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: Wednesday, June 10, 2015 12:18 PM To: Paul Morris; Daniel Sabba Subject: RE: bullish expression of single stocks [C] [I] Classification: For Interval use only Primary benefits are worst-of structure which can't be replicated with vanilla options and the barrier which gives better protection vs. long stock/short call. From: Paul Morris Sent: Wednesday, June 10, 2015 12:12 PM To: Stewart Oldfield; Daniel Sabba Subject: FW: bullish expression of single stocks [C] [I] Classification: For Internal use only Pls discuss Paul Morris Managing Director Deutsche Bank Private Bank Office Cell: From: Jeffrey E. [mailtoaeevacation@gmail.com] Sent: Wednesday, June 10, 2015 11:50 AM To: Daniel Sabba; Paul Morris Subject: Re: bullish expression of single stocks [C] why is this diffemet or better than settling calls against the stock? ? no provisoin to call can change mind overnight no exectuion risk? On Wed, Jun 10, 2015 at 10:14 AM, Daniel Sabba wrote: Classification: Confidential CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051227 CONFIDENTIAL SDNY_GM_00197411 EFTA01361948