EFTA01449273

28 February 2013 Exchange Rate Perspectives Deutsche Bank United Kingdom (GBP bn) Figure 1: The basic balance remains negative 100 - 30 - .40 - -110 - -100 - - Besot Selene* 40 sum 5R'l.c."3 ,1 )1( Figure 2: Net FDI inflows have turned course 2.1 150 2.0 100 1.9 50 0 LB 17 1.6 1.5 1.4 -250 - L 1.3 Ma -91 Mar-94 Mar-97Mar-00Mat.C3N1ar.06Msr-09Mar-12 Figure 3: Portfolio flows remain negative - Net Portia lb Nava CC Portfolio Outlbw 300 Portblo Infbw 200 100 0 -100 -200 400 300 200 100 0 - .103 200 -300 -300 Mar-91 Mar-94 Mir.97Mar.CK/Mar.03 1,Asr.06Mar.09Mer-12 Figure 5: Net holdings of equities 1000 700 400 100 -200 ----Net U( Equity Hangs by Foreigners Equty IIP ..... Net Foreign -500 Ma -90Kkar-93 Mar-96Mar-996(tar-02 Mar-05Mar-C8 mar-11 Sava DO Fa Armee, Deutsche Bank AG/London 120( 900 600 330 0 -300 - C4 0 utf b ws Fp In,bsta 150 100 SO 0 SO -SO -10) j i .100 -150 450 -203 -200 -260 .260 Me -91 Mar-94 Mar-97649-00Mar-03 Mar-06 Mer-09694612 Figure 4: Net equity and net debt positions 200 100 0 .100 -200 -300 Net E au IV 4 - Net Debt lip 400 OBRUSCI Oa) Ma -90 Mar-93 Min-96 Mat-al KAU.02 Mar-05 Mir-09 Mar-11 - 2.1 - 2.t - 1.5 - 1.7 - 1.f - 1.4 - 1.3 Figure 6: Net debt holdings (c: 1130 1100 800 600 200 .100 1.1-4 71-1.1 H I *at Duet P - Net Eapeign Wet HAdinob by the UK 400 Me .90 Mar-93 Mar-96 Mer-99 Mer-02 Mar-05 Mar-OS Mar-11 1700 1400 1100 850 600 200 -100 400 Page 23 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104611 CONFIDENTIAL PROT1 PROT0