From: Jeffrey Epstein <jeevacationggmail.com> To: "Ens, Amanda" Subject: Re: To Do: BRL step-up note - closing today Date: Tue, 12 Mar 2013 13:46:17 +0000 no On The, Mar 12, 2013 at 9:39 AM, Ens, Amanda < Jeffrey, > wrote: With the Brazilian policy rate at 7.25% and rate hikes increasingly likely in an effort to stem inflation, we remain structurally bullish on the Brazilian real due to the attractive carry. Paul recommends you invest $2mm in this BRL currency note. HSBC-issued MIL Step-up Note Tenor: 53 weeks At expiry barrier protection: 15% ATMS strike coupon: 5% Step-Up strike: 3% OTMS Step-up coupon: 23.5% Max gain: 28.5% • If BRL performance is between -15% and 0%, you receive your principal back • If BRL performance is between 0% and 3%, +5% return • If BRL is 3% stronger at expiry, +28.5% return • If BRL performance is weaker than -15%, 1-for-1 loss from initial spot More drivers of our constructive BRL view: EFTA00956780