Epstein Secrets

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 s

ted loss way of fading elevated MXN volatilities and buying cheap EURUSD volatility, which could perform in the event of rising Italian election and Catalonia independence concerns Graphs Graph 1: KIRMXN-USDMXN implied correlation at highs IDON 90% toe -at 7056 r EON SON a 3016 2096 EURMXN.USOMX

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 s

ted loss way of fading elevated MXN volatilities and buying cheap EURUSD volatility, which could perform in the event of rising Italian election and Catalonia independence concerns Graphs Graph 1: EI,IRMXN-USDNIXN implied correlation at highs /OM 9034 toe -at 7056 r 1034 5036 401 3016 2096 1 EuR1

Disclaimer: htto://ctiobahnarkets.dts.cominew/content/3045.html From: Martin Zeman Sent: Tuesday, November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield < ; ham Osullivan < Graph 2: MXN vols elevated compared to EURUSO vols 0 -5 -ID -15 -20 -25 • 2007 2008 2013 2010 2011 2012 2013 2014 2315 2

ted loss way of fading elevated MXN volatilities and buying cheap EURUSD volatility, which could perform in the event of rising Italian election and Catalonia independence concerns Graphs Graph 1: EURMXN-USDMXN implied correlation at highs 100% 803£ A -Axe 1- 60% 50% 43% 30% Xs% 2207 2336 2009 —