EFTA Document EFTA01449324

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 18: NZENUSD is fair value vs. FEER F11 !Figure 19: USD/ CHF is bit expensive vs. FEER FV 1.2 1.0 NZp Relative FEER Fair Value —Spot 0.2 -1-- 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Sant tea Amaral [Figure 20: USDNOK is dose to. FEER FV 10.0 8.0 6.0 4.0 NO RelativeFEER FairVal e Spot 3.0 CH 2.5 1 2.0 1.5 1.0 0.5 Relative FEER Fair Value —Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Sam OE Radowen Figure 21: USD/SEK is expensive vs. FEER FV 12.0 10.0 8.0 6.0 4.0 2.0 2.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Source, DS FX ROSSO SELRelativeFEER Fair Value —Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 San Dent Reagan Page 24 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104680 CONFIDENTIAL SDNY_GM_00250864 EFTA01449324