EFTA01449220

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 13: EUR/CHF: CHF is expensive against the euro 4.0 3.5 3.0 2.6 2.0 1.6 1.0 BUR/CHF — — — • 2o% Band • PPP BUR/CHF 73 77 81 85 89 93 97 01 06 09 13 San 081, X Resat. 'Figure 15: AUDNZ0: NZD is fair value against AM.... 1.8 1.6 1.4 12 0.8 0.6 73 77 81 85 89 93 97 01 06 09 Mew OIPXRererch 13 'Figure 14: EUR/CAD: CAD is close to fair value against ieuro 4.0 1.9 1.7 1.6 2.6 I / 13 -fril 3.5 3.0 1.1 • Sans OBIX Remora 73 77 81 85 89 93 97 01 05 09 rr " C '0 20% Band PPP EURtCAD . [repeated 3 times] 1.9 1.7 1.6 1.3 1.1 r 0.9 13 J Figure 16: CADINZD: ....and is expensive against CAD 1.8 1.8 1.6 1.4 1.2 1.0 0.8 1.6 1.4 1.2 1.0 0.8 0.6 0.6 0.4 'Figure 17: JPY/NZD: NZD is expensive against the yen 0.025 0.020 0.016 0.010 0.005 0 000 Sans. O41FX Reavell 73 77 81 85 89 93 97 01 05 09 13 Sant O11X Sean. 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 'Figure 18: GBP/JPY: JPY is very cheep against GBP 0.025 800 700 600 BOO 400 300 20D 100 0.020 0.016 0.010 0.006 0.000 Page 20 0 GB P/JPY 20% Band PPP GBP/JPY 803 700 aoo 500 400 X0 —..ages04 200 100 73 77 81 85 89 93 97 01 06 09 13 San Oitnitaostra. 0 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104533 SDNY_GM_00250717 EFTA01449220