From: Martin Zeman Sent: 1/25/2019 10:11:44 AM To: 'Paul Barrett CC: Stewart Oldfir Subject: USDNOK looking interesting Classification: Public Paul — my play on short EURNOK is working. Below is from our NOK spot trader — I think this makes sense given the outlook for the USD. By no means would I claim to be a technical expert but I did think this chart was looking interesting. If EURUSD is starting to form a base then I can see the scenario that USDNOK moves lower to form a decent head and shoulders pattern opening up an eventual move to 8.10ish. As I say few moving parts but I continue to be positive on NOK and if EURUSD is basing and we get a weekly close above 1.1425 then I am happy to run some USDNOK from here. It is also reassuring to see USDNOK struggling to hold back on a 8.60 handle so running it with a tight stop makes sense from here. USDNOK BGN Curnc' 01/25/2018 II) 30 IN 6M YID tl 95) Compare 96) Actions • 97) Edit • b last Price BGN ma3 ei Avgs.0 Key I w -ts n • Table 0 Z. Chart Content Ante:4We • NM: Z Zoom 01/25/2019 IY SY It • last Price 8.5517 / . High on 12/26/18 8.8248 Average 8.2673 i .. . t - Low on 04/19/18 7.7337 — SMAVG (50) on Close 8.5973 • SMAVG (100) an Close 8.4393 • SMAVG (2(0) on Close 8.3065 Max Daily • LI I. May hsr Jut Aug 2018 Dec Jan Feb Mar 2019 Candle Chart 8.5973 8.4393 8.4000 CEEB 8.2000 8.0000 7.8000 7.6000 Martin Zeman CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0088919 SDNY_GM_00235103 EFTA01386960