From: Richard Kahn

From: Richard Kahn To: "jeffrey E." [email protected]> Subject: Fwd: indication on WTI risk reversals Date: Fri, 20 May 2016 15:20:30 +0000 is attached sufficient or shall i put it in a spreadsheet for you please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fa) eel Begin forwarded message: From: Daniel Sabba Subject: indication on its t reverse s Date: May 20, 2016 at 11:06:25 AM EDT To: "jeffre E." <eevacation mail.com> Richard Kahr "Darren Indyke Paul Morris Stewart Oldfield , Gben a Omosu i Cc: Vahe epanian 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 Call strike: 55 Put strike: 45 EFTA00703859 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. Em 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. EFTA00703860