30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax rFigure 13: U.S. Exports and Imports of Goods and Services (Balance of Payments Basis) (last 13 months) May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Unite 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 exports (USSbn.) 184.2 185.2 183.4 182.1 186.8 182.7 185.2 188.7 186.7 187.1 185.2 187.6 187.1 imports CUSS bn.) 230.5 227.6 226.8 226.1 228.4 225.3 231.6 227.0 229.4 231.0 222.3 227.7 232.1 I racie I:faLance tUSS -46.2 -42.4 -42.5 -44.0 41.6 -42./ -46.4 -38.3 -42./ -43.8 -3/.1 -40.1 -45.0 Export & Import Growth exports ty-oy%) 4.6% /0% 2.2% 1.2% 31% 1.2% 32% 53% 4.0% 2.8% -0.1% 1.8% Lb% Imports (roy%) 3.1% 1.6% 0.8% 0.7% 1.2% -0.6% 2.5% -1.5% -0.7% 2.3% -5.1% -1.4% 0.7% Growth Differentia I 1.5% 5.4% 1.3% 0.5% 1.9% 1.8% 1.4% 6.8% 4.7% 0.5% 4.4% 3.2% 0.8% 'Figure ;4. U.S. Export and Import Orders (ISM Survey) (last 13 months) Units May 2012 Jun 2012 Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Jan 2012 Feb 2012 Mar 2012 Apr 2013 May 2013 Experts (Us5 to.) 184.2 185.2 183.4 1132.1 186.8 182.1 1tÁ.2 WSJ 186./ 113/.1 185.2 181.6 18/.1 Imports CUSS bn.) 230.5 227.6 226.8 226.1 228.4 225.3 231.6 227.0 229.4 231.0 222.3 227.7 232.1 I rade Balance (USS bn.) -46.2 42.4 -43.5 -44.0 -41.6 -42.7 -46.4 -38.3 -42.7 -43.8 -37.1 -40.1 -45.0 Export & Import Growth Exports (yo-y%) 4.6% /.0% 2.2% 1.2% 3.1% 1.2% 3.9% 5.3% 4.0% 2.8% -0.7% 1.8% 1.5% Imports (y-oir%) 3.1% 1.6% 0.8% 0.7% 1.2% -0.6% 2.5% -1.5% -0.7% 2.3% -5.1% -1.4% 0.7% Growth Urtterentel 1.5% 5.4% 1.3% 0.5% 1.9% 1.8% 1.4% 6.8% 4.7% 0.5% 4.4% 3.2% 0.8% [figure 15: Regional Breakdown of U.S. Trade Balance (US$ brt.) (1998-2010) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Canada -51.9 -52.8 -48.2 -51./ -66.5 -/8.5 -/1.8 -68.2 -/8.3 -21.6 -28.5 -34.5 -31.8 Mexico -24.6 -39.0 -3/.1 -40.6 -49.2 -49.9 -64.5 -/4.8 -64.1 -4/.13 436.4 -64.5 -61.3 brazil 1.5 1.4 -3.4 -6.7 -7.3 -9.1 -7.6 -1.6 1.8 6.0 11.5 11.2 11.6 Western Europe -59.4 -64.8 -88.4 -98.9 -112.8 -125.6 -118.5 -109.0 -93.9 -61.1 -60.8 -63.2 -66.4 Germany -29.1 -29.1 -35.9 -39.3 -45.8 -50.6 -47.9 -44.7 -43.0 -28.2 -34.3 -49.5 -59.7 U.K. -1.8 -U. -1.5 -9.0 -10.4 -12.b -8.1 43.9 -b.0 -1.8 -1.4 4.6 -0.1 Japen -81.6 -69.0 -70.0 -66.0 -76.2 -83.3 -89.7 -84.3 -74.1 -44.7 -60.1 -63.2 -76.3 China -83.8 -83.1 -103.1 -124.1 -162.3 -202.3 -234.1 -268.5 -268.0 -226.9 -273.1 -295.4 -315.1 Hong Kong 3.1 4.4 3:.1 4./ 6.5 /.b 9.8 12.9 lb.0 1 /.b 223 22.0 32.0 South Korea -12.5 -1211 -12.1.1 -13.2 -20.0 -16.2 -13.6 -12.2 -13.4 -11./.6 -14.1.1.1 -13.2 -16.6 Singapore -1.4 2.7 1.4 1.4 4.0 5.4 6.1 7.2 12.0 6.5 11.6 12.1 10.3 I awan -16.1 -15.3 -13.8 -14.2 -13.0 -13.2 -15.5 -12.4 -11.4 -9.9 -9.8 -16.5 -14.6 V.S. 'Mal 4/134 -41018 -60/1.2 -b/1:12.8 -/Ual.4 -8290.8 40314.4 -135/9.2 -88213.b -5469.5 -6809.2 -/854.6 -~1.2 San: an DIMS* MS Deutsche Bank Securities Inc. Page 41 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104554 CONFIDENTIAL SDNY_GM_00250738 EFTA01449233