EFTA Document EFTA01449266

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 6: USD/CAD is cheap vs. BEER FV 1.80-] 1.60 1 40 1 20 1.00 BEER Fair Value 0 80 - 8082 8436 88 90 92 94 96 98 0002 04 0608 1012 r‘t n P.v/eic:t Figure 8: NZD/USD is very expensive vs. BEER FV 110 0.90 0.70 0.50 -I 0.30 BEER Fair ValueSpot 8062 84868890929495980002040503 1012 Figure 10: USD/NOK is a bit expensive vs. BEER FV 10.00 9.00 4 8.00 7.00 6.00 5.00 4.00 1 3.00 -I-- ElF.ER Fair Va:ue -Spot 808