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Methodology for EMTA VRR Reference Prices

METHODOLOGY FOR EMTA VRR REFERENCE PRICES

Reference Dealers
CSFB
Deutsche
JP Morgan Chase
Merrill
Morgan Stanley
UBS

Polling Procedure
What are your bid and offer prices at a specified time (to be determined by EMTA between 10:00 a.m. and 2:00 p.m. (NYC time)) for a standard size (U.S. $2 million) Mexico VRR (Series A) trade?

For the sake of convenience and for the foreseeable future, EMTA will conduct its polling of each of the six Reference Dealers by e-mail, requesting them to provide such bid and offer prices by the end of the business day (but no later than 5:00 p.m. (NYC time)) for a standard size (U.S. $2 million) Mexico VRR (Series A) trade at 11:00 a.m. (NYC time).

Calculation
The arithmetic mean of each bid and offer pair is calculated by EMTA, and the highest and lowest resulting arithmetic means are eliminated.  The EMTA VRR Reference Price is the arithmetic mean of the remaining arithmetic means.