Epstein Secrets

rom: Richard Kahn <[email protected]> To: "Jeffrey E." <[email protected]> Subject: Fwd: Trade Reca

t amount of $152,705.94 is included in page 1 of the confirmation. Thank you, Vahe From: Vahe Stepanlan Sent: Monday, April 06, 2015 9:49 AM To: Jeffrey Epstein Cc: Daniel Sabba; Richard Kahn; Paul Morris; Mane Dwyer Subject: RE: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] Classific

rd Kahn; Paul Morris; Mane Dwyer Subject: RE: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] Classification: Confidential Jeffrey — please find WTI short vol. settlement details: Index strike for 2Apr is 242.8579 Discount factor is 0.9994011 EFTA00860049 Southern Financial

Sent: Monday, April 06, 2015 9:49 AM To: Jeffrey Epstein Cc: Daniel Sabba; Richard Kahn; Paul Morris; Man

o follow. EFTA00860050 Trade recap: OTC index swap Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMNSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar

From: "jeffrey E." <[email protected]> To: Richard Kahn Subject

t amount of $152,705.94 is included in page 1 of the confirmation. Thank you, Vahe From: Vahe Stepanian Sent: Monday, April 06, 2015 9:49 AM To: Jeffrey Epstein Cc: Daniel Sabba; Richard Kahn; Paul Morris; Mane Dwyer Subject: RE: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] EFTA00860

orris; Mane Dwyer Subject: RE: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] EFTA00860053 Classification: Confidential Jeffrey — please find WTI short vol. settlement details: Index strike for 2Apr is 242.8579 Discount factor is 0.9994011 Southern Financial pays USD 152,70

Sent: Monday, April 06, 2015 9:49 AM To: Jeffrey Epstein Cc: Daniel Sabba; Richard Kahn; Paul Morris; Man

itial Margin on this trade is 5% of Notional. Official termsheet and confirm to follow. Trade recap: OTC index swap Buyer: Seller: Underlying: Bloomberg Ticker: Trade Date: Effective Date: Expiry Date: Resets at end of SOFL DBAG London DB Commodity WTI Short Volatility II Index DBCMWSV2 Index 13 Jan

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Trade Reca

t amount of $152,705.94 is included in page 1 of the confirmation. Thank you, Vahe From: Vahe Stepanlan Sent: Monday, April 06, 2015 9:49 AM To: Jeffrey Epstein Cc: Daniel Sabba; Richard Kahn; Paul Morris; Mane Dwyer Subject: RE: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] Classific

rd Kahn; Paul Morris; Mane Dwyer Subject: RE: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] Classification: Confidential Jeffrey — please find WTI short vol. settlement details: Index strike for 2Apr is 242.8579 Discount factor is 0.9994011 EFTA00670829 Southern Financial

Sent: Monday, April 06, 2015 9:49 AM To: Jeffrey Epstein Cc: Daniel Sabba; Richard Kahn; Paul Morris; Man

o follow. EFTA00670830 Trade recap: OTC index swap Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMNSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar

From: Vahe Stepanian To: Jeffrey Epstein <[email protected]> CC: Daniel Sabba Richard Kahn Paul Morris , Ariane Dwyer Subject: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volat

From: Vahe Stepanian To: Jeffrey Epstein <[email protected]> CC: Daniel Sabba Richar

From: Vahe Stepanian To: Jeffrey Epstein <[email protected]> CC: Daniel Sabba

o follow. Trade recap: EFTA00670640 OTC index swap Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMNSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar

Short Volatility II Index [C] Date: Mon, 06 Apr 2015 13:49:24 +0000 Attachments: Executed_Crude_Confirm_1.26.15.pdf Classification: Confidential Jeffrey — please find WTI short vol. settlement details: Index strike for 2Apr is 242.8579 Discount factor is 0.9994011 Southern Financial pays USD 152,70

Financial pays USD 152,705.94 to DB Settlement date: 7 Apr 2015 Thank you, Vahe From: Vahe Stepanian Sent: Thursday, April 02, 2015 3:00 PM To: Jeffrey Epstein Cc: Daniel Sabba; 'Richard Kahn'; Paul Morris; Mane Dwyer Subject: Trade Recap - 4/2/2015 - DB Commodity WTI Short Volatility II Index [C] Classificat

From: Vahe Stepanian To: Jeffrey Epstein <[email protected]> CC: Daniel Sabba , Rich

t and confirm to follow. Trade recap: OTC index swap Buyer: SOFL Seller: DRAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMNSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar

From: "jeffrey E." <[email protected]> To: Daniel Sabba < Subj

ty II Index [C] Date: Wed, 14 Jan 2015 15:09:13 +0000 ok On Wed, Jan 14, 2015 at 11:07 AM, Daniel Sabba < > wrote: Classification: Confidential Jeffrey, The initial index strike was set last night at 255.8709. Please see attached the term sheet for this transaction. Official confirm to follow. Tha

et and confirm to follow. Trade recap: OTC index swap Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMWSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar

.16% 90.01 ALVG.DE 9.80% 9.46% 159.6 12.35% 12.40% 226.15 Regards, Daniel From: Daniel Sabba Sent: Tuesday, April 14, 2015 10:38 AM To: 'jeffrey E.' Cc: Vahe Stepanian; Ariane Dwyer; Paul Morris; 'Richard Kahn' Subject: RE: Levered plays on BASF, Allianz and Volkswagen [C] Classification: Confi

, Richard Kahn Subject: RE: Levered plays on BASF, Allianz and Volkswagen [C] Date: Thu, 23 Apr 2015 16:09:37 +0000 Classification: Confidential Jeffrey — please find listed-look-alike OTC pricing below per your request for American Calls. Note that the pricing is in EUR, and assumes EUR 5mm notional

lls. Note that the pricing is in EUR, and assumes EUR 5mm notional, which is a minimum guideline to transact this OTC. American Calls: Volkswagen (Bloomberg Ticker VOW3 GY) Ref: 228.60 Expiry: July 15 2015 Strike: 230 Offer: 9.45 IV: 27.25 / 27.95 Delta: 0.45 BASF (Bloomberg Ticker BAS GY) Ref: 90

t Volatility II Index [C] Date: Wed, 14 Jan 2015 15:07:04 +0000 Attachments: DBCMWSV2_index_swap_TS_-_01.13.2015.pdf Classification: Confidential Jeffrey, The initial index strike was set last night at 255.8709. Please see attached the term sheet for this transaction. Official confirm to follow. Tha

t and confirm to follow. Trade recap: OTC index swap Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMWSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar

lity II Index [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial L

et and confirm to follow. Trade recap: OTC index swap Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMWSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clari

ility II Index [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial L

et and confirm to follow. Trade recap: OTC index swap Buyer: SOFL Seller: DRAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMWSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clar