Asset 1: Capped Call Formula: H1 = max (S12 - X1, 0) - max (S12 - X2, 0) X1 = 1; X2 = 1.6

Asset 2: unidentified

Although the payoff on Asset 2 in terms of Asset 1 and the payoff on Asset 1 in terms of Asset 2 both have two "turning points," the financially equivalent payoff identified by PAT looks different from the original payoff. Also, as can be seen when comparing this diagram to the one of Floored Put, although the original payoffs have symmetrical shapes (one could be just the other turned by 180 degrees), their opposite financially equivalent counterparts, as produced by PAT, have far less similarity.