From: Tazia Smith f =] Sent: 1/22/2014 12:19:50 PM To: jeevacation@gmail.com • Vahe Stepanian ; Vinit Sathe ; Nay Gupta CC: Paul Morris II ; Subject: USDCAD update, meaningful commentary post BOC... Classification: For internal use only Jeffrey - You've likely seen USDCAD moving your way today on the back of the BOC meeting. DB FX Strategist, Alan Ruskin notes, "Today the BOC has told the market in multiple ways that CAD weakness is desirable and the market should keep pushing on an open door." Comment below. FYI only. Best Regards, Tazia Alpha Alert — BOC open door policy to CAD weakness: 5 quotes By Alan Ruskin This material is provided for historical reference and should not be relied upon as the current views of the author and may contain commentary pertaining to instruments that Deutsche Bank is now restricted from acting injdose) Today the BOC has told the market in multiple ways that CAD weakness is desirable and the market should keep pushing on an open door. The B0C has gone out of its way to make clear that neither CAD weakness or slightly stronger 2014 US/Canadian growth has offset downside risks to inflation. The comment that " Although the fundamental drivers of growth and future inflation appear to be strengthening, inflation is expected to remain well below target for some time, and therefore the downside risks to inflation have grown in importance" is the most important element in the statement. In addition an array of comments related to the currency all appear welcoming of currency weakness as evident in the statement that " Stronger U.S. demand, as well as the recent depreciation of the Canadian dollar, should help to boost exports and, in turn, business confidence and investment." Here are 5 clips from the policy report all consistent with the Central CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123254 CONFIDENTIAL SDNY_GM_00269438 EFTA01461296