ent in EM (probably one of the best EM funds out there). The MXN bond as moved about 10bps in yield and all EM ccys breaking out, driven by Turkey, USDMXN about 3% weaker since we traded. Net Net we are down around 3.5-4%, as the around 3% on ccy and 1% on bond (using last nights bond prices) 2) Depen

Updated at 9:23:15 CCY pair USDMXN Deposit CCY USD Spot rate 12.9369 Zone cut BA (New York) Yield TenortExpl Depo 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00

rim. Speak with you soon, Tazia PS. I read the NYT article on yeast engineering! Updated at CCY pair Deposit CCY Spot rate Zone cut 9:23:15 USDMXN USD 12.9369 BA (New York) Yield Tenorfixo1 QUM igna 5.50St ika 5..2gt Litt .7.5014 ipSfft tS 9.4n 1.51Th 06-Nov-13 (2W) 0 1700 13.

From: Sent: To: CC: Subject: Tazia Smith 2/24/2014 11:44:42 AM Paul Morris USDMXN [C] Classification: Confidential Harry - I;VaheStepanian As discussed, I am following up to identify where those "Exchange Rates" denoted with th

on 02/26/2014 04:18 PM From: Tazia smith/db/dbcom To: cc: Paul morris, vahe stepanian/db/dbcomODBAmericas Date: 02/24/2014 11:44 AM Subject: USDMXN [C] Classification: confidential Harry - As discussed, I am following up to identify where those "Exchange Rates" denoted with the bond purchase/

ility and marked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. cl

ility and marked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. cl

tility and marked depreciation vs. USD (see historical price chart below) Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. clien

OMO —CAD4,430 70% —CL4Cemdly Other commodity currencies: While for USDBRL call strike is about 14% away from spot while put is about 1% away, for USDMXN the call strike would be approximately 8% away while put strike would be 3% away from spot. Best regards, Daniel Daniel Sabba Key Client Partners

ility and marked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. cl

ernal use only Corporate Executive 15k Shares SOF III Feeder Fund Stock hedging & monetization Equity Block Trade (NADL) Fx Long/Short (USDJPY, USDMXN) SOF III Feeder Fund SOF III Feeder Fund Cash & bonds, structured notes EFTA01478828 Single stock hedging & monetization Estate liquidation, c

on 02/26/2014 04:18 PM From: Tazia Smith/db/dbcom To: Cc: Paul Morris, Vahe Stepanian/db/dbcom@DBAmericas Date: 02/24/2014 11:44 AM Subject: USDMXN [C] Classification: Confidential Harry - As discussed, I am following up to identify where those "Exchange Rates" denoted with the bond purchase/

02/26/2014 04:18 PM From: Tazia Smith/db/dbcom To: r Cc: Paul Morris, Vahe Stepanian/db/dbcom@DBAmericas Date: 02/24/2014 11:44 AM Subject: USDMXN [C] Classification: Confidential Harry - As discussed, I am following up to identify where those "Exchange Rates" denoted with the bond purchase/

nt in EM (probably one of the best EM funds out there). The MXN bond as moved about 10bps in yield and all EM ccys breaking out, driven by Turkey, USDMXN about 3% weaker since we traded. Net Net we are down around 3.5-4%, as the around 3% on ccy and 1% on bond (using last nights bond prices) 2) Depe

stress. The trade also =enefits from Banxico policy switch to USD sales at beginning of the year=2E =o:p> =orecast: JPMS LLC year-end forecast for USDMXN i= 12.00. With spot current around 12.64, this represents =pproximately 5% expected appreciation. Paul Paul Barrett, CF= Managing Director=/span>

8.25 I would like to build a position=in Syr Mexican Govt bonds. They yield around 6%. So decent carry and a clea= way to get long MXN. Buy $1mm if USDMXN gets to 18.2500. Paul Paul Barrett =?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/

8.25 I would like to build a positio= in 5yr Mexican Govt bonds. They yield around 6%. So decent carry and a cl=an way to get long MXN. Buy 51mm if USDMXN gets to 18.2500. Paul Paul Barrett <tel > =/span> please note The information co=tained in this communication is confidential, may be attorne