EFTA Document EFTA01423191

Subject: RE: Hedged MRK [C] From: Daniel Sabba <MMI > Date: Thu, 03 Sep 2015 13:37:51 -0400 To: Stewart Oldfield ‹ > Classification: Confidential You would think. But mentioned he wanted to have the flexibility to trade the long and the hedge independently. This is one of the reason why he didn't want to implement using structured notes... From: Stewart Oldfield Sent: Thursday, September 03, 2015 1:28 PM To: Daniel Sabba Subject: RE: Hedged MRK [C] Classification: Confidential Is it