EFTA Document EFTA01449286

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 Balance on Services •336.2 -445.8 -421.3 73.0 69.0 59.5 -4745 -5404 -663.5 -780.7 -835.7 -818.9 -830.1 -505.9 -645.9 -738.3 57 1 49.4 58.2 72.1 82.4 122.2 131.8 124.6 145.8 178 3 Bel on Goods & Services Investment Income Unilateral Transfers -263.2 11.9 -50.4 376.8 19.2 -58.8 -361 29.7 -64.6 -4174 252 -65.0 -4910 43.7 -71.8 -605 4 65.1 -88.2 -708.6 686 -105.7 -753.3 44.2 -91.5 696.7 101.5 -115.1 -698.3 147.1 -125.9 -381.3 128.0 -123.3 -5000 165.2 -136.1 -560 0 221.1 -134.6 Bel on Current Account lannuafized, as % of GDP) -301.7 -416.3 -396.6 -3.2% -4.2% -3.9% 457.2 -519.1 -628.5 -745.8 -800.6 -710.3 -677.1 -376.6 -470.9 -473.4 -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 Private Investment Private-Sector Balance 1380.2 1641.5 -261.3 1376.2 1772.2 -396.0 1466.5 1661.9 -195.4 1656.8 1646.9 9.9 1749.7 1729.7 20.0 1894.6 1968.5 -73.9 1925 4 2172.3 -246.9 2079.5 2327.1 -247.6 1989.3 2295.2 -305 9 2282.7 2087.6 195.1 2569.6 1546.8 1022.8 2785.4 1795.1 990 3 2860.6 1916.3 944.3 Gov't Savings Gov't Investment Gov't-Sector Balance 327.8 287.4 40.4 423.9 304.3 119.6 229.2 322.0 -92.8 -95.9 343.5 -439.4 -197.1 355.8 -552.9 -155.9 372.3 -528.2 -6.5 392.0 .398.5 1165 425.1 -3086 58.3 456.4 -398.1 -374.5 497.2 -871.7 -972.2 -964.9 -896.3 505 4 505.3 483.2 •1477.6 -1470.2 -1379.5 Gross Savings Gross Investment Savings-Investment 1708.0 1928.8 -220.8 1800.2 2076 5 -276.3 1695.7 1984.0 -288.3 Statistical Discrepancy -71 1 -134.0 -103.3 Net Foreign Investment -291.9 -410.4 -391.6 Source OeteStreen 1560.9 1990.4 429.5 1552.6 2085.4 -532.8 1738.7 2340.9 -602.2 1918.9 2564.3 -645.4 2196.0 2752 2 -556.2 2047.7 2751.7 -704.0 1966.2 2584.7 -676.5 1597.3 2052.2 454.9 1820.4 2300.4 -480 0 1964.3 2399.5 -435.2 -22. 1 16.6 -22.3 -95.1 -242.3 -120 -2.4 77.4 0 8 -47.9 -451.6 -516.1 -624.6 -740.5 -7984 -716 0 -679.0 -377.4 -479 2 -483.1 Page 40 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00250812 DB-SDNY-0 104628 EFTA01449286