EFTA01449287

28 February 2013 Exchange Rate Perspectives Deutsche Bank Central Bank Reserves Currency Composition Monitor Figure 1: Official FX reserves have quadrupled reflecting primarily the growth of EM holdings 12000 14000 0000 - 6000 . 4.000 2000 —TaslfXRa erne MMIX An inn EMFX Resent! U5DEla 6.030 4033 Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest 4000 3500 3000 293) 2003 1503 103) 2.000 500 1999 2000 2002 2003 20092006 2008 2009 2011 20 2 01 03 01 03 01 03 01 03 01 03 San. FRB. Catas BEA 08 aboad &Wear; Flasarce Figure 3: Many countries report the currency composition of reserves to the IMF, which publishes them in aggregate form 12.000 10000 5010 SCCO 4003 ZOCO 0 USOITIn —Total Fa lfil Eanvpa HUM'S Mbfflifd ROAM) — - tkillOceOf NOON, f • 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 20 2 01 03 01 03 CO 03 01 03 01 03 Son CO L% NI. CS IX at Meth Figure 5: ...while about half of emerging markets report the currency composition of their reserves 4000 6,000 4.003 2.002 USD On FX ROWS, EM efocald Mfrs —CM Unwed Rahn 5.003 5000 4000 2.000 0 - 0 1 99 2000 2002 2003 2005 2006 2008 2009 2011 2012 O1 03 01 CO Cl 03 01 03 01 CO Sane CO.R 1W CB AtaWn USD Bn —towline wesompo Japans Rona - Non J•parf Rrfms 40:0 3600 31333 21500 NCO 1800 1000 600 0 0 1 99 2000 2002 2003 2005 2006 2008 2009 2011 20 2 O1 O3 O1 03 01 03 01 03 01 03 Soot...) FRS (atm ,. BEA Oa 01.1.4( M»aro ff.V...och Figure 4: The advanced countries (MM) all report the composition of reserves to the IMF... 4000 3.600 3.003 2.500 2.030 1,500 JACO 600 USOSn 4000 3000 3.00) 2.500 ZOCO 1.500 1.600 603 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012 01 03 01 03 01 03 01 03 01 03 Savor COFER NFR. 08 ft Re GOCJI Figure 6: The currency composition of (114 reporting countries) total FX reserves: levels 430 3.500 3.033 2.500 2.033 1003 1.030 500 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 20 2 01 03 01 03 01 03 01 03 01 03 —• US 001•11. _EOM) — non. — inn Fran OthotOunonows .1 COO 3.800 3003 2.500 2000 1,103 1.000 500 2.,:t COT.% OW' 08 ri .14'4.01 Deutsche Bank AG/London Page 41 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104629 SDNY_GM_00250813 EFTA01449287