Epstein Secrets

n curve (Jan 21) and we closed Jan 19 receivers. We think there is room for some short term bull flattening in Mexico, and we keep paying ly IBR in Colombia and receive 2y Camara in Chile. We stay neutral on most LatAm FX as valuations are not attractive. We like to short MXN at current levels. Position

.950 2.970 3.000 3.050 3,100 3,150 USD-ARS 17.12 16.80 17.50 18.50 19.00 19.50 20.00 USD-PEN 3.26 3.30 3.30 3.35 3.40 3.42 3.45 Emerging Europe EUR-PLN 4.25 4.15 4.10 4.10 4.05 4.05 4.00 EUR-HUF 309 305 305 300 295 295 290 EURCZK 26.13 26.25 26.00 26.00 26.00 26.00 25.

2.1 1.8 1.9 Latin America 42 2.9 3.9 2.8 2.4 Argentina 8.9 2.7 3.6 24 -32 &aid 2.7 1.4 4.1 OS IS Chie 6.0 5.4 4.5 5.1 7.1 Colombia 5.9 4.3 4.5 01 6.7 Ecuador 8.0 5.0 4.0 4.2 4.8 Mexico 3.9 3.9 3.6 41 3.5 Peru 6.9 6.0 7.0 13 60 Uruguay 5.7 3S 4.0 11.8

1 France 1.7 0.1 -0.1 0.1 4.1 Italy 011 -23 -0.5 t -32 t -3.3 Spain 0.4 -1.3 4/ 1 -1.3 -1.7 United Krgdom 01 00 1.8 -12 -1.5 Emerging Europe 41 2.6 2.61 2,4 1.3 Bulgaria 1.7 1.0 1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6 -12 0.5 -3.5 09 Poland 4.3 2.3 1.

(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

1.23 7.86 7.35 7.25 7.15 - 7.88 7.91 7.97 8.58 8.25 8.05 8.00 - 8.60 8.62 8.66 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Currency Czech Rep. EUR/CZK (Fwd. Rates) USD/CZK (Fwd. Rates) Hungary EUR/HUF Latin America Currency Argentina USD/ARS (Fwd. Rates) Brazil