DATE: 4 Jan 06 7 Feb 06 7 Mar 06 4 Apr 06 2 May 06 6 Jun 06 DATE: 5 Jul 06 1 Aug 06 5 Sep 06 DATE: 3 Oct 06 1 Nov 06 5 Dec 06 DATE: 8 Jan 07 6 Feb 07 6 Mar 07 DATE: 3 Apr 07 1 May 07 5 Jun 07 DATE: 9 Jul 07 6 Aug 07 11 Sep 07 DATE: 02 Oct 07 06 Nov 07 12 Dec 07 DATE:
EUR/USD Spot 1.202 1.197 1.202 1.214 1.259 1.292 EUR/USD Spot 1.2795 1.277 1.282 EUR/$ Spot 1.274 1.273 1.3325 EUR/$ Spot 1.3019 1.2928 1.3098 EUR/$ Spot 1.3365 1.366 1.3487 EUR/$ Spot 1.363 1.3795 1.3806 EUR/$ Spot 1.3806 1.4469 1.4715 EUR/$ Spot
USD/JPY Spot 116.1 118.2 117.5 117.7 113.25 112.08 USD/JPY Spot 114.6 114.65 115.95 $/yen Spot 117.65 117.42 115.35 $/yen Spot 118.73 120.33 115.83 $/yen Spot 117.8 119.45 121.8 $/yen Spot 123.35 118.91 113.55 $/yen Spot 113.55 114.36 112.05 $/yen Spot
                                                               
FORECASTS:             FORECASTS:       FORECASTS:       FORECASTS:       FORECASTS:       FORECASTS:       FORECASTS:       FORECASTS:
Three Months 4 Apr 06 8 May 06 7 Jun 06 5 Jul 06 2 Aug 06 6 Sep 06 Three Months 5 Oct 06 2 Nov 06 5 Dec 06 Three Months 3 Jan 07 3 Feb 07 5 Mar07 Three Months 9 Apr 07 7 May 07 6 Jun 07 Three Months 3 Jul 07 1 Aug 07 5 Sep 07 Three Months 8 Oct 07 10 Nov 07 10 Dec 07 Three Months 02 Jan 08 06 Feb 08 07 Mar 08 Three Months
EUR/$ MEAN FCST 1.2082 1.1987 1.1905 1.2286 1.2696 1.2919 EUR/$ MEAN FCST 1.2900 1.2913 1.2735 EUR/$ MEAN FCST 1.2809 1.2804 1.3391 EUR/$ MEAN FCST 1.3033 1.2982 1.2998 EUR/$ MEAN FCST 1.3410 1.3721 1.3435 EUR/$ MEAN FCST 1.3542 1.3853 1.3880 EUR/$ MEAN FCST 1.3880 1.4563 1.4144 EUR/$ MEAN FCST
# OF REPLIES 97 106 94 104 106 120 # OF REPLIES 80 84 91 # OF REPLIES 106 103 106 # OF REPLIES 108 103 120 # OF REPLIES 91 96 103 # OF REPLIES 91 81 114 # OF REPLIES 114 98 64 # OF REPLIES
STD DEV 4.06 4.21 4.11 5.19 4.32 4.28 STD DEV 3.70 3.47 3.76 STD DEV 4.34 3.86 3.68 STD DEV 4.01 3.99 4.71 STD DEV 3.88 4.16 6.16 STD DEV 4.60 5.43 5.63 STD DEV 5.63 4.56 1.83 STD DEV
ACTUAL CLOSE 1.225 1.2703 1.2795 1.2725 1.2797 1.2780 ACTUAL CLOSE 1.2690 1.2780 1.3320 ACTUAL CLOSE 1.3163 1.2966 1.3098 ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE
$/YEN MEAN FCST 115.81 117.68 117.65 116.38 112.01 110.92 $/YEN MEAN FCST 112.84 112.18 115.40 $/YEN MEAN FCST 116.16 114.86 113.27 $/YEN MEAN FCST 115.47 118.86 116.31 $/YEN MEAN FCST 116.11 118.17 120.24 $/YEN MEAN FCST 122.27 116.40 112.56 $/YEN MEAN FCST 112.56 113.94 112.08 $/YEN MEAN FCST
# OF REPLIES 97 106 94 104 106 120 # OF REPLIES 80 84 91 # OF REPLIES 106 103 106 # OF REPLIES 108 103 120 # OF REPLIES 91 96 103 # OF REPLIES 91 81 114 # OF REPLIES 114 98 62 # OF REPLIES
STD DEV 3.78 4.51 4.41 5.11 4.80 5.60 STD DEV 3.63 3.68 3.99 STD DEV 4.51 4.17 4.06 STD DEV 4.60 4.57 4.41 STD DEV 4.24 4.52 5.30 STD DEV 4.44 4.72 5.74 STD DEV 5.74 4.74 2.34 STD DEV
ACTUAL CLOSE 117.50 111.69 113.45 115.65 114.57 116.75 ACTUAL CLOSE 117.69 117.15 114.95 ACTUAL CLOSE 119.36 121.06 115.83 ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE
                                                               
Three Months             Three Months       Three Months       Three Months       Three Months       Three Months       Three Months       Three Months
Crude Oil MEAN FCST 60.29 62.30 61.87 67.86 71.50 71.08 Crude Oil MEAN FCST 73.77 71.42 65.87 Crude Oil MEAN FCST 63.17 58.33 61.34 Crude Oil MEAN FCST 59.81 61.44 61.83 Crude Oil MEAN FCST 65.65 69.00 67.79 Crude Oil MEAN FCST 71.33 75.56 75.18 Crude Oil MEAN FCST 74.86 94.06 88.06 Crude Oil MEAN FCST
# OF REPLIES 97 106 94 104 106 120 # OF REPLIES 80 84 91 # OF REPLIES 106 103 106 # OF REPLIES 108 103 120 # OF REPLIES 91 96 103 # OF REPLIES 91 81 114 # OF REPLIES 109 98 64 # OF REPLIES
STD DEV 6.33 5.29 6.86 4.19 3.37 4.96 STD DEV 1.35 3.43 5.22 STD DEV 5.58 5.24 5.57 STD DEV 6.50 6.12 6.96 STD DEV 5.51 5.98 6.50 STD DEV 4.73 1.38 1.69 STD DEV 1.86 0.00 0.00 STD DEV
ACTUAL CLOSE n/a n/a n/a n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE n/a n/a n/a ACTUAL CLOSE
Yearend 2006 31 Dec 06           Yearend 2006       Yearend 2006       Yearend 2006       Yearend 2006       Yearend 2006       Yearend 2006       Yearend 2006
EUR/$ MEAN FCST 1.2309           EUR/$ MEAN FCST       EUR/$ MEAN FCST       EUR/$ MEAN FCST       EUR/$ MEAN FCST       EUR/$ MEAN FCST       EUR/$ MEAN FCST       EUR/$ MEAN FCST
# OF REPLIES 97           # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES
STD DEV 3.79           STD DEV       STD DEV       STD DEV       STD DEV       STD DEV       STD DEV       STD DEV
ACTUAL CLOSE n/a           ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE
$/YEN MEAN FCST 112.68           $/YEN MEAN FCST       $/YEN MEAN FCST       $/YEN MEAN FCST       $/YEN MEAN FCST       $/YEN MEAN FCST       $/YEN MEAN FCST       $/YEN MEAN FCST
# OF REPLIES 97           # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES       # OF REPLIES
STD DEV 4.75           STD DEV       STD DEV       STD DEV       STD DEV       STD DEV       STD DEV       STD DEV
ACTUAL CLOSE n/a           ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE       ACTUAL CLOSE
                                                               
3 MONTH INDICES             3 MONTH INDICES       3 MONTH INDICES       3 MONTH INDICES       3 MONTH INDICES       3 MONTH INDICES       3 MONTH INDICES       3 MONTH INDICES
EUR/$ band 1 1.167 1.162 1.167 1.179 1.224 1.257 EUR/$ band 1 1.2445 1.242 1.247 EUR/$ band 1 1.239 1.238 1.2975 EUR/$ band 1 1.2669 1.2578 1.2748 EUR/$ band 1 1.3015 1.331 1.3137 EUR/$ band 1 1.328 1.3445 1.3456 EUR/$ band 1 1.3456 1.4119 1.4365 EUR/$ band 1
band 2 1.237 1.232 1.237 1.249 1.294 1.327 band 2 1.3145 1.312 1.317 band 2 1.309 1.308 1.3675 band 2 1.3369 1.3278 1.3448 band 2 1.3715 1.401 1.3837 band 2 1.398 1.4145 1.4156 band 2 1.4156 1.4819 1.5065 band 2
$ BULL 0.09 0.22 0.16 0.05 0.11 0.14 $ BULL 0.13 0.07 0.20 $ BULL 0.12 0.11 0.14 $ BULL 0.12 0.08 0.24 $ BULL 0.13 0.11 0.12 $ BULL 0.08 0.10 0.09 $ BULL 0.09 0.15 0.53 $ BULL
NEUTRAL 0.75 0.67 0.72 0.57 0.62 0.65 NEUTRAL 0.65 0.70 0.70 NEUTRAL 0.60 0.67 0.51 NEUTRAL 0.68 0.73 0.73 NEUTRAL 0.66 0.80 0.85 NEUTRAL 0.89 0.79 0.70 NEUTRAL 0.70 0.59 0.47 NEUTRAL
$ BEAR 0.15 0.11 0.12 0.38 0.26 0.21 $ BEAR 0.23 0.23 0.10 $ BEAR 0.27 0.22 0.32 $ BEAR 0.20 0.19 0.03 $ BEAR 0.21 0.08 0.03 $ BEAR 0.03 0.11 0.21 $ BEAR 0.21 0.26 0.00 $ BEAR
EURO BULL INDEX 0.53 0.45 0.48 0.67 0.58 0.53 EURO BULL INDEX 0.55 0.58 0.45 EURO BULL INDEX 0.58 0.56 0.58 EURO BULL INDEX 0.54 0.56 0.39 EURO BULL INDEX 0.54 0.48 0.46 EURO BULL INDEX 0.48 0.51 0.56 EURO BULL INDEX 0.56 0.55 0.23 EURO BULL INDEX
                                                               
$/YEN band 1 119.1 121.2 120.5 120.7 116.25 115.08 $/YEN band 1 117.6 117.65 118.95 $/YEN band 1 120.65 120.42 118.35 $/YEN band 1 121.73 123.33 118.83 $/YEN band 1 120.8 122.45 124.8 $/YEN band 1 126.35 121.91 116.55 $/YEN band 1 116.55 117.36 115.05 $/YEN band 1
band 2 113.1 115.2 114.5 114.7 110.25 109.08 band 2 111.6 111.65 112.95 band 2 114.65 114.42 112.35 band 2 115.73 117.33 112.83 band 2 114.8 116.45 118.8 band 2 120.35 115.91 110.55 band 2 110.55 111.36 109.05 band 2
$ BEAR 0.12 0.08 0.17 0.13 0.35 0.38 $ BEAR 0.33 0.49 0.16 $ BEAR 0.26 0.43 0.51 $ BEAR 0.48 0.34 0.18 $ BEAR 0.21 0.18 0.17 $ BEAR 0.30 0.41 0.13 $ BEAR 0.13 0.10 0.23 $ BEAR
NEUTRAL 0.72 0.65 0.72 0.81 0.58 0.60 NEUTRAL 0.58 0.45 0.70 NEUTRAL 0.66 0.54 0.42 NEUTRAL 0.49 0.53 0.56 NEUTRAL 0.76 0.77 0.79 NEUTRAL 0.67 0.53 0.83 NEUTRAL 0.83 0.82 0.63 NEUTRAL
$ BULL 0.15 0.37 0.11 0.06 0.07 0.03 $ BULL 0.10 0.06 0.13 $ BULL 0.08 0.03 0.07 $ BULL 0.03 0.13 0.27 $ BULL 0.03 0.05 0.04 $ BULL 0.03 0.06 0.04 $ BULL 0.04 0.08 0.15 $ BULL
DOLLAR BULL INDEX 0.52 0.69 0.47 0.46 0.36 0.33 DOLLAR BULL INDEX 0.39 0.29 0.48 DOLLAR BULL INDEX 0.41 0.30 0.28 DOLLAR BULL INDEX 0.27 0.39 0.55 DOLLAR BULL INDEX 0.41 0.44 0.43 DOLLAR BULL INDEX 0.37 0.33 0.45 DOLLAR BULL INDEX 0.45 0.49 0.46 DOLLAR BULL INDEX
                                                               
FF on June 29             BOC on July 11       High seen in EUR/JPY       Fed Funds end-2Q07               Fed Cuts by yearend   Fed Cuts by yearend       Fed Cuts by yearend
unch         42% unch 38%   37% yes 61%   4.75% or below 1%     Fed rest of year       none 30% 3% none 3%     none
+25bp         58% +25bp 62%   63% no 29%   5.00% 26%     no cuts 50%     1 (=25bp) 58% 7% 1 (=25bp) 7%     1 (=25bp)
                              5.25% 50%     one cut 35%     2 (=50bp) 12% 12% 2 (=50bp) 12%     2 (=50bp)
              Yearend Fed Funds       FedEase in Jan 2007?       5.50% 19%     >one cut 15%     3 (=75bp)   0% 66% 3 (=75bp) 66%     3 (=75bp)
              <5.25%   3%   Yes 30%     5.75% or above 4%           4 (=100bp) 0% 12% 4 (=100bp) 12%     4 (=100bp)
              5.00%   58%   No 70%                                    
              >5.25%   39%           G7       ECB peak Refi rate       ECB Yearend       BOJ rate hike by 1Q08   BOJ rate hike by 1Q08
                      Fed Intervention by 1Q07       Action   20%   in 2007 (now 3.75%)       4.00% 0     Yes 37%   Yes
                      yes     11% No action   80%   3.75% 4%   4.25% 23%     No 63%   No
                      no     89%       4.00% 23%   4.50% 66%              
                              Carry Trade 2007 4.25% 48%   above 4.50% 1%     EUR/USD first?       EUR/USD first?
                              over 42% 4.50% or higher 25%       1.40     50% 1.40
                              not over 58%         1.50     50% 1.50
                              Fed Funds end-2007                
                                      <5.00% 2%                  
                                      5.00% 12%                  
                                      5.25% 63%                  
                                      5.50% 21%                  
                                      >5.50% 2%