EFTA01449238

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax r 0 Figure 7: The USD share in world reserves loll during 2002- Ifiguie 8: Advanced country FX reserve holdings... 4; then stabilized 2.503 USD go two 70 2,030 2.000 03 40 30 30 1.030 20 20 —Yoe — SiorIng — Aves Flan* Ose•Caan<op 10 10 1 99 2000 2002 2003 2005 2006 2008 2009 2011 201 121 03 01 03 01 03 01 03 01 03 Sane CORR Me DI IX Amen* 600 600 1999 2000 2002 2003 2005 2006 2006 2009 2011 201 01 03 01 03 01 03 01 03 01 03 Sawa. COPS.. 1.10. DO PX Rment. figure 9: ...the dollar share in industrial country reserves Figure 10: Ex-Japan (our estimate) industrial country has been relatively stable 03 % 70 60. — l utlpYl SO • —Y•• — Silts 40 — woeFIW r. , r 004.Cotornan 30 20 10 1 99 2000 2002 2003 2005 2006 2008 2009 2011 201 01 03 01 03 111 03 01 03 01 03 Sant COM MV At PrAnech 60 70 60 SO 40 30 20 10 0 FIgure 11: The share of euros and dollars Is not very different 0 1999 2000 2002 2003 01 03 01 03 Sane MAR MV 06 FY Mardi 2005 2006 2004 2009 2011 2012 01 03 01 03 01 03 Deutsche Bank Securities Inc. dollar and euro holdings have both risen 11:00 800 0:0 400 203 a I 99 2000 2002 2003 2005 2006 2008 2009 2011 2012 01 03 01 03 01 03 01 03 01 03 Nov • Japan US Win — Non Japan Isms — Yen — SWIM — }N) hum OfteCusion la Ca MV DI IXIbmord, 1003 BOO GOO CO 200 Figure 12: EM holdings of dollars had climbed steadily USD Br% —us dein few — Yon — lust — 1.112 hoe , 099ocunonces I 99 2003 2002 TOO) 2005 2006 20011 2009 2011 201 01 03 01 03 01 03 01 03 01 03 Sant Caret M9 08F X Moped. 1003 1603 12:13 003 666 303 Page 47 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104560 CONFIDENTIAL SDNY_GM_00250744 EFTA01449238