EFTA01449268.pdf

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28 February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure 18: NZD/USD is a bit expensive vs. FEER FV Figure 19: USD/CHF is fair value vs. FEER FV 1.10 3.00 —Relative FEER Fair Value Spot Relative FEER Far Value Spot 2.50 0.90 2.00 0.70 1.50 0.50 -I 1.00 -I 0.30 0.50 80 82 8486 88 90 92 94 96 98 0002 04 0608 1012 808284868S 909294969800010405081012 :0ut.* LV Pokrect) Figure 20: USD/NOK is expensive vs. FEER FV Figure 21: USD/SEK if fair value vs. FEER FV 10.00 12.00 1 Relative FEER Fair Value --""-Spot Relative FEER Fair Value Spot 9.001 8.00 I 9.00 7.00 6.00 6.00 5.00 4.00 1 3.00 3.00 I 8082 84 8618909294 969800020406 081012 8082 84 8688909294 9698 0002 0406 081012 Sxeca O8FX ',arm .1<w Ct. rA Deutsche Bank AG/London Page 17 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104605 CONFIDENTIAL SDNY_GM_00250789 EFTA01449268
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EFTA01449268
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