.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.

-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

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

1 France 1.7 0.1 -0.1 0.1 4.1 Italy 011 -23 -0.5 t -32 t -3.3 Spain 0.4 -1.3 4/ 1 -1.3 -1.7 United Krgdom 01 00 1.8 -12 -1.5 Emerging Europe 41 2.6 2.61 2,4 1.3 Bulgaria 1.7 1.0 1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6 -12 0.5 -3.5 09 Poland 4.3 2.3 1.

regulator clamps down on more than 50% =ninsured drivers while women driving to present multiyear volume growth =tory. Cole Mackay, CFA, =irector Emerging Europe, Middle East & =frica Equity Sales Bank of America Merrill =ynch 2 EFTA_R1_01638375 EFTA02507623 Office > This material was prepared by Sales

1.23 7.86 7.35 7.25 7.15 - 7.88 7.91 7.97 8.58 8.25 8.05 8.00 - 8.60 8.62 8.66 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Currency Czech Rep. EUR/CZK (Fwd. Rates) USD/CZK (Fwd. Rates) Hungary EUR/HUF Latin America Currency Argentina USD/ARS (Fwd. Rates) Brazil