EFTA Document EFTA01449365

28 February 2013 Exchange Rate Perspectives Deutsche Bank ri Figure Cr USD/CAD is cheap vs. BEER FV 1.80-] 1.60 1 40 1 20 1.00 BEER Fair Value enr..-Spot 0 80 - 8082 8486 88 90 92 94 96 98 0002 04 0608 1012 nt n P.v/eic:t Figure 8: NZD/USD is very expensive vs. BEER FV 110 0.90 0.70 0.50 1 0.30 BEER Fair ValueSpot 80 82 84 86 88 93 92 94 95 98 00 02 04 0603 10 12 Figure 10: USD/NOK is a bit expensive vs. BEER FV 10.00 9.004 8.00 7.00 6.00 5.00 4.00 -I 3.00 -I- BEER