EFTA01449329

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 49: ...and to a lesser extent equities... 450 400 350 300 250 200 150 100 50 0 Ma -90 — Mat (quay LIMO s lot AU Net AU Equity Hebings by Resigners Ilet Emir Equity bbileigs by Son. OS IX Anon N AS4 New Zealand (NZD bn) Mar-94 Wer-98 Mar-02 (Jar-06 Mar-10 figure 5I: The basic balance 10 5 0 -10 -15 -20 Janet —Gm Bence 4Q MT NZDJUSD Jan.03 Jan06 len-07 Jan.09 Jan.11 Setem.08 IX Anne and Haw 450 400 350 300 250 200 150 100 50 0 09 - 08 07 • 06 - 05 • 04 03 Jan.13 (Figure 50: ...with relatively modest purchases by (Australians of foreign debt 700 81C- 500- 400- 300- 200 - 100 0 Ma -90 —Me One eleblides eau AU — Not AU Oat Menge by Poo onore Not riboign Debt comings by ANSI Satre 06.0 Revell. dra P03.4 Figure 52: FDI flows 16 10 5 0 -5 -10 Mar-94 Mer-S8 -M ma--c6 Mar.10 Ifter-01 Mai-03 Mar-05 Mfr-07 Mer-09 Mer-11 San* 08 ?X Ressuch lbw 700 600 500 400 300 200 100 0 15 10 5 0 -5 -10 61er-13 Figure 53: Net Portfolio inflows have switched to positive Figure 54: Foreign appetite for government bonds territory 20 15 10 0 -5 40 -16 Mer-99 Mer-02 Mer-05 Mar-08 Mar-11 Sane 08 rx Research ony HOW" Deutsche Bank Securities Inc. 20 15 10 0 -5 -10 -16 -20 50 40 30 20 10 o Jan-93 Jan-96 Jan-99 Jan-02 Jan-05 Jan-08 Jan-I1 c=iGovornmonteendsHOI by Emmy*, 1 79easury Bas Me by Foolgindoss --Shaw MU by Embalm of Total igitlieoalo) ... i _ Soifer DBfNRonal. en! ARAM*, 80 60 40 20 0 Page 33 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104689 CONFIDENTIAL SDNY_GM_00250873 EFTA01449329