EFTA Document EFTA01424086

Subject: RE: indication on WTI risk reversals [C] From: Vahe Stepanian <E > Date: Tue, 31 May 2016 11:01:09 -0400 To: Richard Kahn Cc: Daniel Sabba Stewart Oldfield Classification: Confidential Rich, Please see below refreshed indications - these levels are not tradable. We did not refresh the $50 strikes as they are well in the money now. Further, we heard back from our Credit Risk Management team and they would require 40% IA for the below transactions in cash or treasures (i.e. app