We spoke to trading and our bid-offer prices are below, a bit better than we were discussing in both currencies on the bid side. I also attach the t/s in ZAR ready to go just in case you want to review. Let's discuss when you have a sec. Thanks. ly USDZAR-EURZAR Corrswap in USD Payout — two-way is 82.5 / 88.5 ly USDMXN-EURMXN Corrswap in USD Payout — 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: 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 . . . — EURZAR-US0ZAR 1y came EURZAR-USDZAR 3m reel con. — 83.5% 2007 2308 2009 2010 2011 2312 X)13 2014 2015 2316 2217 100% 80% 60% 43% 20% Ott -20% 2307 2303 23C8 2010 2011 2012 2013 2014 2015 2016 2017 - EU RIAN-USOION 1y real are EURNIXN-USOMXN 3m tel car 77% From: Xavier Avila Sent: Friday, December 01, 2017 5:55 PM To: 'Paul Barrett CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089125 CONFIDENTIAL SDNY_GM_00235309 EFTA01387066