Deutsche Bank Finding the weakest EM: macro adjustment in major EM economies has been limited since the Fed taper tantrum India has adjusted Fiscal balan Public debt FX valuation \ Reserve cover Current Growth Inflation \ Credit growth Private / debt eal rates Current account Brazil has not... ...and nor has TOrkiye Growth Growth Fiscal 1.0 nflation Fiscal 1.9 -" --..- ..... Inflation ,..-- balance balance Public ` Credit Public / Credit debt growth debt growth FX valuation • Rese cover Current account Private / debt eal rates Pre taper tantrum —Current —Pre taper tantrum FX valuation \ Rese cover Current account Private / debt eal rates Current —Pre taper tantrum The chart show vulnerability scores for ten indicators from 0 (least vulnerable) to 1 (most vulnerable) such that a move towards the centre of the web represents a reduction in vulnerability Source: Haver Anatyhcs and Deutsche Bank Deutsche Bank CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL 24 DB-SDNY-0070027 SDNY_GM_00216211 EFTA01375003