EFTA01458621

26 September 2015 FX Forecasts and Valuations: Don't throw in the towel ['Figure 16: USD/CAD is cheap vs. FEER FV 1.8 - I CAD Relative FUR Fair Value —Spot 80 83 86 89 92 95 98 01 04 07 10 13 IS Son OS PXRnarcit [Figure 18: N2DfliSD is close to its FEER FV 1.2 NZD —Relative FEER Fair Value --Spot 0.2 1 Figure 17: AUD/USD is close to its. FEER 1.4 AUD —Relative FEER Fair Value S:)::1 0.4 80 83 86 89 92 95 98 01 04 07 10 13 15 Sane 08 ON Main* ;Figure 10: USD/CHF is below its FEER FV 3.0 2.5 2.0 1.5 1.0 0.5 CHF Relative FEER Fair Value —Spot 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 SOOT* a9 FX FAI5•001 Figure 20: USD/NOK is cheap vs FEER FV 10.0 I NOK —Relative FUR Fair Va ue 8.0 6.0 4.0-j 2.0 swot 08 Fr Iiinsan Figure 21: USD/SEK is close to its PEER FV 12.0 1. SEX 10.0 8.0 6.0 4.0 2.0 Relative FUR Falr Value —Spot 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 Seat DB SXRatearn. Deutsche Bank Securities Inc. 5:401 DB Mennen Pogo CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118617 SDNY_GM_00264801 EFTA01458621