EFTA01449286.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank Fig 4 U.S. Current-Account Balance (1998-2010) (USS 1999 2000 2001 2002 2003 2000 2006 2006 2007 2006 2009 2010 2011 Balance on Goods •336.2 -445.8 -421.3 -4745 -5404 -663.5 -780.7 -835.7 -818.9 -830.1 -505.9 -645.9 -738.3 Balance on Services 73.0 69.0 59.5 57 1 49.4 58.2 72.1 82.4 122.2 131.8 124.6 145.8 178 3 Bel on Goods & Services -263.2 376.8 -361 -4174 -4910 -605 4 -708.6 -753.3 696.7 -698.3 -381.3 -5000 -560 0 Investment Income 11.9 19.2 29.7 252 43.7 65.1 686 44.2 101.5 147.1 128.0 165.2 221.1 Unilateral Transfers -50.4 -58.8 -64.6 -65.0 -71.8 -88.2 -105.7 -91.5 -115.1 -125.9 -123.3 -136.1 -134.6 Bel on Current Account -301.7 -416.3 -396.6 457.2 -519.1 -628.5 -745.8 -800.6 -710.3 -677.1 -376.6 -470.9 -473.4 lannuafized, as % of GDP) -3.2% -4.2% -3.9% -4.3% -4.7% -5.3% -5.9% -6.0% -5.1% -4.7% -2.7% -3.2% -3.1% Fig 5: U.S. Savings-Investment & Net Foreign Investment (1998.2010) (USS Billions) 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Private Savings 1380.2 1376.2 1466.5 1656.8 1749.7 1894.6 1925 4 2079.5 1989.3 2282.7 2569.6 2785.4 2860.6 Private Investment 1641.5 1772.2 1661.9 1646.9 1729.7 1968.5 2172.3 2327.1 2295.2 2087.6 1546.8 1795.1 1916.3 Private-Sector Balance -261.3 -396.0 -195.4 9.9 20.0 -73.9 -246.9 -247.6 -305 9 195.1 1022.8 990 3 944.3 Gov't Savings 327.8 423.9 229.2 -95.9 -197.1 -155.9 -6.5 1165 58.3 -374.5 -972.2 -964.9 -896.3 Gov't Investment 287.4 304.3 322.0 343.5 355.8 372.3 392.0 425.1 456.4 497.2 505 4 505.3 483.2 Gov't-Sector Balance 40.4 119.6 -92.8 -439.4 -552.9 -528.2 .398.5 -3086 -398.1 -871.7 •1477.6 -1470.2 -1379.5 Gross Savings 1708.0 1800.2 1695.7 1560.9 1552.6 1738.7 1918.9 2196.0 2047.7 1966.2 1597.3 1820.4 1964.3 Gross Investment 1928.8 2076 5 1984.0 1990.4 2085.4 2340.9 2564.3 2752 2 2751.7 2584.7 2052.2 2300.4 2399.5 Savings-Investment -220.8 -276.3 -288.3 429.5 -532.8 -602.2 -645.4 -556.2 -704.0 -676.5 454.9 -480 0 -435.2 Statistical Discrepancy -71 1 -134.0 -103.3 -22. 1 16.6 -22.3 -95.1 -242.3 -120 -2.4 77.4 08 -47.9 Net Foreign Investment -291.9 -410.4 -391.6 -451.6 -516.1 -624.6 -740.5 -7984 -716 0 -679.0 -377.4 -479 2 -483.1 Source OeteStreen Page 40 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104628 CONFIDENTIAL SDNY_GM_00250812 EFTA01449286