EFTA02481223

From: Lawrence H. Summers Sent: Tuesday, November 10, 2015 3:30 PM To: Jeffrey Epstein Cc: Ihsoffice Subject: Fwd: Kazakhstan Macro Flash: A collapse in tenge REER to improve competitiveness - 1 page(s) They r a mess Sent from my iPhone Please direct all scheduling inquiries to my office at: Follow me on=twitter @Ihsummers www.larrysummers.com<=a> <http://www.larrysummers.com/> Begin forwarded message: From: *Citi CEEMEA Economics <ceemea.economics@investmentresearch.citi.=om <mailto:ceemea.econo=ics@investmentresearch.citi.com» Date: November 10, 2015 at 10:08:32 AM EST To: cmailto > Subject: Kazakhstan Macro Flash: A collapse in tenge REER to impr=ve competitiveness - 1 page(s) Reply-To: 'Citi CEEMEA Economics <ceemea.economics@investmentresearch.dti.c=m <mailto:ceemea.econom=cs@investmentresearch.citi.com» A=collapse in tenge REER signals improved competitiveness Kazakhstan Macro Flash • Sep REER data reveals a collapse in tenge value against the currencies =f trading partners. After falling by 5.5% in Aug, tenge's real effec=ive exchange rate (REER) dropped by 20.3% in Sep, hitting the levels seen =either at the depths of 2008-2009 crisis nor after Feb 2014 devaluationn • As a result, REER is now signific=ntly below its long-term average, signaling a boost to Kazakhstan's =xternal competitiveness. • Current REER levels support our view that no further significant c=rrency weakening is needed to bring the exchange rate in line with fundame=tals. Even so, the lack of market confidence in tenge means that overshoot=ng is still possible before the currency finds its equilibrium value. Read Full Report <https://www.citivelocity.com/rendition/eppublic/documentService/=XNIcl9p2D1lXzFxbktMZjIMRktTZkRKSEV3d0JR/ZG EFTA_R1_01597571 EFTA02481223 9jX2IkPTYxNzY5MiZwdWJJZD0yNTgyNz=2.ImFzc2V0Q2xhc3M9RUNPTk9NSUNTLEVDT05PTUIDU19FTSZjaGFubmVsPURDT SZzdWItY2hhb=5IbD1FbWFpbA> ekaterina.vlasova@citi.com <https://www.ci=ivelocity.com/rendition/eppublic/documentService/dXNIcl9p2D1IXzFxbktMZjIMR=tTZkRKSEV3d0JR/ZG 9jX2IkPTYxNzY5MiZjaGFubmVsPURDTSZzdWItY2hhbm5lbD1FbWFpbCZ=c6VuQXV0aG9yPXRydWUmYXV0aG9yTmFtZT1F a2F0ZXJpbmEgVmxhc292YQ> I &n=sp; +7-495-643-1576 <tel:+7-495-643-1576> Team Directory <https://www.citivelocity.c=m/AnalystDirectory/eppublic/Home/AD/c29laWQ9ZXY1MTM4OQ%3D%3D> <https://www.citivelocity=com/cv2/?focusirsearch> <https://www.citivelocity.com/cv2/?focus=search> chttps://www.citivelocity=com/cv2/?focus=search> chttps://www.citivelocity.com/cv2/?=ocus=search> You received this email because you subscribed to the following: (Asset =lass/Type: Economics) Manage subscriptions <mailto:citirsch.subscriptions@citi.com?body=Ple=se discontinue the subscription.%0D%0A%0D%0A [Asset Class/Type: Economicsl&subject=RE: Manage Subscription - A col=apse in tenge REER signals improved competitiveness> To ensure delivery, add 'ceemea.economics@investmentrese=rch.citi.com <mailto:ce=mea.economics@investmentresearch.citi.com> ' to your address book. See instructions chttps://www.citivelocity.com/Instructions/eppublic/Instructions/=nglish> This was prepared fo <mailto: For analyst certific=tion, important disclosures, and non-US analyst disclosures relating to ex=erpts of research already published, see the Disclosures section of the ex=erpted research report, which can be accessed via the hyperlink provided. Citi Research is a d=vision of Citigroup Global Markets Inc. (the "Firm"), which does=and seeks to do business with companies covered in its research reports. A= a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of =his report. Investors should consider this report as only a single factor =n making their investment decision. Certain products (not inconsistent wit= the author's published research) are available only on Citi's portals. 2 EFTA_R1_01597572 EFTA02481224