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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 mathe

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-USIZAR 1y re Icon 6062AR-0502AR 3m

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 soon with the termsheet and mathe

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

two-way is 78 / 83.5 From: Xavier Avila Sent: 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: Xavi

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, I was with trading today. We have

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

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'll send soon with the termsheet and mat

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

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 calculat

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

010 2011 2012 2013 2014 2315 2016 2017 Sources: Deutsche Bank, Bloomberg Finance L.P. Disclaimer: hap://qlobalmarkets.db.cominew/content/3045.html Martin Zeman Director I Key Client Partners Deutsche Bank Wealth Management DB Securities Inc 345 Park Avenue. 10154-0034 New York. NY. USA 1004 - 90% Vesieh

50% 33% • 20% . --r— r EURZAR-USOZAR Gin real co-:- EURZAR-USMAR 3m real (err 2007 2001 210t6 2010 2011 2012 2013 2014 2315 2016 2017 Sources: Deutsche Bank, Bloomberg Finance L