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

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

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-USIZ

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: RE: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, Vimal is working on the analysis and we'll send s

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

tached to look at calculations of implied and realized. Thanks From: Xavier Avila Sent: Tuesday, December OS, 2017 11:17 AM To: 'Paul Barrett Cc: Stewart Oldfield ; Joshua Shoshan 11 ,; Martin Zeman Subject: RE: DB FX trade idea: EURZAR-USDZAR correlation swap 100% 90% 80% 70% 60% - 90% 40% 3056 .

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,

From: 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,

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

70% 0.85 60% 0.70 50% Jul 14 Jan-15 Jul-15 Jan-16 Jul18 From: Xavier Avila Sent: 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'l

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

DAWN- U931.1304 1y mai tort EURM)04419DMXN Intake/it — 77% From: Xavier 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 C

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

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

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

Disclaimer: http://globalmarkets.db.com/new/content/3045.html From: Martin Zeman Sent: Tuesday, 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 interestin

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

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,

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