From: Paul Morris Sent: 6/10/2015 2: 0:42 PM To: Daniel Sabba • Stewart Oldfield Subject: RE: bullish expression of single stocks [CI (I] Classification: For Internal use only But I believe there is a tax difference that he would need to consider Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: From: Daniel Sabba Sent: Wednesday, June 10, 2015 12:27 PM To: Stewart Oldfield; Paul Morris Subject: RE: bullish expression of single stocks [C] [I] 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 Internal 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 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060282 CONFIDENTIAL SDNY_GM_00206466 EFTA01368516