EFTA Document EFTA01451018

From: Tazia Smith Sent: 12/27/2013.11M To: jeevacation CC: Paul Morris [ Cothron Subject: Turkey and EURUSD Attachments: GEM Strategy 12.11.13.pdf Classification: Confidential Jeffrey: • Vahe Stepanian Joseph Gaud to get your views on Turkey. Depending your views. consider simple implementations on weakness, including short-term sovereign debt (TRY denominated) ex: TURKGB 8.3% 10/7/15 offered -9.7% and TUR (iShares ETF tracking MSCI Turkey Investable Market Index. off -22% since 1025), Our KCP desk has seen a pick-up in interest this week on the back of news flow that I'm sure you know better than most (existing political unrest compounded upon by accusations against of bribery, gold smuggling, and money laundering against govemment officials, the replacement of half the cabinet. upcoming elections in 2015, and debate around FX intervention going fomend to fight TRY depreciation). DB Global Emerging Market (GEM) Research highlights that. at present levels, the major risks for Turkish equities are priced in (full report attached. Bloomberg article below). If you agree with the asymmetric upside risk to Turkish equities (beady) consider: $250k position in TUR (to start) in Southern Financial If you agree with a reversion in creds spreads and a mean reversion from the latest leg in TRY sell-off. consider 2mm (-51mm usd worth) of short term sovereign notes in Southern Trust (be aware, they trade thin). Happy to show FX structures around TRY and/or other debt/equity solutions as well. Separately, the EURUSD bounced back up to 1.38 this morning. Curious if you remain bulish and, if so. you had an opporknity to review the deposit plus strategy (works best if EURUSD bounces within a range - not as good of entry pont here. but worth watching for entry point if you decide you it matches your view). Speak with you soon, Tara --- Forwarded by Tana Smithdbrdbcom on 12/27/201302:25 PM --- From' 'Tazia Smith (DEUTSCHE ASSET MANAG)" To undisclosed-recipients:;, Date 12/27/201302.24 PM Subloci (BN) Foreigners Unload Turkey Bonds as Probe Tarnishes Erdogan G (BN) Foreigners Unload Turkey Bonds as Probe Tarnishes Erdogan G rowth This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DEkSDNIY-0107130 CONFIDENTIAL SDNY GM_00253314 EFTA01451018