28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 7: USD/CAD: CAD overvaluation is being unwound 1.7 1.6 1.6 1.4 1.3 1.2 1.1 1.0 0.9 73 77 81 Sane De nenoseoc• 85 89 93 97 01 05 09 13 1.7 1.6 1.5 1.4 1.3 1.2 .1 1.0 0.9 Figure 9: USDINZD and so is NZD 30 25 20 15 j r4 a r wUSO/NZD 20% Dad PPP USWNZD 73 77 81 85 89 93 97 01 05 09 13 Figure 8: USD/AUD. AUD is very expensive, beyond 20°o threshold... 21 18 1 12 09 06 73 77 81 85 89 93 97 01 OS 09 13 ktfiCe SPA f•••••,:• 21 1.8 15 12 09 06 Figure 10: FURIJPY The euro is close to fair value against the yen 3.0 2.6 450 400 350 EUR/JPY 450 400 350 — — — 20% Band PPP EUR'JPY 2.0 300 300 250 250 1.6 200 • -- Ica 200 1.0 150 -- __ •-• elk . n 150 103 100 0.6 50 50 Figure 11: EUR/GBP: Sterling is cheap against the euro 1.0 0.9 02 0.7 06 0 0.4 0.3 73 77 $owt's CO FX Rem., 10 09 08 07 06 05 04 03 13 '3 77 81 85 89 93 97 01 05 09 13 Figure 12: EUR/SEK: SEK is very cheap versus the euro 12 11 • 10 - 9 . • • 7 6 6 rent 4 73 77 81 S.x.e.•• CfEFX P.01-64.0 fr..° —•••• • • • ELIR/SEK —1"^—b•••• - --• 20% Band 85 89 93 97 01 05 09 13 12 11 10 9 8 7 6 6 4 Deutsche Bank AG/London Page 13 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104601 SDNY_GM_00250785 EFTA01449264