EFTA01458325.pdf

USD/EM FX Stretch-o-meter 5.0 - 4.5 - u 4.0 - 2std day 2.0 band 1.5 Istd day -as 1.0 band — 0.5 0.0 - -0.5 - '4O)( 9:DAA,41,Vos Voc,%,10-eip Vept -td, c'efr"Pck, Looking specifically at USDTRY, price action is now stretched to the extent we saw earlier this year and more importantly at the start of 2014 (when the CBT undertook an emergency rate hike). 3.25 - 3.5 3.00 .; 3.0 2.5 2.75 - 2.0 2.50 7 I 1.5 2.25 - 1.0 2.00 - 0.5 0.0 1.75 - -0.5 1.50 - -1.0 1.25 - -1.5 20101 2011 2012 2013 2014 2015 - USDTRY Spot, Ihs —Stretch' (Standardized residual of spot vs 200dma), rhs The stretchometer for USDZAR is at 5-yr highs, but has retraced somewhat in the last 2 days (in line with the risk-on appreciation move observed across the EMEA high-yielders). CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118194 CONFIDENTIAL SDNY_GM_00264378 EFTA01458325