example of positive differentiation. Mexican assets continued to benefit -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% REER Misalignement from Fair Value Mar-13 EMEA Source: Deutsche Bank Asia Jan-13 Jul-12 LatAm Figure 2: Still elevated interest rate differentials 0 1 2 3