From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <jeevacationggmail.com> Subject: Fwd: indication on WTI risk reversals [C] Date: Tue, 31 May 2016 15:29:57 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor 22 Begin forwarded message: From: Vahe Stepanian Subject: RE: indication on WTI risk reversals [C] Date: May 31, 2016 at 11:01:09 AM EDT To: Richard Kahn < Cc: Daniel Sabba < >, Stewart Oldfield Classification: Confidential Rich, Please see below refreshed indications — these levels are not tradable. We did not refresh the $50 strikes as they are well in the money now. Further, we heard back from our Credit Risk Management team and they would require 40% IA for the below transactions in cash or treasures (i.e. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrels of WTI WTI futures references: CLUE ref 50.75, option exp 17Aug16 CLZ6 ref 51.65, option exp 16Nov16 CLH7 ref 52.00, option exp 15Feb17 Premium neutral risk reversals on WTI - Indications Southern financial buys calls and sells puts for zero net premium. These are listed look-alike structures to be executed through Southern Financial's ISDA. option exp 17Aug16 Future reference: CLU6 Call strike: 55 Put strike: 47.00 EFTA00630722 option exp 16Nov16 Future reference: CLZ6 Call strike: 55 Put strike: 48.90 option exp 15Feb17 Future reference: CLH7 Call strike: 55 Put strike: 49.85 Thank you, Vahe From: Richard Kahn [mailto: Sent: Tuesday, May 31, 2016 10:17 AM To: Daniel Sabba; Vahe Stepanian Subject: Re: indication on WTI risk reversals can you please refresh attached quote thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor On May 20, 2016, at 11:06 AM, Daniel Sabba > wrote: Please note these are indications — these levels are not tradable. We need Credit Risk sign off, assessment of any potential credit charges and initial amounts before trading. Any credit charges would impact these indications. Notional: 1mm barrels of WTI WTI futures references: CLUE ref 49.55, option exp 17Aug16 CLZ6 ref 50.00, option exp 16Nov16 CLH7 ref 50.20, option exp 15Feb17 Premium neutral risk reversals on WTI - Indications Southern financial buys calls and sells puts for zero net premium. These are listed look-alike structures to be executed through Southern Financial's ISDA. option exp 17Aug16 Future reference: CLU6 EFTA00630723 Call strike: 55 Put strike: 45 Call strike: 50 Put strike: 49.75 option exp 16Nov16 Future reference: CLZ6 Call strike: 55 Put strike: 45.90 Call strike: 50 Put strike: 50.4 option exp 15Feb17 Future reference: CLH7 Call strike: 55 Put strike: 46.50 Call strike: 50 Put strike: 51 Daniel Sabba Deutsche Bank Securities Inc. Tel. Email This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00630724