Table 7: Summary of closed trades as of 5-Jun-17 Open Open Close Trade Description Date Level Level CloseDate Rationale Buy NKY Aug-16 105%-110% call spreads & sell 90% puts 11-Jul16 0.26% 1.73% 25-Jul-16 Close position as the hurdle to surprise on the upside is high following a 5.8% NKY rally Replace FB long positions via Oct-16 ATM calls 25-Jul-16 = 5.9% 6.1% 1-Aug-16 Close position as Facebook rallied on better-than expected Q2 results Replace AMZN long positions via Oct-16 ATM calls 20-Jul-16 5.5% 6.3% 1-Aug-16 Close position as Amazon rallied on better-than expected Q2 results Buy AAPL Oct-16 ATM protective puts 25-Jul-16 4.6% 1.2% 1-Aug-16 Remove protection as worries around disappointing Q4 guidance faded post earnings Buy 1.5x 5-Aug-16 2950-3000 strangles by selling 1x 19- Auge SSO ANG stranalas Stranglss oy seling ix 25-Jul-16 0.00% -1.12% 5-Aug-16 The BoJ, Fed & EU bank stress tests could move mkts sharply in the near term Sell NKY Aug16 15500 puts, Buy Sep16 15500-14500 put Aug-16 expiry & coreads ” puis eiy SER um 25-Jul-16 = 0.24% 0.28% Sep 18 ony Unwinding before the Aug16 expiry; The NKY Sep put spread has carried well Buy TLS 25-Aug16 95% puts 18-Jul-16 1.05% 2.95% 15-Aug-16 Telstra has announced earnings and the stock has corrected 5% over the period Buy Newcrest 25-Aug-16 105/115% call spreads 18-Jul-16 2.64% 1.18% 15-Aug-16 NCM has stayed unchanged over the period despite better than expected earnings Buy CSL 25-Aug-16 95% puts 18-Jul-16 1.09% 1.18% 22-Aug-16 CSL fell 5.4% over the period with weak earnings announcement Buy BHP 25-Aug-16 105/115% call spreads 18-Jul-16 = 2.22% 0.77% 22-Aug-16 BHP rose 3.6% over the period but the option remains out of the money Buy HSCEI Aug16 9400 call, Short Oct16 10000 call 1-Aug-16 0.00% 0.67% 22-Aug-16 Close position as the HSCEI rallies 5.2% and we are approaching the Aug16 expiry Buy Tencent (700 HK} Sep16 105% call 15-Aug-16 1.70% 2.10% 22-Aug-16 Tencent jumped post better than expected earnings Sell 1x S