EFTA Document EFTA01449270

28 February 2013 Exchange Rate Perspectives Deutsche Bank El Figure 7: Net FDI outflows accelerate 400 300 200 100 0 -100 .202 400 -403 40iCar.e F011albro FOINotlbws FDI 0 96 97 99 01 08 05 07 09 11 kw. 067g4obnosoitit Penn, 400 260 100 -50 .213D -350 .6C0 Figure 9: Official sector buying of US bonds are now almost equal to private buying 900 800 • 700 600 - SO • 4C0 - 3O - 200 - 100 - 0 2 rn:i Sum tiot Pin* Bond Fb Not Oftwel Bond Fb 900 800 700 coo 500 400 300 200 100 0 -100 103 780382 04868890S001969803020406081012 Figure 11: No clear relationship between USD TWI and UST purchases USO 1W tAlepo. ts) 500 4.80 4 EC 440 Figure 8: Portfolio flows were driven mostly by net bond flows, while net equity flows remain modest 1200 10:73 930 920 0:73 200 0 12mo Sun 1200 1000 800 600 400 200 0 -200 .203 7779818365871399193959799 01 1330507091113 isioeco O8 4% oeso.vca ...Jos Tna Figure 10: Treasury purchase by private sector has fallen substantially 600 400 200 0 — Pri.' 7yeaub Porthroka Prbers Agency Nee* Cob —US Mot %boos of Pomba bowls 200 0 .200 .203 77 79 81 83 86 87 89 91 93 96 97 99 01 03 05 07 00 11 13 Figure 12: Net equity flows remain positive 220 170 120 70 20 -30 -so -130 USD C41 -US Stocks ‘' •• Foreign Stock --Net Stocks 220 170 120 70 20 -30 -90 •130 -160 3 4.20 -180 -180 777901 CO 716W 09919396979901[005070911 13 79 81 83 86 87 89 91 93 95 97 99 01 CO 05 07 09 11 13 &vs:* 09ARescroobt5 Warr S:VCO Onk A4410(0, 7,04ROF Deutsche Bank AG/London Page 19 CONFIDENTIAL— PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104607 CONFIDENTIAL SDNY_GM_00250791 EFTA01449270