IDR at 'F1+'. The key rating drivers include the exceptionally strong fiscal and external metrics and, at around USD 48/barrel, one of the lowest fiscal break-even Brent oil prices among Fitch-rated oil exporters. Forecast fiscal and external surpluses will continue to add to the country's existing buffers, if at a lower rate than historically. These strengths are tempered by Kuwait's heavily oil-dependent economy, a degree of geopolitical risk, and weak scores on measures of governance and ease of doing business. The rating agency believes that Kuwait has ample assets to cover medium-term spending needs. We expect total assets managed by the Kuwait Investment Authority (KIA) to reach USD472billion (377% of GDP) in FY2015/16 (FY15) and continue to rise beyond that due to investment returns and on-going transfers of revenue. Based on unofficial, publicly available sources, Fitch estimated KIA assets were USD456 billion (298% of GDP) at the end of FY14, up from USD424 billion at the end of FY13. KIA assets could be used to cover more than six years' worth of government spending. At an expected 8.3% of GDP in 2015, debt will be one of the lowest for Fitch-rated sovereigns. (Bloomberg)  Fitch revises Bahrain's outlook to negative; affirms at 'BBB-' Fitch Ratings has revised Bahrain's Outlook to Negative from Stable and affirmed its Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-'and 'BBB', respectively. The issue ratings on Bahrain's senior unsecured foreign and local currency bonds have also been affirmed at 'BBB-' and 'BBB', respectively. The agency has simultaneously affirmed Bahrain's Country Ceiling at 'BBB+' and Short-term foreign currency IDR at 'F3'. Fitch's lower oil price forecasts are outweighing the effects of a greater policy response than previously anticipated on Bahrain's fiscal position. Fitch forecasts a wider double-digit deficit of 12.5% of GDP in 2015 and 10.7% of GDP in 2016, remaining in high single digits by 2017, up from 5.5% of GDP in 2014. This adds to recorded fiscal deficits every year since 2008. Fitch estimates a break-even oil price of USD122/barrel in 2015 and USD118/barrel in 2016 versus average oil price assumptions of USD55/barrel in both 2015 and 2016 and USD65/barrel in 2017. Fiscal adjustment measures introduced so far have proven insufficient to offset lower oil prices, as social and competitiveness constraints hinder the pace of policy response. As a result, total revenues will fall to 17% of GDP in 2015 and 2016, from 24% of GDP in 2014. Fitch expects double-digit fiscal deficits to lift general government debt substantially to 58.6% of GDP in 2015 and 65.2% of GDP in 2016, from 46.1% of GDP in 2014. This is well in excess of the 'BBB' median of 42.8% of GDP in 2015. (Bloomberg)  Moody's: stable outlook for Sri Lanka's banking system driven by continued GDP growth Moody's Investors Service says that continued GDP growth is driving the stable outlook for Sri Lanka's banking system. "While seeing some slowdown compared to the growth rates seen in 2013-14, GDP growth in Sri Lanka should remain healthy at 6.7% over 2015-16. And an accommodative monetary policy should support this growth outlook," says Srikanth Vadlamani, a Moody's Vice President and Senior Credit Officer. "In addition, greater participation from private sector in investments, compared to what was seen over the past few years, should provide an impetus to loan growth," adds Vadlamani. Vadlamani was speaking on Moody's annual outlook update for Sri Lanka's banking system, titled "Banking System Outlook -- Sri Lanka: Continued Growth Drives Stable Outlook". Asset quality has improved over the past 18 months, with the gross nonperforming loan ratio coming down to 4.3% in June 2015 from 5.6% in December 2013. (Bloomberg)  Moody’s keeps Turkey’s credit rating unchanged Moody’s Investors Service kept Turkey at its lowest investment grade while maintaining the outlook at negative as the economy remains resilient despite heightened uncertainty in the region and a lack of visibility on political reforms. The nation’s government bond rating was left unchanged at Baa3, which Turkey obtained in May 2013 and the same as countries such as Brazil and India. The rating “reflects the country’s economic resilience and strong fiscal metrics, which have been maintained through the long electoral cycle,” Moody’s said in a statement on Friday. The drivers for the negative outlook include the “ongoing risks to the country’s external financing capacity as a result of its large external funding needs, exacerbated by the fragility of global capital markets and the elevated geopolitical risks that Turkey is facing,” according to the statement. The lack of visibility on whether the governing AK Party will embark on reforms after regaining its parliamentary majority in November elections also contributed to the negative outlook, Moody’s said. Growth will slow to around 2.9% this year and remain modest next year, according to the ratings agency. (Bloomberg)  Moody’s cuts BTG Pactual’s rating to junk Moody’s Investors Service cut Banco BTG Pactual SA credit rating to junk on concern that the investment bank will struggle to keep enough cash on hand and maintain its franchise following last week’s arrest of its then- leader, Andre Esteves. The ratings firm lowered its baseline credit assessment for the business, Grupo BTG Pactual SA’s main operating subsidiary, two levels to Ba2 from Baa3, according to a statement on 2nd December. It made the same change for the firm’s long-term global local- and foreign-currency deposit ratings, placing the bank two levels below investment grade. The ratings remain on review for further downgrades. Moody’s had placed BTG on review on November 25, the day Esteves was jailed for allegedly trying to interfere with the testimony of a former Petroleo Brasileiro SA executive amid Brazil’s largest corruption probe. Esteves resigned his posts on Sunday as his arrest was extended indefinitely, and has denied wrongdoing through attorneys. “The downgrade of BTG Pactual’s ratings incorporates the challenges the bank faces to conserve liquidity and preserve its franchise in light of the recent developments involving its former chairman and CEO,” Moody’s said in the statement. While the bank has taken steps to bolster confidence, including asset sales and a halt in origination of new loans, it "remains exposed to liquidity pressures if these efforts are not effective,” according to the ratings company. (Bloomberg)

New Issue Update  Indonesia raises USD3.5 billion thorough a dual tenor bond issue Indonesia raised USD3.5 billion in its second sovereign dollar bond sale of 2015. The government sold USD2.25 billion of 10-year notes at 4.8% and USD1.25 billion of 30-year securities at 6%, according to a message from Scenaider Siahaan, a director at the Finance Ministry’s budget financing and risk management office. Bids totaled USD8.1 billion, he said. The yields were higher than in the secondary market where dollar bonds due January 2025 yielded 4.56% and those due January 2045 yielded 5.69%, as per the data compiled by Bloomberg. However, the reoffer yields were lower than the initial price guidance of 5% and 6.125% that was released on Tuesday. Proceeds from this sale will bolster the central bank’s foreign-exchange reserves, which have fallen 10% to USD100.7 billion this year through October. (Bloomberg)

Page 4 Fixed Income Trading December 6, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

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

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

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.59 99.94 2.47 A/A2/A NETHERLANDS Sr Unsecured 200,000

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

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 83.50 83.50 8.13 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

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

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

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

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

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

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

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

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.37 99.37 2.52 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 83.00 83.00 11.05 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 75.05 75.05 10.50 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

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

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

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

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 86.50 86.50 7.45 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 80.36 80.36 8.34 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 1 Fixed Income Trading December 6, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

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

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

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

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

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

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

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

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

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

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

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.06 99.48 2.53 A/A2/A AUSTRALIA Sr Unsecured 2,000

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

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

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

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

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

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

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

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

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

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

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.72 98.72 2.96 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

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

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.27 99.10 1.90 A+/A1/A GERMANY Sr Unsecured 250,000

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

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

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

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

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

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

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

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 2 Fixed Income Trading December 6, 2015 USD GCC ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.33 99.87 2.56 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.85 96.50 4.20 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.93 96.69 4.35 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.20 99.78 2.60 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.84 100.36 2.88 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.68 99.21 2.97 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.74 98.29 3.06 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 100.20 100.91 4.35 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 99.20 99.68 3.26 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.23 99.86 2.56 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.31 95.76 5.34 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.23 95.05 4.61 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.72 102.22 1.70 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 100.09 100.61 2.69 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.59 101.09 2.91 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.35 102.10 2.03 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.86 98.68 3.24 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.03 99.87 4.34 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 98.85 99.65 3.34 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.79 101.63 4.33 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 100.79 101.71 4.08 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.83 102.55 2.62 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.81 99.96 1.97 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 100.00 100.75 3.05 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.18 99.84 3.04 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.21 99.96 2.39 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 100.97 101.90 3.24 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.85 102.38 1.87 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.68 101.18 2.20 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.13 101.75 2.66 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.93 98.57 2.99 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.58 100.33 2.66 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.08 99.92 4.64 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.17 100.00 3.51 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 79.18 80.13 7.73 BBB-/-/BBB- BAHRAIN Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 3 Fixed Income Trading December 6, 2015 USD GCC ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.36 89.68 5.37 BBB/A3/- OMAN Sr Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.68 102.43 4.40 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 96.99 97.74 3.61 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 99.91 100.74 3.12 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 101.85 102.53 2.32 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured 200,000

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.11 95.20 4.94 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 100.01 100.66 2.94 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.63 102.14 1.59 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.43 102.01 2.43 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.19 98.75 2.57 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.38 98.13 3.55 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 95.17 96.12 4.29 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 97.66 98.79 4.58 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.71 102.29 2.24 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.56 102.11 1.60 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.15 99.79 2.22 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.25 100.83 2.45 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.28 100.93 2.65 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.04 102.72 2.31 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 98.10 98.82 3.61 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.13 100.71 2.36 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.40 101.03 1.87 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 98.25 98.94 3.64 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 87.02 87.97 5.96 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.04 100.88 3.65 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.76 101.34 2.36 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.00 98.82 3.14 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.01 101.55 1.35 AA/Aa2/- QATAR Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.30 103.95 2.63 AA/Aa2/- QATAR Sr Unsecured 200,000

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.66 102.18 2.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 4 Fixed Income Trading December 6, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 97.98 98.58 3.37 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.88 92.13 4.91 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 62.87 64.36 16.23 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000

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

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

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

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 93.02 94.15 6.82 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 91.23 92.49 6.74 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 90.84 92.69 6.32 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 84.87 85.82 6.18 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 89.79 90.69 6.61 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 75.84 77.02 7.90 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 93.20 94.14 5.86 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

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

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

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

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

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 90.71 93.77 4.79 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 87.69 88.74 8.50 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 77.60 78.46 8.79 BBB-/Baa3/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 87.14 88.64 5.81 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.87 98.55 4.06 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 104.44 105.21 5.69 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 91.30 92.09 5.90 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.54 101.22 5.26 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 89.91 90.73 5.06 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 92.06 92.72 5.27 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 92.53 93.22 5.38 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 80.34 81.39 7.13 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.55 98.81 2.93 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 95.33 96.24 5.32 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

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

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

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

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 96.24 96.83 4.32 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 5 Fixed Income Trading December 6, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 92.72 93.35 4.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 95.73 96.20 4.64 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 91.43 92.11 5.84 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 86.54 87.23 5.54 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 90.55 91.05 5.76 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.61 95.29 4.53 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 100.63 101.27 4.96 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 85.19 86.08 5.88 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 100.68 101.41 6.39 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.96 98.80 3.91 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.47 91.93 4.56 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 94.00 94.57 4.93 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 87.14 87.68 5.78 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 93.55 94.77 4.90 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 99.00 99.92 3.78 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 94.83 95.75 5.51 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 97.67 98.50 5.95 BBB-/Baa3/BBB- TURKEY Unsecured 200,000

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

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 92.00 93.00 5.23 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

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

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 81.06 81.70 8.26 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 72.82 73.74 9.86 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 71.93 72.81 9.85 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 63.94 65.61 9.06 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 96.24 96.96 4.82 -/Baa3/BBB TURKEY Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 6 Fixed Income Trading December 6, 2015 USD INDIA INVESTMENT GRADE ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.51 98.93 3.75 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.84 103.55 3.37 -/Baa3/- INDIA Sr Unsecured 200,000

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.56 101.01 3.00 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.92 102.54 2.67 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.31 98.65 3.46 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.71 98.67 4.17 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.02 103.75 4.00 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.25 98.74 4.54 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.85 103.05 2.12 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.25 103.67 2.85 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.72 99.19 2.95 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.59 99.11 2.95 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.48 102.11 3.66 BBB-/Baa3/- INDIA Sr Unsecured 200,000

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 101.03 101.24 2.43 BBB-/Baa3/- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.36 101.76 3.06 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.80 100.20 3.08 BBB-/Baa3/- INDIA Sr Unsecured 200,000

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.13 102.33 3.31 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.71 101.98 2.31 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.90 103.21 2.86 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.28 102.16 4.09 BBB-/-/BBB- INDIA Sr Unsecured 200,000

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 101.86 102.21 3.18 -/Baa2/BBB- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.49 100.93 2.98 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.90 98.50 3.99 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.15 102.92 4.22 BBB-/Baa2/- INDIA Sr Unsecured 200,000

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.34 100.36 3.82 BBB-/-/BBB- INDIA Sr Unsecured 200,000

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.45 99.16 4.24 BBB+/Baa2/- INDIA Sr Unsecured 250,000

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 91.46 93.81 5.29 BBB+/Baa2/- INDIA Sr Unsecured 250,000

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.09 103.31 2.07 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.70 101.94 2.40 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.31 102.66 2.79 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.52 102.96 2.81 BBB-/Baa3/- INDIA Sr Unsecured 200,000

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.23 102.71 3.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.47 103.74 2.37 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.48 102.10 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 7 Fixed Income Trading December 6, 2015 USD SUKUK

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 102.00 102.50 1.43 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.79 101.63 4.33 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 111.00 111.67 2.97 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.80 104.62 1.37 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.46 99.90 2.03 AAA/Aa1/- HONG KONG Unsecured 200,000

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.60 98.97 2.14 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 99.67 100.14 1.48 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.25 96.95 3.43 A-/A3/- MALAYSIA Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 93.23 94.57 4.57 A-/A3/- MALAYSIA Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.71 102.29 2.24 A-/A2/A+ QATAR Sr Unsecured 200,000

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.64 102.37 6.07 B-/B3/B PAKISTAN Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.33 104.83 2.30 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 95.83 96.33 4.87 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.46 110.00 2.89 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.83 93.42 4.41 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.35 99.59 2.81 A-/A1/- MALAYSIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 102.97 103.67 3.56 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.40 101.03 1.87 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 87.02 87.97 5.96 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 98.25 98.94 3.64 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 90.84 92.00 6.10 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.89 100.57 3.92 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.04 100.88 3.65 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.30 103.95 2.63 AA/Aa2/- QATAR Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.01 101.55 1.35 AA/Aa2/- QATAR Sr Unsecured 200,000

SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.00 103.58 3.08 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.50 108.88 2.91 A-/A3/- MALAYSIA Sr Unsecured 250,000

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.92 101.09 1.09 A-/A3/- MALAYSIA Sr Unsecured 250,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 8 Fixed Income Trading December 6, 2015 USD Commodity and Energy

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.85 96.50 4.20 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.93 96.69 4.35 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

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

ANGLO AMERICAN CAPITAL USG03762CG79 27-Sep-2017 750 FIXED 2.63 95.65 95.65 5.18 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 83.50 83.50 8.13 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

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

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

ANGLOGOLD HOLDINGS PLC US03512TAA97 15-Apr-2020 700 FIXED 5.38 93.21 93.88 7.03 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

ANGLOGOLD HOLDINGS PLC US03512TAC53 1-Aug-2022 750 FIXED 5.13 86.81 87.61 7.53 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

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

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

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

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 96.70 97.48 3.33 A+/A1/A+ AUSTRALIA Sr Unsecured 2,000

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

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

CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 94.57 94.92 3.79 AA-/Aa3/- CHINA Sr Unsecured 200,000

CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 95.61 96.10 4.00 AA-/Aa3/- CHINA Sr Unsecured 200,000

CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 97.69 98.25 4.21 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 91.13 91.65 4.47 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 95.74 96.26 4.99 AA-/A1/A+ CHILE Sr Unsecured 200,000

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

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

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

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

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

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 84.87 85.82 6.18 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

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

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 75.05 75.05 10.50 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 65.00 65.00 11.59 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

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

FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 66.65 66.65 10.36 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 77.75 77.75 12.70 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

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

GLENCORE FINANCE CANADA USC98874AN76 25-Oct-2017 1750 FIXED 2.70 92.75 92.75 6.88 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

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

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 9 Fixed Income Trading December 6, 2015 USD Commodity and Energy

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

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

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 86.50 86.50 7.45 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.68 83.04 83.04 7.96 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1028955760 29-Apr-2019 1000 FIXED 3.13 83.88 83.88 8.71 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 80.36 80.36 8.34 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

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

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

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

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

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

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 91.30 92.09 5.90 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

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

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

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.54 101.22 5.26 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

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

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

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

PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 97.35 98.03 3.97 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 89.91 90.73 5.06 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.54 98.99 3.30 A-/A1/- MALAYSIA Sr Unsecured 200,000

PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 96.80 97.31 3.85 A-/A1/- MALAYSIA Sr Unsecured 200,000

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

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

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 94.93 95.66 4.31 A-/A3/- UNITED KINGDOM Sr Unsecured 2,000

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

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

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

SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 95.44 95.90 3.77 AA-/Aa3/- CHINA Sr Unsecured 200,000

SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 94.66 95.15 3.87 AA-/Aa3/- CHINA Sr Unsecured 200,000

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

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

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

VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 88.16 89.33 7.31 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 81.06 81.70 8.26 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

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

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 10 Fixed Income Trading December 6, 2015 EUR INVESTMENT GRADE ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 95.06 95.57 1.51 A/A2/A NETHERLANDS Sr Unsecured 1,000

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 78.49 79.44 7.24 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 100,000

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.87 97.35 1.67 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.81 96.26 1.82 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.64 94.42 1.62 A+/A1u/A- SPAIN Secured 100,000

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.06 99.42 1.60 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.17 96.68 1.23 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 94.74 95.44 1.45 A+/A1/A+ AUSTRALIA Sr Unsecured 100,000

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 95.25 96.06 1.71 AA-/A1/- UNITED STATES Sr Unsecured 100,000

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 94.70 95.28 1.56 A+/A2/- GERMANY Sr Unsecured 1,000

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 97.95 98.42 2.57 BBB+/Baa2/A FRANCE Subordinated 100,000

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 97.96 98.55 1.32 A/A2/- UNITED KINGDOM Sr Unsecured 100,000

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.34 94.72 2.91 BBB/Baa3/A- FRANCE Subordinated 100,000

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 96.02 96.57 1.39 A+/A2/A- UNITED STATES Sr Unsecured 100,000

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 96.43 96.99 1.59 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 99.01 99.42 1.82 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.07 97.49 1.11 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.14 97.43 1.68 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 98.06 98.40 1.15 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 97.86 98.15 1.20 A/A2/- FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 99.10 99.41 1.26 A/A2/- FRANCE Sr Unsecured 100,000

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 96.40 96.92 1.49 A-/Baa1/- FRANCE Sr Unsecured 100,000

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 93.51 94.12 3.51 BB+/Ba1/A- GERMANY Subordinated 1,000

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 93.13 93.61 1.88 BBB+/A3/A GERMANY Sr Unsecured 100,000

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 93.48 94.11 2.72 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 ZERO ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359 0.00 94.20 94.45 1.05 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 COUPON GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 98.49 98.88 0.99 AA+/A1/- UNITED STATES Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 74.28 75.23 7.03 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 72.70 73.60 7.10 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 66.90 67.89 6.46 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 99.96 100.32 1.32 BBB+/A3/A UNITED STATES Sr Unsecured 1,000

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.22 98.71 1.32 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 97.90 98.32 1.41 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.64 99.13 1.60 A-/A3/A+ UNITED STATES Sr Unsecured 100,000

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.92 98.37 1.44 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 11 Fixed Income Trading December 6, 2015 EUR INVESTMENT GRADE ISSUES

Outstanding Coupon Indic. Offer Credit Rating Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.15 97.55 1.55 A/A2/A AUSTRALIA Sr Unsecured 100,000

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.17 99.57 1.19 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 94.22 94.85 2.12 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.85 99.33 1.83 BBB+/A3/A UNITED STATES Sr Unsecured 100,000

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 96.96 97.61 1.15 AA/A1/- SWITZERLAND Sr Unsecured 1,000

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 95.62 96.21 2.97 BBB/Baa2/BBB+ SPAIN Subordinated 100,000

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 96.31 96.90 1.36 A/A2/- GERMANY Sr Unsecured 1,000

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 97.63 98.13 2.86 -/Baa3/A- FRANCE Subordinated 100,000

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 96.97 97.73 3.42 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 97.12 97.68 1.21 AA-/Aa2/- NORWAY Sr Unsecured 100,000

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 98.66 99.33 1.45 AA-/Aa1/- FRANCE Sr Unsecured 100,000

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 91.72 92.44 2.03 BBB+/A3/- GERMANY Sr Unsecured 1,000

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