Epstein Secrets

ntina 2.9 -1.5 3.0 4.8 42 4:S .4.6 -1.4 4.0 10.7 34.0 40.0 45.0 Brazil 2.5 1.1 1.8 1.8 0.7 Q,2 1.8 2.7 22 5.8 6.3 6.3 6.3 Chile 4.1 2.5 3.5 -0.4 3.0 21 4.0 2.8 3.2 2.5 4.5 4.2 4 3.0 Colombia 4.7 5.0 45 31 9.7 21 4.0 4.0 5.0 1.8 2.8 3.2 3.0 Ecuador

regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Velem% Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. de C.V., J.P. Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a

9 2.7 3.6 .3.7 1 2.51 lag 2.0 2.5 2.0 2.0 9.9 10.0 10.0 11.0 Brawl 2.7 1.0 3.4 1.0 2.4 31 3.9 3.8 3.6 3.8 5.0 5.6 6.0 5.5 Chile 6.0 5.5 4.6 8.3 5.7 2.2 4.0 5.0 5.0 4.6 3.1 2.7 2.2 3.1 Colom0ia 5.9 3.2 1 4.0 1 5.3 -2.6 3.7 1 42 6.1 t 6.1 t 5.3 t 3.4 2

is regulated by thc Securities and Exchange Commission. Brazil: Banco M. Morgan S.A. is regulated by the Comissao de Valera Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: • Morgan Casa de Bolus. S.A. de C.V.... Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a broker

s, FX & EM 2017 Year Ahead | 16 November 2016 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIGHT_014734 --- PAGE BREAK --- currencies. The fact that the Central Bank of Brazil will be looking to cut rates in the face of a Fed tightening cycle makes the BRL especially vulnerable in 2017. We would recommend buying MXN against

f a disorderly depreciation, as it has been already the case in the last few days with small interventions in the forward market. On the other hand, Chile’s growth remains anemic and the economy is expected to continue growing sub 2% in 2017 (Chart 71). The CLP is overvalued but recent flows Chart 70:

24 3.91 45 34 37 40 12 6.0 6.0 6.8 Argentina 89 27 3.6 24 -3.2 5.0 10.0 2.0 25 2.0 96 99 10.0 11.0 Brazil 27 14 4 0.5 6 48 46 3.8 40 43 6.7 5.0 55 56 Chile 6.0 54 45 51 71 3.0 40 40 5.0 5.0 40 3.1 25 3.1 Colombia 5.9 43 45 0.9 67 28 3.8 42 53 55 3.9 34 3.1 3.2 Ecuador 8.0 5.0 40 42 48 3.0 55 5.0 3.0 3.0

regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a b

Global Economic Outlook Summary 2011 Real GDP % over a year ago 2012 2013 2014 3Q12 The Americas United States Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacific Japan Australia New Zealand Asia ex Japan China Hong Kong India Indonesia Korea Malaysia

regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a b