Emerging Markets Rates and Currencies Handbook

FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Availability of the instrument Volume (MM USD Daily) Max Tenor (Or Typical Tenor For Spot) Typical Deal Size (MM USD)  500 - 1500 T+2 1 - 5  500 - 1500 2 - 3 years 5 - 25  50 - 200 2 - 3 years 5 - 25  150 - 250 3 years 10 - 20  1000 10 years 10 - 15  On demand 5y, 10y maturity for swaption underlying swap 5 - 20  10-100 10 years 5 - 25 CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing FX Fixing for currencies is determined by the National Bank of Poland. Fixing ticker: NBPFIXA and NBPFIXB (Reuters). Regulation Offshore Restrictions: Currently no special local limitations with regard to PLN (Polish zloty) currency traded on foreign markets subject to restrictions that may apply in foreign jurisdictions. Non-Resident Restrictions: Non-residents are permitted to trade FX e.g. with authorized local bank. License Requirements Residents and non-residents do not require license to trade FX with e.g. authorized local bank. Requirements to open a foreign currency account Requirements provided in particular by local banking law, foreign currency law and AML regulations. Standard set of documents is required. Deal Management Rollover: Permitted subject to individual terms and conditions set out in relevant agreement with client. Mark-to-market at prevailing market rate. Gross and Net settlement are available and optional. Unwinding: Permitted subject to individual terms and conditions set out in relevant agreement with client. Mark-to-market at prevailing market rate. Gross and Net settlement are available and optional. Early Maturity: Permitted subject to individual terms and conditions set out in relevant agreement with client. Mark-to-market at prevailing market rate. Gross and Net settlement are available and optional. Documentation Requirements FX Spot: no specific legal requirement. FX Derivatives transactions (e.g. FX forwards, FX swaps): Local Treasury Master Agreement/ISDA MA needs to be signed. For certain counterparties (e.g. banks, investment firms, investment funds) collateral arrangements are required by law. EMIR and MIFID regulatory requirements are to be met for fx derivatives, e.g. requirements to obtain LEI. Trade Flows FX transactions supporting the allowed trade flows including FX hedging are permitted in accordance with the rules set out above. Capital Flow and FDI FX transactions supporting the allowed capital flows/FDIs including FX hedging are permitted in accordance with the rules set out above. Additional Comments Information presented above applies to FX transactions executed with authorized local bank and subject to local law requirements.