EFTA01458350.pdf

5- EM FX Cheap 4- eti To -to 111 1 — -1 - EMFXDe s1 ,p ) s oef.ex)epec. cc) ip3•OO ifs 0,0et 4v-A, ry0 t•P4 O Vv. (4, e;p c34/. 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-0118231 CONFIDENTIAL SDNY_GM_00264415 EFTA01458350