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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
tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 25 EFTA00610300 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head F
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*
David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Marcel Cassard Global Head F
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
r the risks typical to options in addition to the risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Ba
Entities connected to both Brent and David Folkerts-Landau

Deutsche Bank
ORGANIZATION
Sydney
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Frankfurt
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Tokyo
LOCATIONAndreas Neubauer
PERSONSteve Pollard
PERSONMichael Spencer
PERSONChiyoda-ku
ORGANIZATIONDeutsche Bank Research
ORGANIZATIONMarcel Cassard
PERSONRalf Hoffmann
PERSON
Bloomberg L.P.
ORGANIZATIONDeutsche Bank Securities Inc.
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Malaysia
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United Kingdom
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Richard Smith
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Moody's
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New Zealand
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United States
LOCATIONNippon
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