28 February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure Cr USD/CAD is cheap vs. BEER FV 1.80-] 1.60 1 40 1 20 1.00 BEER Fair Value enr..-Spot 0 80 - 8082 8486 88 90 92 94 96 98 0002 04 0608 1012 nt n P.v/eic:t Figure 8: NZD/USD is very expensive vs. BEER FV 110 0.90 0.70 0.50 1 0.30 BEER Fair ValueSpot 80 82 84 86 88 93 92 94 95 98 00 02 04 0603 10 12 Figure 10: USD/NOK is a bit expensive vs. BEER FV 10.00 9.004 8.00 7.00 6.00 5.00 4.00 -I 3.00 -IBEER Fair Value Spot 8082 8486 8890 9294 9698 0302 0436 C81012 Deutsche Bank AG/London Figure 7: AUD/USD is quite expensive vs. BEER FV 1.25 - 0.50 80 82 8486 88 90 92 94 96 98 00 07. 04 0608 1012 BEER Fair Value —Spot Figure 9: USD/CHF is quite cheap vs. BEER FV 3.00 1 2.50 2.00 1.50 1 1.00 I 0.50 BEER Fair Value Spot 80 87.8486 85 90 92 94 96 98 0002 040608 1012 Figure 11: USD/SEK is expensive vs. BEER FV --BEER Fair Value 3.00 -I8082 84868890 9294 9698 0002 0406 08 10 12 et+c, Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104746 CONFIDENTIAL SDNY_GM_00250930 EFTA01449365