EFTA Document EFTA01405715

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 Oldfi