From: Vahe Stepanian

From: Vahe Stepanian To: "Jeffrey E." <jeevacationggmail.com> CC: Daniel Sabba < , Ariane Dwyer , Paul Mon-is >, Stewart Oldfield , Richard Kahn Subject: WTI Call Spreads [C] Date: Tue, 25 Aug 2015 14:07:12 +0000 Inline-Images: image002.jpg Classification: Confidential Jeffrey - as you may have seen, WTI dropped below $40/bbl for the first time since March 2009 on concerns of slowing demand growth. Below please find indications on 2 and 3 year WTI call spreads priced yesterday afternoon. Note that pricing is for $20mm notional. Please let us know if below is of interest and we can provide live levels. Thank you, Vahe 2/ear expiry: Underlying: CLZ7 Expiry: 15-Nov-17 CLZ7 ref: 50 Notional: $20mm, or 400,000 bbl 2y OTC Call Spreads Strikes Indicative Offer $60/$75bb1: $2.75/bbl (mid is 2.45) 3/ear expiry: Underlying: CLZ8 Expiry: 14-Nov-18 CLZ8 ref: 53 Notional: $20mm, or - 377,000 bbl 3y OTC Call Spread Strikes Indicative Offer $60/$75bb1: $3.85/bbl (mid is 3.50) CL1 Historical Price Chart EFTA01190951 T ■Last Price 39.55 T tfigTh on 08/29/14 95.96 Average 61.54 1 Low on 08/24/15 1S.24 Secs Oct 7014 Nov Dec Jan Feb Mar Jun Jul Av9 Apr May 2015 Ce0yostel. 201$ Bksontesp Finance 0.456M r m 0.261K 2$-Av)-2015 09:43:47 *Used with Permission of Bloomberg Finance LP Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01190952