Epstein Secrets

(Fwd. Rates) Hungary EUR/HUF Latin America Currency Argentina USD/ARS (Fwd. Rates) Brazil USD/BRL (Fwd. Rates) Chile USD/CLP (Fwd. Rates) Colombia USD/COP (Fwd. Rates) Spot 3M 6M 12M 5.49 5.60 5.98 6.62 - 4.63 4.87 5.33 2.26 2.12 2.15 2.17 - 2.31 2.35 2.44 509 505 502 500 - 516 521 531

bn) Figure 17: The basic balance has generally been in a downtrend since 2007 Figure 18: as net FDI outflows continue Source: DB FX Research and Haver Source: DB FX Research and Haver Deutsche Bank Securities Inc. Page 27 EFTA01464358 30 July 2013 Exchange Rate Perspectives: FX and the Financ

uwait SaudiArabia Dubai RRS RRRKRKRKCKKRRKRKKAA Source: Haver, IMF, Saudi Ministry of Finance, BofA Merrill Lynch Global Research. 2015 data, Source: Haver, BofA Merrill Lynch Global Research. Implied rate of return on SAMA reserve assets Investment income and transfer of profits of public entities for K

Cc fo?) f=] —_ N oO t+ wo . . 7 : : oS SoS o oo So So oS So Oo x x x x —- x Qatar Abu Dhabi Kuwait SaudiArabia Dubai RRS RRRKRKRKCKKRRKRKKAA Source: Haver, IMF, Saudi Ministry of Finance, BofA Merrill Lynch Global Research. 2015 data, Source: Haver, BofA Merrill Lynch Global Research. Implied rate of re

AFRICA m@ BRAZIL MEXICO m RUSSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and DataStream 46 GEMs Paper #26 | 30 June

rish (not foolish) For the year ahead, we recommend being bearish 5y US rates, long USDJPY and short a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with the reflation trade. Short 10y US real rates offers the best risk-reward after recent moves. US rate

S2SSZFSSSRSPESPSLZESS 5 8 gpg = 8 & & & Source: BofA Merrill Lynch Global Research, Bloomberg, Source: BofA Merrill Lynch Global Research, Bloomberg, Haver, EPFR Bankof America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best V