EFTA Document EFTA01458760

Jeffrey — we're following up our phone calls earlier this week with two trade ideas: 1) Buy Turkey 5y CDS — currently @ —253 • It seems Turkey has rallied recently on the back of the broader macro EM rally and FOMC dovishness, although fundamentally not much has changed in Turkey • General elections are taking place this weekend, which have created increased tension within Turkey and continue to generate headlines • Recent opinion polls still point to another hung parliament (additional details in attached DB research piece) • Outright short EM positions have cleaned up extensively and we believe it makes sense to slowly build out those positions • Cheap funding has resulted in large rise in corporate debt in Turkey, some of which has been funded in foreign currency • Turkey foreign reserves amongst lowest of EM countries, second only to Ukraine 2014 2015 CTURKIUS Curry (TURKEY CDS USD SR SY 014) Daily 3.(KC T2014-3COCT2D1S Copp ig) 2015 Bloomberg Finance L.V. 30-Oct-2015 10:59:43 • Last Price 253.332 T High on 09/29/15 327.000 -0- Average 222.237 I Low on 12/02/14 154.000 253.332 2) Revisiting CNH as we know you're generally bearish Asian currencies. Given vols and skew, indicative pricing for ly, USD/CNH 6.5 — 7.0 call spread: Spot Ref: 6.3935 (pricing as of 10/27/15) Leg 1: European Option Call SOFL buys European USD Call on USD/CNH CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118830 CONFIDENTIAL SONY GM_00265014 EFTA01458760