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