Important Disclosures Credit opinion history Bahrain / BHRAIN Sovereign Date* Action Recommendation Bahrain / BHRAIN 12-Nov-2015 Initial Marketweight Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." Dubai / DUGB Sovereign Date“ Action Recommendation Dubai / DUGB 12-Nov-2015 Initial Marketweight 08-Jan-2016 Downgrade Underweight 28-Apr-2016 Upgrade Marketweight Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." Qatar / QATAR o_o, Sovereign Date” Action Recommendation Qatar / QATAR 12-Nov-2015 Initial Marketweight 08-Jan-2016 Downgrade Underweight 26-Feb-2016 Upgrade Marketweight 25-May-2016 Restricted NA Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." BofA Merrill Lynch Credit Opinion Key BofA Merrill Lynch Global Research provides recommendations on an issuer's bonds (including corporate and sovereign external debt securities), capital securities, equity preferreds and CDS as described below. Convertible securities are not rated. An issuer level recommendation may also be provided for an issuer as explained below. BofA Merrill Lynch Global Research credit recommendations are assigned using a three-month time horizon. Issuer Recommendations: If an issuer credit recommendation is provided, it is applicable to bonds and capital securities of the issuer except bonds and capital securities specifically referenced in the report with a different credit recommendation.