From: Richard Kahn <a Sent: Monday, November 19, 2018 4:28 PM To: Jeffrey Epstein Subject: Re: Crude Oil Trades i =now super basic but USO appears to be very active stock with options to =lay oil https://finance.yahoo.com/quote/USO?ql=l&p=USO Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fa cel On Nov 15, 2018, at 3:01 PM, J <[email protected]> wrote: Forwarded message From: Shahzad =hahbaz Date: Thu, =ov 15, 2018 at 2:44 PM Subject: Crude Oil Trades To: jeffrey E. <[email protected] <[email protected]» Jeffrey, Hope you are well. HE Sheikh Hamad and Sheikh Jabor asked me to drop you a line on what we =re doing in the crude oil space. It is very simple and plain vanilla; • Selling puts with strikes of 90% and 85% for 6/12 months to =enerate premiums. • Buying oil forward for 6/12 months through futures contracts =nd/or swaps. EFTA_R1_01812985 EFTA02614522

• We have looked at some collars/ratio collars but did not =ransact. Hope the above is useful. Please let me know if you have any questions. =br class="u> Thanks Shahzad. please note The information contained in this =ommunication is confidential, may be attorney-client =rivileged, may constitute inside information, and is =ntended only for the use of the addressee. It is the =roperty of JEE Unauthorized use, disclosure =r copying of this communication or any part thereof is =trictly prohibited and may be unlawful. If you have =eceived this communication in error, please notify us =mmediately by return e-mail or by e-mail to [email protected], and destroy this =ommunication and all copies thereof, including all =ttachments. copyright -all rights reserved 2 EFTA_R1_01812986 EFTA02614523