22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Ref. source: DB Reuters page <DBQM1>, DB Bloomberg page <DBHK >, Broker Reuters page <PYHK0> Fixing page: Telerate 9898 / Reuters page <HIB0R=>, Settlement: 1+2 for HKD SPS, HKD IRS - T+0 for morning time and T+1 for afternoon. Floating Rate: 3M HIB0R, Frequency: Quarterly, Day- count: Act/365. Short term money market instruments (BA/CP/repo/Exchange Fund bills) Regulatory: No restrictions Avg. ticket size: HKD 200 - 300mn Bid/ask spread: 2 - 5bps Avg. daily vol: HKD lbn Government bond market (including Exchange Fund Notes) Regulatory: No restrictions Avg. ticket size: HKD 50- 100mn Bid/ask spread: 3 - 10bp Avg. daily vol: HKD 50K DV01 Ref. source: Reuters page <0NFIKTSY=>, Bloomberg page <DABA2> Clearing and settlement regulation Foreign investors can choose to settle using Euroclear, Clearstream, or the domestic settlement system provided they have an onshore account. The domestic clearing and custodian system in Hong Kong is operated by HKMA Central Money Markets Unit (CMU). The Real Time Gross Settlement system provides delivery-versus payment settlement (DVP) for Hong Kong dollar- and US dollar-denominated debt. Taxation Provided that the investor is not carrying on business in Hong Kong, capital gains are not taxed in Hong Kong. Interest income and gains on disposal or redemption of Hong Kong Government Bonds/HK EFBNs (if applicable) are specifically exempt from Hong Kong profits tax. Deutsche Bank is not a qualified tax advisor. Tax information may vary. Kindly seek formal tax guidance for details. 3 Oeutictoevic lira equalled ttc40.4toi. Tar int., ml tcrn4i ta. ..344.fry," for (AUK Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076820 CONFIDENTIAL SDNY_GM_00223004 EFTA01379384