EFTA01449277.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank Commodity Price and Currency Monitor Figure 6: CRB Commodity Prices and components Figure 2: Energy prices ncn rid,5nal — (NarcenATTI. SA*rall 1300 - fitnnla 160 Natural Gas mternrnNut (Ow 16 ••••••1.5/08 1100 140 •••••L bct rd scadtcts.Itha Fats and OlUMW 120 900 — CRBComrrea6175 112 100 700 80 • 60 - 600 40 • 20 sft. 300 200 0 a J n- Jan- Jan- Jan- Jan- Jan- Jan Jan- Jan- Jan- Jan- Jan 100 I OD 02 03 04 05 06 07 08 09 10 II 12 13 Jan92 Jan04 Jesa06 Jane(' Jan-10 Ja612 Figure 3: Precious metals Figure 4: Industrial metals Pf co r m•vc Tr'. I'm.-- r . 48 - cam irica (631/1,0‘. ad 43 10000 • &COO 2000 Firaeaten Plea Ilnany *a 38 — 8000 9X00 Rawson Pace II/Dorsal 73 1500 — Saoa lace IS/76/voil.tnel 28 40000 Pip 23 ISCOO 1000 18 4000 y14/, Z.,CCOO 500 3 :CCOO 2000 0 Jain 02 Jan04 Jane Jana, Jan-ID Jan- I2 0 Jena: Sauna Daucada Source OtJt$C.,0 SM. <I Figure 5: Commodity Currencies and Prices Figure 6. The dollar cycle and global growth cycle 110 — AWNS() ---CACWSD 0.15 4.2 550 % Correteeon over entre serape- -0.07 Ccaelation from May 2000 -0.01 4.3 095 0.10 — CRB Ms/ 500 4.4 aeo 450 0.05 4.5 400 0.00 4.6 063 350 4.7 -0.05 4.8 060 250 -0.10 4.9 0.33 200 -0.15 5 88 88 90 92 94 96 9d 00 02 04 OS 08 10 12 Jan -81 Jan-85 Jan-139 Jan-93 Jan-97 Jan-01 Jan-05Jan-09 Jan-13 savor 0.545-ha go* wax Page 23 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104616 CONFIDENTIAL SDNY_GM_00250800 EFTA01449277