EFTA01449327

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax frigure 3I: Portfolio outflows reach record highs !Figure 32: Net equity and net debt positions Not Portlo 400 400 200 Pomo° Outtiow 300 Portfolio inflow L 300 100 200 200 0 100 100 -100 0 0 -100 .100 -HO -200 -200 -100 E oultY 1 ••••• 1101 Debt IIP -300 -300 -000 GBP/USD fts) rvbr-S0 Mar-93 Mar-96 Me rag Ms r.02 n br.05 Mar-0314mM Ms -91 Nter-94 Mar-97Mar-00 Mar-03 Mar-06Mar-09 Mar-12 Saint 08 FX RONVCA ars3 now 'Figure 33: Net holdings of equities 1000 700 400 - Not UK Equity Holdings by Fonbigners - Not E4ury 1IP Not Romigit ld Ho niarb /yr:4 100 1onsow.;'.9.."---... - ,•.. -200 400 Me -90Mar-93Mar-96Mar-99Mar-02Mar-05Mar-08Mar-11 Saver: DB FX Antard end Der Euro area (EUR bn) 'Figure 35: The basic balance remains in an uptrend... Figure 36: ...as current account surplus outweighs the IFDI outflows Sacco 08 PX ReSdlit, em 8of 2.1 2.0 11 1.8 1.7 1.6 1.5 1.4 1.3 Figure 34: Net debt holdings 1200 2000 1700 900 1400 1100 600 800 SOD 300 200 -100 -400 -30D ---Not UK Debt Holing, by Famines . Not Met HP 141 Roan Mt robins by the Lit Met-90 Mar-93 Mar.96 Mir-99 Ptter-02 Mar-05 Mor-0/3 Mot-11 Sane 08 FX Annoy. end ENE 2000 1700 1400 1100 800 500 200 -100 400 100 1.7 100 -1.6 k L 1.5 14 0 .100 13 12 -200 1.1 -300 1.0 0.9 400 Bask e alan vs 12-month 0.8 500 uSQ4lln lts1 0.7 Feb-01 Fermi Feb05 Feb07 Feb.09 Feb11 Feb13 HO - I DC 160 - 50 100 - 1 1 - I 0 60 •SC 0 -50 7 r "P\ 1 1 - ',./ Ace -100 - .150 -160 - 1 400 .200 - ' , - 3 rw t na t 11 nth -250 - ' -250 -300 Not ECM 12month -300 Jan-01 Jan03 Jan.CC Jan07 J.009 Jan.11 Jan-13 Saint D9 $X ASSY(/' W Einar .Sat 08 PXRearvell and Snot Page 30 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104686 CONFIDENTIAL PROT1 PROT0