EFTA Document EFTA01393119

intrinsic value if the price is equal to or below DM2.50 at that time. Changes in the exchange rate between German marks and British pounds may result from changes in the value of German marks relative to other currencies generally, from changes in the value of the British pound. or from a combination of the two. In any case, the intrinsic value of the option will be deter- mined by the value of the British pound relative to the German mark. and not to the U.S. dollar or any other curren