ng a call, buying a put or a risk reversal. Recognize that GBP vol. is currently relatively low (vs. historical levels). Spot ref = 1.6397 1) sell European GBP call on GBP/USD strike: 1.67 Notional: GBP 5,988,023.95 (or —SlOmm) Expiry: Tue 03-Jun-2014 (6m) settlement: Thu 05-Jun-2014 Premium: USD -103,4

/USD Strike: 1.67 Notional: GBP 5,988,023.95 (or —SlOmm) Expiry: Tue 03-Jun-2014 (6m) settlement: Thu 05-Jun-2014 Premium: USD -103,400 2) sell European GBP call on GBP/USD Strike: 1.70 Notional: GBP 5,882,352.94 (or —510mm) Expiry: Wed 03-Dec-2014 (12m) Settlement: Fri 05-Dec-2014 Premium: USD -123,