EFTA01458345.pdf

Average correlation within EMEA FX (daily changes) 0.8 - 0.7 0.6 - 0.5 - Of 0.4 - 0.3 02 0l 0.0 , I -r - 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Best, Gautam Gautam Kalani, Ph.D i,xonomisi/Strategist Deutsche Bank AG. Edit London Emerging Markets Research Winchester I Tinny I Great Winchester Strut, EC2N 21)B 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/unitedkinodom/content/privacv.htm for information about privacy. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 118224 CONFIDENTIAL SDNY_GM_00264408 EFTA01458345