1. US Dollar Outlook Kathy Lien and Boris Schlossberg Directors of Currency Research

2. Disclaimer GFT refers to Global Futures & Forex, Ltd. and all of its divisions, branches and subsidiaries, including Global Forex Trading, GFT Global Markets Asia Pte. Ltd. and GFT Global Markets UK Limited. In the United Kingdom, GFT Global Markets UK Limited is authorized and regulated by the United Kingdom Financial Services Authority. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful. Trading of foreign exchange contracts, contracts for differences, derivatives and other investment products which are leveraged, can carry a high level of risk, and may not be suitable for all investors. It is possible to lose more than the initial investment. In Australia, GFT means Global Futures & Forex, Ltd. ARBN 103 508 461, AFS License 226625. A Product Disclosure Statement (PDS) is available at www.gft.com.au. You should read and consider the PDS before making any decision to deal in GFT products. This [advertisement] is published by GFT Global Markets Asia Pte. Ltd. (Company Registration Number 200717665N) in Singapore for informational purposes only and is not an offer or a solicitation to deal in any investment product or to enter into any legal relations, nor an advice or a recommendation with respect to such investment product. © 2009 Global Futures & Forex, Ltd. All rights reserved. DISCLAIMER: This presentation and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this presentation for your general information. This presentation and its information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision based upon this presentation or any information contained within. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading, Boris Schlossberg, and Kathy Lien will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this presentation. Global Forex Trading, Boris Schlossberg, and Kathy Lien do not render investment, legal, accounting, tax or other professional advice. If such advice is sought, or other expert assistance is required, the services of a competent professional should be sought. CD08BKU.004.021809 BK

4. The US Dollar Skyrocketing since July 2008 K

5. EUR/USD K Source: Dealbook

6. GBP/USD K Source: Dealbook

7. EUR/JPY K Source: Dealbook

8. GBP/JPY K Source: Dealbook

9. USD/JPY K Source: Dealbook

10. Relative Performance - USD K Source: Bloomberg

11. Relative Performance - JPY K Revenge of the Low Yielders Source: Bloomberg

12. Volatility Has Surged K Source: Bloomberg

13. PPP - CPI K Source: Bloomberg

14. What happened? B

15. ZIRP The Path Towards Global ZIRP B Source: GFT

16. ZIRP Why? B Because price levels are collapsing.

17. Oil vs. CPI B Source: GFT What are the Drivers?

18. CPI Case-Shiller Used Instead of Owners Equivalent Rent source http://globaleconomicanalysis.blogspot.com/ B Source: GFT What are the Drivers?

19. What are the Drivers? Yield No Longer Matters B The only question for FX: who will rebound first?

20. Recession vs. Depression Recession: When your neighbor loses his job Depression: When you lose your job B

23. How long do recessions last? B

24. Protectionism Buy American Bill: Allows companies to buy only US-manufactured steel and iron Source: berklube.com US Economy

26. US Economy Can we spend our way out of a recession? Source: Bianco Research / East Coast Economics

30. Euro Stress Is Trichet too slow? Source: DealBook

31. Euro Stress Part of dollar’s strength is due to the fact that Euro is losing viability. Can a currency without a country survive a steep economic downturn?

32. UK Mess The hedge fund economy blows up… Source: Bloomberg

33. UK Mess … but maybe it’s hit bottom. Source: Bloomberg

34. UK Mess Has EUR/GBP topped? Source: Dealbook

35. No Yen For Japan

36. No Yen For Japan Industrial Production Falls at Fastest Pace Since Great Depression Source: Bloomberg

37. No Yen For Japan Toxic combination of strong Yen and collapsing global demand. Will BOJ Intervene? Will it Work?

38. No Yen For Japan Source: Dealbook

39. Carry Trades Is Mrs. Watanabe turning short? Source: Tokyo Financial Exchange

42. EUR/USD Up-Down? UP DOWN EZ economy stabilizes as North/South nations create a coordinated plan of action and faith in the currency is restored. US economy responds to stimulus, first to rebound from global recession. US Treasury Auction fails as investors refuse to absorb any more US Sovereign debt capital flight ensues. EZ union nears collapse as economic stress creates political backlash, member sovereign credits come under assault. Global capita markets rally, risk assumption returns as doomsday fears dissipate. Dollar remains repository of safe haven funds as global economy remains mired in a protracted recession.

43. GBP/USD Up-Down? UP DOWN UK economy stabilizes – PMI’s a clue? Quick monetary and fiscal response, lower pound yield positive results. UK economy remains stuck at very low production rates as demand is curbed due to persistently high jobless rate and growing debt burdens. Global capital markets stage a rally. London resumes its role as the financial intermediary to the world. Global capital markets remain bearish – BOTH equities and fixed income continue to fall. Capital leaves the dollar on US financial concerns. High leverage of UK consumers and massive issuance of sovereign debt trigger capital flight.

44. USD/JPY Up-Down? UP DOWN US economy bounces, Dow rises, US 2-year rates increase to 3.5% reviving demand for carry and yield. Risk Aversion reigns supreme, Dow dives to 6000 or lower. Japanese economy recovers slightly prompting return of risk appetite. US economic fortunes do not improve, credit contraction creates massive deflation of US assets. BOJ intervenes as strong yen hurts exporters. Repatriation of Japanese funds continues unabated as world sits at ZIRP.

45. Questions?

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47. Disclaimer GFT refers to Global Futures & Forex, Ltd. and all of its divisions, branches and subsidiaries, including Global Forex Trading, GFT Global Markets Asia Pte. Ltd. and GFT Global Markets UK Limited. In the United Kingdom, GFT Global Markets UK Limited is authorized and regulated by the United Kingdom Financial Services Authority. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful. Trading of foreign exchange contracts, contracts for differences, derivatives and other investment products which are leveraged, can carry a high level of risk, and may not be suitable for all investors. It is possible to lose more than the initial investment. In Australia, GFT means Global Futures & Forex, Ltd. ARBN 103 508 461, AFS License 226625. A Product Disclosure Statement (PDS) is available at www.gft.com.au. You should read and consider the PDS before making any decision to deal in GFT products. This [advertisement] is published by GFT Global Markets Asia Pte. Ltd. (Company Registration Number 200717665N) in Singapore for informational purposes only and is not an offer or a solicitation to deal in any investment product or to enter into any legal relations, nor an advice or a recommendation with respect to such investment product. © 2009 Global Futures & Forex, Ltd. All rights reserved. DISCLAIMER: This presentation and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this presentation for your general information. This presentation and its information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision based upon this presentation or any information contained within. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading, Boris Schlossberg, and Kathy Lien will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this presentation. Global Forex Trading, Boris Schlossberg, and Kathy Lien do not render investment, legal, accounting, tax or other professional advice. If such advice is sought, or other expert assistance is required, the services of a competent professional should be sought. CD08BKU.004.021809 BK