Epstein Secrets

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 refresh the $50 strikes as t

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

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: Confidenti

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

FW: indication on WTI risk reversals [C) Classification: Confidential On Spectrum. max is 50% LTV 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 W

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 we're on the same

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

From: Vahe Stepanian Sent: 6/7/2016 11:23:22 AM To: Richard Kahn CC: Daniel Sabba • Stewart Oldfield Subject: RE: indication on WTI risk reversals ICI Classification: Confidential Rich, Please see below refreshed indications — these levels are n

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 To: Vahe Stepanian; Richard Kahn Cc: Daniel Sabba; Joseph Dursi; Andrew King Subject: RE: indication on W

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

Vahe Stepanian Subject: RE: indication on WTI risk reversals [C] Date: June 7, 2016 at 11:23:22 AM EDT To: Richard Kahn < Cc: Daniel Sabba < >, Stewart Oldfield Classification: Confidential Rich, Please see below refreshed indications — these levels are not tradable. As previously mentioned, we heard back

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