From: Vahe Stepanian Sent: Wednesday, October 15, 2014 3:48 PM To: [email protected] Cc: Subject: Re: ML + US Airlines [C] Classification: Confidential Jeffrey - to clarify, which would you like me to do: A) Unwind existing AAL position and/or B) Sell puts per the below on DAL, U=L, AAL, and LUV. If B, should we use $500k notional on each name for a total of $2mm total exposure to the underliers (in addition to your existing AAL position)? Thank you, Vahe From: "jeffrey E." <[email protected]> To: Date: 10/15/2014 11:37 AM Subject: Re: AAL + US Airlines (C) sell it all on Wed, Oct 15, 2014 at 11:24 AM, Vahe Stepanian wrote: Classification: Confidential Good Morning Jeffrey - quick update on AAL. Recall you currently hold the following position: Please let us know should you wish to hold or add to the position. <=ont size=3> EFTA_R1_01775919 EFTA02592824