5 - EM FX Cheap 111 1 — 4 - eti To -to EMFXDe -1 - ,pry 0 4 O Vv. O ifs et 4 s ex) ec. s 1 t •P cc) ip3•O 0,0 v-A, ) oef. ep (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