Subject: RE: bullish expression of single stocks [C] [I] From: Daniel Sabba <ffi Date: Wed, 10 Jun 2015 12:26:42 -0400 To: Stewart Oldfield Paul Morris Classification: For internal use only Agree. The notes allows him to get more downside protection, and higher carry. 18m ATM calls on BK are at —9% premium and AAPL at —12% premium. This is for 18m, so annualizing premium annual carry at around 7% vs 10% of the note. Paul / Stew — do you want to respond or should I? From: Stewart Oldfield Sent: Wednesday, June 10, 2015 12:18 PM To: Paul Morris; Daniel Sabba Subject: RE: bullish expression of single stocks [C] [I] Classification: For internal use only Primary benefits are worst-of structure which can't be replicated with vanilla options and the barrier which gives better protection vs. long stock/- short call. From: Paul Morris Sent: Wednesday, June 10, 2015 12:12 PM To: Stewart Oldfield; Daniel Sabba Subject: FW: bullish expression of single stocks [C] [I] Classification: For internal use only EFTA01405715