Epstein Secrets

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,

Stevens , Stewart Oldfield , Vahe Stepanian , Ariane Dwyer , "'Richard Kahn"' Subject: Proxy hedge

a Delta One note or Total Return Swap Source: Bloomberg Finance LP, Deutsche Bank Research European Oil Sensitivity Basket Outperforms market when Brent rises (1) For additional detail on basket holdings please see Appendix Deutsche Asset & Wealth Management For Internal Use Only 22 EFTA0147079

Associate, KCP U.S. ay ipman Analyst, KCP U.S. Ariane Dwyer Analyst, KCP U.S. Melissa Mittelman Anal

n; Ariane Dwyer; FW: EOD Commodities Note - 1 ar Prateek Jain Sent: Tuesday, March 10, 2015 4:57 PM Subject: EOD Commodities Note - 10 Mar OIL Brent continued its downward momentum today as USD s=rength added to the physical market weakness in the NSea.. Iraq exports we=e higher for first week of

8:58 PM [email protected]* Vahe Stepanian; Ariane Dwyer; FW: EOD Commodities Note - 1 ar Prateek

fficial commented that a deal was 'closer and closer'. This optimism about an ag=eement, at least on some points, weighed heavily on oil today with Brent d=opping 2.5%. In my opinion, even if the talks end positively with agreemen= on key points, the deal has been softened enough compared to what was

15 8:07 PM To: jeffrey E. Cc: Vahe Stepanian; Ariane Dwyer Subject: FW: EOD Commodities Note - 31 Ma