DAILY MARKETS BRIEF I LOCAL MARKETS

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1 DAILY MARKETS BRIEF I LOCAL MARKETS Last Daily % YTD % Dividend % MSCI Lebanon % -6.29% Development and Reconstruction Solidere A % % Solidere B % % Banking Audi Listed % 0.00% 11.23% BLC Listed % 0.00% BOB Listed % 0.00% 4.04% Byblos Listed % -2.19% 10.48% BEMO Listed % -1.27% BLOM Listed % 0.22% 12.16% Trading RYMCO % 0.00% Industrial BEIRUT STOCK EXCHANGE Holcim % -1.29% 16.75% Ciments Blancs % 2.35% MSCI LEBANON INDEX - 30 DAYS CHART LEBANESE USD SOVEREIGN CURVE J.P. Morgan estimated growth at 1.7 percent in 2019, up from 1 percent last year, in its latest report on the Lebanese economy. The investment bank sees significant downside risks both due to necessary fiscal adjustment if reforms are passed and due to the impact of rising uncertainty if reforms are not implemented. The report added that while Cabinet formation has supported sentiment, delays in the execution of reforms were denting confidence against the background of large fiscal and external deficits and high debt. Source: Daily Star, Gulf Business, Mubasher, Businessnews LB GCC EQUITY INDICES Last Price Daily % YTD % Bahrain % 7.92% Kuwait % 14.08% Oman % -7.84% Qatar % -0.39% KSA % 16.77% Dubai % 10.36% Abu Dhabi % 6.07% LOCAL/GCC FOREIGN EXCHANGE Cross Last Price Lebanese Pound Spot USD/LBP Bahraini Dinar Spot USD/BHD Kuwaiti Dinar Spot USD/KWD Omani Rial Spot USD/OMR Qatari Riyal Spot USD/QAR Saudi Riyal Spot USD/SAR UAE Dirham Spot USD/AED MSCI GCC INDEX - 30 DAYS CHART GCC INDICES DAILY PERFORMANCE

2 DAILY MARKETS BRIEF I EQUITY MARKETS UNITED STATES EQUITY MARKET INDICES Last Price Daily % YTD % 10D Vol Major Indices DowJones % 13.40% 0.05% S&P % 15.96% 0.01% Nasdaq % 20.57% -0.40% Sectors Indices Discretionary % 20.62% -0.26% Staples % 11.80% -2.03% Energy % 17.89% -1.25% Financials % 14.66% 1.32% Healthcare % 2.06% 4.12% Industrials % 20.16% 0.14% IT % 24.38% -0.66% Materials % 14.90% -1.64% Com. Services % 19.25% 0.01% Utilities % 8.41% 3.03% Real Estate % 14.58% 7.09% S&P 500 INDEX - 30 DAYS CHART S&P 500 SUPPORT & RESISTANCE U.S. equities rose, largely driven by corporate earnings and a rise in technology shares. A jump in Johnson & Johnson following strong results countered losses in UnitedHealth and Bank of America. Financials were the best performing sector while defensive utilities, real estate, materials sectors were marginally lower. European stocks reached their highest level in eight months led by the banking, insurance, auto sectors and retail. Aiding sentiment was better-than-expected home price numbers from China for March and a ZEW survey showing that the mood among German investors improved in April. INTERNATIONAL MARKETS INDICES Last Price Daily % YTD % 10D Vol World % 14.61% -0.69% Developed % 14.82% -0.55% Emerging % 13.23% -0.35% Frontier % 9.54% -0.24% Europe % 14.95% -2.35% Latin America % 7.87% 0.67% Asia Pacific % 11.51% -1.03% INTERNATIONAL EQUITY INDICES Last Price Daily % YTD % 10D Vol EuroStoxx % 15.39% -2.51% FTSE % 11.03% 0.17% CAC % 16.87% -1.07% DAX % 14.61% -3.31% Swiss SMI % 13.65% 0.98% Nikkei % 11.36% -0.78% CSI % 35.57% 5.69% DEVELOPED VS EMERGING - 30 DAYS CHART EMERGING DEVELOPED INTERNATIONAL EQUITY - 30 DAYS CHART FTSE 100 CAC 40 DAX NIKKEI 225 Source: Bloomberg, Financial Times, Reuters

3 DAILY MARKETS BRIEF I FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET Last Price Daily % 10D Vol 25RR Major USD Cross Rate USD Index % -0.12% - EUR/USD % -0.01% USD/JPY % -0.04% GBP/USD % -1.05% USD/CAD % -0.01% AUD/USD % 0.05% NZD/USD % 0.03% USD/CHF % 0.14% USD/NOK % -0.51% USD/SEK % -0.10% USD/CNY % 0.14% Major EUR Cross Rate EUR/GBP % -0.96% EUR/CHF % -0.04% EUR/JPY % 0.01% DISTANCE FROM 52 WEEKS LOW/HIGH The euro fell against the U.S. dollar after reports that a significant minority of European Central Bank policymakers said the bank s economic projections are too rosy as weak growth in China and trade tensions linger. The British pound fell after the Guardian newspaper reported that talks regarding Brexit between Prime Minister Theresa May and the opposition Labour had stalled. The Japanese yen rose amid uncertainty surrounding U.S. Japan trade talks and after Australia s central bank said it discussed cutting interest rates. EUR/USD 30 DAYS SUPPORT & RESISTANCE Source: Bloomberg, Financial Times, Reuters GBP/USD 30 DAYS SUPPORT & RESISTANCE USD/JPY 30 DAYS SUPPORT & RESISTANCE USD/CAD 30 DAYS SUPPORT & RESISTANCE

4 DAILY MARKETS BRIEF 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 Japan Sovereign Bond US TREASURIES YIELD CURVE EUR GENERIC YIELD CURVE Corporate Bonds US Corporate TR US High Yield Bond TR EUR Aggregate Corporate TR EUR High Yield TR USD Emerging Market IG & HY U.S. Treasury yields rose to four-week highs, supported by increased risk appetite that has pushed Wall Street shares higher, as well as expectations of more positive U.S. and Chinese economic data this week. Focus remains on the release of U.S. trade balance and retail sales, scheduled for release later today and tomorrow respectively. Yields on German government bonds rose following a rebound in the country s ZEW economic sentiment data for the month of April. Focus remains on the release of Consumer Price Index figures for March, scheduled for later today. OVERNIGHT RATES - SWAPS Yield Yield (in Bps) 3M USD LIBOR M EUR EURIBOR M GBP LIBOR Y USD SWAP Y USD SWAP Y USD SWAP Y USD SWAP Spread (in FIXED INCOME SPREADS r Spread Bps) USD 3M vs 10Y Spread Spread Spread (in Bps) USD 2Y 3M vs vs 10Y 10Y Spread USD USD IG 2Y Spread vs 10Y Spread (0.0100) USD IG Spread 1.45 (0.0200) USD HY Spread 4.3 (0.0800) USD HY Spread 3.51 (0.0500) EU vs US 10Y Spread (0.0391) EU vs US 10Y Spread EU vs US 2Y Spread (0.0601) EU vs US 2Y Spread EM vs Benchmark Spread (0.0140) EM vs Benchmark Spread (2.000) Source: Bloomberg, Financial Times, Economic times, Reuters USD CORPORATES - 30 DAYS SPREAD EU VS US - 30 DAYS SPREAD

5 DAILY MARKETS BRIEF I COMMODITIES GLOBAL COMMODITIES MARKET Last Price Daily % Commodity Index % Energy WTI Crude Future % Brent Crude Future % NYMEX Gasoline % NYMEX Heat Oil % ICE Gasoil % NYMEX Natural Gas % COMMODITY INDEX SUPPORT & RESISTANCE WTI OIL 30 DAYS SUPPORT & RESISTANCE Precious Metals Gold Spot $/Oz % Silver Spot $/Oz % Platinum Spot $/Oz % Palladium Spot $/Oz % Gold Future % Silver Future % Platinum Future % Palladium Future % Base Metals LME Aluminum % LME Copper % LME Zinc % LME Nickel % LME Lead % LME Tin % Agricultural 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 % Oil prices rose as the American Petroleum Institute reported that U.S. crude supplies fell by 3.1 million barrels for the week ending April 12. Broader supply concerns also supported the rise. The Department of Energy s crude oil inventories release remains in focus. Gold prices fell as stocks flirted with record highs and as government yields advanced. Source: Bloomberg, Reuters GOLD 30 DAYS SUPPORT & RESISTANCE SILVER 30 DAYS SUPPORT & RESISTANCE

6 DAILY MARKETS BRIEF I COMPANY NEWS TOP 10 WINNERS Ticker Last Price Daily % S&P 500 Stocks QUALCOMM INC QCOM PROGRESSIVE CORP PGR OMNICOM GROUP OMC WESTERN DIGITAL WDC SKYWORKS SOLUTIO SWKS FREEPORT-MCMORAN FCX BLACKROCK INC BLK NETFLIX INC NFLX CITIGROUP INC C HELMERICH & PAYN HP S&P 500 Stocks TOP 10 LOSERS Ticker Last Price Daily % HCA HEALTHCARE I HCA CIGNA CORP CI HUMANA INC HUM ANTHEM INC ANTM CENTENE CORP CNC HUNT (JB) TRANS JBHT UNIVERSAL HLTH-B UHS WESTROCK CO WRK INTL PAPER CO IP MACERICH CO MAC S&P 500 DISTRIBUTION S&P VOLATILITY INDEX LOSERS WINNERS LOW VOLATILITY HIGH VOLATILITY Qualcomm late last night won a major victory in its wide-ranging and protracted legal dispute with Apple as the companies reached a surprise settlement that called for the iphone to once again use Qualcomm modem chips. Shares of Qualcomm jumped 23 percent, their biggest gain in more than 19 years. The U.S. Justice Department has told T-Mobile US and Sprint it has concerns about their proposed $26 billion merger in its current structure according to Reuters sources. Swiss drug maker Roche raised its 2019 outlook after first-quarter sales rose 8 percent, beating analyst estimates on the strength of newer medicines including multiple sclerosis treatment and cancer immunotherapy. Intel said it was exiting the 5G smartphone modem business, while assessing opportunities for 4G and 5G modems in PCs, internet of things devices and other data-centric devices. Etihad Airways Group CFO Mark Powers has stepped down after roughly a year in the job as the Abu Dhabi state-owned carrier overhauls its business after years of heavy losses. International Business Machines reported a bigger-than-expected drop in first-quarter revenue, hurt by tapering demand for its mainframe computers and a stronger dollar, sending its shares down about 3 percent. Bank of America forecast that net interest income would rise half as fast this year after reporting first-quarter revenue that fell short of expectations. CFO Paul Donofrio told analysts on a conference call that the bank anticipates its net interest income will rise by 3 percent in 2019, compared with 6 percent last year. Sources: Seeking Alpha, Financial Times, Reuters, Wall Street Journal, CNBC

7 DAILY MARKETS BRIEF I ECONOMIC DATA KEY ECONOMIC INDICATORS Country Event Surv (M) Actual Prior Time Canada CPI YoY 1.90% % 15:30 Canada CPI NSA MoM 0.70% % 15:30 China GDP YoY 6.30% 6.40% 6.40% 5:00 China Industrial Production YoY 5.90% 8.50% -- 5:00 China Retail Sales YoY 8.40% 8.70% -- 5:00 Eurozone CPI YoY 1.40% % 12:00 Eurozone CPI MoM 1.00% % 12:00 Italy CPI EU Harmonized YoY 1.10% % 11:00 Japan Industrial Production MoM % 1.40% 7:30 Japan Industrial Production YoY % -1.00% 7:30 Japan Capacity Utilization MoM % -4.70% 7:30 Russia Unemployment Rate 4.90% % Russia Retail Sales Real YoY 1.60% % United Kingdom CPI YoY 2.00% % 11:30 United Kingdom CPI MoM 0.20% % 11:30 United Kingdom CPI Core YoY 1.90% % 11:30 United Kingdom PPI Output NSA MoM 0.20% % 11:30 United Kingdom PPI Output NSA YoY 2.10% % 11:30 United States DOE U.S. Crude Oil Inventories 2300k k 17:30 United States MBA Mortgage Applications % 14:00 United States Trade Balance -$53.4b -- -$51.1b 15:30 United States Wholesale Inventories MoM 0.30% % 17:00 Source: Bloomberg 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.