EFTA01374997

Deutsche Bank El MO-9. CBT's FX reserves are shrinking... 150 USDbn USDbn 150 125 125 • • • • • - - - - - - - - • 00- • 100 • 100 0 ... On. ... • .0 i *to. 75 75 50 50 25 ea et. re e 25 0 0 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 Apr15 Gold: ROM/CBT/Other [USD18.3bn] Other FX Deposits [USD2.4bn] umm Banks' FX Deposits: ROM/RRs [USD68.6bn] CBT: Net usable FX reserves - with public FX deposits [USD28.9bn] ---CBT: Net usable FX reserves - in purest form [USD26.1bn] ---CBT: Gross FX reserves [USD99.6bn] Note: As of endSeptember. CST's net 'noble FX reserves ore calculated by subtracting 'Banks' FX deposes' (either In the form of ROM or FX required reserves) and 'Other FX deposits from the CBTs gross FX reserves. The dotted line [CBTs net usable FX reserves • in purest from (i.e. directly available for FX sales)] is achieved by further subtracting FX deposes' (e. held by the Treasury and other slate emotes). Figures in parenthesis refer to latest loadings. Cars official mid•rate for USOTRY is used for conversion purposes. Source: Haver AnaMics. CBT. and Deutsche Bank Deutsche Bank Dentsche Bank RE,A4IIGh CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0070014 SDNY_GM_002 16198 EFTA01374997