22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Regulatory framework and approach • The National Bank of Kazakhstan regulates exchange rate policy and is responsible for implementing monetary policy (http://www.nationalbank.kz). • The official USD/KZT rate is determined on the basis of foreign exchange auctions (for USD, EUR and RUB) that are held daily. KZT trades both OTC and on the stock exchange (KASE). Onshore KIT pi oducts FX spot Avg. ticket size: USD 5mn Bid/ask spread: 'CT 0.15 - 1 Avg. daily volume: USD 200-300mn Ref. source: Reuters Page <AFINEX02> Trading hours: 10:15-18:00 London Deliverable Forward Avg. ticket size: USD 2mn Bid/ask spread: KZT 4 Avg. daily volume: USD 20mn Offshore KZT products Non-Deliverable Forward (NDF) Avg. ticket size: USD 2mn Bid/ask spread: KZT 4 Tenor: <1Y (low liquidity up to 5Y) Avg. daily volume: USD 10mn Deutsche Bank Securities Inc. Page 67 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0076870 CONFIDENTIAL SDNY_GM_00223054 EFTA01379408