EFTA01449277

28 February 2013 Exchange Rate Perspectives Deutsche Bank Commodity Price and Currency Monitor Figure 6: CRB Commodity Prices and components 1300 1100 900 700 600 300 100 Jan92 ncn rid,5nal - fitnnla ••••••1.5/08 •••••L bct rd scadtcts.Itha Fats and Ol UMW — CRBComrrea6175 112 Jan04 Jesa06 Jane(' Jan-10 Ja612 200 I OD Figure 3: Precious metals 2000 1500 1000 500 0 Jain 02 Jan04 Jane Jana, Jan-ID Jan- I2 - cam irica (631/1,0‘. ad Firaeaten Plea Ilnany *a — Rawson Pace II/Dorsal — Saoa lace IS/76/voil.tnel Pip Source OtJt$C.,0 SM. <I 48 43 38 73 28 23 18 3 Figure 5: Commodity Currencies and Prices 110 095 aeo 063 060 0.33 — AWNS() ---CACWSD — CRB Ms/ 88 88 90 92 94 96 9d 00 02 04 OS 08 10 12 550 500 450 400 350 250 200 Figure 2: Energy prices — (NarcenATTI. SA* rall 160 Natural Gas mternrnNut (Ow 140 120 100 80 • 60 - 40 • 20 sft. 0 a J n- Jan- Jan- Jan- Jan- Jan- Jan Jan- Jan- Jan- Jan- Jan 02 03 04 05 06 07 08 09 10 II 12 13 16 Figure 4: Industrial metals 10000 • 8000 ISCOO 4000 2000 0 Jena: Pf co r m•vc Tr'. r . I'm.-y1/4, Sauna Daucada &COO 9X00 40000 Z.,CCOO :CCOO Figure 6. The dollar cycle and global growth cycle 0.15 0.10 0.05 0.00 -0.05 -0.10 -0.15 % Correteeon over entre serape- -0.07 Ccaelation from May 2000 -0.01 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5 Jan -81 Jan-85 Jan-139 Jan-93 Jan-97 Jan-01 Jan-05Jan-09 Jan-13 savor 0.545-ha go* wax Page 23 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104616 SDNY_GM_00250800 EFTA01449277