EFTA01449264.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 7: USD/CAD: CAD overvaluation is being Figure 8: USD/AUD. AUD is very expensive, beyond unwound 20°o threshold.. . 1.7 1.7 21 21 1.6 1.6 18 1.8 1.6 1.5 1.4 1.4 1 15 1.3 1.3 1.2 1.2 12 12 1.1 .1 09 09 1.0 1.0 0.9 0.9 06 06 73 77 81 85 89 93 97 01 05 09 13 73 77 81 85 89 93 97 01 OS 09 13 Sane De nenoseoc• ktfiCe SPA f•••••,:• Figure 9: USDINZD and so is NZD Figure 10: FURIJPY The euro is close to fair value against the yen 30 3.0 450 450 400 EUR/JPY 400 25 2.6 — — — 20% Band 350 350 PPP EUR'JPY 20 2.0 300 300 j 250 250 15 1.6 r4 a r w- 200 • -- Ica 200 USO/NZD 150 __ •-• elk . 150 1.0 20% Dad -- n 103 100 PPP USWNZD 0.6 50 50 73 77 81 85 89 93 97 01 05 09 13 '3 77 81 85 89 93 97 01 05 09 13 Figure 11: EUR/GBP: Sterling is cheap against the Figure 12: EUR/SEK: SEK is very cheap versus the euro euro 1.0 10 12 12 0.9 09 11 • 11 fr..° —••••• • 10 - • 10 02 08 9 . 9 0.7 07 • 8 06 06 • 7 7 0 0.4 05 04 6 6 4 rent - ELIR/SEK --• 20% Band —1"^—b•••• 6 6 4 0.3 03 73 77 13 73 77 81 85 89 93 97 01 05 09 13 $owt's CO FX Rem., S.x.e.•• CfEFX P.01-64.0 Deutsche Bank AG/London Page 13 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104601 CONFIDENTIAL SDNY_GM_00250785 EFTA01449264