30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 31: Portfolio outflows reach record highs (Figure 32: Net equity and net debt positions Not Pottloio flows 400 400 200 Pontos, Outtioss 300 Portfolio inflow L 300 100 200 200 0 100 100 -100 0 0 -100 -100 03 -200 -200 -100 —Net sakes iIP —MN Debt VP 300 300 400 013P/USD Ifs) Ma Mar-90 Mar-93 Mar-96 Ma rag Ms r-02 Mar-05 Mar-08 Mar-11 -91 Mar-91 Mar-97Mar-00Mar-03 Mar418Mar-09 Mar-12 Sairet DBFXResswas ard new 'Figure 33: Net holdings of equities 1000 700 400 -Net UK Equity Holdings by Foteigners —Not E au ry lIP Not Foreign Holdikaart(yr S r 100 -200 400 Ma -90Mer-9319S9r-961414r-99Mer-O26Aar.05Mar-08Mar.11 Sower: DB F X AnienrA end BeE Euro area (EUR bn) 'Figure 35: The basic balance remains in an uptrend... Figure 38: ...as current account surplus outweighs the FDloutflows Sane 08 Plc Resoluta an: Sof tft 2.1 2.0 1.9 1.8 1.7 1.6 1.5 1.4 1.3 Figure 34: Net debt holdings 1200 2000 1700 900 1400 1100 800 300 -303 800 500 200 -100 -403 Mon-93 Mar-93 Mai-96 Mar-99 Mar-02 Mar-05 Mer418 Mar-11 —"-Nn UK Debt Wings by Faros Not Debt 11P Nert Batas Debt robins win NK Sarni D8 PX Rasaren and Edo, 2000 1700 1400 1100 800 500 200 -100 -4G0 200 1.7 1 100 • .6 0 L t5 1.4 .100 t3 1.2 -200 1.1 -300 tO 09 400 — Q8 Bask e alan vs 12-month 500 USCVE tln ON Feb-01 Febal Feb05 Feb07 Feb-09 F ets11 Feb-13 Snow D9 M RitAttleflni &MAW 200 - I DC 150 - 50 100 - 0 60 0 - I--.•-•,,,,,, , ,...... SG 7 . .10._ . \ i" •160 -160 - 400 -200 - —c tat co t 11 nth -260 - -250 -300 Net WI 12 mono -300 Jon-01 Jan03 Jan-GE Jan07 Jsn.09 Jan11 Jart13 Sector al FX Roan. W Brost Page 30 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104543 CONFIDENTIAL SONY GM_00250727 EFTA01449226