EFTA01449275

28 February 2013 Exchange Rate Perspectives Deutsche Bank El Australia (AUD Figure 1: The basic balance remains positive... 50 30 10 -10 -30 -60 -70 -90 Dec-90 — 8 ame Balance 4Q sum Dec-94 Dec-98 Cec-a2 Ds-06 Dec-10 tauva CV, A Pwe.m.:t. vb.:ARA AUDNED (is) 1 20 . 1 10 060 Figure 2: as net FDI inflows continue to climb 100 75 50 25 0 -26 —Not FDI FOICluelbws —F011nlaws 100 75 50 25 0 -26 050 -50 .50 Jan.91 Jan.94Jan.97 Jan. )8603 Jen.06 Jan.09 isn42 Figure 3: Net Portfolio flows have been falling since 2010 200 200 Mot PortIolb 160 160 Portfblo Outfbw 120 Portion) infbw 120 so so ao ao .40 9 .40 -BO -120 -120 Jan-91 Jan-94 Jarh-97 Jan-CO Jan03 Jan-06 Jan.00.18612 544, Ce. 8& knesreelraliSA Figure 5: and to a lesser extent equities... 450 400 350 300 260 200 150 100 50 0 Mar-90 Not Equly Ltabilliss for AU Wt AVEquo, Ho Wings by Poorer; Wt Foson EbullY Minns OYArlf.1 0 Mar-94 Mar-95 Mar-02 Mar-06 Mar-10 :<w• zefx Poliata,th eOACh 450 400 350 300 250 200 150 100 60 0 Figure 4: Foreign investors have favored Australian debt (negative IIP a liability for AU)... 6O SO -150 -260 -360 ASO -660 Ma -90 Wt (baby liP —ifio oat HP —AUWL050 frs1 Mar-94 Mar-98 Mart2 Mara Mar.10 1 10 03 090 080 070 0m 050 Figure 6: ...with relatively modest purchases by Australians of foreign debt 700 600 - 600 ECO • 4110 - 3C0 200 100 0 Mar-90 —lint Debt Labiate; lot AU — No AU Clubt Hobbs* by Farr, Not Fain Ot bt Hobby, by Sus Mar-94 Mar-98 Mar-CO Mar-06 Mir-10 rfa nPerW" 4e, • A -, 601 501 401 301 201 1C( 0 Page 26 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104614 CONFIDENTIAL SDNY_GM_00250798 EFTA01449275