uesstimates. We made the conservative assumption that central banks have a disproportionately high exposure to German bunds and low exposure to the PIIGS bonds. But even with our conservative assumption, we find that it is possible that global central banks have close to a third of their EUR holdings

From: Subject: early tour 5.25.11 Date: Wed, 25 May 2011 10:32:25 +0000 Good Morning ... European Markets mixed (PIIGS outperforming) ... Nikkei Closed -57 bps (China -91 bps, Vietnam -4.0%) EUR 1.4051 (-0.34%) JPY 82.01 (-0.06%) AUD 1.0497 (-0.60%) Silver +2.8%

uesstimates. We made the conservative assumption that central banks have a disproportionately high exposure to German bunds and low exposure to the PIIGS bonds. But even with our conservative assumption, we find that it is possible that global central banks have close to a third of their EUR holdings

FTE 1,521 FTE 1,164 • Disposal/discontinuation of non-core businesses • Disposal/transfer of non-core investment portfolio (NCIP) including all PIIGS securities • Transfer/novation of proprietary derivatives portfolio • Transfer of exchange traded derivatives (ETD) business • Comprehensive restr

uesstimates. We made the conservative assumption that central banks have a disproportionately high exposure to German bunds and low exposure to the PIIGS bonds. But even with our conservative assumption, we find that it is possible that global central banks have close to a third of their EUR holdings