Epstein Secrets

ded message: From: Vahe Stepanian Subject: RE: indication on WTI risk reversals [C] Date: May 31, 2016 at 11:01:09 AM EDT To: Richard Kahn < Cc: Daniel Sabba < >, Stewart Oldfield Classification: Confidential Rich, Please see below refreshed indications — these levels are not tradable. We did not refre

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

res can be useful there. We will be back to you shortly. Thanks From: Vahe Stepanian Sent: Tuesday, June 07, 2016 11:23 AM To: Richard Kahn Cc: Daniel Sabba; Stewart Oilfield Subject: RE: indication on WTI risk reversals [C] Classification: Confidential Rich, Please see below refreshed indications — t

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

15Feb17 Future reference: CLH7 Call strike: 55 Put strike: 49.85 Thank you, Vahe From: Richard Kahn [MAO Sent: Tuesday, May 31, 20111111 To: Daniel Sabba; Vahe Stepanian Subject: Re: indication on WTI risk reversals can you please refresh attached quote CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(

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

ption exp 15Feb17 Future reference: CLH7 Call strike: 55 Put strike: 49.85 Thank you, Vahe From: Richard Kahn Sent: Tuesday, Mayil iffl i To: Daniel Sabba; Vahe Stepanian Subject: Re: indication on WTI risk reversals CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0062856 CONFIDENTIAL SDNY

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

Feb17 Future reference: CLH7 Call strike: 55 Put strike: 49.85 Thank you, Vahe From: Richard Kahn [mailtoliiiip Sent: Tuesday, May 31, 201 To: Daniel Sabba; Vahe Stepanian Subject: Re: indication on WTI risk reversals can you please refresh attached quote thank you Richard Kahn HBRK Associates Inc.

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 require40% 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 Stepanian CC: Daniel Sabba Subject: RE: indication on WTI risk reversals (C) Classification: Confidential Thanks for following up. I had a good meeting with Rich last week.

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

TV or 1 turn of leverage (2x return function) From: Stewart Oldfield Sent: Wednesday, June 08, 2016 10:01 AM To: Vahe Stepanian; Richard Kahn Cc: Daniel Sabba; Joseph Dursi; Andrew King Subject: RE: indication on WE risk reversals [C] Classification: Confidential Please pass along any feedback on the pri

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 reversals [CI Classification: Confidential Hi Rich — following up on the below. To make sure

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

15Feb17 Future reference: CLH7 Call strike: 55 Put strike: 49.85 Thank you, Vahe From: Richard Kahn Sent: Tuesday, May 31, 2016 10:17 AM To: Daniel Sabba; Vahe Stepanian Subject: Re: indication on WTI risk reversals can you please refresh attached quote CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(

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 require40% 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 To: Vahe Stepanian; Richard Kahn Cc: Daniel Sabba; Joseph Dursi; Andrew King Subject: RE: indication on WTI risk reversals [C] Classification: Confidential Please pass along any feedback on the pr

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