014 'Research Team London Bilel Hafeez James Malcolm Henrik Gullberg George Sarevelos Siddhanh Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Dreusio GiacomoIli Guilherme Marone Singapore Sameer Goel Ma'like Sadie!eye Perry Kojodjojo Sydney Adam Boyton Tokyo Teisuke

ompetitiveness pressures or an inability to respond rapidly to increases in demand, given the reduced production capacity in some export sectors." Alan Ruskin Alan Ruskin Managing Director FX Strategy (Embedded image moved to file: pic29759.gif) Tazia smith Director I Key Client Partners - US Deutsch

ompetitiveness pressures or an inability to respond rapidly to increases in demand, given the reduced production capacity in some export sectors." Alan Ruskin Alan Ruskin Managing Director FX Strategy CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123255 CONFIDENTIAL SDNY_GM_00269439 EFTA

m London Bilal Hafeez James Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro Roca Singapore Sameer Goel Mallika Sachdeva Sydney John Horner Tokyo Taisuke Tanak

Research Team IA)(141(O1 Biel Hafeez James Malcolm Henrik Gullberg George Satan)los Seldhaith Kapoor Oliver Harvey Nicholas Wang Nm•, )"O:k Alan Ruskin Daniel Breton Drausio Giacomolk Guilherme Marone Stne.apO1O Seined God Mallika Sachdeva Pen KoJodi* Main Boyton Tokyo Taisuke Tanaka Head

dersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Bilal Hafeez/Alan Ruskin/Henrik Gullberg/James Malcolm/Sameer Goel Pago 24 Doutscho Bank AC/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107397 CONF

Research Team IA)(141(O1 Biel Hafeez James Malcolm Henrik Gullberg George Satan)los Seldhaith Kapoor Oliver Harvey Nicholas Wang Nm•, )"O:k Alan Ruskin Daniel Breton Drausio Giacomolk Guilherme Marone Stne.apO1O Seined God Mallika Sachdeva Pen KoJodi* Main Boyton Tokyo Taisuke Tanaka Head

his cycle when the USD eventually turns. We anticipate extremes in the likes of AUD/USD, NZD/USD and USD/CAD at 0.60, 0.50 and 1.45 respectively. Alan Ruskin (1) 212-250-8646 George Saravelos (44) 20-754-79118 Figure 6: USD/JPY and USD/EUR performance depending of US yield curve USD/JPY and USD/EUR pe

Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research Telephone +44 20 754 55502 +852 2