EFTA01449328

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 43: Equity inflows have tracked the STOXX Figure 44: Foreign interest on the bond Bid: I -x :r 'late 2006 and has slowed now 500 400 300 200 100 0 -100 -200 -300 -400 Jan-03 --Peat E quer Intba, Net hulas Outlaws —Ewa ST= 50 OM .11 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Snot. Amu*, Bent front g Rowe* LP enel Eurpomn Cote** Australia (AUD bn) [Figure 45: The basic balance remains negative 'Figure 46: ...in spite of net FDI inflows r 4403 4100 550 3800 450 3500 350 3200 250 2900 150 2600 50 2300 -50 2000 -150 1700 -250 -350 -450 Jan-CG — Nat Bond Inflows Net Bond Ouflbvfl —10Y B Jan-05 Jan.07 Jan-09 Jan.11 Jan-13 Scan* DetooM Bent *no Et/Mn Cents Sint 5.0 4.0 30 2.0 1.0 Dizo-90 Dec-94 Dec-98 Dec-02 Dec-C6 120 100 1.10 75 1.00 60 0.90 0.60 25 0.70 0 0.60 .25 0.60 De .10 -50 Soso. 06 Pk Rea to rel RSA [Figure 47: Net Portfolio flows have been felling since 2010 !(negative IIP a liability for AU)... — NO1 FM Fp Oudbws Intows -50 Jan-91 Jan-91 Jan-97 Jan-00 JaD03 Jan-06 Jan-09Jan-12 Soros 08 fXA rtit owl MA Figura 48: Foreign investors have favored Australian debt 200 -t Not Po Moto lbws 150 -I Ports, Oi:thaw 120 Ponta, Inflow 80 40 0 AO -80 200 160 120 80 40 0 40 -80 -120 J .120 -550 Jan-G1 Jars94 Jan-97 Jan-00 Jan43 Jan-06 J an.09 Jan-12 sant CO a Masao ar4 RSA Page 32 Ma -90 Mar-91 Mar-98 Mar-Cf2 Mar-06 Mar-10 Soutar 06 fx Moan en2 RS4 10 1 CO 090 Dec 070 060 060 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 104688 SDNY_GM_00250872 EFTA01449328