Deutsche Bank MO-5. Despite dented commodity prices, inflation is set to remain above 7% in the coming period due to re-kindled FX pass-through 14% YoY% 12% 10% 8% 6% 4% Headline CPI USD/TRY 3.6 DB Forecasts —1 3.4 1._7;E:Irs CPI uncertainty band DB Forecasts r % IP° 2.4 3.2 3.0 2.8 2.6 DB uncertainty band 2% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Source: Have; Analytic,. CBT. TurkStat. and Doutscho Bank 2.2 2.0 1.8 e.... 1.6 1.4 Deutsche Sank 7 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0070010 CONFIDENTIAL SDNY_GM_00216194 EFTA01374995