9 January 2014
FX Blueprint: Thin end of the wedge
Appendix 1
Important Disclosures
Additional information available upon request
For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this
research, please see the most recently published company report or visit our global disclosure look-up page on our
website at httri://qm.db.corWaer/disclosure/DisclosureDirectorv.easr
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition,
the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation
or view in this report. Bilal Hafeez/Alan Ruskin/Henrik Gullberg/James Malcolm/Sameer Goel
Pago 24 Deutsche Bank AG/London
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107546
CONFIDENTIAL SDNY_GM_00253730
EFTA01451218