<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:
To:</td><td>Tuesday, July 18, 2017 7:13 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Euro call pricing</td></tr></table>

Richard Kahn
HBRK Associates Inc.
575 =exington Avenue 4th Floor
New York, NY 10022

Begin forwarded message:

From: =/b>"Ens, Amanda"

Subject: =/b>Euro call =ricing

Date: =/b>luly 18, 2017 at 12:11:30 PM =DT

To: =/b>Richard Kahn <richardkahn12@gmail.com>

Rich,

Using FXE =euro currency ETF) OTC call options:

October expiry (Oct 20th) = 94 days: 113 strike costs $1.40 or 1.24% of =trike Ref: 111.93, forward to Oct: 112.20 113 =trike is 100.71% forward Vol ref: 7.6% Pricing is gross; $0.03 ($3/contract) is added for net price =f $1.43 (adds 2.7bp to cost)

EURUSD indic OTC pricing from =loomberg: 94 days (Oct 20th ) ATMF is =.1633 100.71% ATMF strike is 1.1716 Premium: 1.14% bid / 1.21% offer, =USD

Vol: =.6% Pricing =as no markup in it. Indic mid is 1.175%

Thanks,

Amanda

Amanda Ens Director Bank of =merica Merrill Lynch Merrill =ynch, Pierce, Fenner & Smith Incorporated One =r ant Park, 5th Floor, New York, NY 10036

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