EFTA01449229

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Commodity Price and Currency Monitor [Figure I: CRB Commodity Prices and components (Figure 2: Energy prices 1300 1100 000 700 000 300 100 -lamed Jan.°. Jar-Cg. - Raw nosh .t - Foodstuffs - - t wove* and 0 ,04Jas.lri,k1 Fan 0.-.4 01.0, 44 - COO Comm...arty Pnce• (n.J. Sane DO IN "navel,. slaw 700 • 000 "Co . 400 300 • 200 160 1410 120 100 00 50 GO 20 .0.1P..CalWTI.11111*, r4r1 Natural Oas Cliforoltu).0101 J n. 45n. st n Jon Jan. Jaw Jaw Jan an Jan- Jan- Jaw 02 03 04 00 Oa 07 013 00 10 11 12 13 100 iFigure 3: Precious metals 2500 2000 1500 1000 500 0 Jan-02 - Gob Peke OSA/Troy os) Pitaaurn et. are./ .4 - Patadiun 14 ,t 6flor 06 - 54141 Price taloa r,fr 0.73 :OW Sotto, taanani Gan( Haw JaN.04 Jaew38 J061-011 J•0-10 Jan-12 0 d3 30 33 20 23 Is Swat Deursane Sant Have 10 12 0 !Figure 1: Industrial metals ...1.•, ..."1 1.10/11.4.4sitk Jove. - Caw. Prwottitaieve Taw - lananwillaan. Terns - Thw Pricipi1A.1•fl to... laneJino) Pri[nlottetre Tana 13000 0000 4000 44 0 Jan-02 Jana Jan08 Ja60111 Jan-10 Jan-12 SOWS: Claftuailant Mat iFigure 5: Commodity Currencies and Prices I 10 095 093 005 0 00 88 90 92 94 90 90 00 02 04 OG 08 10 12 Savo: dame* Swil. Hoe •••••40.J00,60 - ••••••CAD/uS0 - .... 41213/1.150 - CAD IR.' OC•303 40000 30000 20000 10000 0 Figure 6: The dollar cycle and global growth cycle 0.10 0.10 0.06 C.0,, 0141 10 n °ap en Ijs Sam 010 -.1) Conelaiion tront May 2000 a -0.0' •1.3 44 4.0 400 0.00 4 6 4.7 350 J.8 300 J le w_0 250 .0.16 '430 Jen-01 Jen-et. Jan-139Jen-93,/on-02 ../an-0 1 Jart4 I Page 34 SOW* 08400.• ant Have Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104547 PROT1 PROT0