From: Shahzad Shahbaz To: jeffrey E. <jeevacation@gmail.com> Subject: Crude Oil Trades Date: Thu, 15 Nov 2018 19:44:52 +0000 Jeffrey, Hope you are well. HE Sheikh Hamad and Sheikh Jabor asked me to drop you a line on what we are doing in the crude oil space. It is very simple and plain vanilla; • Selling puts with strikes of 90% and 85% for 6/12 months to generate premiums. • Buying oil forward for 6/12 months through futures contracts and/or swaps. • We have looked at some collars/ratio collars but did not transact. Hope the above is useful. Please let me know if you have any questions. Thanks Shahzad. EFTA01016645