From: Richard Kahn Sent: Wednesday, May 10, 2017 3:40 PM To: jeffrey E. Subject: Fwd: Canadian dollar calls Richard =ahn HBRK Associates Inc. 575 Lexington =venue 4th Floor Begin forwarded message: From: =/b>"Ens, Amanda Subject: =/b>Canadian dollar =alls Date: =/b>May 10, 2017 at 11:39:04 AM =DT To: =/b>"'Richard Kahn" Cc: "Rothberg, Justin D Rich, "Wright, Tucker M" As a proxy for =SDpCADc options OTC, we could trade using the ETF. We see a lot of our =nstitutional clients (hedge funds) trade FX, rates, gold and oil this =ay. FXC = CurrencyShares =anadian Dollar Trust. 15-Sept-2017 expiry 73-strike call (1% OTM spot) EFTA_R1_01890868 EFTA02650434

Offer: 0.90 gross (before 4 =ent commission) or 0.94 net, 1.29% of notional Ref: 72.21 Good on 2000 contracts =$15mm notional) For comparison, a =imilar USDCAD option for Sept 15th would be a =.3522 strike which costs 1.28% indic. We could also look at other Canadian proxies such as =anadian equities if of interest. Regards, Amanda Amanda Ens Director Bank of America Merrill =ynch Merrill Lynch, =ierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 This message, and any attachments, is for the intended =ecipient(s) only, may contain information that is privileged, =onfidential and/or proprietary and subject to important terms and =onditions available at http://www.bankofamerica.com/emaildisclaimer. If you =re not the intended recipient, please delete this message. 2 EFTA_R1_01890869 EFTA02650435

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