Epstein Secrets

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 options [C] Date: Thu, 03 Sep 2015 19:05:36 +0000 Infirm-Images: image004.png; image005.png;

d , Vahe Stepanian , Ariane Dwyer , "'Richard Kahn"' Subject: Proxy hedge for jet fuel using heatin

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,

bcom@DBAMERICAS, 03/03/2014 02:04 PM Subject: RE: Energy Renaissance Equities + Trade idea: KI Brent puts [C] Tazia, EFTA01467440 Will you add Rich Kahn to these emails. I have cc'd him so you have his email. Thanks Jeanne From: Tazia Smith [mailto: Sent: Monday, March 03, 2014 2:50 PM To: jeeva

uts [C] Tazia, EFTA01467440 Will you add Rich Kahn to these emails. I have cc'd him so you have his

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-

From: Richard Kahn Sent: Tuesday, February 28, 2017 11:16 PM To: Jeffrey Epstein Subject: Fwd: FX BULLet: Five reasons to sell EUR/USD Richard Kahn HBRK Associa=

From: Richard Kahn Sent: Tuesday, February 28, 2017 11:16 PM To:

ng EUR/USD is the rig=t trade now • The MXN would be a major benefici=ry if we are not correct. • In our annual mediu=-term oil outlook we now see Brent prices averaging $50 to $70/bbl through 2=22. =/tr> <http://rsch.baml.com/r?q=9o9FdjPJ80=2cA5chvPpmQ&e=richardkahnl2VA0gmail.com&h=lip-xw> <=pan st

From: Ens, Amanda Sent: Wednesday, December 28, 2016 4:39 PM To: Jeffrey E.; Richard Kahn Subject: Energy We continue to like owning upside in the E&Ps. We think Saudi and other Gulf Cooperation Council members will likely reduce crude

cember 28, 2016 4:39 PM To: Jeffrey E.; Richard Kahn Subject: Energy We continue to like owning ups

project EM demand growth next year of 1.2mn b/d led by China and India, and see a modest demand contraction in OECD economies. On these assumptions, Brent should average $61/bbl in 2017 and hit $70/bbl at the peak of the US driving season. We've discussed Hess in the past which is still a high convict

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