From: jeffrey E. <[email protected]> Sent: Monday, May 23, 2016 11:13 AM To: Richard Kahn Subject: Fwd: Investment Structures Forwarded messa = From: Shahzad Shahbaz < > > Date: Sun, May 22, 2016 at 6:20 AM Subject: Inv=stment Structures To: "jeffrey E." <[email protected] <mailto:[email protected]» Jeffrey, Hope all is well. Further to your meeting, HE Sheikh Ha=ad asked me to send you a summary of the 2 investment structures. EQUITY PUT OPTIONS;</=> * * Put option on the worst performi=g stock in a basket " * One year structure=/span> * * Coupon guaranteed irrespective o= performance of the stocks in the basket. * * Put option strike at 70% of refe=ence/spot * * Payoff if required in stock at 7=% strike * * We identified 3 baskets based on=stocks we are comfortable to own in a downside scenario at a 30% discount.=u> * * Basket 1; BHP Billiton, Bank of =merica, Shell, BNP Paribas " * Basket2; Credit Suisse, General =otors, BASF, General Electric EFTA_R1_01569635 EFTA02462871

* * Basket 3; Barclays, Adidas, Siem=ns, Santander " * The coupon on the above baskets =anges between 8.5 — 9.5% without any leverage. " * Obviously you can select any sto=k of your preference in the basket. Stocks with higher volatility and less=correlation will generate a higher coupon for the basket. FIXED INCOME; " * We identified 20 investment grad= names to place in a portfolio * * Given the uncertainty in the ene=gy, commodity and bank sectors we selected some of these names to maximize=returns * * 5 year structure=/u> * * Exposure through 5 year CDS * * Based on leverage we are able to=generate double digit returns. " * The risk to the return is margin=calls on the leverage if the value of the portfolio declines due to spread= widening. " * Principal risk is based on defau=t in any of the credits in the portfolio which is limited to 5% per name.<=> I hope the above is useful. Please le= me know if you have any questions. Best Shahzad. gu> 2 EFTA_R1_01569636 EFTA02462872

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