EFTA01387888.pdf

From: Martin Zeman Sent: 3/6/2018 11:59:53 AM To: Stewart Oldfield Subject: RE: XPO Logistics and FEDEX Di Classification: For internal use only I agree. I flew in the cockpit of Fedex planes last year 4-5 times. Love the company... I just didn't know that on relative value basis UPS is so much behind Fedex. From: Stewart Oldfield Sent: Tuesday, March 06, 2018 11:53 AM To: Martin Zeman Subject: RE: XPO Logistics and FEDEX (I) I love the sector. And the CEO of XPO is the real deal. From: Martin Zeman Sent: Tuesday, March 06, 2018 11:52 AM To: Stewart Oldfield Subject: RE: XPO Logistics and FEDEX (I) Classification: For Internal use only I know but I just personally know nada about them. I think selling puts and collecting premium on all 3 would make sense for him. He really is not in that industry at all. From: Stewart Oldfield Sent: Tuesday, March 06, 2018 11:48 AM To: Martin Zeman Subject: RE: XPO Logistics and FEDEX KNX is his other top pick fyi From: Martin Zeman Sent: Tuesday, March 06, 2018 11:45 AM To: 'Paul Barrett Cc: Joshua Shoshan ; Xavier Avila Stewart Oldfield Subject: XPO Logistics and FEDEX Paul, Please see attached 1-pager published two weeks ago (and also a more detailed report on the industry). Our analyst is really bullish on FEDEX and XPO and doesn't like UPS which really got beat up last few weeks. What I think makes sense is picking up premium on puts on these two stocks that you should be long if they dip lower from current levels. You get $4.50 for $220 June Fedex Puts (the stock now at $242 and still 10% down to January highs). When it comes to XPO, you can get $2.45 for May 90 Puts (we have a $133 target on that stock and I recently sat in a meeting with our analyst and he clearly is very bullish this company). CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0091093 CONFIDENTIAL SDNY_GM_00237277 EFTA01387888