EFTA01459695

Deutsche Bank Research Global Foreign Exchange FX Spot FX Blueprint Forever Young Theme 01: Party on to parity- buy USD TWI, sell EUR/USD Theme 02: Brussels sprouts - sell GBP vs USD & SEK Theme 03: Monkey business - buy USD/CNH, buy USD/1WD Theme 04: Ugg, they're expensive — sell AUD & NZD vs USD Theme HS: Zar Wars: the return of Yuan solo - buy USD/ZAR Theme 06: Don't TosNn the towel - buy USD/JPY Theme 07: CAD dumps ugly krone - buy CAD/NOK Theme 08: Taking Stoidde, cantons to career - buy EUR/SEK risk reversal. buy EUR/CHF, sell CHF/JPY Theme 09: Asian provocateur - buy USD vs TWD, KRW and THB Theme 010: Yen up and be koreageous - buy JPY/KRW, USD/KRW Theme 011: Zesty zloty, shekel shaken - buy PLN/HUF, USD/ILS Theme 012: Bunko beret°, plow not sour- buy MXN/COP, PEN/CLP Theme 013: Can SARdines - Stay away from SAR peg trade Theme 014: Volts-face - buy 6m EUR/EM-USD/EM vol spreads, sell EUR vs TRY, MXN, INR I HI: I ill !.„1 Date 12 January 2016 (Research Team Londe,: George Saravelos Oliver Harvey Nicholas Weng Robin Winkler &swam Kalani Daniel Bretton Alan Ruskin Sebastian Galy Drausio Giacornelli Guilherme Marone Sanyo( Goal Mallika Sachdeva Pony Kolodjolo Sydney Adam Boyton TeA ye. Taisuko Tanaka .: 2 ,1<als <4 Global 1.4 atriaNCti Nan Ruskin George Saravelos Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120321 CONFIDENTIAL SDNY_GM_00266505 EFTA01459695