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BP 1201 I2040 I I 2011 2012 2013 Sete • DpaLlp &Pit SO0nberg &.,C* LLP IEURIGBP Holding Up Better on Back of Flovv i EUR/GBP (6m lag. Ihs) RICS House Price Balance (rhs, inverted) 1 0.9 0.8 0.7 0.6 1 0.5 12( 94 96 98 00 02 04 06 08 10 12 J - 130 60 :33 -20 Page 7 CONFIDENTIAL - PURSUANT TO FED