Epstein Secrets

nk of three reasons to go short CHF/NOK. 1. The relative cycle is supportive of rate differentials. Inflation is at a much higher starting point in Norway than in Switzerland, leaving the Norges Bank much less room to manoeuvre than the SNB in the event of upside surprises to import prices or stronge

Commodity Prices Lower 95 97 99 01 03 05 07 09 11 13 0.85 0.95 1.05 1.15 1.25 1.35 1.45 1.55 1.65 45( 40( 35( 30( 25( 20( — USD/CAD (Ihs, inverted) — BoC Non-energy Commodity Price Index irhs 15( Soutar Akan» &Mc &bombers Fran. UP Page 8 Deutsche Bank AG/London EFTA00610283

Source: Deutsche Bank, UK Land Registry average price of detached house in prime London (Kensington and Chelsea) Deutsche Bank AG/London Page 9 Norway Netherlands France Austria EFTA01464497 Hungary Portugal Italy Ireland Spain Greece China Indonesia Thailand Brazil Taiwan Malaysia

algebra. EM graphs available upon request. Page 14 Deutsche Bank AG/London EFTA01464509 28 February 2013 Exchange Rate Perspectives Figure 6: USD/CAD is cheap vs. BEER FV Figure 7: AUD/USD is quite expensive vs. BEER FV Source: DB FX Research Source: DB FX Research Figure 8: NZD/USD is very exp

/USD (Fwd. Rates) SwitzerlandUSD/CHF (Fwd. Rates) Euro Cross Rates Japan EUR/JPY U.K. (Fwd. Rates) EUR/GBP (Fwd. Rates) SwitzerlandEUR/CHF Norway Sweden (Fwd. Rates) EUR/NOK (Fwd. Rates) EUR/SEK (Fwd. Rates) EFTA01464310 0.80 0.80 0.80 0.77 - 0.80 0.79 0.78 0.93 0.99 1.04 1.06 - 0.9

CLP PLN SEK GBP KRW JPY INR ZAR ARS EFTA01464349 30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 6: USD/CAD is cheap vs. BEER FV Figure 7: AUD/USD is quite expensive vs. BEER FV 0.8 1.0 1.2 1.4 1.6 1.8 CAD BEER Fair Value Spot 80 82 84 86 88 90 9