EFTA01456566

12% 10% 8% — SRL carry cat COP own/ cost CLP cany oast AM carry cos 6% —PEN arty owl 4% 4% Jun-I4 Jui14 Aup-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 18% BRE ly imp vd —COP I y Imp vd 16% CLP ty imp vd —MTh 1y imp voI 14% —PEN I y fop 12% 10% 8% 6% 4% 2% Jun-I4 Ju0-14 Aup14 Sep-14 Oct-14 Nov-14 Dec-I4 Jen-15 60% 55% 50% 45% 40% 35% 30% 25% —ERL lyskeW irebti*loicp vdi COP ly skew (retanweto impl wok CLP 1y skew (re*tve to 'owl vci) LIXN Iy skew(relathe to om 01 vol) PEN ly skew (rebtstetond vo) 20% Jun-14 Aup-14 Sep-14 Oc1-14 Nor-14 Dec-I4 Jan-15 Spot ref: USDBRL: 2.6991 USDCOP: 2373.07 USDCLP: 626.75 USDMXN: 14.7622 USDPEN: 3.0595 ATMF ly USD calls — Indications: USDBRL, premium: 6.45% (strike = 2.992), mid=5.95% USDCLP, premium : 5.53% (strike = 2449.42), mid=5.03% USDCLP, premium: 4.50% (strike = 645.4), mid=4.10% USDMXN, premium: 5.00% (strike = 15.1057), mid=4.60% USDPEN, premium: 3.00% (strike = 3.1979), mid=2.50% Looking forward to discussing further. Regards, Daniel CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 115805 CONFIDENTIAL SDNY_GM_00261989 EFTA01456566