From: Richard Kahn •

From: Richard Kahn • To: "Jeffrey E." <jeevacation@gmail.com> Subject: This may be crude oil's most bullish signal Date: Tue, 29 Dec 2015 22:38:07 +0000 Inline-Images: image002.jpg http://www.marketwatch.cotn/story/this-may-be-crude-oils-most-bullish-signal-2015-12-29?dist=afterbel I Not sure your thoughts on crude however getting long crude with a 12-18 month horizon may be a nice hedge against your Brazil position (unrealized gain of 1,339,932) I have attached the previous trade idea Daniel presented on crude in addition to your successful risk reversal on oil from March 2014 (312,000 profit) Shall i ask Daniel for ideas or pass Please advise Thank you Begin forwarded message: From: Tazia Smith <I Subject: Trade Report 3/13/14 - WTI Zero Cost Risk Reversal [C] Date: March 13, 2014 at 6:01:55 PM EDT To: "jeffrey epstein" <*eeyacation mail.com> Cc: "Paul Morris" < >, "Vinit Sahni" < , "Nay Gupta" "Vahe Stepanian" < "Jean Anne Wiebracht (jeanie)" < >, "Rich Kahn" < > > Classification: Confidential Jeffrey - As discussed, today you executed the following: Underlying: Jun14 WTI Bloomberg code: CLM4 <comdty> RMS Counterparty code: SOFL SOFL buys $101 call SOFL sells $93.5 put Premium: Zero Notional: 100,000 bbls on each leg EFTA01138785 Both legs knock out if on any day CLM4 fixes below $20/bbl. Classification: Confidential Initial Margin = 13% Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York NY 10154 Tel: Mobile: Fax: E-mail: This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. From: Vahe Stepanian Subject: WTI Call Spreads [C] Date: August 25, 2015 at 10:07:12 AM EDT To: "jeffrey E." <jeevacation mail.com> Cc: Daniel Sabba < , Ariane D er < >, Paul Morris Stewart Oldfield < Richard Kahn Jeffrey - as you may have seen, WTI dropped below $40/bbl for the first time since March 2009 on concerns of slowing demand growth. Below please find indications on 2 and 3 year WTI call spreads priced yesterday afternoon. Note that pricing is for $20mm notional. Please let us know if below is of interest and we can provide live levels. Thank you, Vahe EFTA01138786 *Used with Permission of Bloomberg Finance LP 2/ear expiry: Underlying: CLZ7 Expiry: 15-Nov-17 CLZ7 ref: 50 Notional: $20mm, or 400,000 bbl 2y OTC Call Spreads Strikes Indicative Offer $60/$75bb1: $2.75/bbl (mid is 2.45) 3/ear expiry: Underlying: CLZ8 Expiry: 14-Nov-18 CLZ8 ref: 53 Notional: $20mm, or - 377,000 bbl 3y OTC Call Spread Strikes Indicative Offer $60/$75bb1: $3.85/bbl (mid is 3.50) CL1 Historical Price Chart Ir test Price 39.55 High on 08/29/14 95.96 Avenge 61.54 1 tow an 08/24/15 38.24 Oct Nov Dec Jen Feb Her Act May An Jul Aug 2014 2015 C.00.000tf. 2015 B1cointoer9 'mance 25-A00-2015 09:4314; Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of EFTA01138787 the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax eel= EFTA01138788