Emerging Markets Rates and Currencies Handbook

• ZAR IR Market is tradable even in longer tenors. The best liquidity is up to 10 years, but longer tenors can also be considered, subject to market conditions at the time. 3M JIBAR is currently the main benchmark rate that is being traded. Convertibility Regulated for residents (i.e. natural and juristic persons) each onshore deal must be supported by a firm and ascertainable commitment and supported by relevant documentation. 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) 2000 – 7000 5000-10000 Marginal 500 – 1500 Market liquidity varies from week to week 50-300 25 — 50 Market liquidity varies from week to week– /50-300 Max Tenor (Or Typical Tenor For Spot) Typical Deal Size (MM USD) T+2 20 - 30 10 years 25 – 100 2 years transactions are episodic 5 years 5 –50 20 - 30 years 5-100 10y, 10y maturity for swaption’s underlying swap 5 — 20 10 - 30 years 10-100 CitiFX Pulse Capabilities   ✗  ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Regulated for residents (i.e. natural and juristic persons) each onshore deal must be supported by a firm and ascertainable commitment and supported by relevant documentation. Fixing N/A. Regulation Offshore Restrictions: ZAR is quoted and is freely convertible offshore, however onshore entities (e.g South African residents, natural or juristic persons) are only permitted to transact with SARB appointed Authorised Dealers. Non-Resident Restrictions: • Non-residents may freely invest in South Africa, subject to documentary evidence to ensure transactions are concluded at arm’s length, are at fair market related prices and are financed in an approved manner. • No foreign exchange control restrictions apply to a foreign corporate dealing offshore. License Requirements Citibank N.A., South Africa has an Over the Counter Derivatives Provider (ODP) license. In 2018, the Financial Sector Conduct Authority (FSCA) published Financial Markets Act Regulations to regulate the South African OTC market. The continuation of ODP services in South Africa was conditional upon Providers applying for an ODP license. Citibank N.A., South Africa was granted the ODP license in March 2023. Requirements to open a foreign currency account Documentation required is dependent on the type of company and its incorporation. Deal Management Rollover: Yes — subject to exchange controls and MTM at prevailing market rate. Unwinding: Yes — subject to exchange controls and MTM at prevailing market rate. Early Maturity: Yes — subject to exchange controls and MTM at prevailing market rate. Documentation Requirements Specific to imports. Active currency Hedges <12m subject to providing