EFTA Document EFTA01479416

Subject: B XLK Calls - low im lied vol [I] From: Tazia Smith < Date: Wed, 22 Jan 2014 11:46:43 -0500 To: jeevacation@gmail com Cc: Paul Morris Vinit Sahni Nav Gu•ta < Vahe Stepanian < Classification: For internal use only Jeffrey - Nav highlights XLK OTC calls below; we like this big-cap US tech underlier. The listed market offers comparable low implied vol entry point. The March $37 strike calls are offered -72bps (offer vol: 11.9%). Jun $38 calls are offered -1% (offer vol: 11.8%)