22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Bid/ask spread: Avg. daily vol: Fixing reference: INR 0.02 - 0.03 for 1M, INR 0.05-0.07 for 3M-12M USD 2.0bn Spot fixing determined by RBI-based volume-weighted average price during any 5 minute period between 1130am-12:30pm Mumbai time, 2 business days before value date Fixing page: Reuters page <RBIB> Non-Deliverable Option (NDO) Regulatory: ISDA documentation applies. Avg. ticket size: Bid/ask spread: Avg. daily vol: Fixing page: USD 20-50mn 0.25 vols Up to USD1bn Reuters page <ROIB>, spot fixing determined by RBI Non. Deliverable Overnight Index Swap (0IS) Regulatory: ISDA documentation applies. Avg. ticket size: Executable Tenors: Bid/ask spread: Avg. daily vol: Ref. source: Floating Leg : Conventions : Non-Deliverable CCS Avg. ticket size: Executable Tenors: Bid/ask spread: Avg. daily vol: Ref. source: Floating Leg : Conventions : USD 20mn 3m-9m, 1Y-5Y 2.3 bps (for 10K DV01) USD 150.200mn Reuters page <IN DIRS>, <BGCNDIRS>, Bloomberg IRSWNIX Index FBIL Overnight MIBOR, Bloomberg : IN000/N Index <1Y Annual Fixed (ACT/365) versus Daily Compounded floating (ACT/365), 1+1, >1Y Semi- annual Fixed (Act/365) versus Daily compounded floating (Act/365), T+1, Reuters Page <RBIB>, Bloomberg INRRATE Index USD 20mn Up to 10Y 5-15bps USD 100mn Reuters page <EXOT> USD 6M LIBOR (US0006M Index) Semi-annual Fixed (Act/365) versus 6M USD Libor Floating (Act/360), T+1 fixing, Reuters Page <RBIB>, 1+3 effective date Clearing and settlement regulation The Clearance Corporation of India Limited is the central counterparty for all transactions in government securities. Trades are settled on a delivery versus payment (DVP) basis, and the CCIL guarantees all trades using the Settlement Guarantee Fund, which is financed out of margins paid by all market participants. Taxation For foreign portfolio investors (FPls), all interest income on government and corporate bonds is currently subjected to a withholding tax of 5% (plus applicable surcharge & cess). If fixed income assets are held for less than 12 months, a short- term capital gains tax of 30% is also levied (http://www.incometaxindia.nov.in/panes/non-resident-specific-content.aspx). Deutsche Bank is not a qualified tax advisor. Tax information may vary. Kindly seek formal tax guidance for details. Page 22 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076825 CONFIDENTIAL SDNY_GM_00223009 EFTA01379388