EFTA01449274.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 7: Net portfolio inflows have turned marginally Figure 8: ...as equity market inflows outpace the positive... money market outflows —Poreolo Cuebws aat BOICIfind NOT° :boa 1000 1000 360 360 —Portfolio InlOws Ilat MM Fbws COO Not Ps reo Fon: BCC 300 300 Pin Equip/ Eby., 600 600 260 260 400 400 200 200 200 \ 200 160 160 100 1 100 0 0 '‘ 50 50 -203 7" 1"‘ -70C 0 0 am -Lc" 4,30 -60 -SO -000 -600 -100 -100 -800 -150 -160 Jan-00 Jan02 Jan-04 Jan.06 J ana3 Jan:10 lan-12 Jan-03 Jana Jan07 JanO9 Jan-11 Jan-13 Soma Na ti DerA enct Craer CenvatPe. Sotece Deutz'', SW Ond Co.o ..' Cate. Ow* Figure 9: Equity inflows have tracked the STOXX Figure 10: Foreign interest on the bond side boomed in late 2006 and has slowed now --Not EquefInnovel — Not Bone Parbws 500 4400 650 5.0 Nat Equiff Outfows 400 4100 Not Bo • Outibwo Euro STCPX 50 Ws 550 —10Y 300 3600 450 200 3600 350 4.0 100 3200 260 0 2000 160 -1C0 2600 3.0 60 .200 2300 .50 300 2000 -150 2.0 400 1700 -260 a n-C3 sr.05 Jan07 Jar.09 Jan.11 J ins13 -350 460 1.0 Sow. Deotpav be*. evortvg nu EwirAvo Cen'A NM la i-03 Jan-05 Jan-07 Jan-09 Jan11 Jaral3 Deutsche Bank AG/London Page 25 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104613 CONFIDENTIAL SDNY_GM_00250797 EFTA01449274