Direct versus indirect exchange rate over time (Exhibit 3.2 and 3.3)Exhibit 3.2 demonstrates that the indirect exchange rate is the inverse of the direct exchange rate and also shows relationship between direct exchange rate and indirect exchange rate.When the euro is appreciating against the dollar (based on an upward movement of the direct exchange rate of the euro), the indirect exchange rate of the euro is declining.When the euro is depreciating (based on a downward movement of the direct exchange rate) against the dollar, the indirect exchange rate is rising.