EFTA01449275.pdf

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