EFTA Document EFTA01449323

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 12: EUR/USD is cheap vs. FEER FV 1.8 1.6 1.4 1.2 1.0 Os 0.6 MILL_ Rel a ti ve FEER Fair Value —Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Sows' 08 ?X Rasa. 'Figure 13: USD/JPY is very cheap vs. FEER FV 350.0 300.0 250.0 • 200.0 150.0 100.0 50.0 PY- Relative FEER Fair Value —Spot 80 82 84 86 88 90 92 94 96 98 0002 04 06 08 10 12 Sans O81X Resevell [-Figure 14: GBP/USD is expensive vs. FEER FV IFigure 15: USD BIS PM is a bit cheap vs. FEER FV 3.0 2.5 2.0 1.5 1.0 GBp Relative FEER Fair value —Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 sown, as rxsearch 140.0 130.0 120.0 110.0 100.0 90.0 80.0 Relative FEER Fair Value Spot 80 82 84 868890 92 94 96 98 0002 04 06 08 10 12 Sinew A SPX Rama [Figure 16: USD/GAD is quite cheap vs. FEER FV Figure 17: AUD/USD is cheap vs. FEER FV " 1 CA.P .RelativeFEER Fair Value 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Soured, OHM Rineattn Deutsche Bank Securities Inc. 1.4 1.2 1.0 0.8 0.6 0.4 M a —Relative FEER Fair Value Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Soutar 08 IX Rosaittn Page 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104679 SDNY_GM_00250863 EFTA01449323