EFTA01449328.pdf

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 --Peat E quer Intba, — Nat Bond Inflows 500 4403 5.0 Net hulas Outlaws Net Bond Ouflbvfl 400 —Ewa ST= 50 OM 4100 550 —10Y B 300 .11 3800 450 200 3500 350 4.0 100 r 3200 250 0 2900 150 30 -100 2600 50 -200 2300 -50 -300 2000 -150 2.0 -400 1700 -250 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 -350 -450 1.0 Jan-CG Jan-05 Jan.07 Jan-09 Jan.11 Jan-13 Snot. Amu*, Bent front gRowe* LP enel Eurpomn Cote** Scan* DetooM Bent *noEt/Mn CentsSint Australia (AUD bn) [Figure 45: The basic balance remains negative 'Figure 46: ...in spite of net FDI inflows 120 100 1.10 — NO1 FM 75 Fp Oudbws 1.00 Intows 60 0.90 0.60 25 0.70 0 0.60 .25 0.60 Dizo-90 Dec-94 Dec-98 Dec-02 Dec-C6 De .10 -50 -50 Jan-91 Jan-91 Jan-97 Jan-00 JaD03 Jan-06 Jan-09Jan-12 Soso. 06 Pk Rea to rel RSA Soros 08 fXA rtit owlMA [Figure 47: Net Portfolio flows have been felling since Figura 48: Foreign investors have favored Australian debt 2010 !(negative IIP a liability for AU)... 200 -t 200 10 Not PoMoto lbws 150 -I Ports, Oi:thaw 160 1 CO 120 Ponta, Inflow 120 090 80 80 40 40 Dec 0 0 070 AO 40 060 -80 -80 -120 J .120 -550 060 Jan-G1 Jars94 Jan-97 Jan-00 Jan43 Jan-06 J an.09 Jan-12 Ma -90 Mar-91 Mar-98 Mar-Cf2 Mar-06 Mar-10 sant CO a Masao ar4 RSA Soutar 06 fx Moan en2 RS4 Page 32 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104688 CONFIDENTIAL SDNY_GM_00250872 EFTA01449328