EFTA01388009

From: Martin Zeman [martin Sent: 1/9/2019 8:47:56 AM To: Paul Barrett CC: Stewart Oldfield Subject: VI TRY Carry idea - Paul, ; Alan Brody TRY has started the year poorly by selling off 4%. If you believe things will calm down and want to take advantage of the high carry we like to express this through calendar One Touches. This not only benefits from the high carry but also fades the move in vols. With the front end vols going bid this year 3m ag 6m vol is flat. Spot ref 5.5150 Sell a 3m 5.23 OT ag Buy a 6m 5.23 OT for 12% This calendar OT compares with a 49.5% offer for the outright 6m One Touch. Martin Martin Zeman Director I Key Client Partners Deutsche Bank Weakh Management LIB Securities Inc 345 Park Avenue. 10154-0004 New York. NY. USA Tel. +1(212) 250-0432 Mobile Email KCP products and services are intended for and available only to sophisticated, experienced investors who quahfy as "institutional accounts" under FINRA Rule 4512(c)(3), and arc capable of evaluating the investment benefits and risks of, and exercising independent judgment in evaluating and determining whether to enter into, sophisticated trading strategies and financial transactions. Transactions are subject to relevant internal approvals of Deutsche Bonk or its affiliates prior to execution, and no transaction, idea or opportunity discussed herein may be executed unless you area client of Deutsche Bank and of the Key Client Partners group (KCP). Material herein regarding KCP products, investment ideas and solutions is for discussion purposes only. While brokerage services offered through the KCP Americas desk may include investment recommendations and brokerage advice, KCP does not provide investment management or investment advisory services, and private market opportunities and other products and services available through KCP are offered only on a non-advisory basis. This communication is confidential and personal to you, solely for your information and for discussion purposes only, and does not create any legally binding obligation. Reproduction or distribution of any matenal herein without our written consent is strictly forbidden. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0091319 CONFIDENTIAL SDNY_GM_00237503 EFTA01388009