From: Tazia Smith a> To: jeevacationftmail.com Cc: Paul Morris s--a Subject: Re: Fwd: percentages get a read from your team [C] Date: Fri, 14 Feb 2014 15:45:30 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4); unnamed(5); unnamed(6); unnamed(7); unnamed(8) Classification: Confidential Understood Jeffrey. Implementation: Today/Mon (and Tuesday in US due to holiday Mon) start with 1/4 positions (within that 50mm allocation) across the direct equities (healthcare, energy, financials, tech, Japan, Europe) Topix TRS - add $3.5mm usd notional via swap and indirect hedge = gives you capital efficient leverage (financing 3mL+70bps, —20% initial collateral). OR buy another $1mm of your DXJ (that position can represent your delta one allocation). Topix and DXJ charts below for your convenience. Today or Tuesday: Barrier notes - if we can achieve comparable terms (vol has come in) on that eurostoxx50/russell 2k (13mo, worst of >10% contingent minimum return, uncapped upside, 80% barrier) = consider 2.5mm (leaves 2.5mm to put to work in similar return profiles in europe and US) FX = opportunistic Let me know if this is implementation strategy works, or how you'd prefer. Thanks! Tazia TOPIX tyr Price History EFTA01134896