<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, May 20, 2016 1:40 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: Oil</td></tr></table>

yes

On Fri, May 20, 2016 at 9:35 AM, Richard Kahn c

wrote:

is their a notional of WTI barrels on each=leg i should use for this quote? also confirming we are purchasing cal=s and selling puts for cashless trade (risk reversal)

=div>please advise

Richard Kahn

HBRK Associates Inc.

New York NY 10022

## On May 20, 2016, at 9:22 AM, jeffre= E. <jeevaca=ion@gmail.com <mailto:jeevacation@gmail.com»

wrote:

get a spread s=eet on cashless oil 50 calls . 3=month 6 month , 55 calls 6 months 9 mo=ths i will

need by 12

please note

The information contained in this communication is confi=ential, may be attorney-client privileged, may constitute inside inform=tion, and is intended only for the use of the addressee. It is the prop=rty of TEE

Unauthorized use, disclosure or copying of this commun=cation or any part thereof is strictly prohibited and may be unlawful. =f you have received this

## On May 20, 2016, at 9:22 AM, jeffre= E. <jeevaca=ion@gmail.com <mailto:jeevacation@gmail.com» (cont.)

communication in error, please notify us immed=ately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gm=il.com> , and destroy this c=mmunication and all copies thereof, including all attachments. copyrigh= -all rights reserved

## =C2 please note

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JEE

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</=iv>