From: Martin Zeman Sent: 9/22/2017 9: 4I r AM To: Paul Barrett CC: Vahe Stepanian Stewart Oldfield Davide-A Sferrazza Xavier Avila Joshua Shoshan Subject: / I DB Morning Overview Classification: Public Paul — we send this morning piece below to a list of our mainly LatAm clients every morning. Would you like to be on this? Martin Classification: Public DB the WORLD - DB Reid - This week has been, and still is, all about (arguably) the three most powerful women in the world. - DB Giacomelli - EM Daily - Turkey Trip Notes: In search of non-decelerating growth rate of stimulus - We spent two days earlier in the week in Ankara and Istanbul, meeting with the Central Bank of Turkey (CBT). - DB Agarwal - Corporate Credit - EM Chartbook - Regional strategy and Picks & Pans - We turned neutral on EM corporate credit in our last chartpack on June 21, a bit too early on hindsight. DB LATIN - Brazil/ DB Faria/ Brazil Update - Inflation Report reinforces benign inflation scenario - Inflation Report suggests further easing and long period with low interest rates. INDEX PERFORMANCE (USD) 1D Chg % YTD Chg % Yesterday's 10 BEST Ticker Price % Chg Yesterday's 10 WORST Ticker Price Chg Argentina MERVAL 0.6 33.6 Banco de Chile BCH US 92 4 46 Credit° Real CREAL' MM 1.8 Brazil BOVESPA -0.8 30.0 GOL S.A. GOL US 22.4 3.8 MercadoUbre MELI US 281.9 -2.9 Chile IPSA 02 36.6 LATAM Airlines Group S A. LTM US 14.4 2.9 Chedraui CHDRAUIB MM 21 -2.7 Colombia IGBC -0.9 12.8 Santander Chile BSAC US 30.2 2.0 Nature NATU3 BS 10.3 -2.6 Mexico IPC -0.7 28.6 Garcia do Brasil BBAS3 BS 113 19 Vale VALE UN 103 -2.5 Peru IBVL 0.2 200 Femsa FMX UN 99.4 1.7 CBD-GPA PCAR4 BZ 24.9 -2.1 Venezuela BVC 0.0 1243.2 Biadex BLX UN 29.0 1.1 Wal-Mart de Mexico WALMEX* MM 2.3 -2.1 And S.A AZUL US 28.9 1.0 Cia Hering HGTX3 BS 9.2 -2.0 Bancolombia CIB VS 46.5 0.8 Liverpool LIVEPOLC MM 8.