EFTA01458358.pdf

EM FX Cheap -1 - .1111116L,DI 4-4,66,:stoVet ,C,A,"4"?..psot e 4));PA-19•P(e-0/11-0,c34/ 34;9%.:410,,1 As the charts below show, the extent of undervaluation (i.e. the magnitude of the model residual) is at ly extremes for TRY and ZAR, but not for RUB. USDTRY: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 118242 CONFIDENTIAL SDNY_GM_00264426 EFTA01458358