From: Paul Barrett Sent: Tuesday, August 14, 2018 5:19 PM To: 'jeffrey E.' <[email protected] <mailto:[email protected]» Cc: 'Richard Kahn' Subject: FW: EM Decent recovery today in Turkey. TRY up 8%...still down 23% MTD BRL up 50bps RUB up 2% Turkey rally driven by: massively oversold conditions in the short term finally hints of more conventional solutions to the current problems in Turkey FIN Minister: "FISCAL POLICY TO BE AN EVEN STRONGER ANCHOR. PRIORITY IS TO FIGHT AGAINST INFLATION, C/A DEFICIT" Finance minister holding a conference call on Thursday morning I still think it is still too early to get involved. They still have a massive amount of $ denominated corporate debt that needs to be rolled over this year and the market will want to see a more viable central bank plan to contain the situation. Paul 6 EFTA_R1_01796253 EFTA02605655