<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, May 23, 2016 11:13 AM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Fwd: Investment Structures</td></tr></table>

Forwarded messa = From: Shahzad Shahbaz < > > Date: Sun, May 22, 2016 at 6:20 AM Subject: Inv=stment Structures To: "jeffrey E." <jeevacation@gmail.com <mailto:jeev=cation@gmail.com»

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;</=>>

* =C2* Put option on the worst performi=g stock in a basket

" =C2* One year structure=/span>

* =C2* Coupon guaranteed irrespective o= performance of the stocks in the basket.

* =C2* Put option strike at 70% of refe=ence/spot

* =C2* Payoff if required in stock at 7=% strike

* =C2* We identified 3 baskets based on=stocks we are comfortable to own in a downside scenario at a 30% discount.=u>

* =C2* Basket 1; BHP Billiton, Bank of =merica, Shell, BNP Paribas

" =C2* Basket2; Credit Suisse, General =otors, BASF, General Electric

* =C2* Basket 3; Barclays, Adidas, Siem=ns, Santander

" =C2* The coupon on the above baskets =anges between 8.5 — 9.5% without any leverage.

" =C2* 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;

" =C2* We identified 20 investment grad= names to place in a portfolio

* =C2* Given the uncertainty in the ene=gy, commodity and bank sectors we selected some of these names to maximize=returns

* =C2* 5 year structure=/u>

* =C2* Exposure through 5 year CDS

* =C2* Based on leverage we are able to=generate double digit returns.

" =C2* The risk to the return is margin=calls on the leverage if the value of the portfolio declines due to spread= widening.

" =C2* 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.
=/u>

## please note

=he information contained in this communication is confidential, may be =ttorney-client privileged, may constitute inside information, and is in=ended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served