28 February 2013 Exchange Rate Perspectives Deutsche Bank New Zealand (NZD bn Figure 1: The basic balance 09 0.8 0.7 06 05 0.4 03 ShirYd oat FR Reno, .n PeFigure 3: Net Portfolio inflows have switched to negative territory 20 16 10 5 0 -5 -10 .15 -20 Ma -96 --Not Bubb flows Podia, 0utlbw -Pottlob Inflaw Mar-99 Mar-02 Mar.05 Mar-08 Mar-11 20 15 10 -5 -10 -15 40 Figure 2: FDI flows -6 -10 Ma .01 Mar-CO Mar-05 Mar.07 Mar-09 Mar-11 S'enVe rt Pew," 16 10 0 -10 Figure 4: Foreign appetite for government bonds 40 30 20 10 0 Ala 91 Au, 94 Aug-97 stua 00 At0-O3 Ai4-06 Auj-09 o 001.0111TOM Do ads Hold by Foreigner, RIM Treasury Bib MU by Fototgritos —Shan hall by Fatten; ol Total Sac eor X Peter N 61FrAly, 40 20 Deutsche Bank AG/London Page 27 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104615 CONFIDENTIAL SDNY_GM_00250799 EFTA01449276