26 September 2016 FX Forecasts and Valuations: Don't throw in the towel Figure 14: EURIGBP: Sterling remains expensive but within the band 10 0.9 08 06 ••• V !' • 07 00 •,.. I- 05 • a.••••• EUR/G8P 0.4 — — - 20% Rind 0.4 PPP ELIR1G84 0.3 44= 73 77 „ f . 1.0 0.9 81 85 89 93 97 tarn MIX fen* Dear f 0.8 07 01 05 09 13 0.3 Figure 15: EUR/SEK. SEK is very cheap vs. the euro 12 11 10 9 8 7 ••%...r. 4,.9 6 5 e s 4 14:114 . ' ". 4 73 77 I rrI 12 11 10 9 7 6 — — — 20% Bend I 5 ..-... PPP EURISEK 81 85 89 93 97 01 05 09 13 Sower:01 Of Sisk Oaristan Figure ICS: ELM/CHF: CHF is expensive against the euro Figure 17: EUFI/CAD: CAD is cheap against the euro 4.0 3.6 3.0 2.5 • 2.0 ..4%.% 1.5 - EUR/CHF — — —20% Band PPP EUR/CHF 2.0 1 1 1.5 1.0 - - - - T --- 1.0 73 77 81 85 89 93 97 01 05 09 13 Swot 08 Frilliest:ft are_ 4.0 19 3.0 ^r.• 15 16 2.5 P ityV 0.9 73 77 81 #.4 19 1 7 IW t1 ry _13 EURCAD --- 20% Band PPP EYR 85 89 93 97 01 06 09 13 34taa 08 C Masa Ostessoant 1.1 0.9 J Figure IS: AUD/NZD: NZD is near its fair value against Figure IS: CAD/NZD: NZD remains expensive against AUD 1.8 1.6 1.4 1.2 1),- .11\St kilfa 0.8 - - - 20% 81411 D,Nia) AU 0.8 PPP AUDi14213 0.6 0.8 73 77 81 85 89 83 97 01 05 09 13 1.0 1.0 lane 08/44aranth, Oateari•et Page 14 CAD, approaching the 20% band. 1.6 1.2 VII 1.2 1.0 IIF t ,r ette. 0.s 06 0.4 —20% bend — PPP CAD/NZD 73 77 81 85 89 93 Mn.M a.va SO Obsedt Dagrent 97 01 05 09 13 1.8 1.4 12 1.0 08 0.6 0.4 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118612 SDNY_GM_00264796 EFTA01458618