EFTA01449273.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank United Kingdom (GBP bn) Figure 1: The basic balance remains negative Figure 2: Net FDI inflows have turned course 100 - —Besot Selene* 40 sum 2.1 150 150 - C4 0 utfb ws 5R‘l.c."3 ,1 2.0 100 100 Fp In,bsta 30 - 50 SO 1.9 0 0 .40 - LB SO -SO 17 -10) j i .100 -110 - )1( 1.6 -150 450 -203 -200 1.5 -100 - -260 .260 1.4 Me -91 Mar-94 Mar-97649-00Mar-03 Mar-06 Mer-09694612 -250 - L 1.3 Ma -91Mar-94 Mar-97Mar-00Mat.C3N1ar.06Msr-09Mar-12 Figure 3: Portfolio flows remain negative Figure 4: Net equity and net debt positions —Net Portia lb Nava CC 400 200 - 2.1 Portfolio Outlbw 300 Portblo Infbw 300 - 2.t 100 - 1.5 200 200 0 100 100 .100 - 1.7 0 0 - 1.f -200 -100 - .103 - -300 Net E auIv 4 -200 200 —Net Debt lip 1.4 400 OBRUSCI Oa) - 1.3 -300 -300 Ma -90 Mar-93 Min-96 Mat-al KAU.02 Mar-05 Mir-09 Mar-11 Mar-91 Mar-94 Mir.97Mar.CK/Mar.03 1,Asr.06Mar.09Mer-12 Figure 5: Net holdings of equities Figure 6: Net debt holdings 1000 ----Net U( Equity Hangs by Foreigners 120( (c: 1.1-4 71-1.1 H I 1700 Equty IIP *at Duet P 1130 1400 700 900 —Net Eapeign Wet HAdinob by the UK ..... Net Foreign 1100 1100 400 600 800 850 600 600 100 330 200 200 -200 0 .100 -100 400 400 -500 -300 Me .90 Mar-93 Mar-96 Mer-99 Mer-02 Mar-05 Mar-OS Mar-11 Ma -90Kkar-93 Mar-96Mar-996(tar-02 Mar-05Mar-C8 mar-11 Sava DO Fa Armee, Deutsche Bank AG/London Page 23 CONFIDENTIAL— PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104611 CONFIDENTIAL SDNY_GM_00250795 EFTA01449273