30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax [ Figure 13: ANZ Commodity Price Index (Nominal) and IFigure 14: Long-run Belationslilp-NZD/USD NZWUSD 0.85 000 075 070 065 1160 0.55 a50 045 a40 035 OD 68 90 92 Si 96 se 03 02 04 06 06 10 12 Snot Onmit• &int Maer 0.2 0.0 -0.2 150 -0.6 100 -0.8 o -10 as 90 92 94 96 98 00 02 04 CO 08 10 12 -lCD Long Run Relationship Lorignun Seriatim: Commodity Price: 077 GDP: 1 08 Sane Dixem. Bs* Mrs ti 01 -0.1 -0.3 • -0.6 • -0.7 -0.9 1Figure 15: BoC Commodity Price Index (Nominal) and IFigure 16: Long-run Relationship-CAD/USD CAD/USD 1.10 100 090 080 070 0.60 96 —CAL 1 0 OC COMM04,iv inleA . . . 88 90 92 94 96 98 Savor aim:, &Nit Haw 00 02 04 06 08 10 12 Figuie 17: BoC Non-Energy Commodity Price Index (Nominal) and CAD/USD 105 100 095 090 085 080 075 0.70 065 060 86 88 90 92 94 96 98 CO 02 04 06 08 10 12 Sam' 0•415/0* Br4 MAW Page 36 1000 0.10 - 900 SOO 700 4 10 800 - 500 -030 400 300 200 .050 ••• ••04.0 Loop RunRoboonsho 1 Longoun•1441:144: Th Co/mm*1W Puce 013 GOP 132 I A1 88 90 92 94 96 98 03 02 04 06 08 10 12 Sen Onsts. So* Hoe 020 0.10 000 -0.10 Figure 18: BoC Energy Commodity Price Index (Nominal) and CAD/USD 1.05 1.00 0.96 090 0.85 080 a75 0.70 065 0.60 8*C Energy Commodity Pm* Index Of fi 86 88 90 92 94 96 98 00 02 04 06 06 10 12 Saar !Moo* Bet* Mow Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104692 SDNY_GM_00250876 EFTA01449331