EFTA01449322.pdf

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 6: USD/CAD is cheap vs. BEER FV !Figure 7: AUDIUSD is quite expensive vs. BEER FV 1.8 CAD 1.4 AUD BEER Fair Value Spot BEER Fair Value Spot 1.6 1.2 1.4 1.0 il eterNit , 1.2 I*4*--or 0.8 1.0 1 0.6 0.4 80 82 84 86 88 90 92 94 96 98 00 07 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Sane OS FXRaven Savor DS" Ratonet 'Figure S. NZDAJSD s BEER FV Figure 9: USD:CHF is quite cheap vs. BEER FV 1.2 NzD 3.0 CHF BEER FaIr Value —Spot BEER FairValue 0... 0*Spot 1.0 2.5 0.8 2.0 0.6 1 1.5 0.4 4 1.0 0.2 0.5 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Saw: 08FRRosa. Sart, Ostath• Sint '-Figure 10: USDNOK is a bit expensive vs. BEER FV 'Figure 1 I: USD/SEK Is expensive vs. BEER FV 10.0 12.0 SEK BEER Fair Valu es Spot BEER Fair Value •Spot 8.0 9.0 6.0 6.0 4.0 2.0 --- 3.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Sans DSFX thsesten Sane 118INResta Page 22 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104678 CONFIDENTIAL SDNY_GM_00250862 EFTA01449322