EFTA01461273

we can price other structures to fit the risk tolerance (higher or lower) of clients - let us know Key macro Highlights The economy clearly lags the us. Dec13 unemployment unexpectedly rose last Friday to 7.2% south of the border demand for USDCAD is declining as the US heads towards energy independence Low inflation and weak exports are likely to preclude any rate hikes in 2014 (Embedded image moved to file: pic10260.gif) Best, mav (Embedded image moved to file: pic07503.gif) Nay Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset & wealth Management 105/108 inners Hall), EC2N lEN London, united Kingdom Tel. Mobile Email Any proposed ideas are being delivered to you by the DeAwm Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: pic23166.gif) This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://www.db.com/en/content/eu_disclosures.htm for additional EU corporate and regulatory disclosures. (Embedded image moved to file: pic26239.gif) Tazia Smith Director I Key Client Partners - uS Deutsche Bank Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 26th Floor New York NY 10154 Tel. Fax Mobile CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123212 CONFIDENTIAL SDNY_GM_00269396 EFTA01461273