28 February 2013 Exchange Rate Perspectives Deutsche Bank El Australia (AUD Figure 1: The basic balance remains positive... 50 30 10 -10 -30 -60 -70 -90 Dec-90 — 8 ame Balance 4Q sum Dec-94 Dec-98 Cec-a2 Ds-06 Dec-10 tauva CV, A Pwe.m.:t. vb.:ARA AUDNED (is) . Figure 2: as net FDI inflows continue to climb 1 20 100 1 10 75 50 25 0 -26 060 050 Figure 3: Net Portfolio flows have been falling since 2010 200 200 Mot PortIolb 160 160 Portfblo Outfbw 120 Portion) infbw 120 so so ao ao .40 9 .40 -BO -120 -120 Jan-91 Jan-94 Jarh-97 Jan-CO Jan03 Jan-06 JanteJs612 544, Ce. 8& knesreelraliSA Figure 5: and to a lesser extent equities... 450 400 350 300 260 200 150 100 50 0 Mar-90 Not Equly Lubin*, for AU Wt AU Envoi Ho ttIngs by Foiwrim k iv Iat Fossil EbullY Minns OYArlf.1 20 Mar-94 Mar-95 Mar-02 Mar-C6 Mar-10 :<ut• zefx Poliata,th eOACh 450 400 350 300 250 200 150 100 60 0 —Not FDI FOICluelbws —F011nlaws Jan.91 Jan.94.1sn.97 Jan. )8603 Jen.06 Jan.09 isn42 100 75 50 25 0 -26 .50 Figure 4: Foreign investors have favored Australian debt (negative IIP a liability for AU)... 60 SO -150 -260 -360 ASO -660 Ma -90 Wt (baby liP —ifio oat HP —AUDIUSO frs1 Mar-94 Mar-98 Mart2 Mara Mar.10 1 10 03 090 080 070 0m 050 Figure 6: ...with relatively modest purchases by Australians of foreign debt 700 600 - ECO 600• 4110 - 3C0 200 100 0 Mar-90 —lint Debt Labiate; lot AU — No AU Qat itticIngs by Farr, Nu Fain Ot bt Hotlings by Sus Mar-94 Mar-98 Mar-al Mar-06 Mir-10 rfa nPerW" 4e, • A -, 601 501 401 301 201 1C( 0 Page 26 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104757 CONFIDENTIAL SDNY_GM_00250941 EFTA01449372