EFTA01453824

From: SeM: 4 17 2014 8:42:51 PM To: CC: Subject: Classification: Confidential Re: Trade recap (DB / S0FL) IC] need some help here. why does he feel we are trading against him if we are principal? From: Sent: 04/17/2014 03:20 PM EST To: Kreevacation e'eevacationta il.com> Cc: Subject: Re: Trade recap (DB / SOFL) IC] Classification: Confidential Jeffrey - I used 2 prices that approximated where the market was trading. Since we traded as a package, the legs are really more for reference. We act as a principal, not agent. We take market risk. anks, F To: • • <jeevacation@gmail.com> Cc: Sent: Thu Apr 17 15:12:03 2014 Subject: Re: Trade recap (DB / SOFL) Was told puts were 12 both ways . Do I am clear are you guys acting for me or principal against me On Thursday, April 17, 2014, eall@a> wrote: Classification: External Communication Jeffrey - Thanks for the trade. To recap: Underlying: Jun14 WTI Bloomberg code: CLM4 <comdty> RMS Counterparty code: SOFL SOFL sells $101 call for $3.27/bbl SOFL buys $93.5 put for $.15/bbl Premium: DB pays $3.12/bbl ($312,000) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0111654 CONFIDENTIAL SONY GM_00257838 EFTA01453824