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isocioa t0000 5000 0 20 5 'Figure 5: EUR/NOK and Crude oil lob 9.5 - 9.0 - 8,5 - 2 to - 7.5 - 7.0 - 2009 2010 2011 2012 2013 —010,04 Brent, Close, USD, its —EUR/NOIC actual. Ito &wore DeoYene Bork Eitiomewg Fount* CP 30 40 50n 60c 70 80c 90 7gi 100 1102. 120 130 Figure 6: Cor
60272 Frankfurt am Main International Commerce Centre, Senna Park Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West,Kowloon, Chiyoda-ku, Tokyo 100-6171 Sydney, NSW 2000 Tel: (49)69 910 00 Hong Kong Japan Australia Tel: (852) 2203 8888 Tel: (81) 3 5156 6770 Tel: (61) 2 8258 123
by North* Secures Korea CO The report e claCebutod m Srnotion be Deo:sent Bank AG. Singteptiro Branch of Deutsche Sectribte Asia tented. S rogapOna Brent 'One Raffia Crow sib 03 &bah Tome Secopore 04 9583, nth fA23 BOOS. era recipients in SoDapare of the report are to contact Deutsche Bank AA Swoops*
16 60272 Frankluit am Mem International Commerce Centre, Sanno Park Tower Corner of Hunter & Phi1Lp Sheets Germany 1 Austin Road West.Kowloco, Chiyoda-ku. Tokyo 1006171 Sydney. NSW 2000 Hong Kong Japan Tel: Australia Tel Tel: Tel: Dout&:he Bank AO lotukin r ibIlltAllt BOSE Sib; 1 Great Winc
licy likely to continue to be a compromise over the next couple of meetings, the best Norges Bank can hope for currently is that the correction in Brent crude lower will extend and weigh the NOK down. Near-term, and dependent on crude consolidating above/around $100/barrel, the re-assessment of the
111111. Deutsche Bank Securities Inc. United States of America Tel: Deutsche Bank AG Filiale Hongkong Hong Kong Tel: Deutsche Securities Inc. Chiyoda-ku, Tokyo 100-6171 Japan Tel: Ralf 14Mo matil!".11111 Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Oper
Entities connected to both Brent and Chiyoda-ku

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