EFTA01449326

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 19: Portfolio inflows seem to have peaked after an Figure 20: as foreign Interest in Canadian securities has upsurge since 2008 150 100 50 0 .50 Fb.n 12-month . 11n10 Ba be Caroling —CAD/USO - Quenon? gessreee hsl -100 J11891 J118-96 J11899 Jima J11807 J81-11 &mat Oa FX Ramorbi Hint 1.10 1.05 1.00 0.95 0.90 0.85 0.80 0.75 0.70 0.65 0.60 !fallen from record highs 150 100 60 0 -so Fbvn *Woad Foreign inflows —Net Few. 150 100 50 0 -so -100 -100 450 -150 Jan-91 J arb94J an-97J arbOOJant0 Jana:81.809Jan.* Seam' 08FXsllWan au HOW ['Figure 21: Net equity outflows continue unabated Figure 22: while net debt inflows have started moderating front record highs. 60 —Centl en Few, aspect 60 Foreign Inrbvn 40 40 Equity Flores 20 20 0 0 -20 - -20 40 -40 -60 -60 430 -80 Jan-91 Jan-94 Jan-97 Jan430 Jan-03 Jan-06 Jan-09 Jan-12 Sense 08 FX Aommen aV leer Japan (JPY trillion) I Figure 23: The negative basic balance has been accelerating recently... 20 16 10 0 5 Janal Jan44 Jan-97 Jena° Jan.03 Jan.06 Jan09 Jen.12 r\\: . Bsta Barnes 12M sum USINSFY eight scab. inverlocil San OD <X Itimmick MOP, rel Hew 70 eo so 100 110 120 -5 130 140 .11 160 - 160 14 125 —Claellin HOW. Abroad r 125 acearailltebwit 100 .. Met Debt Fbers F100 75 76 60 F so 25 0 .25 .25 -60 -60 .76 .75 J an-91 J ara94Jan-97 Jan-00Jen-03 Jan-CS J ark09J en-12 Sane DB IX Rommelroe Mw (Figure 24: ...as net FDI outflows remain large Page 28 -began , Neal linesmen n Jew by 5188888 lam Inset:MOM Absial by wasturars Jan-91 Jan.94 Jana? Jan-00 Jana Jon-OS Jan09 Jan.12 Saint OB IN Amnia as MOP 4 1 .2 -5 -e .11 -14 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104684 SDNY_GM_00250868 EFTA01449326