Epstein Secrets

M EDT To: Richard Kahn < Cc: Daniel Sabba < >, Stewart Oldfield Classification: Confidential Rich, Pl

d 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. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrel

016 11:23 AM To: Richard Kahn Cc: Daniel Sabba; Stewart Oilfield Subject: RE: indication on WTI risk rev

cation: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, 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. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrel

From: Stewart Oldfield Sent: 5/31/2016 11:02:16 AM To: Vahe

d 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. approx. $20mm on lmm barrels of WTI). Notional: 1mm barrel

From: Andrew King Sent: 6/9/2016 11:38:57 AM To: Stewart 0ldfield Subject: FW: indication on WTI risk reversals [C) Classification: Confidential On Spectrum. max is 50% LTV or 1 turn of leverage (2x ret

cation: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, 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. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrel

Cc: Daniel Sabba Stewart Oldfield Subject: RE: indication on WTI risk rev

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 require40% IA for the below transactions in cash or treasures (i.e. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrels

23:22 AM To: Richard Kahn CC: Daniel Sabba • Stewart Oldfield Subject: RE: indication on WTI risk re

cation: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, 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. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrel

Mobil Email== <imageOO2.gii> From: Stewart Oldfield Sent: Wednesday, June 08, 2016 10:01 AM

cation: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, 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. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrel

M EDT To: Richard Kahn < Cc: Daniel Sabba < >, Stewart Oldfield Classification: Confidential Rich, Pl

cation: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, 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. approx. $20mm on 1mm barrels of WTI). Notional: 1mm barrel