EFTA Document EFTA01409401

Subject: RE: bullish expression of single stocks [C] From: Daniel Sabba Date: Wed, 10 Jun 2015 13:30:16 -0400 To: jeffrey E. <[email protected]>, Paul Morris < Cc: Stewart Oldfield Vahe Stepanian < Ariane D er Classification: Confidential Jeffrey - these are different structures. The payout of the worst-of note can't be replicated with vanilla options. Assuming the note is not called before expiry and coupon barriers are not met, it would allow you to get some downside protection