30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Currency Forecasts Industrialized Countries Currency US $ Exchange Rates Spot 3M SM 12M U.S. DB USD Index 70 71 74 76 Euro EURNSD 1.33 1.26 1.20 1.18 (Fwd. Rates) 1.33 1.33 1.33 Japan USD/JPY 98 102 110 112 (Fwd. Rates) - 98 98 98 U.K. GSPMSD 1.53 1.47 1.41 1.40 (Fwd. Rates) • 1.53 1.53 1.53 Canada USD/CAD 1.03 1.00 1.02 1.04 (Fwd. Rates) - 1.03 1.03 1.04 Australia AUDAJSD 0.92 0.98 0.98 0.95 (Fwd. Rates) - 0.91 0.91 0.90 N2. NZD/USD 0.80 0.80 0.80 0.77 (Fwd. Rates) - 0.80 0.79 0.78 Switzerland USD/CHF 0.93 0.99 1.04 1.06 (Fwd. Rates) - 0.93 0.93 0.93 Euro Cross Rates Japan EUR/JPY 130 129 132 132 (Fwd. Rates) 130 130 130 U.K. EUR/GBP 0.86 0.86 0.85 0.84 (Fwd. Rates) 0.86 0.86 0.87 Switzerland EUR/CHF 1.23 1.25 1.25 1.24 (Fwd. Rates) - 1.23 1.23 1.23 Norway EUR/NOK 7.86 7.35 7.25 7.15 (Fwd. Rates) - 7.88 7.91 7.97 Sweden EUR/SEK 8.58 8.25 8.05 8.00 (Fwd. Rates) - 8.60 8.62 8.66 .beat' Oar" Moortaberp Thaw Lit DS /MOM Latin America Currency Spot 3M 6M i2M Argentina USD/ARS 5.49 5.60 5.98 6.62 (Fwd. Rates) - 4.63 4.87 533 Brazil USD/BRL 2.26 2.12 2.15 2.17 (Fwd. Rates) 231 235 2.44 Chile USD/CLP 509 505 502 500 (Fwd. Rates) 516 521 531 Colombia USD/COP 1887 1910 1930 1950 (Fwd. Rates) - 1907 1924 1960 Mexico USD/MXN 12.7 12.6 12.1 11.9 (Fwd. Rates) - 12.8 12.9 13.1 Snot Dainon, Rage; IlbenSerp Mtn Lem twee Deutsche Bank Securities Inc. Asia Currency Spot 3M 6M 12M China USD/CNY 6.13 6.13 6.15 6.07 (Fwd. Rates) 6.17 6.20 625 Hong Kong USDA-IKD 736 7.77 7.80 7.80 (Fwd. Rates) 7.75 7.75 7.75 India USDANR 592 57.0 55.0 55.0 (Fwd. Rates) 60.6 61.8 63.9 Indonesia USDA0R 10278 10500 10500 10000 (Fwd. Rates) - 10723 11000 11412 Malaysia USD/MYR 3.24 3.17 3.15 3.13 (Fwd. Rates) • 3.26 3.27 3.30 Philippines USD/PHP 433 42.6 42.3 413 (