Deutsche Bank Markets Research Global Foreign Exchange FX Spot FX Blueprint Thin end of the wedge Theme #1: Holler for dollars: Buy USD vs. NZD, CHF, SGD, buy EUR/USD risk reversal Theme #2: Play it again, Ilan: Buy USD/JPY Theme #3: Home Counties trump Mounties: Buy GBP/CAD Theme #4: Swiss NOK'd-Out: Sell CHF/NOK Theme #5: Dingo unchained: Buy AUD/NZD Theme #8: SEK to score with thaw: Sell EUR/SEK, buy EUFI/NOK put Theme #7: Trend not bitter end: Follow trend in JPY and CAD Theme #8: Bahl not faulty, China still finer: Buy USD/INR put, buy USD/SGD, sell USD/CNH, sell JPY/KRW Theme #9: Pole dances, TRY trips: Sell EUR/PLN, sell USD/ILS, sell EUR/HUF, sell EUR/RUB. buy USD/TRY Theme #10: Pesos no prickly pair: Buy MXN vs. USD, CLP, RUB, buy CLP/COP Theme #11: Vol to roll: Buy EUR/USD FVAs, USD/JPY vol swaps end risk reversals, AUD/USD puts 9 January 2014 'Research Team IA)(141(O1 Biel Hafeez James Malcolm Henrik Gullberg George Satan)los Seldhaith Kapoor Oliver Harvey Nicholas Wang Nm•, )"O:k Alan Ruskin Daniel Breton Drausio Giacomolk Guilherme Marone Stne.apO1O Seined God Mallika Sachdeva Pen KoJodi* Main Boyton Tokyo Taisuke Tanaka Head of FX Strategy Real Halm 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 DB-SDNY-0 107439 SDNY_GM_00253623 EFTA01451168