EFTA01449220.pdf

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 13: EUR/CHF: CHF is expensive against the euro 'Figure 14: EUR/CAD: CAD is close to fair value against ieuro 4.0 4.0 1.9 1.9 3.5 BUR/CHF 3.5 1.7 1.7 3.0 — — — • 2o% Band 3.0 • PPP BUR/CHF 1.6 1.6 2.6 2.0 2.6 I / 13 -fril rr " 1.3 1.1 C '0 1.1 1.6 ---- 20% Band PPP EURtCAD 1.0 . . . r 0.9 • 73 77 81 85 89 93 97 01 06 09 13 73 77 81 85 89 93 97 01 05 09 13 San 081 ,XResat. Sans OBIXRemora J 'Figure 15: AUDNZ0: NZD is fair value against AM.... Figure 16: CADINZD: ....and is expensive against CAD 1.8 1.8 1.8 1.8 1.6 1.6 1.6 1.6 1.4 1.4 1.4 1.4 1.2 1.2 12 1.2 1.0 1.0 1.0 0.8 0.8 0.8 0.8 0.6 0.6 0.6 0.6 0.4 0.4 73 77 81 85 89 93 97 01 06 09 13 73 77 81 85 89 93 97 01 05 09 13 Mew OIPXRererch Sant O11X Sean. 'Figure 17: JPY/NZD: NZD is expensive against the yen 'Figure 18: GBP/JPY: JPY is very cheep against GBP 0.025 0.025 800 803 GB P/JPY 700 700 0.020 0.020 --- 20% Band 600 aoo PPP GBP/JPY 0.016 0.016 BOO 500 400 400 0.010 0.010 300 X0 —..ages04 20D 200 0.005 0.006 100 100 0 000 0.000 0 0 73 77 81 85 89 93 97 01 06 09 13 Sans. O41FXReavell San Oitnitaostra. Page 20 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104533 CONFIDENTIAL SDNY_GM_00250717 EFTA01449220