EFTA01449267.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure 12: EUR/USD is cheap vs. FEER FV Figure 13: USD/JPY is very cheap vs. FEER FV 1.80 -1 350 Relative FEER Fair Value Spot Relative PEER Far Value —Spot 1.60 -I 300 1 0 14 / 1.40 250 1.20 200 too 150 i 0.80 1 100 0.60 50 80 82 8486 88 90 92 94 96 98 0002 04 0608 1012 80 82 84 86 8890 92 94 96 98 00 02 0406 08 10 12 OtirxPeorecr, Figure 14: GBP/USD is expensive vs. FEER FV Figure 15: USD BIS TWI is a bit cheap vs. FEER FV 250 1 140 • Relative PEER Fair Value —Spot Relative FEER Fair Value Spot 130 " 2.00 - 120 110 1.50 100 90 1.00 80 B032 848638 90 92 94 96 98 0002 040608 10 12 80 82 84 86 88 9092 94 96 98 0002 0406 08 1012 Figure 16: USD/CAD is quite cheap vs. FEER FV Figure 17: AUD/USD is fair value vs. FEER FV 1.80 1.25 •. Relative PEER Fair Value Spot Relative FEER Fair Value 1.60 - 015 1.00 0.80 0.50 80 82 8486 88 90 92 94 96 98 00 02 04 0508 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 0608 10 12 Sous:* DB A Ast Page 16 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104604 CONFIDENTIAL SDNY_GM_00250788 EFTA01449267