Email: Martin Zeman to Paul Barrett (1/10/2019)

From: Martin Zeman Sent: 1/10/2019 4:47:17 PM To: Paul Barrett CC: Stewart Oldfield Subject USDRUB EKIKO? -> Christian's models: How attractive is EMFX and Fl as we start the year? Paul - revisiting the USDRUB EKIKO structures we discussed in the past. Below is research that Christian Wietoska just put out and RUB stands out as the currency with the biggest upside. With USDRUB at 67.00, you could: Sell 6m USDRUB 66 Call with KO 64 and EKI 73 and get paid 3% (the Knock-in is at expiry