From: jeffrey E. <[email protected]> Sent: Sunday, May 22, 2016 10:23 AM To: Shahzad Shahbaz Subject: Re: Investment Structures in your fixed income basket, which stocks did you ch=ose. ? 2. which banks have you found , or person at bank that=you think provides the best execution and flexibility. . 3. Sk Hamad said that one of the banks might take the fi=st two stock loss? 4 Do you currently invest in Tech ? or tech funds? med tech, bio tech, cyber etc.? =div class="gmail_extra"> On Sun, May 22, 2=16 at 6:20 AM, Shahzad Shahbaz < <mailto =rote: 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 1 EFTA_R1_01571035 EFTA02463882

* * 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. * * name.<=> Principal risk is based on defau=t in any of the credits in the portfolio which is limited to 5% per I hope the above is useful. Please le= me know if you have any questions. Best Shahzad. =/u> 2 EFTA_R1_01571036 EFTA02463883

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