EFTA01458617

26 September 2015 FX Forecasts and Valuations: Don't throw in the towel z G10 FX Valuation Monitor Figure 4: The dollar is expensive and the euro modestly cheap Figure 5: The dollar is above fair value now 30 I% Over/undervalued) 130 20 178 142 11 120 84 83 10 110 0 100 •10 .4 3 -7.1 93 -20 -30 -25.0 -25.7 70 -40 CHF NW GBP 1)50 AUD EUR CAD NOK SEK JPY 60 Sant Oteeserare.OSeen 1 —USDTWI PPP USDTWI 130 120 i te.• \ eft- - - —20% Rena 110 lei iv 4Aa Nt 90 90 100 70 • 60 73 76 79 82 85 88 91 94 97 00 03 06 09 12 15 Sower DO FX Mown*, Osserent. Aboeiborp Meow rFigure 6: EUR/USD: The euro has reverted to its fair value !Figure 7: USD/JPY: The yen is about 27% cheap to its fair !value 1.6 1.4 - 1.2 1.0 - 0.8 0.6 —EURILISD - - - 20% Band PPP EURAJSD 1.6 1.4 - 1.2 / - 1.0 0.8 0.6 73 77 81 85 89 93 97 01 05 09 13 Jan De ix area Omornsin Page 12 350 , 303 i ; 250 r 200 150 ,r 103 81 85 89 93 — — — 20% Bend USDIJPY PPP USOMPY 7'3 77 Aue DB Paraseete Daterreant 350 380 250 200 150 -11, 100 97 01 06 09 13 50 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0118610 CONFIDENTIAL SDNY_GM_00264794 EFTA01458617