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