EFTA01388357

70 Vv%. 13ms, snowil:ea so so 10 -Total <recta growth — Co rnmercrel credit growth IFX-iststeol -- Co nutria* credit growth .10 , " 1710 7/10 1/11 7111 1/12 7112 1113 7113 1114 7114 1/6 7/16 1/16 7,16 1'17 ill? LIB Source: DB Research Conclusion: TRY will be worth scaling into longs 2-3% from here. TURKGB have repriced substantial with curve steepening bringing some value in the belly. Buying bonds there with FX hedge (roughly flat carry) could be a good way to dip ones toe. This may contain confidential and/or privileged information and is intended for Institutional Customers Only. If you are not the intended recipient (or have received this communication in error) please notify the sender imme diately and delete this message. Any unauthorized copying, disclosure or distribution of the material in this com munication is strictly forbidden. Please refer to Impllglobalmarkets.db.c,om/new/content/304.5.html for information on the content and the applic ability of US regulations. Please refer to http.//www.db.com/en/content/eu disclosures htm for additional EU corporate and regulatory dis closures. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0091858 CONFIDENTIAL SDNY_GM_00238042 EFTA01388357