AAPL Autocallable [C (Vahe Stepanian, 23 Jul 2015)

Subject: AAPL Autocallable [C] From: Vahe Stepanian Date: Thu, 23 Jul 2015 15:33:07 -0400 To: jeffrey E. <jeevacation@gmail.com> Cc: Daniel Sabba Ariane Dwyer Paul Morris < Stewart Oldfield Richard Kahn Classification: Confidential Jeffrey - we indicatively priced the below note following the downward move in Apple (AAPL) this week. The structure takes advantage of the lower stock price and increase in volatility, while offering an attractive yield if you believe AAPL will trade sid