EFTA Document EFTA01363471

From: Stewart Oldfield Sent: 4/13/2015 4:19:11 PM To: Paul Morris I Subject: RE: Portfolio Protection Idea - SPX Puts Contingent on 10y USD Swap Rates (CI Classification: Confidential I'm generally a fan of hybrid puts for clients who think rates will rise. These are usually held to maturity, but structuring as a spread rather than an outright put makes any early unwind even more complicated than usual for a hybrid. From: Paul Morris Sent: Monday, April 13, 2015 4:07 PM To: Stewart