From: jeffrey E. <jeevacation@gmail.com>
Sent: Tuesday, August 11, 2015 1:22 PM
To: Richard Kahn
Subject: Re: Cnh trade [C]

its a put at 6.1 now at 6. 3, how =an it not have vaule the yuan was devalued,

On Tue, Aug 11, 2015 at 7:03 AM= Richard Kahn wrote:

Sent from my iPh=ne

Begin forwarded message:

TradeType

EUR

BuySell<=u>

Client Buys<=u>

Currency1

USD

CP

Put

Notional1

75,000,000<=>

Currency2

CNH

Notional2

-462,000,000=/u>
Strike</=>: 6.1600</=pan>
ZoneCut<=u>: TK: 15:00 hours (Local time in Tokyo)
ExpiryDate<=u>: Wed 12 August 2015<=u>
SettlementDate: Fri 14 August 2015<=u>
FixingReference: SPOT
Premium<=u>: 273,000<=span>
USD: Thu 14 August 2014<=u>

Thank you,

Vahe

*Used with the permission of Bloomberg LP

-----Original Message-----
From: Richard Kahn [REDACTED]
Sent: Tuesday, August 11, 2015 5:51 AM

To: Daniel Sabba; Vahe Stepanian
Subject: Cnh trade

I know we have 2 days left. Please advise on pricing and market value on=option based on current news. Thank you.

Richard Kahn

HBRK Associates Inc.

575 Lexington Avenue, 4th Floor

New York, NY 10022

| Field | Value |
|---|---|
| Tel | [redacted — black box] |
| Fax | [redacted — black box] |
| Cell | [redacted — black box] |

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