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e Chile BCH US 92 4 46 Credit° Real CREAL' MM 1.8 Brazil BOVESPA -0.8 30.0 GOL S.A. GOL US 22.4 3.8 MercadoUbre MELI US 281.9 -2.9 Chile IPSA 02 36.6 LATAM Airlines Group S A. LTM US 14.4 2.9 Chedraui CHDRAUIB MM 21 -2.7 Colombia IGBC -0.9 12.8 Santander Chile BSAC US

pool LIVEPOLC MM 8.5 -1.9 Embotelladora AKO/B UN 27.9 0.6 Grupo Bimbo BIMBOA MM 2.4 -1.9 GLOBAL CREDIT STRATEGY - Early Morning Reid [Jim Reid, London] The Euro II analyst survey is live and we would really appreciate your support if you value our work. Please see the attached link for ins

are expected to remain weak through much of 2016. Changes to commodity prices in the last three years have greatly harmed countries like Venezuela, Chile, Colombia and Peru, with accumulated income loses since 2012 of 8.0% of GDP, 4.5%, 4.0%, and 2.3%, respectively. Weaker economies have also exace

out carry for another 12 months. On balance we're mildly bullish European credit due to being less late cycle than the US and due to valuations. Jim Reid, (44) 20 754 72943 Nick Burns, (44) 20 754 71970 Rank (31 Dec 2014) Rank (31 Dec 2013) Tight Spread Page 52 Deutsche Bank AG/London 2003 2004

ng India Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela G7 Advanced economies EM economies Global 2015F 2.4 0.7 1.5 1.7 1.1 0.7 3.2 1.9 1.4 0.8 0.1 -0.1

Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro

N AMERICA 37 Brazil — cheap but fundamentals continue to deteriorate 37 Mexico — expensive but still better than the alternatives 39 Chile — continued breakdown of the neo-liberal EFTA01466398 model 41 CEEMEA 42 South Africa — cheap currency but expensive equities Russia —

likely to be conflicting fund flow influences over 2014 as developed financial markets walk the bubble-taper tightrope (courtesy of DB credit guru Jim Reid). Overall demand for EM equities should be weaker than DM given the massive net buying of EM assets over the past ten years relative to the US by