Re: Crude Oil Trades

jeffrey E.

Jeffrey,

Hope you are well.

HE Sheikh Hamad and Sheikh Jabor asked me to drop you a line on what we =re 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 =enerate premiums.

• Buying oil forward for 6/12 months through futures contracts =nd/or swaps.

• We have looked at some collars/ratio collars but did not =ransact.

Hope the above is useful. Please let me know if you have any questions. =br class="u> Thanks

Shahzad.

i =now super basic but USO appears to be very active stock with options to =lay oil

Richard Kahn
HBRK Associates Inc.
575 =exington Avenue 4th Floor
New York, NY 10022
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