Epstein Secrets

To: 'Paul Barrett Cc: Stewart Oldfield Joshua Shoshan Martin Zeman Subject:

and mathematical claculations of implied and reaslied correlation. See also below the same idea but in EURMXN-USDMXN, the strike is a bit lower but Vimal wanted to point out that the historical realized has gone also much lower than in the ZAR situation, so the potential for positive payout seems high

Avila Sent: 12/5/2017 To: Paul Barrett CC: Stewart Oldfield Joshua Shoshan [ Martin Zeman Subject

t Oldfield Joshua Shoshan ; Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, see below the note and analysis that Vimal put together. Attached also an indicative termsheet, where you can also see the mathematical Definition of Realized Correlation. Thanks and good wee

To: 'Paul Barrett Cc: Stewart Oldfield Joshua Shoshan Martin Zeman Subject:

and mathematical claculations of implied and reaslied correlation. See also below the same idea but in EURMXN-USDMXN, the strike is a bit lower but Vimal wanted to point out that the historical realized has gone also much lower than in the ZAR situation, so the potential for positive payout seems high

December 01, 2017 3:54 PM To: 'Paul Barrett Cc: Stewart Oldfield < >; Joshua Shoshan >; Martin Zeman S

and mathematical claculations of implied and reaslied correlation. See also below the same idea but in EURMXN-USDMXN, the strike is a bit lower but Vimal wanted to point out that the historical realized has gone also much lower than in the ZAR situation, so the potential for positive payout seems high

nt: 12/5/2017 4:16:56 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subje

eman >; Joshua Shoshan < >; Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, see below the note and analysis that Vimal put together. Attached also an indicative termsheet, where you can also see the mathematical Definition of Realized Correlation. Thanks and good wee