VVTI futures references: CLU6 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 CLU6 55/45 fence 0.24/0.54 option exp 16Nov16 Future reference: CLZ6 Call strike: 55 Put strike: 45 CLZ6 55/45 fence 1.00/1.36 option exp 15Feb17 Future reference: CLH7 Call strike: 55 Put strike: 45 CLH7 55/45 fence 1.58/1.94 Thank you, Vahe From: Richard Kahn [Egagpin i Sent: Tuesday, June 07, 20 : To: Vahe Stepanian Cc: Daniel Sabba; Stewart Oldfield Subject: Re: indication on WTI risk reversals [C] Yes Thank you From: Vahe Stepanian < ) Date: Tuesday, June 7, 2016 at 8:28 AM To: Richard Kahn < 0[1 > Cc: Daniel Sabba Stewart Oldfield Subject: RE: indication on WTI risk reversals [CI Classification: Confidential Hi Rich following up on the below. To make sure we're on the same page, please confirm he would like to see pricing on WTI risk reversals with a 55 strike call and 45 strike put out to expiries listed below? CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0067369 CONFIDENTIAL SDNY_GM_00213553 EFTA01373272