Investor Presentaiton

Onshore-Offshore Liquidity Comparison FX Forward/Swap Accessible for ROIls Avg. Daily Vol: USD 20-40bn Avg. Deal Size: USD 10-20m Tenor: Up to 10yrs Liquid Tenor: Up to 1yr No access for onshore entities Avg. Daily Vol: USD 10bn Avg. Deal Size: USD 20m Tenor: Up to 5yrs Liquid Tenor: Up to 1yr ☐ No access for onshore entities Avg. Daily Vol: USD 20-40bn Avg. Deal Size: USD 20-50m Tenor: Up to 5yr Liquid Tenor: Up to 1yr IRS CCS Onshore Deliverable CNY Accessible for Rolls Thin Liquidity Accessible for ROIls Avg. Daily Vol: CNY 25bn Avg. Deal Size: CNY 100-200m Tenor: Up to 10yrs Liquid Tenor: Up to 5yrs Offshore Non-Deliverable CNY ☐ No access for onshore entities Avg. Daily Vol: USD 2bn Avg. Deal Size: USD 20-30m Tenor: Up to 10yrs Liquid Tenor: Up to 5yr ☐ No access for onshore entities Avg. Daily Vol: USD 50-300m Avg. Deal Size: USD 10-50m Tenor: Up to 10yrs Liquid Tenor: Up to 1yr Offshore Deliverable CNH ☐ No direct access for onshore entities New market (CNH HIBOR) Thin Liquidity No access for onshore entities New market (CNH HIBOR) Avg. Daily Vol: USD 600-800m Avg. Deal Size: USD 10-50m Tenor: Up to 10yrs Liquid Tenor: Up to 5yr FXO Accessible for ROIls Avg. Daily Vol: USD 200-300m Avg. Deal Size: USD 10-20m Tenor: Up to 3yrs Liquid Tenor: Up to 1yr ☐ No access for onshore entities Avg. Daily Vol: USD 500m Avg. Deal Size: USD 30m Tenor: Up to 5yrs Liquid Tenor: Up to 1yr ☐ No access for onshore entities Avg. Daily Vol: USD 1bn Avg. Deal Size: USD 50-100m Tenor: Up to 3yrs Liquid Tenor: Up to 3yrs Source: SAFE, Citi Research 116 Citi® H

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