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

t. Currently the terminal rate spread is close to zero, having oscillated between -25bps (Fed rate c BoC rate) to +25bps (Fed rates.> Boc rates) as USD/CAD marked out a range of 1.21 - 1.29. 25bps on the 'terminal rate' spread is worth 4 big figures on USD/CAD. Besides the terminal rate, in terms of ne

F Theme #10: Stand Up Dollar Shekel Buy USD/ILS. TRY/ZAR and PLN/HUF Theme #11: Russia Bores, Canada Snores — Use dual digitals to sell EUR/USD and USD/CAD correlation: sell EUR/USD and USD/RUB correlation Theme #12: Kiwi Grounds while Ycn Astounds — Sell 3m NZD/USD vol swap: buy 3m CAD/JPY and USD/JPY

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

y unchanged, with EUR/USD, USD/JPY and GBP/USD seen at 0.90, 128 and 1.27 respectively. We anticipate extremes in the likes of AUD/USD, NZD/USD and USD/CAD at 0.62, 0.53 I nd 1.40 respectively. In macro terms, how 2016 shapes up will be heavily influenced by whether the main macro driver is the Fed or

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