rauss Cc: Courtney Forres Subject: The latest Lawrence, EFTA_R1_01789149 EFTA02601403 Courtney and I just got off the phone with Cindy Jewett. Althoug= she maintained her refusal to show us a copy of the report before the dec=sion is made, she did say that she expected that the recommendation would

pse from depressed oil prices and the govern=ent has to address fiscal spending, we believe forward points and volatility will continue to increase. Althoug=, it may be a low probability event that the government breaks the peg, if=we look at Kazakhstan's actions in August (see chart below), we see b=ying