EFTA01449237

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 34: U.S. Current-Account Balance (last 13 quarters) CUSS Billions) Q1 201002 201003 201004 201001 201102 201103 201104 201101 201202 201203 201204 201201 2013 Banc. on Goods -152.9 -165.3 -1693 -162.6 -181.7 -187.7 -183.9 -190.9 -193.6 -186.5 •17a0 -182.4 -179.1 Banco on Services 34.7 36.2 38 0 41.9 45.3 47.1 49.2 45.7 50.7 51 2 50.0 55.0 55.5 ear an Goods & Seoaces -118.3 -129.2 -131.3 -120.7 -136.4 -140.6 -134.7 -145.2 -142.9 -1363 -129.0 -127.4 -123.7 Investment Income 438 442 42.8 468 55.1 554 61.1 61.1 54.9 57.5 54.6 57.0 52.0 Undaterel Transfers -34.9 30.4 320 -304 -35.3 33.8 32.0 -32.4 -32.8 -327 -32.3 -31.9 -34.5 Bal on Current Account -109.4 -115.4 -120.5 -104.2 -116.6 -118.9 -105.6 -116.6 -120.8 -110.5 -106.7 -102.3 -106.1 (annualized. as % of GOPS -3.1% -32% -33% -2.8% -3.1% 3.2% -2.8% -3.0% -3.1% -2.8% -2.7% -2.6% -2.7% Sawa Dalvere Figure 35: U.S. Current-Account Balance (1998-2012) (US$ Billions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 Balancer:aGoods -445.8 4213 . 4745 - -5404 663.6 -780.7 -836.7 -8189 -830.1 -5068 645.1 -738.4 -735.3 BalancealServices 69.0 59.5 57.1 494 58.2 72.1 82.4 122.2 131.8 126 6 150 4 178.5 195.8 Bel on Goods & Stenos -376.8 -.%1.8 417.4 491.0 -605.4 -708.6 -763.3 -696.7 -698.3 -379.2 494.7 -559.9 -539.5 Investment Intone 19.2 29.7 25.2 437 65.1 68.6 442 101.5 147.1 119.7 183.9 227.0 198.6 Unilateral Transfers -58.8 -64.6 650 -718 -89.2 -106.7 -916 -1151 -125.9 -1226 -131.1 -133.1 -134.1 Bal on Current Account 416.3 -396.6 457.2 -519.1 -628.5 -745.8 -800.6 -710.3 -677.1 381.9 442.0 465.9 475.0 (annualized. as % ol GDP) 4.2% -39% -4.3% -4.7% -53% -69% -6.0% -5.1% -4.7% -2.7% -3.0% 31% -30% Sans [ware 'Figure 36: U.S. Savings Investment ed Net Foreign Investment (1998-2010) IUS$ Billions) 2000 2001 2002 2003 2004 2006 2006 2007 2008 2009 2010 2011 2012 Private SavagS 13/6.2 1466.5 1656.8 1749.1 1894.6 1925.4 20/9.5 1989.3 2282.7 25/4.8 2834.8 282/.4 2840.3 Private Investment 1772.2 1661.9 1646.9 1729.7 1968.5 2172.3 2327.1 2295.2 2087.6 1549.3 1737.3 1854.9 2062.3 Private-Sector eatiince -396.0 -195.4 9.9 20.0 -/3.9 -246.9 -24/.6 -305.9 195.1 1025.5 109/.5 9/2.5 /78.0 Govt Savings Gov't Investment Gov't-Sector Balance 423.9 229.2 -95.9 -19/.1 -155.9 -6.5 116.5 58.3 -3/4.5 -1019.0 -1064.1 -990.0 -847.0 304.3 322.0 343.5 355.8 372.3 392.0 425.1 456.4 497.2 506.9 505.5 480.2 472.3 119.6 -92.8 -439.4 -5529 -528.2 -398.5 -308.6 -398.1 -8/1./ -1525.9 -1569.6 -14/0.2 -1319.3 Gross SEA/DVS Gross Investment Savings-Investment 1800.2 1695./ 1560.9 1552.6 1/38./ 1918.9 2196.0 204/./ 1908.2 1555.8 1//O./ 183/.5 1913.3 2076.5 1994.0 1990.4 20854 2340.9 2564.3 2752.2 2751.7 2584.7 2056.2 2242.9 2335.1 2534.6 -276.3 -288.3 -429.5 -532.8 -602.2 -645.4 -556.2 -704.0 -676.5 -500.4 4/2.2 49/.6 -541.3 Stet encall)iscrepancy -134.0 -11.73.3 -72.1 16.6 -22.3 -95.1 -242.3 -12.0 -2.4 118.3 23.3 31.9 67.2 Net horegn Investment 410.4 -391.6 -451.6 -516.1 -624.6 -740.5 -798.4 -716.0 -679.0 -382.1 448.9 465.7 474.1 Sane DaStreen Deutsche Bank Securities Inc. Page 45 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104558 CONFIDENTIAL SDNY_GM_00250742 EFTA01449237