Epstein Secrets

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

.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.

Koruna/US$ (Fwd. Rates) Forint/US$ (Fwd. Rates) Latin America Spot Currency Rate Argentina ARS/USD 5.04 5.18 5.50 6.10 (Fwd. Rates) Brazil Chile 4.63 4.87 5.33 BRL/USD 1.98 1.95 2.00 2.05 (Fwd. Rates) CLP/USD 473 476 490 505 (Fwd. Rates) 480 485 495 Colombia COP/USD 1,814 1,770 1,750 1,

29.6 29.5 29.3 Thailand THB/USD 29.8 30.0 30.0 30.0 (Fwd. Rates) 30.0 30.1 30.3 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Spot Currency Rate Czech Rep. Koruna/Euro 25.6 25.0 24.5 23.8 (Fwd. Rates) EFTA01464481 Koruna/US$ (Fwd. Rates) Forint/US$ (Fwd. Rates) La

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

-1.1 3.8 -2.0 :15 Q,Q M.5 -2.5 0.8 0.5 -1.5 1.5 1.0 0.0 2.0 1.0 0.0 2.0 3.6 1.9 2.8 2.6 3.2 2.7 1.6 2.5 2.7 2.3 2.5 24 Emerging Europe 4.8 2.5 2.5 0.6 14 1,8 2.4 2.6 3.6 3.0 5.0 5.8 5.8 5.1 Bulgaria 1.7 0.7 1.5 Czech Republic 1.9 -1.1 0.0 -1.6 -1.3 -1.6 0.0