28 February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure 12: EUR/USD is cheap vs. FEER FV 1.80 -1 Relative FEER Fair Value Spot 1.60 -I 1.40 1.20 too 0.80 1 0.60 80 82 8486 88 90 92 94 96 98 0002 04 0608 1012 OtirxPeorecr, Figure 14: GBP/USD is expensive vs. FEER FV 250 1 2.00 - 1.50 1.00 Relative PEER Fair Value —Spot B032 848638 90 92 94 96 98 0002 040608 10 12 Figure 16: USD/CAD is quite cheap vs. FEER FV 1.80 1.60 - 1.00 0.80 Relative PEER Fair Value Spot 80 82 8486 88 90 92 94 96 98 00 02 04 0508 10 12 Sous:* DB A Ast Page 16 Figure 13: USD/JPY is very cheap vs. FEER FV 350 300 1 0 14/ 250 200 150 i 100 50 80 82 84 86 8890 92 94 96 98 00 02 0406 08 10 12 Relative PEER Far Value —Spot Figure 15: USD BIS TWI is a bit cheap vs. FEER FV 140 • 130 " 120 110 100 90 80 Relative FEER Fair Value Spot 80 82 84 86 88 9092 94 96 98 0002 0406 08 1012 Figure 17: AUD/USD is fair value vs. FEER FV 1.25 •. 015 0.50 Relative FEER Fair Value 80 82 84 86 88 90 92 94 96 98 00 02 04 0608 10 12 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104604 CONFIDENTIAL SDNY_GM_00250788 EFTA01449267