Risk To GBP Next Year so 50 40 30 20 10 0 sessIget la UK %de and 100050/11200 Iona Ingewrient inns GBP 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