Epstein Files Search

EFTA01464308Set 10

2013-07-30105p15,379w

Financial Transaction Tax FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)* Figure 1: USD-cross BEER and FEER valuations ... BEER FEER 17 EFTA01464347 24 21 22 Source: DB FX Research Figure 2: EUR/USD is a bit expensive vs. BEER FV Figure 3: USD/JPY is now above fair value ... Deutsche Bank Securities Inc. Page 21 808284 86889092949698000204060810 12 BEER Fair Value Spot Relative FEER model is based on current account surpluses/deficits relative to long-term

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01464308.pdf

EFTA01464478Set 10

2013-02-2892p11,990w

Over-Valued 10 20 30 -40 -30 -20 -10 0 CNY overvaluation based on FEER (black) and BEER (grey) CNY overvalued ... return to lOy ave of current account (FEER) PPP adjusted for productivity and terms of trade (BEER Source: Deutsche Bank Page 10 Deutsche Bank AG/London EFTA01464500 28 February 2013 Exchange ... February 2013 Exchange Rate Perspectives FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)* Figure 1: USD-cross BEER and FEER valuations Source: DB FX Research Figure 2: EUR/USD

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01464478.pdf

EFTA01449222Set 10

2013-07-301p270w

Rate Perspectives: FX and the Financial Transaction Tax Figure 12: EUR/USD is cheap vs. FEER FV 'Figure 13: USD/JPY is very cheap vs. FEER FV 1.8 MILL ... FEER Fair Value 350.0 —Spot PY- Relative FEER Fair Value —Spot ... Sows' 08?XRasa. Sand, O81XResevell [-Figure 14: GBP/USD is expensive vs. FEER FV IFigure 15: USD BIS PM is a bit cheap vs. FEER FV 3.0 140.0 GBp Relative FEER

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449222.pdf

EFTA01449323Set 10

2013-07-301p269w

Rate Perspectives: FX and the Financial Transaction Tax Figure 12: EUR/USD is cheap vs. FEER FV 'Figure 13: USD/JPY is very cheap vs. FEER FV 1.8 MILL ... FEER Fair Value 350.0 —Spot PY- Relative FEER Fair Value —Spot ... Sows' 08?XRasa. Sans O81XResevell [-Figure 14: GBP/USD is expensive vs. FEER FV IFigure 15: USD BIS PM is a bit cheap vs. FEER FV 3.0 140.0 GBp Relative FEER

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449323.pdf

EFTA01449366Set 10

2013-02-281p243w

February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure 12: EUR/USD is cheap vs. FEER FV Figure 13: USD/JPY is very cheap vs. FEER FV 1.80 -1 350 Relative FEER ... OtirxPeorecr, Figure 14: GBP/USD is expensive vs. FEER FV Figure 15: USD BIS TWI is a bit cheap vs. FEER FV 250 1 140 • Relative PEER Fair Value —Spot Relative ... FEER Fair Value Spot 130 2.00 - 120 110 1.50 100 90 1.00 80 B032

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449366.pdf

EFTA01449267Set 10

2013-02-281p244w

February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure 12: EUR/USD is cheap vs. FEER FV Figure 13: USD/JPY is very cheap vs. FEER FV 1.80 -1 350 Relative FEER ... OtirxPeorecr, Figure 14: GBP/USD is expensive vs. FEER FV Figure 15: USD BIS TWI is a bit cheap vs. FEER FV 250 1 140 • Relative PEER Fair Value —Spot Relative ... FEER Fair Value Spot 130 " 2.00 - 120 110 1.50 100 90 1.00 80 B032

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449267.pdf

EFTA01449268Set 10

2013-02-281p148w

Exchange Rate Perspectives Deutsche Bank ri Figure 18: NZD/USD is a bit expensive vs. FEER FV Figure 19: USD/CHF is fair value vs. FEER FV 1.10 3.00 —Relative FEER Fair ... Value Spot Relative FEER Far Value Spot ... 808284868S 909294969800010405081012 :0ut.* LV Pokrect) Figure 20: USD/NOK is expensive vs. FEER FV Figure 21: USD/SEK if fair value vs. FEER FV 10.00 12.00 1 Relative FEER Fair Value --""-Spot

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449268.pdf

EFTA02357084Set 11

2017-08-084p283w

2F1ODV=FDWDH8xniyXBECCmebaalcie2ZIAGriAOfU4C28QDUwcmuhKYt3tQAPmzCSPUudjwEbxR1C1n9K=XlYsFv4uK- 2F6drHVHxMwfA7qILIfpqDP0EmmLiHfHPXVLIbAGrVHU3Q80VVVOllgDQMYwjoRj3=LIkpDE3h9u8qwyv0Cq8VX4pPCWDN trLvWgs1PB0FpGEWcypPeurLfClimclKg-3D-3D_Gh4wIdl=RfQ4NOlEbQwRRFseXy2F8BMAZ-2F- 2FYHGb8O49Q92STGenux49WWL0Iqy9qbylw8zxqc64sS=1-2FEER- 2B7M.I4eZqAzia4NmyX71pwvcSlcxDdgwi3FX2IR2nAUhj2s493oiBISeXRhoalfgTw-=FKpSUB2onvPlqDpYqM- 2F43kKBTS8Or473904rOMieETZcS7pqdbh9fgtoH3dlabbPvhOd5tY=1Nu37ynLFNhwwSAKcFo-2BxpywLHEgNnZKT4g- 2F43b65vtusGNOFhYY6Ydg4osX7D3D3jzNay=fF9P9SuvN-2Bw-2FC2RbFq-2BSGZ43ccBL> <http://tamara-mellon-brand.trk.klaviyomail.com/wf/click?upn=rH=MzaTSLIgtvCiroSCj7vPE- 2FADozEOtHxmLmkC14vaOPHgi-2Faq5FM92UYTkTAf ... 2F1ODV=FDWDH8xniyXBECCmebaalcie22IAGriAOfU4CZ8CIDUwcmuhKYt3tQAPmzCSPUudjwEbxR1Qn9K=XlYsFv4uK- 2F6drHVHxMwfA7qILIfpqDP0EmmLiHfHPXVLIbAGrVHU3Q80WVOllgDQMYwjoRj3=LIkpDE3h9u8qwyv0Cq8VX4pPCWDN trLvWgslPB0FpGEWcvpPeurLfQimclKg-3D-3D_Gh4wldJ=RfQ4NO1EbQwRRFseXy2F8BkAZ-2F- 2FYHGb8O49Q92STGenux49WWL0lqy9qbylw8zxqc64sS=1-2FEER- 2B7MJ4eZqAzQ4NmyX71pwvc5lcxDdgwi3FX2IR2nAUhj2s493oiBfSeXRhoalfgTw-=FD- 2F0i6RmlRavaID4dRhJzRHVQfmStQC1PyvjqGo3EmevUW7Ma- 2BosxGEFvsDD4o6f3b9Kc=nd2ZDMPuz0fpqFenMxubDHSucoA4R3FRdyaao4Psr- 2FPrZSVoPGZrikWqxE5gwXdTI0EScBYD=G7dLjDEDmdituhb8Kh2AyHdszl1R> EFTA_R1_01342496 EFTA02357084 <httplitamara-mellon-brand.trk.klaviyomail.com/wf/click?upn=rH=MzaTSLIgtvCiroSCj7vPE- 2FADozEOtHxmlrnkC14vaOPHgi-2Faq5FM92UYIITAf ... XlYsFv4uK- 2F6drHVHxMwfA7ql LlfpqDP0EmmLiHfHPXVLIbAGrVHU3Q80WVOI1gDQMYwjoRj3=LIkpDE3h9u8qwyv0Cq8VX4pPCWDN trLvWgs1PB0FpGEWc-vpPeurLfaimclKg-3D-3D_Gh4wIcil=RfQ4NOlEbQwRRFseXy2F8BMAZ-2F- 2FYHGb8O49Q925TGenux49WWL0Iqy9qbylw8zxqc64sS=1-2FEER- 2B7MJ4eZqAzia4NmyX71pwvc5lcxDdgwi3FX2IR2nAUhj2s493oiBfSeXRhoalfgTw- =FCbpeduo8DGRZAyEqJYtncltXaz6BK2f8btZZpM-2FitCRmWM2q9gNPnqnV7F- 2F500fE6d578=HMrKvQkvAPKXecNkYEURQA0nh8lq7RVW2TWTcd8utjY-2B93O-2Byn4MmBdHZwpLTE- 2BshOYV=DJW2GwANUTQTBxmG6Flbjy8JCIsk0BA1> <http://tamara-mellon-brand.trk.klaviyomail.com/wf/click?upn=rH=MzaTSUgtvCiroSCj7vPE- 2FADozEOtHxmlmkC14vaOPHgi-2Faq5FM92UYTkTAf

EFTA01458621Set 10

2015-09-261p240w

Valuations: Don't throw in the towel ['Figure 16: USD/CAD is cheap vs. FEER FV Figure 17: AUD/USD is close to its. FEER 1.8 - 1.4 AUD —Relative FEER Fair Value ... PXRnarcit 1 Sane 08 ONMain* [Figure 18: N2DfliSD is close to its FEER FV ;Figure 10: USD/CHF is below its FEER FV 1.2 NZD —Relative FEER 3.0 CHF Fair Value ... Spot Relative FEER Fair Value —Spot

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458621.pdf

EFTA01449367Set 10

2013-02-281p148w

Exchange Rate Perspectives Deutsche Bank ri Figure 18: NZD/USD is a bit expensive vs. FEER FV Figure 19: USD/CHF is fair value vs. FEER FV 1.10 3.00 —Relative FEER Fair ... Value Spot Relative FEER Far Value Spot ... 808284868S 909294969800010405081012 :0ut.* LV Pokrect) Figure 20: USD/NOK is expensive vs. FEER FV Figure 21: USD/SEK if fair value vs. FEER FV 10.00 12.00 1 Relative FEER Fair Value --""-Spot

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449367.pdf

EFTA01458620Set 10

2015-09-261p264w

FXMarro, Spat OS IX...turd, 'Figure 12: EURiUSD is close to. FEER FV Figure 13: USDiJPY is cheap vs. FEER FV 1.8 1 EUR • iiiiumRelative FEER Fair Value ... Scot elative FEER Fair Value 1.6 • 300.0 1.4 250.0 1.2 200.0 1.0 150.0 i rinsi ... Stet. SS sx tnimeol Sou.* DeFt Attart, 'Figure 14: GBPIUSD is expensive vs. FEER FV Figure 15: USD BIS TWI is very cheap vs. FEER FV 3.0 GBP —Relative FEER

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458620.pdf

EFTA01449324Set 10

2013-07-301p189w

Perspectives: FX and the Financial Transaction Tax Figure 18: NZENUSD is fair value vs. FEER F11 !Figure 19: USD/ CHF is bit expensive vs. FEER ... Relative FEER Fair Value Relative FEER Fair Value —Spot —Spot ... Sant tea Amaral Sam OE Radowen [Figure 20: USDNOK is dose to. FEER FV Figure 21: USD/SEK is expensive vs. FEER FV 10.0 NO 12.0 SE RelativeFEER FairVal e Spot

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449324.pdf

EFTA01449221Set 10

2013-07-301p346w

Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEERr Figure I: USD.croas BEER and FEER valuations 40 29 at BEER 30 24j 24 23 FEER ... BEER model as relative PPP adjusted for terms-of-trade and productivity effects. Relative FEER model is based on current account surplusesideficits relative to longterm (structural) surpluses/deficits. Over/undervaluation calculated

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449221.pdf

EFTA01449364Set 10

1p293w

P.Ite, I Deutsche Bank 0 FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)* Figure 1: USD-cross BEER and FEER valuations 30 25 In BEER 20 PEER ... BEER model is relative PPP adjusted for terms-of-trade and productivity effects. Relative FEER model is based on current account surpluses/deficits relative to long-term (structural) surpluses/deficits. Over/undervaluation calculated

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449364.pdf

EFTA01458619Set 10

2015-09-261p229w

throw in the towel FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)' 'Figure 1: USD-cross BEER and FEER valuations. TVVI PPP valuations ... BEER -24 -25 -25 -26 -26 .27 -28 -28 -29 -31 -40 • FEER 47 47 49 -39 •REER vs 10y average

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458619.pdf

EFTA01449265Set 10

1p294w

P.Ite, I Deutsche Bank 0 FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)* Figure 1: USD-cross BEER and FEER valuations 30 25 In BEER 20 PEER ... BEER model is relative PPP adjusted for terms-of-trade and productivity effects. Relative FEER model is based on current account surpluses/deficits relative to long-term (structural) surpluses/deficits. Over/undervaluation calculated

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01449265.pdf

EFTA01379447Set 10

2017-12-111p622w

bonds is light from a historical perspective (chart fundamental valuation approaches (PPP, DBeer, FEER) below), and inflows are returning. Therefore, it is a rare on steady depreciation over the past ... case of undervaluation in 3 metrics 45% 15 H1W. PLN avenge mooleanrniont (%). TVA-based .....FEER —PPP —Share of foreign holdings of local 10 currencydebt

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01379447.pdf

EFTA00610276Set 9

2014-01-0926p14,709w

strong krona is difficult when the currency is undervalued on all metrics (PPP, BEER, FEER), and the SEK REER not historically strong. Instead, the country IFigure 2: Exports of Goods ... HRelatIve PPP ahead of imminent swap repayments have been met. ofteladve FEER -20% • BEER We are long a 6M USD/INR 62 put with an RKO at 57. • Average

https://www.justice.gov/epstein/files/DataSet%209/EFTA00610276.pdf

EFTA01459605Set 10

2016-01-121p520w

should help Canada export more non-energy 110 • products to the US helping the FEER to improve with a 6 105 lag. USD/CAD has rarely exceeded its FEER fair value

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459605.pdf

EFTA00283424Set 9

2011-12-235p3,260w

Dale Selde Dale Side Securily Descipean Amour Avg Prce ConiniRaIe Net Plenty Brokas Cuslodian Feer. Commission Tour Pool Setel Currency Comm Type ANT 1223/2011 12292011 Boy CCME CHINA MECHAEXPRESS ... Date Satie Oale Slee Seeurily DescripSon Amounl Avg Prce CceimRale Net Money Broker Cuslodian Feer. Commissien Tour POS Skeet Cuneney Comm Type NAT 1223/2011 nosoco 1 Buy Bin CN BANK

https://www.justice.gov/epstein/files/DataSet%209/EFTA00283424.pdf