about 300bp of cushion for real depreciation per year...ln sum, it seems good value near term mark to market risk is slower pace of implementation of energy reform and a selloff in USTs happy to discuss further if u find interesting... MB0N0 7 '4 11/13/47 + ODD 18 Apr MBONO 7 4 11/42 04/19/2012 95l Save As 96) Actions - 97) Edit • 01/ M/2014 Mid TIM a lid Yield To Maturity 7.504 T High on 12/04/13 7.836 ► Average 6.740 Low on 05/02/13 S.313 " Bel 3:11M-- i . ,rti ioarP DO • 1 03 438 9Eti Table No Lower Chart CC 61 Stiu'it,-"37.O.' Yield Chart PI M Kes-. O ffil M \Ai 4 44047.0 Jun Sep 2012 Dec Mar 2u gi n Sep Dec 2014 0-6.500 0-6.000 pr 5.500 Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2014 Bloomberg Finance L.P. SN 812823 EST GMT-5'00 H376-306-2 14-Jan-2014 03:04.41 CNYMXN chart courtesy Nav Gupta (shows relative value in Labour cost between China and Mexico) CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 107645 CONFIDENTIAL SDNY_GM_00253829 EFTA01451259