EFTA Document EFTA01361948

From: Daniel Sabba Sent: 6/10/2015 12:26:42 PM To: Stewart Oldfield Subject: RE: bullish expression of single stocks [CI II] 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: We