EFTA01458620

26 September 2015 FX Forecasts and Valuations: Don't throw in the towel [Figure 10: USDiN0K is expensive vs. BEER AI 1" NOK 8.0 ••I 6.0 4.0 BEE Fair Valug Spot Figure 11: USDISEK is very expensive vs. BEER FV 12.0 9.0 6.0 SEK —BEER Fair Value —Spot 2.0 3.0 80 83 86 89 92 95 98 01 04 07 10 13 15 80 83 86 89 92 95 98 01 04 07 10 13 15 as FX Marro, 'Figure 12: EURiUSD is close to. FEER FV 1.8 1 EUR • iiiiumRelative FEER Fair Value 1.6 • 300.0 1.4 250.0 1.2 200.0 1.0 150.0 i rinsi i•-•• 0.8 ••I 100.0 -4 '-' "t"' N, si d i OS 50.0 — 80 83 86 89 92 95 98 01 04 07 10 13 15 80 83 86 89 92 95 98 01 04 07 10 13 15 —_Scot Spat OS IX...turd, Figure 13: USDiJPY is cheap vs. FEER FV 350.0 PY elative FEER Fair Value Stet. SS sx tnimeol Sou.* De Ft Attart, 'Figure 14: GBPIUSD is expensive vs. FEER FV Figure 15: USD BIS TWI is very cheap vs. FEER FV 3.0 23 2.0 1.5 GBP —Relative FEER Fair Value Spot 140.0 130.0 ti 120.0 110.0 100.0 90.0 1.0 • 80.0 80 83 86 89 92 95 98 01 04 07 10 13 15 Sante 08.XINsanzie Page 18 Relative FEER Fair Value —Spot 80 83 86 89 92 95 98 01 04 07 10 13 15 Sant De MC INtesect Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118616 SDNY_GM_00264800 EFTA01458620