rrants were exercised before the end of the first year post closing, EB's ownership of the company would increase to just under 57% of the Company. Cashless exercise of the warrants would be permitted immediately prior to a deemed liquidation event - e.g., company acquisition by or merger with an unaffil

rrants were exercised before the end of the first year post closing, EB's ownership of the company would increase to just under 57% of the Company. Cashless exercise of the warrants would be permitted immediately prior to a deemed liquidation event - e.g., company acquisition by or merger with an unaffil

2 - expiration 11/12/12 - 100 Call @ 119.5- premium =aid $184,000 3) Short- 7/10/12 - expiration 11/12/12 - 100 Put @ 80- premium =eceived $184,000. Cashless straddle 4) Long- 7/10/12 - expiration 12/11/12 - 100 Call @ 119- premium =aid $233,000 4) Short- 7/10/12 - expiration 12/11/12 - 100 Put @ 79.5 -

c > wrote: BULLISH WTI RISKIES Version 1 • Client buys Mar14 WTI 110 call • Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 • Client buys Mar14 WTI 120 call • Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett I Managing Dir

1 wrote: EFTA_R1_02204411 EFTA02720776 • Client buys Mar14 WTI 110 call • Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 • Client buys Mar14 WTI 120 call • Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett I Managing Dir

1 wrote: EFTA_R1_02207267 EFTA02722414 • Client buys Mar14 WTI 110 call • Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 • Client buys Mar14 WTI 120 call • Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett I Managing Dir

ett, Paul S BULLISH WTI RISKIES Version 1 • Client buys Mar14 WTI 110 call • Client sells Mar14 WTI put; 9330 strike; 83.50 at-expiry knock-in Cashless Version 2 • Client buys Mar14 WTI 120 call • Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless wrote: Paul Barrett I Mana

Paul S > wrote: BULLISH WTI RISKIES Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless 2 EFTA_R1_01742318 EFTA02572631

S 2 EFTA_R1_01742345 EFTA02572653 Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett I Managing Director

KIES EFTA_R1_01743351 EFTA02573374 Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knoc=-in Cashless Version 2 Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett=I Managing Director

, Paul S wrote: BULLISH WTI RISKIES Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry kno=k-in Cashless Version 2 • Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in<=> Cashless </=> </=> Paul Barrett I

mailto > wrote: BULLISH WTI RISKIES Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett I Managing Director

: Re: This is my recommendation to play it: Vol skew blowing out again Sell April 9% out of the money puts Buy April 3.5% out of the money calls Cashless 52% delta combined Put strike takes us down to —2400 on the SP500. That gets us to 15.3x PIE based on next 12 month earnings expectations. Paul B

his is my recommendation to play it:<=p> Vol skew blowing out again Sell April 9% out of the money puts Buy April 3.5% out of the money calls<=p> Cashless 52% delta combined Put strike takes us down to —2400 on the SP500. That=gets us to 15.3x PIE based on next 12 month earnings expectations.<=> Pau

crnailt > wrote: BULLISH WTI RISKIES Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless Paul Barrett I Managing Director

ailto: > wrote: BULLISH WTI RISKIES Version 1 Client buys Mar14 WTI 110 call Client sells Mar14 WTI put; 93.50 strike; 83.50 at-expiry knock-in Cashless Version 2 Client buys Mar14 WTI 120 call Client sells Dec13 WTI put; 95 strike; 90 at-expiry knock-in Cashless 3 EFTA_R1_01742366 EFTA02572671