28 February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure 18: NZD/USD is a bit expensive vs. FEER FV 1.10 Relative FEER Far Value Spot 0.90 0.70 0.50 -I 0.30 80 82 8486 88 90 92 94 96 98 0002 04 0608 1012 :0ut.* LV Pokrect) Figure 20: USD/NOK is expensive vs. FEER FV 10.00 9.001 8.00 I 7.00 6.00 5.00 4.00 1 3.00 Relative FEER Fair Value --""- Spot 8082 84 86 18 909294 969800020406 081012 Sxeca O8FX ',arm Figure 19: USD/CHF is fair value vs. FEER FV 3.00 —Relative FEER Fair Value 2.50 2.00 1.50 1.00 -I 0.50 Spot 808284868S 909294969800010405081012 Figure 21: USD/SEK if fair value vs. FEER FV 12.00 1 9.00 6.00 3.00 I 8082 84 86 88909294 9698 0002 0406 081012 .1<w Ct. rA Relative FEER Fair Value Spot Deutsche Bank AG/London Page 17 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104748 CONFIDENTIAL SDNY_GM_00250932 EFTA01449367