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)  150 - 250 T+2 1 - 5  200 - 300 5 years 5 - 15  2 - 10 5 years 1 - 5  5 - 100 2 years 1 - 20  2 - 20 7 – 10 years 2 - 10 ✗ N/A N/A N/A  2 - 10 7 - 10 years 2 - 10 CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing National Bank Fixing — Daily at 13.00. (Reuters FXRO01 or EURRONFIX=; USDRONFIX=, etc). Regulation Non-Resident Restrictions: No restrictions. A non-resident (e.g. non-resident corporate) is permitted to transact FX with an onshore entity (e.g. onshore bank).* Tax registration requirements Non-resident clients that open a bank account or earn an income sourced from Romania that is subject of Romanian taxation must get a tax identification number (NIF) issued by local tax authorities. Offshore Restrictions: No restriction. An onshore entity (e.g. resident corporate) is permitted to transact FX with an offshore entity (e.g. offshore bank).* Requirements to open a foreign currency account No special requirements. To be noted that except some cases specified in the NBR regulation, a Romanian corporate or resident cannot pay foreign currency to another Romanian corporate. *Subject to usual restrictions regarding licensing and/or authorization for regulated activities in Romania. Deal Management Rollover: Permitted at market rate. Net and gross settlement are available. Unwinding: Permitted at market rate. Net and gross settlement available. Early Maturity: Permitted at market rate. Net and gross settlement are available. Documentation Requirements Up to FX Spot no documentation is required. For FX Forwards: Treasury Master Agreement or ISDA is required and documents to comply with EMIR & MiFID requirements. Trade Flows No local law documentation requirements. Capital Flow and FDI No local law documentation requirements. Citibank Europe plc Dublin Romania Branch 82-94 Buzesti street, 1st District, 011017, Bucharest FX Sales Contact: +4021 203 5504