28 February 2013 Exchange Rate Perspectives Deutsche Bank El Canada (CAD bn) Figure 1: The basic balance has generally been in a downtrend since 2007 80 60 40 20 0 20 -40 -60 -80 -100 Dec-90 Satre Off ne Base Baena, 40 CADJUSI) - Queen Ave lase (m) Dec-94 Dec-98 Dec-02 Dec-06 Dec.10 1 10 - 1.06 - 1.00 •0% ▪ 0.90 . 0 86 • 0.60 • 0 75 0.70 ▪ 065 060 Figure 3: Portfolio inflows seem to have peaked after an upsurge since 2008 150 100 50 0 -60 -100 Jen-91 —PortIola Ekren 12-npanth - Saab ElolarKo 40 tang Clinnery *sung. (r* J un-95 Jun-99 J un03 Jun-07 1 10 - 1 05 • 1.00 - 0.95 - 090 -085 080 -075 - 070 • 065 - 060 Jun-11 Figure 5: Net equity outflows continue unabated 40 20 0 40 -40 .60 -CO Jan9I Jan-94 isnS7 Jan% Jan.03 J en0S Jan.09 J402 -Ceneeen Fbws Abend rosign (*lbws — Mot EquItc ft** SOW* Del, P.-W.I.:ern: 60 40 20 0 -20 -40 .60 -CO Figure 2: as net FDI outflows continue 60 40 20 0 -20 -40 Ma -90 Mar-94 Mar-98 Mar-02 Mar-C6 Mar-IC —Net FDI OulWatl Olga Inassynoms -ine.J.t Odra Imestrn. 60 40 20 0 -20 Figure 4: as foreign interest in Canadian securities has fallen from record highs 150 100 50 0 -100 -160 Jan-91 Jen.94Jen97 JentOlan-03 Jan-06J anO9Jan12 150 100 50 0 -50 -100 -160 Figure 6: while net debt inflows have started moderating from record highs. 125 -contemn Fbws £bmee Fosorgn Infbwi 100 i —Net Debt Fbws 75 50 25 0 -25 -so Jen-91 Jan94Jan97 JanaJen03 J an% JanCOJan12 S.•fiC/1 Ce Pern•A in)01,..re 126 100 76 50 25 0 -26 -50 -75 Deutsche Bank AG/London Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104609 CONFIDENTIAL SDNY_GM_00250793 EFTA01449271