s as much as 15% undervalued « We remain neutral for now given US election risks are likely to remain high in the near term By Claudio Irigoyen and Ezequiel Aguirre Chart of the day: MXN may be as much as 15% undervalued ND oO ee) a) + 2. 2. S + a cs cs s x ao a NOE Ann OO NOE ADs OO 2014 2015 2016 Model (

s, FX & EM 2017 Year Ahead | 16 November 2016 21 Merrill Lynch HOUSE_OVERSIGHT_014751 --- PAGE BREAK --- Best Contrarian Trades David Hauner, CFA Ezequiel Aguirre MLI (UK) MLPF&S [email protected] [email protected] Mark Cabana, CFA Rohit Garg MLPF&S Merrill Lynch (Singapore) [email protected] r