EFTA01449320

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 8: USD/AUD: AUD is very expensive. beyond 20% Figure 7: USD/CAD: CAD overvaluation is being unwound 1.7 1.6 1.6 1.4 1.3 1.2 1.1 1.0 0.9 73 77 81 85 89 93 97 01 06 09 13 town Con X Reseeich 'Figure 9: USD/142D: .and so is NZD 3.0 2.5 2.0 1.5 1.0 0.5 %*V USD/N2D - - - • 20% Band PPP USD/teD 3.0 2.6 450 400 350 RJR/JPY 450 400 350 - - - 20% Band PPP EUR/JPY 2.0 300 t 330 250 - 250 1.5 200 A- 200 1.0 150 100 • Zs ..... nil.. -N, - - A --kolik ...' - - -- -- AWCY-Not.... z zp 150 loo 0.5 50 50 73 77 81 85 89 93 97 01 06 09 13 tarot 011Xllearcli 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1.0 threshold 2.1 1.8 1.5 1.2 0.9 A ..-#4 V41, USUAUD 20% 8440 PPP USD/AUD 0.9 0.6 0 6 73 77 81 85 89 93 97 01 05 09 13 SOCK.' 0810iltesarch Figure 10: EURIJFY: The euro is very expensive against the yen 'Figure I 1 EUR/GBP: Sterling is cheap against the auto 1.0 oa 02 0.7 0.6 0.5 0.4 03 f EUFVGBP 20% Band PPP EUR/GBP 73 77 81 85 89 93 97 01 05 09 13 542VOI. re ir "MVO 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 73 77 81 86 89 93 97 01 06 09 13 Sam OSIXItenarch 'Figure 12: EUFIISEK: SEK is very cheep versus the euro 12 11 • 10 • 9 • e • 7 ••-•tre' 6 5 4 Sane DS FY Renearth Deutsche Bank Securities Inc. Page 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104675 PROT1 PROT0