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 soon with the termsheet and mathematical claculations of implied and

le:Ian — EURMXN.USDMXN 2y impliedcar 2007 3301 2003 2010 2011 2012 2013 2014 2015 2016 2017 Graph 3: 1v realized correlation vs. strike Graph 2: MXN vols elevated compared to EURUSO vols 5 0 -s -10 -15 -20 —EUMISO-EURMXN ly implied vol spread -25 EURUS0USOMX14 ly irroied yolspead 2007 2003

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

pliedcar — EURMOMJSOMXN 2y impel car 2OO7 3301 2003 2010 2011 2012 2013 2014 2015 2016 2017 Graph 3: 1v realized correlation vs. strike Graph 2: MXN vols elevated compared to EURUSO vols 5 0 -s -10 -15 -20 —EUR1150-EURMXN ly implied spread -25 EURUS0USONECN ly irroied yolspead 2007 20W 200

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

ntent/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 2016 2017 Eu gt.5O6 WM% ly inwlSd e$ spe