on Tuesday March 29, 2016 10am ET / 1500 UKT / 2200 HKT EM FX Reserves: Does China Have Enough? Hosted by: Taimur Baig Chief Economist, Asia Gautam Kalani EM FX Strategist Torsten Slok Chief International Economist Relevant Research: Assessing reserve adequacy in EM, with a focus on China US: UK:

nd will not receive any compensation for providing a specific recommendation or view in this report. Drausio Giacomelli/Jed Evans/Sebastian A. Brown/Gautam Kalani/Perry Kojodjojo/Mallika Sachdeva Deutsche Bank Securities Inc. Page 111 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076914 CONFID

s. bad EM' commodity RV trade of long RUB and BRL vs. short COP. Orausio Giacomelk New York Sebastkin A Brown, New York, Sameer Gael, Singapore, Gautam Kalani, London, +4 Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076929 CONFIDENTIAL SDNY_GM_0022311

h indicates that the average correlation between the EMEA fx currencies (USD crosses) has come down sharply in the past few months. Best, Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House, 1 Great Winchester Street, EC2N 2DB Londo

h indicates that the average correlation between the EMEA fx currencies (USD crosses) has come down sharply in the past few months. Best, Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House, 1 Great Winchester Street, EC2N 2DB Londo

h indicates that the average correlation between the EMEA fx currencies (USD crosses) has come down sharply in the past few months. Best, Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House, 1 Great Winchester Street, EC2N 2DB Londo

h indicates that the average correlation between the EMEA fx currencies (USD crosses) has come down sharply in the past few months. Best, Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House, 1 Great Winchester Street, EC2N 2DB Londo

ation between the EMEA fx currencies (USD crosses) has come down sharply in the past few months. EFTA_R1_01609456 EFTA02489145 N Best, Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House. 1 Great Winchester Street. EC2N 2DB Londo

ch indicates that the average correlation between the EMEA fx curre=cies (USD crosses) has come down sharply in the past few months. Best, Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House, 1 Great Winchester Street, EC2N 2DB Londo

between the EMEA fx currencies (USD crosses) has come down sharply in the past few months. EFTA_R1_01610722 EFTA02489961 Best, N., N Gautam Gautam Kalani, Ph.D Economist/Strategist Deutsche Bank AG, Filiale London Emerging Markets Research Winchester House. 1 Great Winchester Street. EC2N 2DB Londo