EFTA01387521.pdf

150 190 140 170 130 150 120 130 110 110 100 90 ao 70 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Downside for other EM markets that have been relatively less impacted • Buy ER (India) Dec-I8 22-strike digital put for ILI% (pricing is good for 53mm notional, spot ref: 25.55) • Indian equities have held up reasonably well through the EM decline and are near all-time highs in local currency terms. If the initial down move in EM equities due to USD strength continues, EM investors could head for the exits at the same time and local markets that have held up reasonably well, like India, would suffer. EPInear highs in local currency, weakness is throughFX translation effect' 160 150 —EPI in LED EPI 140 130 120 110 100 90 80 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Martin Martin Zeman Director I Key Client Partners Deutsche Bank Wealth Management DB Securities Inc CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090351 CONFIDENTIAL SDNY GM_00236535 EFTA01387521