EFTA01449337

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Central Bank Reserves Currency Composition Monitor [Figure 1: Official FX. reserves have quadrupled reflecting Figure 2: Mature market (MM) reserves have grown only primarily the growth of EM holdings modestly reflecting valuation & interest 12.000 10.000 b.000 4020 4000 2.400 UM) CM —Toga FX Atteeve, IVINFX 0.344644 GM FX Aaaeva 12.000 10.000 4000 4000 4000 2.000 O 1 89 2000 2002 2003 2005 2000 2008 2009 2011 2012 01 03 01 03 0% 03 01 03 01 03 Sowvafilla Con BEA al (Ate artes I Figure 3: Many countries report the currency composition of reserves to the IMF, which publishes them in aggregate form 12.003 10000 ft 020 5.003 4.003 1150 On —Tots rewrva Inebinfollt40122 Alocinpa Romero •••••••.“.. 12.000 10 003 4000 5.024) 4.000 2.000 2000 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 201 01 03 01 03 CI 03 el 03 Cl 03 Snot COASt W A O PX Iteseircil [ Figure 5: ...while about half of emerging markets report the currency composition of their reserves 0000 5.200 4.000 2.000 USDOn . 114 Fit Roma, 0.14.4.cas Canes —FM ilosta.4 4•444•4 — -- 1999 20110 2002 20113 2005 2005 me 2009 2011 201 01 03 01 03 CI 03 01 03 01 03 Sam. COFER MU. CO FX INSWIlth 4000 6003 4000 2.040 0 Page 46 4000 USD On J500 —Total WA Mown* 3000 Jain_ 146444•4 2600 men Ionia Mane • 2003 • 1503 • 1000 600 0 . . 1999 2000 2002 2003 2005 2006 2008 2009 2011 201 01 03 01 03 01 03 01 03 01 03 SEA OS Geier Mitten Rendre. I:Figure 4: The advanced countries (MM) all report the composition of reserves to the IMF... 4000 3.500 3.000 2.600 2.000 1000 1000 500 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012 01 03 Cl 03 01 03 01 03 CI 03 4200 3500 3200 2500 2000 1600 1000 SOO 0 4060 3020 3.000 2.600 2.000 1.600 1000 603 0 Sam. cola MO. CO 0C Rearecn Figure 6: The currency composition of (114 reporting countries) total FX reserves: levels 4.000 USD an 4000 1 3.500 Wen 3.500 3000 f — Y44 3,030 2.500 4 - Owes Pilot 2.500 00•110223•Poey 2,020 2000 1.500 1.500 LOX 1,200 6C0 603 0 0 2009 2011 2012 1 99 2000 2002 2003 2005 2008 2008 01 03 01 03 01 03 01 03 01 03 Sotto*, COOMME 0O FX Ansa. Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104702 CONFIDENTIAL SDNY_GM_00250886 EFTA01449337