28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 13: ANZ Commodity Price Index (Nominal) and NZD/USD 0 86 0.80 0.75 0.70 ens 000 065 060 046 0.40 0.36 88 260 200 160 100 60 88 90 92 94 96 93 00 02 04 08 06 10 12 Doo100.6Aw HAM Figure 15: BoC Commodity Price Index (Nominal) and CAD/USD 1 10 1 00 000 000 070 0 00 —CAD It RAC Corrine oty Pilot INICX ft lk o j 80 88 90 92 04 98 80 00 02 04 08 00 10 12 - 000 000 700 -0 10 000 SCO 400 430 303 Long- tun olestleltlec 200 Commcddy Vice 0 13 ,060 GDP 1 32 Figure 14: Long-run Relationship-NZD/USD 0.2 0.0 -0.2 -0.4 -1.0 68 90 92 94 96 98 00 02 04 06 06 10 12 Seine Notre. Bet Ha". Figure 16: Long-run Relationship-CAD/USD 010 CAD LOKI flue Ile•a*Any Figure 17: BoC Non-Energy Commodity Price Index (Nominal) and CAD/USD t Elf 90 92 94 96 98 00 02 04 06 OS 10 12 0.20 ▪ ato ▪ 0.00 410 Figure 18: BoC Energy Commodity Price Index (Nominal) and CAD/USD 1 Oh 0 h. 800 1.00 04C 1100-E84417, Convnodity Pace Index 100 oas 600 095 0.90 0.90 ass 400 0.85 0.80 0.80 300 0.76 0.75 0.70 0.70 200 066 006 0.60 100 060 86 68 90 92 94 96 98 00 02 04 06 08 10 12 Sawa Deudow Sem irveC.A1). h. tioC roomy Commodity Pm* index 86 88 90 92 94 98 96 00 02 04 05 08 10 12 SOVV) COVISCP4 gie A . SiNt. 2100 1830 1100 103 Page 30 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104761 SDNY_GM_00250945 EFTA01449374