EFTA02353490

From: Richard Kahn Sent: Wednesday, March 29, 2017 2:46 PM To: Jeffrey Epstein Subject: Fwd: apple Not sure I agree about cheap. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Begin forwarded message: From: "Ens, Amanda" Date: March 29, 2017 at 9:31:13 AM EDT To: Richard Kahn <[email protected] <mailt Subject: RE: apple Rich, Very good question. Equity options are typically priced on spot notional, not strike notional. So 1mm shares' 143.80 = $143,800,000 notional 18.85% = $27,106,300 premium Sounds like a lot but these are actually quite cheap. Regards, Amanda EFTA_R1_01333960 EFTA02353490 From: Richard Kahn (mailto Sent: Wednesday March 29 2017 9:21 AM To: Ens, Amanda Subject: Re: apple Is 18.85 percent as follows: 1,000,000 x 150 = 150mm x 18.85 as cost for call option? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 On Mar 29, 2017, at 9:05 AM, Ens, Amanda <[email protected] <mailto:[email protected]> wrote: Rich, Please find indicative offers below. Southern Trust Company buys an AAPL call Expiry: May 17, 2019 Notional: 1mm shares $150 strike: 18.85% (53% delta) $175 strike: 10.50% (35% delta) 2 EFTA_R1_01333961 EFTA02353491 Regards, Amanda Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 <image003.jpg> From: Richard Kahn Imailto:richardkahn12@gmailcom] Sent: Tuesday, March 28, 2017 7:16 PM To: Ens, Amanda <[email protected] <mailto:[email protected]» Subject: apple jeffrey is interesting in price call option for 1mm shares of apple expiring may 2019 please advise on pricing thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor 3 EFTA_R1_01333962 EFTA02353492 New York, NY 10022 This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. 4 EFTA_R1_01333963 EFTA02353493