EFTA01449266.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 6: USD/CAD is cheap vs. BEER FV Figure 7: AUD/USD is quite expensive vs. BEER FV 1.80-] 1.25 - BEER Fair Value BEER Fair Value —Spot 1.60 1 40 1 20 1.00 0 80 - 0.50 8082 8436 88 90 92 94 96 98 0002 04 0608 1012 80 82 8486 88 90 92 94 96 98 00 07 04 0608 10 12 r‘t n P.v/eic:t Cig ant."' Figure 8: NZD/USD is very expensive vs. BEER FV Figure 9: USD/CHF is quite cheap vs. BEER FV 110 3.00 1 BEER Fair ValueSpot SEER Fair Value Spot 2.50 I 0.90 2.00 0.70 1.50 1 0.50 -I 1.00 -I 0.30 0.50 8062 84868890929495980002040503 1012 80 82 8486 88 90 92 94 96 98 00 02 04 0608 1012 Figure 10: USD/NOK is a bit expensive vs. BEER FV Figure 11: USD/SEK is expensive vs. BEER FV 10.00 ElF.ER Fair Va:ue —Spot 12.00 a • Value —Spot 9.00 4 8.00 9.00 7.00 6.00 6.00 5.00 4.00 1 3.00 -I-- 3.00 —I— 8082 8486 8890 9294 9698 0002 0406 C81012 8082 84868890 9294 9698 0002 0406 08 10 12 awv....r, Deutsche Bank AG/London Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104603 CONFIDENTIAL SDNY_GM_00250787 EFTA01449266