From: Martin Zeman Sent: 4/27/2018 1:45:05 PM To: 'Paul Barrett (- CC: Xavier Avila Subject: USDARS early closing comment - From our traders- Stewart Oldfield {AR} ARS Early closing comment - very busy day for USDARS, we saw some 2 way flow in the morning and inflows during the afternoon, post BCRA 300 bps emergency hike... Today's hike was the only short term solution they could find to the mismanagement of the interventions we have seen in the last couple of weeks. For now the market seems to be back to normal and I wouldn't expect to see any further attack to the ccy in the short term... That being said the key will be to see if the central bank was able to learn the lesson and would allow the currency to adjust in line with other ccys and general USD moves. Clearly not enough room to allow relative depreciation. but neither think that one could fight other trends (USD or BRL moves) *Brazil being main trading partner* If we were to see the ARS trade weaker in line with other EM, and an active central bank preventing only relative weakness... I would consider a lesson learned and would jump back into the ARS... Wn Martin Zeman Director I Key Client Partners Deutsche Banc Wealth Management 154-0CO4 New York, NY, USA Tel. Mobil Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the F1NRA Rule 4512(C)(3), and who are capable of evaluating the strategies. characteristics and investment risks of, and exercising independent judgment in evaluating. the ideas and products ctiscussed herein. Trades and transactions are subject to relevant internal approvals of CBS/ or its affiliates prior to execution. and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) product* investment ideas and solutions and related matters ctiscussed herein are provided for discussi