EFTA01449241

Deutsche Bank Markets Research Global Foreign Exchange FX Spot FX Blueprint Dashing Buck Theme #1: Green Back: Buy USD TWI: Sell EURAJSD Theme B2: USD/JPY to Step Up Again: Buy USD/JPY Theme #3: Swiss Cheese Pounded: Sell GBP and CHF vs. USD and EUR Theme g4: Solid Bloc: Sell NZD/CAD, Buy low delta AUD/USD call Theme #5: NOK o'Clock: Buy NOK/SEK Theme #6: No Chinese Quick Fix: Buy USD/CNH calls Theme B7: Japanese Takeaway: Buy USD/KRW, USD/SGD, buy MYR/JPY Theme NB: EMEA Reality Check: Buy PLN/CZK, buy EUR/HUF and USD/ZAR calls, buy USD/TRY put Theme ge: Mexican Siesta: Take profit on short USD/MXN, sell EUR/BRL and EUR/CLP Theme #10: Turning Up the Volume: Buy USD/GBP variance swap and AUD/USD variance swap 16 May 2013 Research Teem Leiridoo Belal Hafeez James Malcolm Henrik Gullberg George Saravolos Cabo Nark/dads Soldharth Kapoor Oliver Harvey Nicholas Wang Nm•: Alan Ruskin Daniel Biohon Drausio Giacomelli Guilherme Marone Mauro Roca eiir,gapoirt Sameer Goal Melaka Sachdeva S'eciney John Horner Tol yO Taisuko Tanaka Head •>I FA Stat.FIN Bilal Hafeez Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA4P) 054/04/2013. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00250749 DB-SDNY-0104565 EFTA01449241