EM FX Cheap -1 - .1111116L, DI e 4));PA-19•P(e-0/11-0, c343/ 4;9%.:410,,14-4,66,:stoVet,C,A,"4"?..psot 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