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EFTA00788475

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n 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. Positioning is crowded and we expect th

earch reports of the framing non-US affiliates in the US (short name legal name, regulator): Merrill Lynch (South Africa): Memll Lynch South Africa (Pty) Ltd, regulated by The Financial Service Board, MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA)and the Prudentia

EFTA02686169

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itute of Technology Madras A.P. Moller-Maersk AS Delta Air Lines Inc. Finland Morocco USA Canada United Kingdom USA France United Kingdom Chile USA Russian Federation Italy United Kingdom Kuwait Kuwait United Arab Emirates United Arab Emirates Switzerland Saudi Arabia Saudi Arabia

Contractors Greece Company (CCC) Eduard Khudainatov President Rosneft Oil Company Russian Federation Collins Khumalo President Multichoice (Pty) Ltd South Africa Naina Lal Kidwai Country Head, India HSBC Asia Pacific India Walter B. Kielholz Chairman of the Board of Directors Swiss Reinsur

EFTA02686246

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