Forward Asiático Febrero 2009 PRODUCT NOTE • PRODUCTOS ESTRUCTURADOS <3 CRD México Estructura de tipo de cambio a 180 días en el que el cliente compra un Forward Asiático sobre el USDPEN. Es una estructura costo cero para aquellos que tienen que comprar dólares mensualmente y quieren estar cubiertos durante 6 meses. Términos y Condiciones !: (52) 55 56 21 91 52 Madrid !: (34) 91 537 96 43 Moneda USD Monto 100,000.00 Fecha de Cierre A ser determinada Plazo 180 días Fecha de Vencimiento Fecha de Cierre + 180 dias Base de Cálculo Act / 360 Observaciones Mensuales Tipo de Cambio de Referencia Promedio de las observaciones mensuales del FIX Spot de Referencia 3.2300 Strike Forward 3.2900 Forward Referencial 3.3082 Prima 0% Pag 1 “The information contained in this document is set out for illustrative purposes only and does not constitute any form of offer from BBVA to trade on such terms or constitute an indication that it is possible to trade on those precise terms. It is also understood that the information contained in this document shall not be considered investment advice nor a recommendation to enter into a transaction and shall not form the basis of a decision of any kind. BBVA and its clients shall not be bound until they have both agreed to enter into a transaction and have agreed to its material terms. Actual prices will depend on market conditions at the time the transaction is concluded. No representations or warranties are given or implied as to the information contained herein. All terms, information and pricing herein is indicative and subject to change without notice. You acknowledge that the products to which this document refers may not be appropriate for you due to your specific investment goals, financial positions or risk profiles, as these have not been taken into account to prepare this document. Therefore, before entering into a transaction, you should independently evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences involved and should not rely on BBVA for this. Financial transactions involve high risks and are not appropriate for every investor. Indeed, in some cases, the potential losses may exceed the amount of initial investment. You should also be aware that secondary markets for the said products may be limited or even not exist. BBVA S.A. shall not assume any liability nor responsibility of any kind for any cost or direct or indirect losses arising from the use of this document or its contents. The information contained herein is provided to you by BBVA on a strictly confidential basis. No part of this document may be (i) copied, photocopied or duplicated by any other form or means (ii) redistributed or (iii) quoted, without the prior written consent of BBVA.” Forward Asiático Febrero 2009 PRODUCT NOTE • PRODUCTOS ESTRUCTURADOS <3 CRD México Descripción de la estructura: I. Si a vencimiento el promedio de las observaciones mensuales es mayor al strike: 1) El cliente recibe la diferencia en soles según la siguiente fórmula: (Tipo de Cambio Promedio – Strike) * Monto !: (52) 55 56 21 91 52 Madrid !: (34) 91 537 96 43 II. Si a vencimiento el promedio de las observaciones mensuales es menor al strike: 1) El cliente paga la diferencia en soles según la siguiente fórmula: (Strike – Tipo de Cambio Promedio) * Monto Gráfica Forward Asiático 10% 5% 3.49 3.46 3.43 3.40 3.37 3.34 3.31 3.28 3.25 3.22 3.19 3.16 -5% 3.13 0% 3.10 Ganancia en PEN 15% -10% -15% Tipo de Cambio Promedio Pag 2 “The information contained in this document is set out for illustrative purposes only and does not constitute any form of offer from BBVA to trade on such terms or constitute an indication that it is possible to trade on those precise terms. It is also understood that the information contained in this document shall not be considered investment advice nor a recommendation to enter into a transaction and shall not form the basis of a decision of any kind. BBVA and its clients shall not be bound until they have both agreed to enter into a transaction and have agreed to its material terms. Actual prices will depend on market conditions at the time the transaction is concluded. No representations or warranties are given or implied as to the information contained herein. All terms, information and pricing herein is indicative and subject to change without notice. You acknowledge that the products to which this document refers may not be appropriate for you due to your specific investment goals, financial positions or risk profiles, as these have not been taken into account to prepare this document. Therefore, before entering into a transaction, you should independently evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences involved and should not rely on BBVA for this. Financial transactions involve high risks and are not appropriate for every investor. Indeed, in some cases, the potential losses may exceed the amount of initial investment. You should also be aware that secondary markets for the said products may be limited or even not exist. BBVA S.A. shall not assume any liability nor responsibility of any kind for any cost or direct or indirect losses arising from the use of this document or its contents. The information contained herein is provided to you by BBVA on a strictly confidential basis. No part of this document may be (i) copied, photocopied or duplicated by any other form or means (ii) redistributed or (iii) quoted, without the prior written consent of BBVA.”