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 seen also good interest in TRY correlation from fast money, the numbers look as good or better than MXN, similar downside and higher upside vs average and min realized correlation. Thanks ZAR Corr Difference Strike 82.50% Max 92.68% -10.18% Average 79.72% 2.78% Min 48.08% 34.42% Above Strike 45.09% Below Strike 54.91% MXN Corr Difference Strike 78.00% Max 87.46% -9.46% Average 63.70% 14.30% Min 10.91% 67.09% Above Strike 17.52% Below Strike 82.48% TRY Corr Difference Strike 81.00% Max 90.28% -9.28% Average 61.81% 19.19% Min 6.43% 74.57% Above Strike 17.94% Below Strike 82.06% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089122 CONFIDENTIAL SDNY_GM_00235306 EFTA01387064