The Underlying is the number of discrete decreases in the Brazil interest rate value during calendar year 2026. Each separate decrease counts as one rate cut, regardless of the size of the decrease. For example, a decrease from 14.75% to 14.50% counts as one rate cut, and a decrease from 14.50% to 14.25% would count as another rate cut. Rate cuts before market issuance count, provided they occurred during calendar year 2026. As of issuance, Brazil has already had 2 qualifying 2026 rate cuts: the Selic target was reduced to 14.75% in March 2026 and to 14.50% in April 2026. Rate hikes do not offset prior rate cuts. If the Brazil interest rate is cut, then later hiked, then later cut again, the two cuts count separately.