EFTA01458621.pdf

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