30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Leiser Disclaimer: This article is intended to provide background information only. Readers should consult with their legal and compliance advice's as to the potential enpact of any regulatoryProvisions noted in this &Ode upon their respective businesses The author would like to thank Bilal Hafeez and Matt Holmes for their help in writing this report. Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104673 CONFIDENTIAL SDNY_GM_00250857 EFTA01449318