Domestic Payoff: Capped Call. Formula: Hd = max (Sd - Xd1, 0) – max (Sd - Xd2, 0) Xd1 = 0.7; Xd2 = 1.5

Foreign Payoff: Unidentified.

Although the domestic and the foreign payoffs both have two "turning points", the financially equivalent foreign payoff, as identified by PAT, looks different from the original payoff. Also, when comparing this diagram to the one for a Floored Put, although the domestic payoffs have symmetrical shapes (one could just be the other turned by 180 degrees), their foreign financially equivalent counterparts, as identified by PAT, have no similarity.