MASHREQ GOLD Investment Letter · Numerical Example: At maturity 2 scenarios: If closing level of the EURUSD is above the strike level, the investor receives his capital initially

MASHREQ GOLD Investment Letter Ideas and opportunities for 2015

1

5th January 2015

Table of Contents Pages

I-Cash Management Solutions:

1-Certificate of Deposit 4

2-Dual Currency Deposits (DCD) 5

II-Fixed Income:

1-Single Names 7

2-Makaseb Income Fund 8-9

3-Mashreq Al Islami Income Fund 10-11

4-Schroder ISF Global Bond 12-13

5-Templeton Global Total Return 14-15

III-Equity:

1-Makaseb Arab Tigers Fund 17-18

2-Mashreq Al Islami Arab Tigers 19-20

3-KSA: An Actively Managed ‘Saudi Portfolio’ 21-22

4-Schroder ISF US Large Cap 23-24

5-Equity Tracker: US Buyback Thematic Portfolio 25

6-Schroder ISF Euro Equity 26-27

7-Equity Tracker: Global Dividend Yield Blue- Chip Tracker 28

8-Schroder ISF Global Multi Asset Income 29-30

9-Schroder ISF Greater China 31-32

10-Franklin India 33-34

IV-Structured Products:

1- Switched To Fixed Income linked to Eurostoxx 50 36

2- 5 Years Capital Guarantee product on Indices 37

3- Reverse Convertible Notes 38

2

I-Cash Management Solutions

3

1-Certificate of Deposit Terms & Conditions

Issuer & Guarantor Mashreq Bank

Tenor 6M, 9M, 1 Year, 2 Years ….10 Years

Coupon The Investor will receive a coupon of X% throughout the tenor of the investment (frequency of the coupon can be Monthly, Quarterly, Semi-annually and yearly)

Currency AED, USD, QAR, EUR, GDP

Capital Guarantee 100% only at maturity

Liquidity The investor should be prepared to hold until maturity. Early redemption will be subject to a 0.25% charge and the principal is not guaranteed in case the investor chooses to liquidate prior to maturity.

Definition: A certificate issued by a bank to a person depositing money for a specified length of time at a specified rate of interest.

CD Grid

AED USD QAR EUR GBP

6 months 0.59% 0.59% 0.72% 0.18% 0.83%

9 months 0.63% 0.62% 0.75% 0.13% 0.81%

1 year 0.66% 0.65% 0.75% 0.08% 0.79%

2 years 1.58% 1.62% 1.58% 0.51% 1.44%

3 years 2.14% 2.18% 2.14% 0.54% 1.70%

4 years 2.54% 2.60% 2.54% 0.87% 2.07%

5 years 2.93% 2.96% 2.93% 1.12% 2.35%

6 years 3.06% 3.01% 3.06% 1.08% 2.36%

7 years 3.25% 3.07% 3.25% 1.12% 2.40%

8 years 3.27% 3.01% 3.27% 1.06% 2.32%

9 years 3.33% 2.99% 3.33% 1.05% 2.29%

10 years 3.45% 3.00% 3.45% 1.08% 2.30%

Indicative CD Grid (04/1/2014)

4

2-Dual Currency Deposits (DCD) - Description

Product Characteristics: •Initial investment •Guaranteed Coupon •Capital is not guaranteed Scenario 1: if the closing level at maturity is above the strike level, the investor receives 100% of his capital back Scenario 2: If the closing level at maturity is below the strike level, the investor will be converted into the other currency @ strike level

Levels 05/1/2015

Initial investment: USD 1 Million Underlying EURUSD Tenor: 1 Month Coupon Guaranteed is 8.40% Strike: 50 pips away from spot level

Numerical Example: At maturity 2 scenarios: If closing level of the EURUSD is above the strike level, the investor receives his capital initially invested plus 8.40% coupon If the closing level of the EURUSD is below the strike level, the investor receives his capital initially invested converted into EUR at the strike level plus the 8.40% coupon

Base ccy Alternate ccy 50 pips away from spot 75 pips away from spot 100 pips away from spot

Coupon Strikes Coupon Strikes Coupon Strikes

USD EUR 8.80% 1.1910 7.87% 1.1885 7.02% 1.1860

USD GBP 6.84% 1.5250 6.12% 1.5225 5.46% 1.5200

USD AUD 11.22% 0.8000 9.83% 0.7975 8.52% 0.7950

AUD USD 10.22% 0.8100 9.03% 0.8125 7.95% 0.8150

EUR USD 8.40% 1.2010 7.47% 1.2035 6.60% 1.2060

GBP USD 6.65% 1.5350 5.93% 1.5375 5.29% 1.5400

USD XAU 7.74% 1,147.00 3.48% 1,122.00 1.01% 1,097.00

5

II-Fixed Income

6

1-Single Names

7

ISIN NAME CRNCY PRICE YIELD MATURITY RESIDUAL

MATURITY COUPON DURATION

S&P/MOODS /FITCH

INDUSTRY COUNTRY

XS0847495248 INVESTCORP SA USD 108.60 4.94% 11/1/2017 2.82 8.250% 2.48 NA/Ba2/BB Diversified Financial Services

BAH

XS0993959583 SUKUK FUNDING NO3 (Aldar) USD 105.10 2.96% 12/3/2018 3.91 4.348% 3.57 BBB-/Baa3/NA Real Estate UAE

XS1137967409 AL SHINDAGHA SUKUK (FLY Dubai) USD 100.01 3.77% 11/26/2019 4.89 3.776% 4.40 NA/NA/NA Airlines UAE

XS0927183441 BATELCO INT FIN NO 1 USD 99.68 4.32% 5/1/2020 5.32 4.250% 4.67 BB+/NA/BBB- Telecommunications

BAHR

XS1069869839 ICD SUKUK CO LTD USD 99.16 3.68% 5/21/2020 5.37 3.508% 4.83 NA/NA/NA Investment Companies

UAE

XS0897453493 ADCB FINANCE USD 102.12 4.19% 3/6/2023 8.16 4.500% 6.69 A-/NR/A Banks UAE

XS1064799841 MAF GLOBAL SECURITIES USD 103.35 4.31% 5/7/2024 9.34 4.750% 7.45 BBB/NA/BBB Diversified Financial Services

UAE

XS1120403313 DIFC SUKUK USD 100.25 4.29% 11/12/2024 9.85 4.325% 7.90 BBB-/NA/NA Diversified Financial Services

UAE

XS0885065887 EMIRATES AIRLINES USD 101.47 4.32%

2/6/2025 SINKABLE (Avg. Life

4.89)

10.09 4.500% 7.90 NA/NA/NA Airlines UAE

Industry Allocation Regional Allocation

Fund Objective:

Makaseb Income Fund (MIF) primarily seeks to provide current income along with the stability of capital. Fund’s secondary objective is to seek income growth over the long term. The Fund aims to achieve its investment objective by investing in a diversified portfolio of fixed and floating rate investments originating from countries in the GCC, MENA, South Asia and other emerging economies.

Top Holdings

ICD FUNDING LTD 7.54%

INVESTCORP SA 5.44%

OFFICE CHERIFIEN DES PHO 5.24%

DIP SUKUK LTD 5.06%

SRILANKAN AIRLINES LTD 5.04%

Only regional Fixed Income Fund that carries a track record of 5+ years

2-Makaseb Income Fund

Financial 19.49%

Conglomerate 14.38%

Real Estate 9.81%

Diversified Finan

Serv 8.06% Sovereign 7.59%

Industrial 7.45%

Utilities 6.59%

Materials 5.24%

Telecom 5.12%

Airlines 5.04%

Logistics 4.12%

Energy 4.02% Cash 3.10%

MENA 83.80%

South Asia 12.85%

Europe 0.25% Cash 3.10%

Note: Performance calculated as of Oct 30, 2014 8

Track record

Fund Statistics

Average Coupon 5.73

Fund Rating BB+

Average Maturity 9.29

Average Yield 4.91

Modified Duration 4.74

● Min Investment USD 10,000

● Each business day

● Regulated by the CBB

● Only Regional Fixed Income Fund with a track record 5 years+

● Recipient of MENA Fund Manager Award in 2011



Fund Highlights

*Fund’s benchmark until Dec 31, 2013 was HSBC Nasdaq Dubai ME index. Since the index was discounted, Jan 1, 2014, the benchmark of the fund changed to JP Morgan

MECI Index BB Ticker (JCADMETR) 14.

2-Makaseb Income Fund

Note: Performance calculated as of Oct 30, 2014

-0.87%

3.91% 4.56% 28.37%

44.83%

33.62%

1.04%

7.45% 7.53%

21.40% 43.86%

75.33%

-25.0%

0.0%

25.0%

50.0%

75.0%

100.0%

MTD YTD 1 Year 3 Years 5 Years SI

Makaseb Income Fund Benchmark

2.10%

-21.60%

10.40% 12.08%

0.92%

19.93%

5.50%

5.62%

-10.61%

23.54%

12.30% 7.08% 12.15%

0.39%

-30.0%

-15.0%

0.0%

15.0%

30.0%

2007 2008 2009 2010 2011 2012 2013

Makaseb Income Fund Benchmark

9

3-Mashreq Al Islami Income Fund

Industry Allocation Regional Allocation

Fund Objective:

The Fund seeks to achieve average annual returns of 5-7% per annum over the life of the Fund. The Fund invests primarily in Sukuk and other fixed income Shariah compliant assets.

Top Holdings

DAR AL ARKAN REAL ESTATE DEVEL 11.88%

NAKHEEL PJSC 11.00%

EMIRATES AIRLINE 7.57%

SAUDI ELECTRICITY CO 6.69%

EMAAR MALLS GROUP PJSC 5.82%

Launched in June 2009, MAIIF has the strongest track record amongst its Global Peers


Real Estate 36.92%

Sovereign

18.54%

Financial 12.37%

Industrial 8.99%

Airlines 7.57%

Utilities 6.69%

Conglomerate 5.58%

Cash 3.34%

UAE 59.58%

Saudi Arabia 18.57%

Turkey 5.79%

Indonesia 4.20%

USA 3.79%

South Africa 2.85%

China 1.89% Cash 3.34%

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11

3-Mashreq Al Islami Income Fund

Track record: B Shares

● Global Islamic Fund

● Track record 3+years

● Each business day

● Min Investment USD 10,000 for B shares

● Recipient of MENA Fund Manager Award in 2011, 2012 ● Recipient of Best Islamic Fund Award 2012 from Bankers

Middle East & Islamic Banking and Finance ● Regulated by the DFSA

Fund Highlights

Fund Statistics

Average Coupon 4.94

BLP Rating BBB

Average Maturity 8.24

Average Yield 4.32

Modified Duration 3.50


-0.10%

5.68% 5.94%

22.54%

41.98%

52.49%

-25.0%

0.0%

25.0%

50.0%


Mashreq Al Islami Income Fund

5.77% 9.17% 8.01%

13.35%

2.07%

-25.0%

0.0%

25.0%

50.0%

2009 2010 2011 2012 2013

Mashreq Al Islami Income Fund

4-

4-

5-

5-

IV-Equity

16

1-Makaseb Arab Tigers Fund

Top Holdings

FAWAZ ABDULAZIZ ALHOKAIR & CO 6.44%

AL TAYYAR TRAVEL GROUP 4.81%

SAVOLA 4.31%

SAMBA FINANCIAL GROUP 4.16%

EMAAR PROPERTIES 4.11%


Regional Allocation Industry Allocation

A well diversified portfolio giving better exposure with minimum risk

Saudi Arabia 43.56%

Egypt 20.82%

Qatar 14.49%

UAE 13.84%

Oman 8.85%

Cash -1.56%

Financials

39.34%

Materials

18.69%

Consumer Discretionary

15.72%

Consumer Staples 12.05%

Telecom 6.42%

Energy 6.29%

Utilities 3.05%

Cash -1.56%

Fund Objective:

Makaseb Arab Tigers Fund (MATF) aims to achieve long term capital appreciation through investing mainly in shares of companies listed on the Stock Exchanges of the Middle East and North Africa region.

17

1-Makaseb Arab Tigers Fund

Excess Return 94.83%

Beta 0.58

Sharpe Ratio 4.34

Skewness (1.17)

Kurtosis 19.37

SD 13.52%


Risk/Return Profile Since Inception

R Squared 48.03%

Information Ratio 8.29

Treynor Ratio 0.05

Tracking Error 11.44%

Correlation 0.69

-5.62%

25.36% 34.67%

106.10% 114.38%

61.01%

-6.16%

14.29% 20.96%

41.60% 32.47%

-34.16%

-80.0%

-30.0%

20.0%

70.0%

120.0%

170.0%


Makaseb Arab Tigers Fund Benchmark

● Track record 8 years+



● Daily Dealing


● Regulated by the CBB

Fund Highlights

Track record

39.00%

-51.20%

20.30% 8.30%

0.65%

21.07%

34.95% 48.20%

-55.00%

17.30% 12.90%

-13.60%

3.11%

21.90%

-90.0%

-60.0%

-30.0%

0.0%

30.0%

60.0%

2007 2008 2009 2010 2011 2012 2013

Makaseb Arab Tigers Fund Benchmark

18

Regional Allocation Industry Allocation

Fund Objective:

The objective of the fund is to seek long term capital appreciation through Shariah compliant investments made primarily in equities of companies that are contained in the S&P Pan Arab Composite Shariah Index (the “Index”). The index includes equities from issuers located in countries of Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, and the United Arab Emirates (“MENA”).

Top Holdings

T M G HOLDING 4.97%

DUBAI ISLAMIC BANK 4.92%

INDUSTRIES QATAR 4.60%

ALDAR PROPERTIES PJSC 4.44%

EMAAR PROPERTIES 4.43%

First Offshore UCITS III fund by an onshore Investment Manager

2-Mashreq Al Islami Arab Tigers


Saudi Arabia,

38.76%

UAE, 19.31%

Egypt, 17.33%

Qatar, 16.55%

Oman, 3.20%

Cash, 4.85%

Financials 35.57%

Materials 20.75%

Industrials 8.99%

Consumer

Staples 8.75%

Telecom 8.11%

Consumer Discretionary

6.86%

Energy 3.69%

Utilities 2.43% Cash 4.85%

19

2-Mashreq Al Islami Arab Tigers

Track record

Risk/Return Profile Since Inception

● The fund targets long term gains across most market environment

● The fund has a Track record of 5+ years operating as a conventional MENA Equity Fund. The fund was converted to an Islamic fund dated March 18, 2014


● Daily Dealing

● UCITS III compliant Dublin domiciled

● Regulated by the Irish Financial services

Fund Highlights

Excess Return 118.3%

Beta 0.22

Sharpe Ratio 12.77

Skewness 0.45

Kurtosis 9.83

SD 7.96%

R Squared 17.24%

Information Ratio 10.54

Treynor Ratio 0.46

Tracking Error 11.23%

Correlation 0.42

*Fund’s benchmark: S&P Pan Arab Shariah Index


-5.51%

19.49%

25.83%

70.45% 76.44%

103.99%

-7.00%

13.85% 22.88%

43.91%

29.56%

-14.34% -30.0%

0.0%

30.0%

60.0%

90.0%

120.0%


Mashreq Arab Tigers Fund Benchmark

0.98% 8.78%

6.87% 2.08%

15.04%

23.84%

-47.66%

17.28%

12.89%

-13.61%

3.10%

21.90%

-60.0%

-30.0%

0.0%

30.0%

60.0%

2008 2009 2010 2011 2012 2013

Mashreq Arab Tigers Fund Benchmark

20

Investment Objective:

• To achieve long term capital appreciation primarily through investment in listed equities in KSA and to increase exposure to Saudi market to benefit from the positive momentum before the opening to foreigners and a potential inclusion in MSCI emerging market index

Investment Guidelines:

• The investment universe is limited to securities listed in the stock exchanges in Saudi Arabia

• The portfolio will have a maximum exposure of 15% in a single security

• The basket of stocks will be actively managed by Mashreq’s Asset Management team

• Mashreq Asset Management has been the best performing fixed income and equity funds as independently verified by Zawya

• The only asset management firm in the GCC to have a track record of 9 years in equities and 7 years in Fixed Income

• Exclusively for Mashreq Private Banking Clients

3-KSA: An Actively Managed ‘Saudi Portfolio’

21

Parameters Specifications

Fund Type Open Ended

Close Date (For initial Subscription) Up to September 18, 2014

Portfolio Benchmark Tadawul All Share Index

Geographic Allocation Saudi Arabia

Valuation Day Each Monday, if Monday is a business day

Dealing Day Each Monday, if Monday is a business day

Minimum Subscription Amount In SAR equivalent to USD 150,000

Subscription Fee 2%

Management Fee 1% p.a. accrued weekly and charged quarterly

Performance Fee 15% of performance above the Portfolio Benchmark

Exit Fee 1% during the first year and 0% thereafter

3-KSA: An Actively Managed ‘Saudi Portfolio’- contd.

22

4-

4-

5- Equity Tracker: US BUYBACK THEMATIC PORTFOLIO

US Buyback Thematic Portfolio*

The Buyback Thematic Portfolio - Equity Tracker is a 1 Year, USD denominated, linked to listed US Stocks . The Investment is designed to enable the Client to invest in a note that tracks the performance of US stocks which reward their share holders with consistent buybacks of their shares. The redemption value of the Underlying will be paid on the Redemption Date.

Product details

Issuer Mashreq Bank

Minimum Notional USD 200,000

Tenor 1 Year

Initial Level Execution price of the underlying on the trade date

Final Level Execution price of the underlying at Maturity

Load Fee 2.00% of the Notional on entry and redemption

Leverage details

Maximum Leverage 1:1

Leverage Cost 3.5% p.a.

Margin Call 65% LTV

Liquidation 80% LTV

Redemption details

Redemption at Maturity Notional x[(final level + Dividends received)/ Notional] - Net Leverage(If any)

Indicative Basket Back-Testing Results

SECURITIES WEIGHTS SECTOR TTM BUYBACKS (USD BILLIONS)

APPLE INC 10 % TECHNOLOGY 33

PFIZER INC 10% HEALTHCARE 11

ORACLE CORPORATION 10 % TECHNOLOGY 9.8

HOME DEPOT 10% CONSUMER 7.5

WELLS FARGO 10 % FINANCIALS 6.9

MICROSOFT CORP 10% TECHNOLOGY 6.4

AT&T INC 10 % TELECOM 5.0

TIME WARNER 10% MEDIA 6.5

MERCK & CO. INC 10 % HEALTHCARE 6.0

GENERAL MOTORS 10% AUTOMOTIVE 5.0

*Product Risk Rating : Aggressive (R5) - Based on Internal Risk Rating : Conservative (R1), Conservative to Moderate (R2), Moderate (R3), Moderate to Aggressive (R4) , Aggressive R(5).

PERFORMANCE TABLE

1 WEEK 1 MONTH 3 MONTHS 6 MONTHS

TRACKER -1.79% -0.78% 6.04% 8.73%

BENCHMARK -1.31% -0.10% 6.71% 7.25%

70

90

110

130

150

170

190

210

230

250 US BUYBACK THEMATIC PORTFOLIO S&P 500 BUYBACK INDEX (NORMALISED)

25

6-

6-

7- Equity Tracker: Global Dividend Yield Blue Chip Tracker

Global Dividend Yield Blue Chip Tracker*

The Global Dividend Yield Blue-chip Equity Tracker is a 1 Year, USD denominated, linked to dividend yielding stocks listed worldwide. The Investment is designed to enable the Client to invest in a note that tracks the performance of blue chips stocks which reward their share holders with consistent dividend payments, including any dividends paid during the Tenor of the Investment. The redemption value of the Underlying will be paid on Redemption Date

Product details

Issuer Mashreq Bank

Minimum Notional USD 250,000

Tenor 1 Year

Initial Level Execution price of the underlying on the trade date

Final Level Execution price of the underlying at Maturity

Load Fee 2.00% of the Notional on entry and redemption

Leverage details

Maximum Leverage 1:1

Leverage Cost 3.5% p.a.

Margin Call 65% LTV

Liquidation 80% LTV

Redemption details

Redemption at Maturity Notional x[(final level + Dividends received)/ Notional] - Net Leverage(If any) Indicative Basket

Back-Testing Results SECURITIES WEIGHTS SECTOR COUNTRY

AT&T INC 5.3% TELECOM UNITED STATES

VERIZON COMMUNICATIONS INC 5.3% TELECOM UNITED STATES

UNILEVER PLC-SPONSORED ADR 5.3% CONSUMER, NON-CYCLICAL BRITAIN

COCA-COLA CO/THE 5.3% CONSUMER, NON-CYCLICAL UNITED STATES

MICROSOFT CORP 5.3% TECHNOLOGY UNITED STATES

JOHNSON & JOHNSON 5.3% HEALTHCARE UNITED STATES

MCDONALD'S CORP 5.3% CONSUMER, CYCLICAL UNITED STATES

UNITED PARCEL SERVICE-CL B 5.3% TRANSPORTATION UNITED STATES

ROCHE HOLDINGS LTD-SPONS ADR 5.3% HEALTHCARE SWITZERLAND

INTEL CORP 5.3% TECHNOLOGY UNITED STATES

NESTLE SA-SPONS ADR 5.3% CONSUMER, NON-CYCLICAL SWITZERLAND

MERCK & CO. INC. 5.3% HEALTHCARE UNITED STATES

SIEMENS AG-SPONS ADR 5.3% ENGINEERING GERMANY

FIRST GULF BANK 5.3% FINANCIAL UAE

SAUDI BASIC INDUSTRIES CORP 5.3% ENERGY SAUDI ARABIA

SAUDI TELECOM CO 5.3% TELECOM SAUDI ARABIA

NATIONAL GRID PLC-SP ADR 5.3% UTILITIES BRITAIN

GENERAL ELECTRIC CO 5.3% INDUSTRIAL UNITED STATES

ELI LILLY & CO 5.3% HEALTHCARE UNITED STATES

*Product Risk Rating : Aggressive (R5) - Based on Internal Risk Rating : Conservative (R1), Conservative to Moderate (R2), Moderate (R3), Moderate to Aggressive (R4) , Aggressive R(5).

PERFORMANCE TABLE

1 WEEK 1 MONTH 3 MONTHS 6 MONTHS

TRACKER -2.23% -3.85% -3.18% -3.24%

BENCHMARK -0.57% -3.14% -6.31% -15.93%

70

90

110

130

150

170

190 GLOBAL DIVIDEND YIELD BLUE CHIP TRACKER S&P GLOBAL DIVIDEND OPPORTUNITIES INDEX (NORMALISED)

28

8-

8-

9-

9-

10-

10-

IV-Structured Products

35

1-Switched To Fixed Income linked to Eurostoxx 50 Description

Product Characteristics:

•100% Capital guarantee at maturity by Mashreq Bank •Maturity: 4 Years •Currency: USD (available in EUR) •Underlying: EUROSTOXX 50 •Switch Coupon: 6.5% p.a.

Switch to bond payoff (Year1-3) Each year (Year 1 – 3), the issuer has the right to switch the product to a structure that is not exposed to the underlying performance anymore, the investor will recover all previous coupon and the product will turn into a straight bond delivering 6.5% coupon until maturity.

Payoff at maturity: On maturity date, if switch to bond option has not occurred prior to maturity, the investor will receive in addition to his capital initially invested 100% of the eurostoxx performance i.e.: Capital initially invested * 100% of the Eurostoxx positive performance.

Please note that prices are subject to market conditions

Available for individual & corporate clients

36

2- 5 Years Capital Guarantee product on Indices Description

Please note that prices are subject to market conditions Available for corporate clients

Product Characteristics: •Tenor: 5 Years •100% Capital guarantee at maturity •Currency: USD •Underlying basket: S&P, Eurostoxx 50 & Nikkei 225 •Observations: Annual •Annual Coupon: Guaranteed Coupon + Conditional Coupon •Guaranteed coupon: 2% p.a. •Conditional Coupon: 2.75% p.a. Yearly coupon: At the end of each year, the investor receives a guaranteed coupon of 2% independently of the performance of the basket + a conditional coupon of 2.75% if all 3 underlyings are above their initial levels. At maturity, The investor receives 100% of his capital initially invested + the guaranteed coupon + the conditional coupon

37

3- Reverse Convertible Notes

ATM - 100% STRIKE

1 MONTH 3 MONTHS 6 MONTHS 1 YEAR

EMAAR PROPERTIES 1.84% 2.99% 4.85% 5.15%

ALDAR PROPERTIES 2.18% 3.60% 4.95% 6.67%

DUBAI FINANCIAL MARKET 2.25% 3.80% 5.23% 7.00%

ARABTEC HOLDING 2.40% 4.05% 5.51% 7.70%

UNION PROPERTIES 2.30% 4.18% 5.20% 7.10%

DUBAI ISLAMIC BANK 1.61% 2.70% 3.60% 4.71%

FIRST GULF BANK 1.35% 2.30% 2.70% 3.53%

UAE

ATM - 100% STRIKE


COMMERCIAL BANK OF QATAR 1.05% 2.20% 2.40% 3.04%

QATAR NATIONAL BANK 1.10% 2.10% 2.67% 3.40%

INDUSTRIES QATAR 1.30% 2.35% 2.90% 3.85%

QATAR

ATM - 100% STRIKE


ETIHAD ETISALAT 1.35% 2.35% 2.90% 3.85%

SAUDI BASIC INDUSTRIES 1.57% 2.65% 3.50% 4.60%

AL RAJHI BANK 1.35% 2.30% 2.70% 3.53%

KSA

PLEASE NOTE THAT PRICES ARE INDICATIVE & SUBJECT TO MARKET CONDITIONS 38

This report was prepared by the Mashreq Gold Unit of Mashreqbank psc (“Mashreq”) in the United Arab Emirates (“U.A.E.”). Mashreq is regulated by the Central

Bank of the U.A.E. This report is provided for informational purposes and private circulation only and should not be construed as an offer to sell or a solicitation to

buy any security or any other financial instrument or adopt any hedging, trading or investment strategy. Prior to investing in any product, we recommend that you

consult with a professional financial advisor, taking into consideration investment objectives, financial circumstances and tax implication. While based on information

believed to be reliable, we do not guarantee and make no express or implied representation as to the accuracy of this report or complete description of the securities

markets or developments referred to in this report. The information, opinions, forecasts (if any), assumptions or estimates contained in this report are as of the date

indicated and are subject to change at any time without prior notice. The stated price of any securities mentioned in this report is as of the date indicated and is not a

representation that any transaction can be effected at this price. The risks related to investment products described in this report are not all encompassing and

investors should refer to the relevant investment offer document for detailed information and applicable terms and conditions. Investment products, including treasury

products, are not guaranteed by Mashreq or any of its affiliates or subsidiaries unless stated otherwise and are subject to investment risk, including loss of principal.

Investment products are not government insured. Past performance is not an indicator of future performance. US persons (US Citizens; US Green Card Holders;

Resident Aliens subject to US income taxes for IRS purposes) are not eligible for any of the investment products introduced by Mashreq unless stated otherwise. This

report is for distribution only under such circumstances as may be permitted by applicable law. Neither Mashreq nor its officers, directors or shareholders or other

persons shall be liable for any direct, indirect, incidental or other damages including loss of profits arising in any way from the information contained in this report. This

report is intended solely for the use by the intended recipients and the contents shall not be reproduced, redistributed or copied in whole or in part for any purpose

without Mashreq’s prior express consent.

DISCLAIMER

39

Documents

MASHREQ GOLD Investment Letter · Numerical Example: At maturity 2 scenarios: If closing level of the EURUSD is above the strike level, the investor receives his capital initially