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