DB James Malcolm: Are the Bo., shifting stance? Own some cheap optionality (Daniel Sabba, 5/1/2015)

From: Daniel Sabba Sent: 5/1/2015 10:15:37 AM To: jeffrey E. [jeevacation mail.comj CC: Paul Morris I I; Vahe Ste anian ; Ariane Dwyer Richard Kahn Subject: DB James Malcolm: Are the Bo., shifting stance? Own some cheap optionality Jeffrey - we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the Sol - he thinks there is now material event risk for the July meeting which warrants some 3-month vol pr