Epstein Secrets

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

To: 'Paul Barrett Cc: Stewart Oldfield Joshua Shoshan Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, Vimal is working on the analysis and we'll send soon with the termsheet and mathematical claculations of implied and

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

From: Xavier Avila Sent: 12/5/2017 To: Paul Barrett CC: Stewart Oldfield Joshua Shoshan [ Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap 14104 3391 70% 60% 50% 30% 20% — EURZAR-USIZAR 1y re Icon 6062AR-0502AR 3m ral car —83.5% 2007 3XI3 2003 2010 201

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

To: 'Paul Barrett Cc: Stewart Oldfield Joshua Shoshan Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, Vimal is working on the analysis and we'll send soon with the termsheet and mathematical claculations of implied and

December 05, 2017 4:17 PM To: 'Paul Barrett Cc: Stewart Old MIIIMIIM, Joshua Shoshan Martin Zeman S

nt: Tuesday, December 05, 2017 4:17 PM To: 'Paul Barrett Cc: Stewart Old MIIIMIIM, Joshua Shoshan Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, file attached to look at calculations of implied and realized. Thanks From: Xavier Avila Sent: Tuesday, December OS,

nt: 12/7/2017 4:10:16 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subje

Xavier Avila Sent: 12/7/2017 4:10:16 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subject: RE: DB EX trade idea: EURZAR-USDZAR correlation swap Attachments: SF_CorrelationSwap_Dec17.xlsx Paul, I was with trading today. We have seen also good interest in TRY correlati

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

ent: Friday, December 01, 2017 3:54 PM To: 'Paul Barrett Cc: Stewart Oldfield < >; Joshua Shoshan >; Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, Vimal is working on the analysis and we'll send soon with the termsheet and mathematical claculations of implied and

December 06, 2017 1:15 PM To: 'Paul Barrett Cc: Stewart Oldfield < >; Joshua Shoshan Subject: RE: DB FX

avier Avila Sent: Wednesday, December 06, 2017 1:15 PM To: 'Paul Barrett Cc: Stewart Oldfield < >; Joshua Shoshan Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, we tried to call you on the corr swap. >; Martin Zeman CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-008

November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield < ; ham Osullivan < Graph 2: MXN vols

WM% ly inwlSd e$ spend EtiRUSD-USINAM iY impied vial spied Graph 4: 2v realized correlation vs. strike >; Xavier Avila Subject: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, 100% 8396 n 60% 2096 \ — EURMXICUSDS1042y mai CO" EURIAXI+LISDIAXN 3m roll car 0% -2016 2007 2003 20% 2010

November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield >; Xavier Avila ; Joshua Shoshan >;

November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield >; Xavier Avila ; Joshua Shoshan >; Liam Osullivan Subject: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, this could be an interesting trade on ZAR without really getting directional exposure to it. The payout is defined a

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

From: Xavier Sent: 12/5/2017 4:16:56 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Attachments: ZAR_CorrelationSwap_Dec17.xlsx Paul, file attached to look at calculations of implied and realized. Thanks Fr