<table><tr><th>From:</th><th>labor Y.</th></tr><tr><td>Sent:</td><td>Wednesday, June 8, 2016 9:36 AM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Thank you. Not quite sure, but we may come to NY after 10 days.=C240 Will discuss more on this then and also the Marrakech plot.

O= Monday, June 6, 2016, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.=om> > wrote:

- =C24> Credit lines at many banks floor the floating index at 0%. With 1-month Euribor fixing at -0.25%, the benefit of negativ= interest rates can be used to your advantage.

cross-currency - swap =C2* to create You can a synthetic bypass the EUR floor loan. by The borrowing cross currency in USD basis at 1-month swap pays Libor USD (plus Libor a spread) and you and pay using -0.35% a (so 35bps actually get paid to you as it is negative). This allows you to not only capture the benefit of negative rates but also cheapen the funding bythe cross-currency differential in the market.

theerfore

- =C240 By creating a synthetic EUR loan via cross-currency swaps, you can reduce funding costs of Sheik Hamad by roughly 60 bps for 2 year= (combination of savings from negative Euribor rates and negative cross-currency basis).

=C2

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