22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Regulatory framework and approach • The Central Bank of Kuwait regulates exchange rate policy and is responsible for implementing monetary policy (http://www.cbk.gov.kw). • The Kuwaiti Dinar is a fully deliverable, fully convertible currency KW[) product FX spot Avg. ticket size: USD 5-10mn Bid/ask spread: KWD 0.00015-0.00020 Avg. daily volume: USD 100-300m Ref. source: Central Bank of Kuwait <CBKK> Trading hours: 07:30-15:00 London EX forward/swap Avg. ticket size: USD 25mn (FX forwards); USD 25mn (FX swaps) Liquid tenors: <3y Bid/ask spread: KVVD 0.00040-0.00070 (1Y) Avg. daily volume: USD 100-300m Ref. source: <DBMEFWD> Deutsche Bank Securities Inc. Page 69 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076872 CONFIDENTIAL SDNY_GM_00223056 EFTA01379410