Epstein Secrets

From: Daniel Sabba To: mjeffrey E."' <[email protected]> CC: Paul Morris , Todd Stevens , Stewart Oldfield , Vahe Stepanian , Ariane Dwyer , "'Richard Kahn"' Subject: Proxy hedge for jet fuel using heating oil opti

6 +0000 Infirm-Images: image004.png; image005.png; image002.jpg Classification: Confidential Jeffrey, We looked into correlation of Jet Fuel with Brent, WTI and heating oil. See the correlation of weekly returns since Jan- 2012 below: With WTI: 80% With Brent: 88% With Heating oil: 82% Jet Fuel,

established for each account to be opened 2. Account Ownership Summary Account Name: lepers Inc Acct. Number (a i swailattle): Account Manager: Paul Morris What is the purpose of the account (e.g. portfolio management advisory account, custody services, long-term invesbnent, payment/expense account)? C

iaries? (77 Yes, provide details below and contact pearfrigt Ores Web fiatemfirrt7)or the Reprdatwy Control Prop and natty Compiacer in ) G. Does Brent have financial interactions the or related party any or other association / within by the Pike Foreign Assets Control O Yes n No countrie

From: Sent: To: CC: Subject: Attachments Tazia Smith 11/5/2013 1:52:50 PM [email protected] 1 Paul Morris Stepanian Brent Solutions (CI pic19678.gif; pic00922.gif; pic26227.gif; pic04017.gif Classification: Confidential l; Caroline Kitidis Jeffrey -

l l; Caroline Kitidis Jeffrey - Below please find solutions that can be combined to reflect your view that transport/supply constraints will cause Brent to spike within the next S-6months for a brief (-2 week) period; your objective is to monetize both the potential upside spike and downward reversi

Subject: RE: Energy Renaissance E uities + Trade idea: KI Brent puts [C) From: Tazia Smith < Date: Mon, 03 Mar 2014 14:32:52 -0500 To: Cc: Paul Morris Vahe Stepanian < Classification: Confidential Yes, will do - thanks Jeanne! (Embedded image moved to file: pic26026.gif) Tazia Smith Director I

rong quarter (see chart below, still interesting); this is a small-cap ($879mm market cap) US nat gas/crude E&P name. Also below is a short play on Brent (depending on your view): It's a 107 strike put on Jul14 Brent crude (thus expires in June, -3mos). Spot ref for Ju114 crude is 110.6 (thus in-the-