From: Richard Kahn To: "jeffrey E." <jeevacationggmail.com> Subject: Fwd: indication on WTI risk reversals [C] Date: Tue, 07 Jun 2016 19:12:33 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel l fa cel Begin forwarded message: From: Vahe Stepanian Subject: RE: indication on WTI risk reversals [C] Date: June 7, 2016 at 11:23:22 AM EDT To: Richard Kahn < Cc: Daniel Sabba < >, Stewart Oldfield Classification: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, 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 50.90, option exp 17Aug16 CLZ6 ref 51.75, option exp 16Nov16 CLH7 ref 52.15, option exp 15Feb17 Risk reversals on WTI - Indications Southern financial buys calls and sells puts. Indications below are bid/ask per barrel on structure. 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 EFTA00708999