EFTA01379394.pdf

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Government bond Liquidity: Fair Avg. ticket size: MYR 20mn Bid/ask spread: 3.7 bp Avg. daily volume: MYR 2.0bn Clearing and settlement regulation Foreign investors can settle Malaysia government securities either through Euroclear or Clearstream. Given these securities have to be settled onshore, foreign investors must open a securities account with an appointed Primary Dealer. In terms of clearing and settlement, all contracts executed under Malaysia's two exchanges (securities and derivatives) have to be done via the Fixed Delivery and Settlement System. Taxation There is no withholding tax on interest income derived from investments by non-residents in all ringgit-denominated bonds and Islamic securities ifittp://rmbond.bninsg.Q.VMYIROrtalfeetVeLP2ORenniletObilD=212.t3iiiP_ateritnerne=k1Y.P.0904Piltrelitidifi.&090g.E2Ain... hi userid=22874&cached=true). In addition, there is also no capital gains tax or any stamp duty related to issuance or transfer of Malaysian government or private debt securities (httos://asianbondsonline.adb.oraimalaysia/buyinaraovernment/how to.ohol. Deutsche Bank is not a qualified tax advisor. Tax information may vary. Kindly seek formal tax guidance for details. Deutsche Bank Securities Inc. Page 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076834 CONFIDENTIAL SDNY_GM_00223018 EFTA01379394