EFTA01388681.pdf

Trade-based valuations ranked Mast World's expensive Jpy cheapest PEN1 , currency CNY KRW MXN ILS SEK CHF t SRL CZK GBP INR COP AUD HUF NZD PLN THB CAD SGD I RUB PHP \ TAO larger distance NOK EUR from centre — DEleer MYR IDR USD CLP ZAR equivalent to a — FEER cheaper — PPP Olifretry . Averege Xavier Avila Managing Director I Key Clients Partners Wealth Management Americas Deutsche Bank Securities Inc 345 Park Avenue, New York. NY. 10154-0004 KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the F1NRA Rule 4512(C)(3). and who are capable of evaluating the strategies, characteristics and investment risks of and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of OBS? or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on a non- advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction andlor redistribution thereof (in whole or in pan) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DB& or any of its affiliates. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092380 CONFIDENTIAL SDNY GM_00238564 EFTA01388681