28 February 2013 Exchange Rate Perspectives Deutsche Bank a Table of Contents Currency Forecasts 3 The Big Picture: The Dollar Is Back 5 Monitors: G10 FX Valuation Monitor: Lines in the sand 12 Capital Flows and Basic Balances 18 Commodity Prices and Currencies 28 U.S. Trade Balance 33 Central Bank Reserves Currency Composition Monitor 41 Page 2 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104590 CONFIDENTIAL SDNY_GM_00250774 EFTA01449255