you, Paul. Off of the inexpensive upside discussion last week. We had a client come in and initiate a new trade with this theme. Client here bought SPX Nov18 2950 calls paying 11.55. Currently, 3mo 105% implied vols is trading below realized vol... CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-007

you, Paul. Off of the inexpensive upside discussion last week. We had a client come in and initiate a new trade with this theme. Client here bought SPX Nov18 2950 calls paying 11.55. Currently, 3mo 105% implied vols is trading below realized vol... Kind regards, Nadean From: Paul Barrett [mailto Sent: Thur