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

pliedcar 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 2009 2010 3311 2012 2013 2014 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 mathematical claculations of implied and

mpel 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 2009 2010 3311 2012 2013 2014 2015 3

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

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$ spend EtiRUSD-USINAM iY impied vial