EURSEK 9.62 9.50 9.40 9.30 9.20 9.10 9.00 USDSEK 8.46 8.64 8.70 8.45 8.36 8.13 7.83 EURNOK 9.52 9.20 9.00 8.90 8.80 8.70 8.60 USDNOK 8.37 8.36 8.33 8.09 8.00 7.77 7.48 Fa ecast as °OW-06-2017 Spec exchange rate as of 06-Xill 7 Source. BofAhlemll LrxhOWS Research. Blocrebeig

346 lOVJUSD 167535 067150 14253 USAPY I% 75 ~no 1549 XPOUSD 704.1 0.0050 1.3193 USDAP 4392 USD04 0,9154 USOCAO 03921 AUDuS0 '030 USDNOK 5.5640 hode Doe meturity SAP *non 'nu. Aitial VSO C011 la. Annum toon Coup." CloovietOsve Total intenst ton Aan verdoe Level Coiann 7150)

95 XAUUSO USOARS 5.2846 USD2AR USOCHF 0.9547 USDCAD 1388 09 100612 1.0368 GBN.ISD EURUSD USDTRY 1.5195 USDIPY 1.2994 USIN3RL 1.874 USDNOK 100380 2.1322 SA716 Structured Notes • Manual Pricing via 1P/Aorgan Investment Bank as of prior day rade Date Maturity race Amount Long Desc

SOCHE 12.1378 5.1875 0.9295 XAuuSD USOKRW USOCAD 1476.89 1101.28 1.0072 GI3PuSD FURUSD US011t`if 1.5533 USD/PY 1.3167 uSD1DU. 1.792 USDNOK 97.440 2.0013 5.7694 • Intrade Pn n sia Sloom Doodend Frory Curnmt Prot. Comuyny Cuormy Inclustry Ytold Cour 8.00 (S) Slokr.t SidlLP. IS

m to be a technical expert but I did think this chart was looking interesting. If EURUSD is starting to form a base then I can see the scenario that USDNOK moves lower to form a decent head and shoulders pattern opening up an eventual move to 8.10ish. As I say few moving parts but I continue to be posit

rked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. client buys fo

rked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. client buys fo

arked depreciation vs. USD (see historical price chart below) Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. client buys fore

rked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and forward dynamics (i.e. client buys fo

013 (Open Positions) 1476.89 8.9747 1.0072 GIPUSD EURUSD USDTRY ar mitten maw Ile W.. 1.5533 USDJPV 97.440 13167 USDBRI. 2.0013 1.792 USDNOK 5.7694 Currant EX USDRUCH USDARS USOCHF 12.1378 5.1875 0.9295 I(AUUSO 1251)ZAR USDCAD Itructured NOW r .d. Date Maturity lace Amount