The Panthenon Investment Group

Option expiring 15 July or 15 August.

1 month; Strike 0.9600, Breakeven 0.9715, premium payable is 115bps.

38% target at 1.0027, difference is 312bps, payout is 2.7X.

50% target at 1.0137, difference is 422bps, payout is 3.67X

2 months; Srike 0.9600, Breakeven 0.9785, premium payable is 185bps.

38% target at 1.0027, difference is 242bps and payout is 1.30X

50% target at 1.0137, difference is 352bps and payout is 1.90X.