<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, September 15, 2014 4:46 PM</td></tr><tr><td>To:</td><td>Steven Sinofsky</td></tr><tr><td>Subject:</td><td>Re: JPM</td></tr></table>

no„ you can always buy back and extend

On Mon, Sep 15, 2014 at 12=29 PM, Steven Sinofsky < <mailto > > wrote:
Do I need to worry about people exercising cov=red calls early?

THis is what JPM said. I'm not asking them to confirm your advice=just help me to execute.

>>> JPM dude says

I do agree that the covered call strategy is a disciplined way to divest yo=r position over time (assuming the stock remains through the call strike) =hile making the "cost to manage" net positive. We do=apologize for the misunderstanding as our primary goal in the below analys=s was to hedge your existing position.

Let me check with our desk to get pricing on calls (OTC) and also provide y=u with listed pricing as well so you can compare. The listed options=will likely be cheaper (a clear positive) but can be exercised early by th= holder which means your taxable event could be pulled forward. We=E2 II need to weigh our aversion to this against whatever price discr=pancy exists.

That said, I like using listed options for covered call strategies especial=y if you don't mind building the position over a few days. L=sted options provide flexibility (easy to close-out if necessary) as well =s full price transparency.

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