KI Forward Abril 2009 PRODUCT NOTE • PRODUCTOS ESTRUCTURADOS <3 Estructura de tipo de cambio a 30 días en el que el cliente vende un Forward sobre el USDPEN que sólo se activa si el tipo de cambio toca una cierta barrera. Es una estructura costo cero para aquellos que tienen que vender dólares a 30 días y quieren estar cubiertos sólo si el tipo de cambio baja a más de 3.05. CRD México !: (52) 55 56 21 91 52 Términos y Condiciones Madrid !: (34) 91 537 96 43 Moneda PEN Monto (USD) 100,000.00 Fecha de Cierre A ser determinada Plazo 30 días Fecha de Vencimiento Fecha de Cierre + 30 dias Base de Cálculo Act / 360 Spot de Referencia 3.0915 Strike Forward 3.0330 Barrera (KI) 3.05 Forward Referencial 3.1025 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.” KI Forward Abril 2009 PRODUCT NOTE • PRODUCTOS ESTRUCTURADOS Descripción de la estructura: <3 I. CRD México Si en cualquier momento dentro del plazo el tipo de cambio toca la barrera KI de 3.05: El cliente vende los dólares a 3.0330 II. Si el tipo de cambio no toca la barrera KI de 3.05 en ningún momento durante el plazo: El cliente vende los dólares a mercado y aprovecha la posible subida del tipo de cambio. !: (52) 55 56 21 91 52 Madrid !: (34) 91 537 96 43 Gráfica KI Forward 50% -100% 3.30 3.26 3.22 3.18 3.14 3.10 3.06 3.02 2.98 -50% 2.94 0% 2.90 Ganancia en PEN 100% KI Forw ard Forw ard KI -150% Tipo de Cam bio 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.”