28 February 2013 Exchange Rate Perspectives Deutsche Bank O Figure 13: Equity flows tend to respond with a lag to marke performance 230 180 • 130 • 80 - 30 • -20 • -120 - US Stooks Fonoign %as -170 —S&P 700 Olal 77 79 61 63 86 87 89 91 93 96 97 99 01 03 05 07 09 11 13 kw. Nub", &rot US relklurved Won) ea) Seank”O' Figure 14: The dollar is increasingly following net equity flows 28 200 2.4 150 2.0 1C0 1.6 50 12 0 0.8 -60 0.4 0.0 -103 Figure 15: Generally inverse link between foreign interest in USTs versus US equities 600 Fon.; n Puicam o• US To am roa Fool.; n Poe:noses 0, US E 460 320 180 40 78 80 02 B4 86 88 90 92 92 96 98 00 02 04 OS 06 10 12 Sxn:a 0.3.2f 9n azit6 TrOuSur, • Equiy Fbw l MSum) USD 11.41 Maps (KM to • retolion.,50% C 0nel:du:onto mo leg)-58% 99 01 03 05 07 09 11 sasect DO,C9Cts Betis US leather and Evvrdays C0 4.76 4.70 4.66 4.60 4.55 4.50 4.46 4.40 4.36 430 4.26 4.20 13 Figure 16: The dollar and agency & corp bond inflows 700 600 500 400 300 200 100 0 -1C0 -200 Corp and Agony/ Baroda(al Corporals bandana' US TM Molar. n) 90 92 94 96 98 00 02 04 06 08 10 12 ix.va Now* £446 OS Iowan •14 k4margAwal.4 4.8 4.7 - 4.6 - 4.5 4.4 43 42 Page 20 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104751 CONFIDENTIAL SDNY_GM_00250935 EFTA01449368