BEMO WEEKLY INSIGHTS I EQUITY MARKETS

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1 BEMO WEEKLY INSIGHTS I EQUITY MARKETS INTERNATIONAL MARKETS INDICES Last Price WTD % YTD % 10D Vol World % 7.27% -0.59% Developed % 6.92% -0.75% Emerging % 9.89% 0.27% Frontier % 6.68% 0.13% Europe % 2.88% 0.43% Latin America % 14.61% 0.07% Asia Pacific % 7.71% 0.49% INTERNATIONAL EQUITY INDICES Last Price Daily % YTD % 10D Vol EuroStoxx % 4.09% 0.47% FTSE % -0.29% 0.58% CAC % 4.08% 0.54% DAX % 3.27% 0.00% Swiss SMI % 1.42% 0.00% Nikkei % 3.80% -1.63% CSI % 6.73% 5.51% INTERNATIONAL MARKETS INDICES Last Price WTD % YTD % 10D Vol Major Indices DowJones % 7.68% 0.19% S&P % 0.00% -0.58% Nasdaq % 0.00% -0.69% Sectors Indices Discretionary % 10.53% -2.20% Staples % 3.04% 0.62% Energy % 7.47% -0.89% Financials % 8.05% -0.68% Healthcare % 10.77% 0.79% Industrials % 6.42% -1.42% IT % 8.83% 0.05% Materials % 5.98% -3.87% Telecom % 0.49% 0.10% Utilities % -3.08% 0.50% Real Estate % -2.35% 0.79% Trump is expected to propose increasing U.S. defense spending to $716B in FY 2019 (beginning October 2018) in his budget request to be released next month, the Washington Postreports. Airbus CEO Tom Enders says the company will push ahead at full throttle with plans for a new assembly line in Alabama for Bombardier s CSeries jet following today's legal victory for the European company's Canadian partner against Boeing. British Prime Minister Theresa May says Uber shouldn t be shut down but that the company needs to comply with labor and safety standards. As expected, the ECB leaves its benchmark interest rates in place, and says it continues to see rates at their present level for an extended period. The Trump administration supports bipartisan bills in Congress to toughen U.S. foreign investment rules amid growing concern about Chinese efforts to buy U.S. high-tech companies, the White House said in a statement. The legislation would expand CFIUS' reach to allow it to review, and potentially reject, smaller investments and add new national security factors for the committee to consider. INDICES PERFORMANCE VS VOLATILITY SECTORS PERFORMANCE VS VOLATILITY

2 BEMO WEEKLY INSIGHTS I FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET Last Price WTD % 10D Vol 25RR Major USD Cross Rate USD Index % 0.15% - EUR/USD % 0.24% USD/JPY % 0.50% GBP/USD % 0.32% USD/CAD % 0.45% AUD/USD % 0.47% NZD/USD % -0.21% USD/CHF % 1.17% USD/NOK % 0.63% USD/SEK % 0.05% USD/CNY % -0.24% Major EUR Cross Rate EUR/GBP % 0.02% EUR/CHF % 0.11% EUR/JPY % 0.05% FX PERFORMANCE VS VOLATILITY MARKET COMMENTARY Appearing on CNBC, the Treasury Secretary claims he wasn't trying to move the greenback on Wednesday when he said "a weak dollar is good for us." Uh-huh. The end of Davos and the weekend can't come fast enough. The dollar is going to get stronger and stronger, the president tells CNBC. Ultimately, he says, he wants to see a strong dollar. As for Treasury Secretary's Mnuchin's weak dollar words from yesterday, Trump says they were taken out of context. Already shaking up the financial services industry with its no-commission stock-trading app, Robinhood moves into the nascent cryptocurrency trading area. Beginning in February, users will be able to trade Bitcoin and Ethereum with no added transaction fees. The U.S. is pressing Turkey and its Kurdish forces to pull back from a deepening military conflict in Syria, with President Trump taking the case directly to Recep Tayyip Erdogan in a call on Wednesday. While the lira showed signs of nervousness about the campaign last week, Turkey's Borsa Istanbul keeps hitting new all-time record highs. Negotiators from 11 Pacific Rim nations have agreed on a new Trans-Pacific Partnership amid an arrangement on autos with Japan and the suspension of intellectual property provisions that had been a concern for Canada. DISTANCE FROM 52 WEEKS LOW/HIGH 25 RISK REVERSAL

3 BEMO WEEKLY INSIGHTS I FIXED INCOME GLOBAL BOND INDICES Yield Yield (in Bps) Benchmark Indices US 10 Years Benchmark EU 10 Years Benchmark UK 10 Years Benchmark Sovereign Bonds US Treasury Bond Eurozone Sovereign Bond 0 U.K. Sovereign Bond 0 Japan Sovereign Bond 0 USD Emerging Sovereign Bond 0 Corporate Bonds US Investment Grade Bond 0 US High Yield Bond 0 EUR Investment Grade Bond 0 EUR High Yield Bond 0 USD Emerging Market IG & HY 0 30 DAYS HIGH YIELD VS INVESTMENT GRADE Voters in southern Cyprus are heading to the polls for a presidential election, seeking more benefits from an economy on the rebound after a severe financial crisis. "I would do TPP if we were able to make a substantially better deal," President Trump said at the WEF in Davos. "The deal was terrible, the way it was structured was terrible. If we did a substantially better deal, I would be open to TPP." As expected, the ECB leaves its benchmark interest rates in place, and says it continues to see rates at their present level for an extended period. South Korea's gross domestic product saw a quarterly contraction in the final three months of 2017, falling by a seasonally adjusted 0.2%. The dip is partly attributable to a base effect from outstanding growth in Q3, as well as the 10-day Chuseok autumn holiday that hit industrial output. Venezuela will hold presidential elections before the end of April as President Nicolas Maduro looks to consolidate power amid a major economic crisis. It comes after the EU slapped sanctions on seven Venezuelan officials for a host of alleged human-rights abuses. SOVEREIGN BENCHMARK 10 Y YIELD CHANGES UNITED STATES EUROPEAN UNION UNITED KINGDOM LAST WEEK - CURRENT EU VS US 2Y & 10Y BENCHMARK SPREAD

4 BEMO WEEKLY INSIGHTS I COMMODITIES ENERGY PRECIOUS METALS BASE METALS Energy Last Price WTD % WTI Crude Future % Brent Crude Future % NYMEX Gasoline % NYMEX Heat Oil % ICE Gasoil % NYMEX Natural Gas % ENERGY PERFORMANCE VS VOLATILITY Precious Metals Last Price WTD % Gold Spot $/Oz % Silver Spot $/Oz % Platinum Spot $/Oz % Palladium Spot $/Oz % Gold Future % Silver Future % PRECIOUS METALS PERFORMANCE VS VOLATILITY Base Metals Last Price WTD % LME Aluminum % LME Copper % LME Zinc % LME Nickel % LME Lead % LME Tin % AGRICULTURAL Agricultural Last Price WTD % Corn CBT % Wheat CBT % Soybeans CBT % Bean Meal CBT % Rough Rice CBT % MDE Palm Oil % Soybean CBT % Coffee ICE % Sugar #11 ICE % Cotton #2 ICE % Cocoa ICE % Ethanol CME % Lumber CME % Orange Juice ICE % Live Cattle CME % Feeder Cattle CME % Lean Hogs CME % The total U.S. rig count increased by 11 to 947 following last week's decrease of 3, according to the latest weekly survey from Baker Hughes. Taking a swipe at the International Energy Agency, Saudi Energy Minister Khalid Al-Falih accused the body of overhyping the impact of U.S. shale growth on the oil market. "I was not disputing the amazing revolution of shale. [But] in the overall global supply demand picture it s not going to wreck the train. That's the core job of the IEA, not to take it out of context." U.S. WTI crude oil surpasses $65/bbl for the first time since December 2014 before pulling back slightly, after data showed the 10th straight weekly drop in U.S. crude stockpiles.

5 BEMO WEEKLY INSIGHTS I ECO CALENDAR ENERGY Country Event Surv(M) Prior Time Date Time Canada Markit Canada Manufacturing PMI :30 02/01/ :30 China Caixin China PMI Mfg :45 02/01/2018 3:45 Eurozone GDP SA QoQ 0.60% -- 12:00 01/30/18 12:00 Eurozone GDP SA YoY 2.70% -- 12:00 01/30/18 12:00 Eurozone Markit Eurozone Manufacturing PMI :00 02/01/ :00 France Markit France Manufacturing PMI :50 02/01/ :50 France CPI YoY 1.20% -- 9:45 01/31/18 09:45 Germany Markit/BME Germany Manufacturing PMI :55 02/01/ :55 Italy Manufacturing Confidence :00 01/30/18 11:00 Italy CPI EU Harmonized YoY 0.80% -- 12:00 02/02/ :00 Italy Markit/ADACI Italy Manufacturing PMI :45 02/01/ :45 Japan Industrial Production MoM 1.50% -- 1:50 01/31/18 01:50 Japan Jobless Rate 2.70% -- 1:30 01/30/18 01:30 Japan Nikkei Japan PMI Mfg :30 02/01/2018 2:30 Russia Markit Russia PMI Mfg :00 02/01/2018 8:00 United Kingdom Markit UK PMI Manufacturing SA :30 02/01/ :30 United States Change in Nonfarm Payrolls 180k -- 15:30 02/02/ :30 United States Initial Jobless Claims 235k -- 15:30 02/01/ :30 United States FOMC Rate Decision (Upper Bound) 1.50% -- 21:00 01/31/18 21:00 United States ISM Manufacturing :00 02/01/ :00 United States Conf. Board Consumer Confidence :00 01/30/18 17:00 United States DOE U.S. Crude Oil Inventories :30 01/31/18 17:30 United States U. of Mich. Sentiment :00 02/02/ :00 United States Durable Goods Orders :00 02/02/ :00 United States MBA Mortgage Applications :00 01/31/18 14:00 Banque BEMO sal Head Office - Private and Corporate Banking 96 Pasteur Building, Pasteur Street, Medawar Area, P.O. Box: , Beirut - Lebanon Tel: Fax: Wealth & Investment Management research@bemobank.com Beirut Central District Riad El Solh Square, Esseily Building Bloc A, 7th Floor Beirut - Lebanon Tel: Fax: Disclaimer: This report is published for information purposes only. The information herein has been compiled from, or based upon sources considered to be reliable (Bloomberg, SeekingAlpha, DailyStar ), but we do not guarantee or assume responsibility for its completeness and accuracy. This document should not be construed as a solicitation to take part in any investment, or as constituting any representation or warranty on our part. This report is not to be relied upon in substitution for the exercise of specialists. We may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor. The investments and services contained or referred to herein are not purported to be exhaustive, any person considering an investment should seek specialist advice on the suitability of an investment. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation. Clients understand that it is their responsibility to seek legal and/or tax advice regarding the legal and tax consequences of their investment transactions. The consequences of any action taken on the basis of information contained herein are solely the responsibility of the recipient. Investment instruments are subject to risk, including possible loss of principal amount invested. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. Some investments mentioned in this report may have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realized. Some investments may not be readily realizable and it may be difficult to sell or realize those investments, similarly it may prove difficult to obtain reliable information about the value, or risks, to which such an investment is exposed. This report may provide the addresses of websites or references. We have not reviewed any such site and takes no responsibility for the content contained therein. Such address or reference is provided solely for convenience and information. Accessing such website through this report shall be at the recipients own risk.