Epstein Secrets

l merchandise trade with the U.S. has increased 3x from 1990 to 2016, largely due to the signing and implementation of NAFTA. Therefore, we believe Deutsche Bank Securities Inc 60% 40% 20% 0% (20%) (40%) (60%) Page 29 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064299 CONFIDENTIAL SDNY_GM_00210483

the United States (13%). Total merchandise trade with the U.S. has increased 3x from 1990 to 2016, largely due to the signing and implementation of NAFTA. Therefore, we believe Deutsche Bank Securities Inc 60% 40% 20% 0% (20%) (40%) (60%) Page 29 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(

.2% 4.6 21.8% 1.3 • • 100% 5.9 Total 74.3% 1,209.2 25.3% 411.8 0.5% 7.4 100% 1,628A $0.tte Cer2t'e Sn. r^etcreict Steer Assoc...x.1 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Page 195 DB-SDNY-0086754 SDNY_GM_00232938 EFTA01385469

55.4% 7.0 44.6% 5.6 - - 100% 12.6 Mexico 26.2% 4.9 73.8% 13.9 - 100% 18.8 United States 33.0% 25.9 67.0% 52.6 - - 100% 78.5 NAFTA l 34.4% 37.8 65.6% 72.1 I - - 100% 109.9 Brazil 77.3% 24.2 21.1% 6.6 1.6% 0.5 100% 31.3 Other Central & South America 7.3% 3.5

sks both to investment and current account projections. The BCRP has forcefully prevented the PEN from appreciating but as the economy grows, gaps Deutsche Bank Securities Inc. shrink, and XCCY converge to zero we expect USD purchases to ease. Just like in the case of the CLP, the PEN's main risk is an unexpected China-bo

nificant in terms of their potential impact on the MXN and on the Mexican economy as a whole: the 2018 Presidential elections and the future of the NAFTA renegotiations. The base case scenario is for negotiations to be temporarily suspended sometime during C11 '18 until Mexico's new government