EFTA01458322.pdf

Average correlation within EMEA FX (daily changes) 0.8 - 0.7 - 0.6 - 0.5 - Of 0.4 - 0.3 - Oti 0.2 - 0.1 0.0 e 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Best, Gautam Gautam Kalani, Ph.D Iconomisi/Strategist Deutsche Bank AG. Vitiate London Emerging Markets Research Winchester I louse. I Great Winchester Street, EC2N 21)13 London, United Kingdom Tel. Email This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://www.db.com/en/content/eu disclosures.htm for additional EU corporate and regulatory disclosures and to http://www.db.com/unitedkinudom/content/privacv.htm for information about privacy. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118190 CONFIDENTIAL SDNY_GM_00264374 EFTA01458322