28 February 2013 Exchange Rate Perspectives Deutsche Bank O Figure 7: Nominal CRB and World IP Growth lb 10 5 0 -6 .10 15 , t7.1 Jan-92 Jan-96 Jan-913 Jar701 Jan-04 Jen-01 Jan-10 18r1.13 Figure 9: Long•run Relationship- Nominal CRB 66 Ln TV 1 63 co Wartl 63 ra:o 043 60 60 6J fd•-v„ rsi 67 64 Ase • 64 61 61 ; Iran TIN ttrrAICAll rm. 4.8 4 8 Jan-86 Ja088 Jen-92 Jan-96 Jan-68 Jan-OI Jan-04 Jul-01 .0n-10 74013 f‘44:4 0448746o. $44, Figure 11: RBA Commodity Price Index (Nominal) and AUD/USD 1 1 1 09 08 07 06 05 -AUD noel if R8.4 Correroomi Pero lnao ftbS) 88 88 90 92 94 96 98 03 02 04 06 013 10 12 Figure 8: Nominal CRB and the Dollar 66 Ln 6.3 61 6.9 6.7 66 In 420 430 440 450 460 4 20 6J Jan-86 Jan-89 Jan-92 Jan-96 Jan-Se Jan-01 Jan-04 Jan-07 Jan-10 Jan-13 Figure 10: Long-run Relationship- Oil Figure 12: Long-run Relationship.AUD/USD 175 0.3 150 0.1 125 -0 1 100 -0 3 75 -0 5 50 -0.7 25 Long Run Retabonaly • Long•run etastIc Ccolm0: 1111/ P1C0 0.4 US GDP: 43.48 88 93 92 94 96 99 00 02 04 OS 08 10 12 0.3 0.1 -0.1 -0.3 -0.5 -0.7 Deutsche Bank AG/London Page 29 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104760 SDNY_GM_00250944 EFTA01449373