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Warrants, !Dr.PD

warrants? warrants securities .;; warrants call options! European: warrant American: warrant Bermudan: warrant

2European:Warrant ALPHA 1 10 2016.

American:Warrant ALPHA 1 10 2016.

Bermudan:Warrant ALPHA 1 10 2014 10 2015 10 2016.3 ; warrants .. ALPHA 5 5% 1 warrant 1000 1 . warrants private equity . warrants warrants, Hong Kong, (Over The Counter OTC).4 : warrant

attached warrants

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warrant ( ALPHA ); ALPHA (S) 1.1 ; ALPHA (S) 1.4 ;

warrant in the money warrant out of the money warrant at the money ( )

210 2: () warrants ( ALPHA );

Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).Warrant ALPHA (S), (M) 1.2 (X) 10 2016 (T).

111 3: () warrants ( ALPHA );

Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).Warrant ALPHA (S), (M) 1.2 (X) 10 2015 (T).

112 4: (D) Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).

warrant ( ALPHA ); ALPHA 0% ALPHA 4%

113 5: (V): (volatility) ;: : , 16% 1%

14 5: (V)Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).

warrant ( ALPHA );

ALPHA V=50% ALPHA V= 70%

215 6: () (R)Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).

warrant ( ALPHA );

R=1% R=3%

216... (S) warrant warrant (X) warrant warrant (T) warrant (D) warrant (V) warrant warrant

17 1Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).

warrant. (, BBG) : warrant ;18 2

warrant options . (?) implied volatility. 19 warrant Warrant ALPHA (S), (M) 1 (X) 10 2016 (T).

20Warrants . Warrant ALPHA (S), (M) 1 (X) 10 2016 (T). ALPHA 0,8 . warrant ; R,D,V warrant. R=0.75%, D=0%, V=60% warrant 0,28 ( 35% ) Black & Scholes warrant ALPHA; (!) warrant. To warrant warrant spot. warrant 10 cents ALPHA; 65%21Delta warrants time value warrant / warrant delta. delta warrant warrant ( , warrant )

22Delta warrants time value. Warrant ALPHA (S), (M) 1 (X) 10 2016 (T). ALPHA 0.8 R=0.75%, D=0%, V=60% , delta 65% warrant 0.28. ALPHA 0.80.85 warrant 0,28 0,3125 ALPHA 1.35 delta 80%, warrant 0,69 ALPHA 1.351.40 warrant 0,69 0,73 ALPHA 0.3 delta 30%, warrant 0,04 ALPHA 0.30.35 warrant 0,04 0,045Time Value warrant 23Warrants warrant . ;;; ! Vega. Vega warrant 1% .: Warrant ALPHA (S), (M) 1 (X) 10 2016 (T), ALPHA 0.8 , 60% Vega 1 cent. 60% 61% warrant 1 cent 0.28 0.29. bid/offer . Vega warrant . Vega . Vega warrant.24 Warrant ALPHA (S), (M) 1 (X) 10 2016 (T), ALPHA 0.8

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25Bid VolBid OfferOffer Vol45%0,200,3675%50%0,230,3370%55%0,260,3165% warrants Warrant ALPHA (S), (M) 1 (X) 10 2016 (T), ALPHA 0.8 delta warrant 65% 28 cents. ALPHA 5 cents warrant 3.25 cents . : 5cents 6.25%A warrant: 3.25cents 17.85%Warrant ALPHA (S), (M) 1 (X) 10 2016 (T), ALPHA 0.6 delta warrant 54% 17 cents. ALPHA 5 cents warrant 2.5 cents : 5cents 8.33%A warrant: 2.5cents 14.75%26 ; warrant !! warrant . ...: Warrant ALPHA (S), (M) 1 (X) , ALPHA 0.2 () . ( ) warrant27 warrant warrant . warrant. warrant - Warrant ALPHA (S), (M) 1 (X) 10 2016 (T), ALPHA 0.8 , 23cents ; (implied volatility) 50%

28Warrants arbitrage warrant ; ; warrants . . warrant W > S-X( ), 1 ALPHA 1.2 warrant 20cents.;; ;; Arbitrage Strategy Cash Flow S < X S > X warrant - W warrant0S-X + S - S- S - X + X+ X -W + S - X > 0X - S > 0 S - X + X - S= 029Warrants arbitrage () warrant ALPHA 1 1,2 . warrant in the money. ; 0.18 ; ;

arbitrage??30 Arbitrage Strategy Cash Flow Alpha < 1, , ALPHA=0.8 Alpha > 1, , Alpha=1.3 warrant - 0,18 warrant01.3-1=0.3 + 1,2 - 0.8- 1.3 1 + 1+ 1 -0,18 + 1,2 - 1 =0,021 0.8 = 0.2 0.3 + 1 1.3= 0 warrants spot ; , , ( ) spot , , non-arbitrage 31THE END32