NDF implied yield 400 350 300 250 200 150 100 so 0 Jan00 Jan-02 JarH)4 Jan06 Jarnte Jan70 Jan12 Jan-IA Jan-16 —ARS 3minpied NIS —ARS 12m Inwattl Yield Sanee. DB OfteatilanueResaincA Absenberp Ann* IP, BIS 1M USDIARS implied volatility and realized volatility 120 100 so 60 40 20 0 Dec-04 D