From: Paul Morris Sent: 1/30/2015 10:35:19 AM To: Stewart Oldfield Subject: Re: One idea for diverging policies - calls on global dispersion [C] Classification: Confidential Sounds good From: Stewart Oldfield Sent: Friday, January 30, 2015 10:32 AM To: Paul Morris Subject: RE: One idea for diverging policies - calls on global dispersion [C] Classification: Confidential Thanks. Termsheet is pretty straightforward. Can discuss this afternoon. My lunch is at 12:30 down in Soho, so will be back just after 2. See you then From: Paul Morris Sent: Friday, January 30, 2015 10:26 AM To: Stewart Oldfield Subject: Fw: One idea for diverging policies - calls on global dispersion [C] Classification: Confidential From: Daniel Sabba Sent: Friday, January 30, 2015 10:23 AM To: Jeffrey E. <ieevacation@qmail.com> Cc: Vahe Stepanian; Richard Kahn •MI IIMMEnt ; Paul Morris Subject: RE: One idea for diverging policies - calls on global dispersion [C] Classification: Confidential Jeffrey, Our London desk was able to improve the ATMF strike to 11.15% and their offer still at 2.4% (1.9% mid) on this trade. Given the trade has little delta at inception, our desk is able to set the initial strikes for the structure at market on close today for all markets (SPX, EEM, SXSE, HSCEI, NKY), even though Asia has already closed. Attached is a draft term sheet for the trade. Regards, Daniel From: Daniel Sabba Sent: Thursday, January 29, 2015 5:12 PM To: Daniel Sabba; jeffrey E. Cc: Vahe Stepanian; Richard Kahn; Paul Morris Subject: RE: One idea for diverging policies - calls on global dispersion [C] Classification: Confidential CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051192 CONFIDENTIAL SDNY_GM_00197376 EFTA01361916