Treasury and Trade Solutions

Webinar Series | July 2013

Citi Nigeria – Regulatory & Infrastructural changes driving th C h M t & T d l d i Ni ithe Cash Management & Trade landscape in Nigeria

Outline1. Focus on Nigeria

2. Background – “Why Citi?”

3. Emerging Trends in the Environment – Trade

4 E i T d i th E i t C h4. Emerging Trends in the Environment – Cash

5. Market Response And Impact on Businesses in Nigeria

6. Contact Information

7. Appendix

i. General Account Services

ii. Collection Capabilities

iii. Payment Capabilities

iv Trade Finance & Services Capabilitiesiv. Trade Finance & Services Capabilities

v. Supplier Finance

vi. Commercial Cards

vii. Awards

Citi Investment Research and Analysis’ recent survey of the world's top ‘global growth generators’ (3G) of the next 40 years identified Nigeria as the economy with the potential to generate the world's highest real economic growth rate over

Nigeria – Fifth Fastest Growing Economy in The World

years identified Nigeria as the economy with the potential to generate the world s highest real economic growth rate over that period. With real GDP growth around 8.5% last year, Nigeria was the fifth-fastest-growing economy covered by CIRA economists in 2010 (only China, Taiwan, Singapore and Qatar grew more rapidly).

Population Economy Investment Drivers

Financial Sector

Today: 2011

P l ti 152 illi 32 d k d O ll l t f i B ki f i t d d b Population: 152million

68% literacy rate

Highly creative and industrious

50% rural today with urban

32nd ranked

GDP trend growth rate ~ 8.5 % p.a.

Oil is the main economic export. Other sectors include agro

Overall regulatory reforms in pension, banking and insurance

Exchange control liberalization

Interest rate stability

Banking reforms introduced by the CBN governor to avert systemic risk as well as emphasize risk based supervision and good corporate governance 50% rural today, with urban

migration rate of 3.5% annuallyOther sectors include agro commodities, textiles, chemicals, rubber & leather products

Non-oil sector is the major economic growth driver

Stock exchange automation

Relative political stability with successful civilian to civilian transition

g

Banks reporting good 2011 financials with corresponding positive impact on business volumes and revenues

F t 2050Future: 2050

Population: 250 million

Highly skilled workforce due to modernized education and developed talent

5th-to-10th ranked

Less emphasis on Oil as the major country revenue driver

All the above

Liberalized economy with free entry/exit of investment flows

More developed Capital Markets

Fewer & stronger local banks with the restructuring and merger plans ongoingdeveloped talent

Lagos, Abuja, Port Harcourt among largest global cities

Robust manufacturing, industrial and service sectors

Better Infrastructure

Improved regulatory environment

plans ongoing

More financial intermediation by banks

KEY RISKS:KEY RISKS:Macro Economic Challenges: Fiscal Policy/ Monetary Policy / Inflationary trends/Poor infrastructure/Corruption/Weak institutions/Import dependence

10 Locations

Citi® in Nigeria

Product Offering

12 29 years

Product Offering

TTS

Cash Management

● Kano

● Abuja

Branches29 years Trade

Client Delivery

● Lagos

● Ososa

● Lanlate

● P t H t

●Warri

● Aba

● EgbedaCorporate Finance

Debt

Ad i● Port Harcourt● Bonny

800+ collection points via our correspondent 

22 Teller Implant Locations

Advisory

Structured Finance

Project Finance

pbanking network

Key Facts Present in 100 countries, 16 of them in Africa Dates back to 1812

FICC

Foreign Exchange

Money MarketDates back to 1812 Present in Nigeria since 1984 81.7% owned subsidiary of Citi A leading bank for Multinational Companies, Large Local Corporates,

Public Sector and Financial Institutions Key

Fixed Income

Electronic Trading

Ratings – Aa1 (Moody’s), AA (S&P), AA (Fitch) Staff complement of approximately 300

KeyTTS – Treasury and Trade SolutionsFICC – Fixed Income Currencies and Commodities

Emerging Trends in the Environment – Trade

Nigeria’s Trade EnvironmentCapital ImportationCapital Importation

Capital importation can be either equity or loan and can be in cash or kind (equipment); done via an authorized dealer(a bank) who will issue a Certificate of Capital Importation to the investor. This enables future payment of interest,dividend & repatriation of capital subject to the provision of required documentation.

Foreign ExchangeThere are two major authorized FX markets in Nigeria – CBN-controlled Wholesale Dutch Auction (WDAS) market andthe Inter bank market The WDAS market operates twice weekly while the Inter bank market operates dailythe Inter-bank market. The WDAS market operates twice weekly while the Inter-bank market operates daily.

ImportsP t f i t ti f d i t Ni i i i l tt f dit d Bill f C ll ti (D t A i tPayment for importation of goods into Nigeria is via letters of credit and Bills for Collection (Documents AgainstAcceptance).

ExportsExportsCommodities exported out of Nigeria are mainly crude oil and non-oil products such as cocoa, rubber, cotton andleather. All export proceeds must be repatriated back to the country within 90 and 180 days for oil and non-oil productsrespectively. Exporters have free access to export proceeds repatriated into their export domiciliary account in Nigeria

The foreign exchange market in Nigeria is regulated. Access to FX is permitted for payments for good and services imported via authorized channels and subject to presentation of required documents

Nigerian Trade Environment – Imports, Exports. FX

Mode of Payment– Cash Collateralized Letters of Credit– Confirmed Letters of Credit without cash collateral available to all sectors

imported via authorized channels and subject to presentation of required documents.

– Confirmed Letters of Credit without cash collateral available to all sectors– Unconfirmed Letters of Credit restricted to manufacturing sector– Bills for Collection– Open account not allowed

Inspection– Imports - Destination Inspection at Port of Discharge; Risk Assessment Report – Exports – Pre Shipment Inspection at Port of Shipment, liberalization– CCVO, Bill of Lading, Form M, Various statutory documents etc.

Foreign Exchange – Wholesale Dutch Auction - CBN & Banks– FX Available Everyday– Bid rate provided by customers

Documentation & TenorI f d i i b i l l– Insurance for goods in transit must be in local currency

– Invisibles (Services) Payment, WHT, NOTAP approval, Demand note– Trade transaction tenor 180 days subject to one rollover

The Central Bank of Nigeria (CBN), Federal Ministry of Finance and Nigeria Customs Service (NCS) are committed to automating the imports process end to end This is in line with the Nigerian Government’s objective of reducing the

Emerging Trends in the Environment – Imports

Processing of form M automated since Dec 2012 End to end electronic interface between the clearing community:

automating the imports process end-to end. This is in line with the Nigerian Government s objective of reducing the clearing lead time to accepted world standards.

Processing of form M automated since Dec. 2012. End-to end electronic interface between the clearing community:Importer, Bank, Scanning Company, Customs, Terminal Operators. Process new and undergoing continuousrefinement.

Destination Inspection handled by 3 Agents known as Scanning companiesDestination Inspection handled by 3 Agents known as Scanning companies.

Risk Assessment Report (RAR) and Customs Duty Payment.

Documents for Not Valid for Foreign Exchange transactions to be sent directly to the bank that opened the Form Md li bl t b i i f hi i d ft 90 d t b d d h f th hand applicable returns on non-submission of shipping docs after 90 days to be rendered henceforth on such

transactions.

Oil imports subject to pre-approvals of the CBN before importation is registered through the Bank.

Unconfirmed LCs for importation of spares and machinery now permitted to buy FX from the CBN window

Dividend, Technical, Consultancy and other related services can only be externalized through the interbank market

Capital ImportationAnybody whether resident or non-resident in Nigeria, citizen of Nigeria or foreigner may invest in any enterprise except y y g g g y y p pthose specified in Section 13 of Nigerian Investment Promotion Commission Act of 1995. However, a foreign national who wishes to establish an enterprise in Nigeria shall be incorporated by Nigeria’s Corporate Affairs Commission. In addition, the Authorised Dealer (Citibank) shall issue a Certificate of Capital Importation (CCI) to the investor within 24 hours of the receipt of the capital. The Authorised Dealer shall issue the CCI on the provision of the following

EQUITY CAPITAL:

p p p gdocuments:

LOAN CAPITAL:EQUITY CAPITAL:

Tested telex message advising payment with full names and address of investor and beneficiary

A certified true copy of loan/facility or credit offerLetter.

A certified true copy of Letter of Acceptance Board resolution of the local beneficiary

authorizing the investment.

Purpose of capital importation e g Capital

A certified true copy of Letter of Acceptance.

A certified true copy of Loan agreement, showingterms and conditions, including any moratorium, dateof maturity interest rate with schedule of repayment Purpose of capital importation e.g. Capital

Importation – Equity/Share Capital must be clearly stated in the telex advising the funds transfer.

of maturity, interest rate, with schedule of repaymentof principal and interest.

Tested telex message advising payment with fullnames and address of investor and beneficiary and

Evidence of incorporation (where applicable)

Evidence of approval to increase share capital by the CAC (where applicable)

ypurpose/type of loan – Loan Capital, clearly stated

Board Resolution of the local beneficiary authorizingthe investment.

Evidence of incorporation (where applicable)

Capital Importation – in KindEquipment or raw materials. Evidence of receipt of goods into the system required (Final Exchange Control Documents).

Copy of form “M” opened on non valid for foreign exchange basis.

Evidence that funds have not been remitted to the beneficiary where form ‘M’ was originally opened under Bill for y g y pCollection or Letter of Credit mode.

Copy of Final Attested invoice/Risk Assessment Report (RAR)

Certified copy of Bill of Lading (Original to be sighted) Certified copy of Bill of Lading (Original to be sighted)

Certified copy of Bill of Entry/Single Goods Declaration Form (original to be sighted)

Copy of Import Duty payment Receipt bearing Single Goods Declaration Form number.

Board Resolution of the local beneficiary company in respect of the investment

If the equipment/raw material is imported as loan, then the following additional documents are required: A tifi d t f l /f ilit dit ff L tt– A certified true copy of loan/facility or credit offer Letter.

– A certified true copy of Letter of Acceptance.– A certified true copy of Loan agreement, showing terms and conditions, including any moratorium, date of

maturity, interest rate, with schedule of repayment of principal and interest.maturity, interest rate, with schedule of repayment of principal and interest.

Emerging Trends in the Environment – Cash

Emerging Trends in the Environment – Cash ManagementPolicy initiatives by regulators is driving diverse changes in the banking environment especially as they relate to the cash management business

Key Trend Drivers

Central Bank of Nigeria– Implementation of Cash-lite initiative in Lagos. Reduction of cash usage in the system by setting cumulative cash limits for

cash management business

individuals and Corporate entities.– Focus on improved transparency in dealings between banks and their customers– Licensing of 16 mobile payments providers– Implementation of the Nigeria Unified Bank Account Number (NUBAN)p g ( )– Drive to mandate STP for electronic payments in the system and plan to reduce maximum cheque value to N5MM– Proposed mandatory use of National Identification Number (NIN) as basis for KYC documentation for financial transactions from

2013– Proposed implementation of Treasury Single Account (TSA) for ministries, departments and agencies of governmentp p y g ( ) , p g g

NIBSS– Cheque clearing Infrastructure upgrade– The Nigeria Central Switch

• Cheque truncation• NIBSS Instant Pay• Central Mandate Management System• Electronic Bills Payment

– Shared Service Infrastructure

BanksCreative solutions for clients in response to market developments

• Central Terminal Management System• Mobile Operator Aggregation• POS Aggregation

- Creative solutions for clients in response to market developments- Push for use of front end EB platforms

PSPs/Non-Bank Players– Product launch and innovation– Competition for payments mandate

Emerging Trends in the Environment – Cash Management (contd.) Effective March 31, 2012 for Lagos and subsequently for

major commercial cities the following daily cumulative limits Available Products for Collections & major commercial cities, the following daily cumulative limitson 3rd party cash lodgements and withdrawals will be applied:– Individuals – NGN500,000– Corporates – NGN3,000,000

Processing fees for lodgements above the limit are:

Payments

Collection/Payment Products Beneficiary Gets Value Processing fees for lodgements above the limit are:

– Individuals: 2%– Corporates: 3%

Processing fees for withdrawals above the limit are:

EFT – NEFT Within 24 hours

EFT – RTGS Same Day

– Individuals: 3%– Corporates: 5%

Sanctions on banks for non-compliance– First offender: 5 * fees waived

EFT- NIBSS Instant Pay Same Day

Cheques 2 Days

Cash Same Day– Second offender: 10 * fees waived

No encashment of third party checks over NGN150,000– Penalty for non-compliance by banks

Cash Same Day

ATM Transfers/Quick Teller Next Day

Mobile Payments Same Day 10% of check face value or NGN100,000 whichever is higher

Effective 1 January 2012 banks ceased to offer free Cash InTransit (CIT) services to customers. The customers arerequired to engage the services of CBN-approved CIT

POS Terminals24 Hours - Nigerian Cards72 Hours – International cards

Web Pay Next Dayrequired to engage the services of CBN approved CITcompanies– Non-compliance by any bank attracts NGN1.0 million per cash

movement

M i t bl h i fi d t NGN 10

Citi Commercial Cards Next Day

Maximum amount payable per cheque is fixed at NGN 10Million

M k t R d I t B i i Ni iMarket Response and Impact on Businesses in Nigeria

Treasury Priorities for 2013/2014Treasury Actionsy

Cash & Funding

Global /Local Cash poolsLiquidity & Investment structuresAchieving efficiencies as budget constraints

increase

1 Establish optimal treasury structure especially for emerging markets

2 Fund working capital required optimally

3 Mobilize cash reserves to gain competitive advantage

increase

Structure

Compare working capital bank debt vs. Supply Chain Trade FinancingStandardization of OperationsP id b ki t t fi t fadvantage

4 Evaluate organizational impact due to regulatory changes

Provide banking support to finance teams for operational efficiency

GovernanceAssess impact on interest income and expensesAssess impact on business model

5

6 Utilize advanced treasury analytical tools

Governance Assess impact on business model

RiskAutomate treasury processesUse tested and reliable systems and Partners

Gear up for converging banking industry standards

7 Transition to In-House Bank modelUnderstand current usage of formats and

connectivityEvaluate new technology standards to develop

8 Systemsbusiness caseImplement where it creates administrative and

economic benefitEnhanced Controls, Risk Management & Security

Best Practices Applicable to Businesses

Background to the developments in the cash environment in Nigeria– Limited ATM and POS terminals– High cost of operations in the system– Public acceptance of electronic channels; fraudp ;– Infrastructure – power, ICT, uptime of payment platforms etc.– Legal framework– Interoperability of network

Cheque clearing period– Cheque clearing period

Recent trends indicate best-in-class entities have consolidated receivables & payment providers to achieve the following key benefits:following key benefits:

Cost Efficiencies

Improved Processes

Control & Visibility

Greater control & visibility over payment activity – Improved financial & operational risk

management

Eliminate redundant activities / infrastructure

Lower bank fees from less accounts and better pricing (consolidated volumes)

Single connectivity, straight-through processing, standardized reporting & diverse distribution methods

Streamline and in-source payments Compliance with internal policies &

external regulatory requirements

Re-engineer processes & build-in desired efficiencies / controls

better pricing (consolidated volumes)

Implement best-in-class processes & centres of excellence

Streamline and in source payments originating across various departments and functions.

Source:  Evolution Towards Treasury and Payments consolidation—Monie Lindsey, Frederick Westerling, Treasury Strategies.

Service Providers in the financial industry have tailored solutions in response to market trends. We see industry specific convergence of products

Solutions suite emerging in response to market trends

Airlines Shipping Lines Fast Moving Consumer Goods (FMCG)

convergence of products

Real-time Receivables proposition supported by transaction notification

Bespoke process automation from billing to receivables key to sustaining business

Businesses layered through Distributors and sub-distributors

High volume, low value retail payments to Distributors an herculean challenge

Real-time Receivables Proposition supported by transaction notification

Coverage, Ease of Access & simplicity of channel key enablers

Emerging Channels/SolutionEmerging Channels/Solution Emerging Channels/Solution

y gand growth

g

New Channels & Solutions are evolving ………………..

Emerging Channels/Solution Loyalty Cards/Refunds (Prepaid)

Lodge Cards

EFTs – RTGS/NEFT/NIP

EFTS –NEFT/RTGS/Instant Pay

Quick Teller

POS Terminals (Cash, Debit or Credit Cards)

EFT – (NEFT/RTGS/InstantPay)

Mobile Banking

POS Terminals (Cash, debit or Credit Cards)

ATM transfers/Quick Teller

POS Terminal (Cash, Debit or Credit Cards)

Web PAY (Integrated vs Non-integrated

Cards)

Web PAY (Integrated vs. Non-integrated Options)

Mobile Payment

M lti B k T t B l A t

Cards)

ATM transfers/quick teller

Direct Debit

Auto reconciliation Web PAY (Integrated vs. Non-integrated

Options) Multi-Bank Target Balance Account

Multi-Banking Transaction Initiation Trade Services/Finance (SF, DF, import

Finance

The ultimate challenge: finding a Reliable Partner that can anticipate and address your needs

Solutions suite emerging in response to market trends (contd.)Service Providers in the financial industry have tailored solutions in response to market trends. We see industry specific convergence of products

Infrastructure Oil and Gas Telecoms

convergence of products

Foreign Exchange Management Liquidity Solutions Vendor Payment/ Finance

Retail driven, layered through Dealers and requires real time receivables management and notification.

Liquidity Management

Project driven, long term funding requirements

Coverage as projects are sometimes in remote locations

Emerging Channels/Sol tion Emerging Channels/Solution Emerging Channels/Solutions

Imports/Exports q y g

New Channels & Solutions are evolving ………………..

Significant imports for machinery and spares

Emerging Channels/Solution Guarantees

Trade Finance/Services

Multi-banking Solutions

Emerging Channels/Solution EFTS –NEFT/RTGS/Instant Pay

Multi-banking Transaction Initiation

Multi-Bank Target Balance Account

Emerging Channels/Solutions EFT – (NEFT, RTGS)

NIBBS Faster Payment

Multi-Banking Solutionsg

EFTs – RTGS/NEFT/NIP

Liquidity Solutions

g

Trade Finance/Services (SF, Imports & Exports, Guarantees)

POS Terminals (Cash, debit or Credit Cards)

ATM transfers/quick teller

Direct Debit Direct Debit

Trade Services/Finance (SF, DF, import Finance

The ultimate challenge:  finding a Reliable Partner that can anticipate and address your needs

The ultimate challenge: Finding a Reliable Partner that can anticipate and address your needs

Contacts

Segun Adaramola Head, Treasury &Trade SolutionsTel: +234 1 463 8413Email: segun.adaramola@citi.com g @

Emmanuel UmukoroHead Cash ManagementHead, Cash Management Tel: +234 1 463 8567Email: emmanuel.umukoro@citi.com

Foluso Ayo-OlaiyaHead, Client Sales ManagementTel: +234 1 463 8563Email: foluso ayoolaiya@citi comEmail: foluso.ayoolaiya@citi.com

Chidinma OdibeliChidinma OdibeliHead, Client DeliveryTel: +234 1 463 8543Email: chidinma.odibeli@citi.com

Appendix

G l A t S iGeneral Account Services

Our clients may establish both local currency (Naira) and foreign currency accounts with Citi®. The accounts may be accessed electronically from any location in the world via our award winning web-based electronic banking platform

Account Services

Foreign Currency Accounts Local Currency (Naira) Accounts

y y g g pCitiDirect®.

May be US dollar, Pounds Sterling or Euro denominated Payments

– Cross border funds transfers

Facilitate Daily Operational Activities:– Payments

Book Transfers, Domestic Funds Transfer, Local currency cheques

– Foreign currency payments Collections

– Foreign currency cheque and cash deposits– Incoming funds transfers

– Collections Incoming funds transfers (local & foreign) Local Currency Cash and Cheque Deposits

– Treasury Trade Services Cheques drawn on the account are only payable at our counters Withdrawals Options:

– Over the counter withdrawals in cash

y– Trade Services

Over the counter withdrawals in cash (subject to availability)

– In Naira at the prevailing rate of exchange– Foreign currency drafts– Account to account transfer to a Citi® Naira or domiciliaryAccount to account transfer to a Citi® Naira or domiciliary

account – Funds transfer to a domiciliary account offshore

(subject to CBN regulations)

Subject to the exchange control regulations of Nigeria Subject to the exchange control regulations of Nigeria

Collection CapabilitiesCollection Capabilities

Collection Method Description

Collection Capabilities – OverviewCollection Method Description Cash & Cheque Collection Client can lodge cash or cheques into their account with Citibank. We also have a team of CBN-

approved CIT companies to pick up cash and cheques from Client‘s premises, distributors and depots

T ll I l t Citi ill pro ide cashiering ser ices at Client’s office to collect cash and cheq esTeller Implant Citi will provide cashiering services at Client’s office to collect cash and cheques

Account to Account Transfer

Client’s customers who have accounts with Citibank can transfer funds to the Client’s account via CitiDirect

Inward NEFT / RTGS / CIC Client’s customers can initiate payments from their accounts with any bank in Nigeria to the Client’s account with Citibank. Citibank is a direct member of the clearing house in Nigeria

N t k C ll ti Th h Citi’ d t B k Fi t B k f Ni i Pl A B k & E b k Pl C h &Network Collection – over 800 collection points

Through Citi’s correspondent Banks First Bank of Nigeria Plc, Access Bank & Ecobank Plc. Cash & cheques are deposited and swept to the Client‘s account with Citibank same day

Web PAY Solution A secured payment gateway developed by Interswitch to facilitate payments for goods and services on the internet using payment cards supported by the Interswitch network. Payments can be made using Interswitch Verve (debit/prepaid) & Naira MasterCard currently being deployed by banks and other authorized parties

Direct Debits Client can debit their customers’ accounts in any bank in Nigeria via direct debit. Value date is 2 days plus date of initiation of instruction. Direct Debit is available on CitiDirect®

Point of Sales Collections Citibank Nigeria can provide the Client with P.O.S. terminals for use in collecting payment from various types of local and international payment cardsvarious types of local and international payment cards

Web Payment Solution - OverviewWebPAYDirect® is a secured payment gateway developed and Verified by Visa (VbV) is a simple password-protected identity-p y g y psupported by Interswitch to facilitate payments for goods andservices on the internet using payment cards supported by theInterswitch network.

Payments can be made using Interswitch Verve (debit/prepaid) &

Verified by Visa (VbV) is a simple password protected identitychecking service, developed by Visa International ServicesAssociation (Visa) to facilitate payments for goods and services onthe internet using visa cards.

VbV is built around a new payment protocol, 3D Secure, to addressNaira MasterCard currently being deployed by banks and otherauthorized parties.

These solutions can be used to collect payments from applicants/members for Education USA Advising Centre (EAC)

b s bu t a ou d a e pay e t p otoco , 3 Secu e, to add essthe challenge of disputes arising from customer identity and toimprove the security of payment

membership fees on the Client’s website. Using both solutions will allow the collection of payments from all card types (VISA, Mastercard, Verve) issued in Nigeria.

Benefits of a Web Payment Solutiony

• Reduction in cost of collections via cash in view of the recently released guideline restricting cash lodgments

• Reduction in the costs associated with cash handling Fraud, shortages, cash evacuation etc.

• Elimination of Cash handling risks.

• Reduces loss through human and/ or machine counting error.

• A fast and convenient means of processing paymentsA fast and convenient means of processing payments.

• Provides data for reconciliation and audit trail.

• Provides business intelligence via robust reporting on collections

Citi POS solution provides a convenient and reliable way to collect receivables from your customers via payment cards on POS terminals at your offices and booking centers nationwide It provides an efficient method of managing your accounts

Point of Sale (POS) Collection

Definition

POS terminals at your offices and booking centers nationwide. It provides an efficient method of managing your accounts receivable portfolio. Our solution supports payments via Verve, MasterCard and Visa cards.

Benefits of POS CollectionThe POS terminal is an electronic payment device whichallows merchants accept via a payment card, paymentfrom customers for goods and services.

The terminal electronically validates the payer’s card

• Reduction in cost of collections via cash in viewof the recently released guideline restricting cashlodgments

• Reduction in the costs associated with cashThe terminal electronically validates the payer s cardwhen swiped/inserted transferring funds to the merchantaccount at its bank and printing receipts to confirm thetransaction.

The merchant pays a fee and receives value on day 1

• Reduction in the costs associated with cashhandling Fraud, shortages, cash evacuation etc.

• Elimination of Cash handling risks.

• R d l th h h d/ hiThe merchant pays a fee and receives value on day 1after the transaction.

• Reduces loss through human and/ or machinecounting error

• A fast and convenient means of processingpayments.p y

• Provides data for reconciliation and audit trail.

• Provides business intelligence via robustreporting on collectionsreporting on collections

Citi Instant Collect (CIC)An instant electronic collection solution eliminating the need for cash and/or cheque collection at the Client’s premises or the bank branch.

Product Definition & Features Leverages NIBSS Instant Payment platform

p

Process Flow

Bank account number based (NUBAN compliant)

Online & real time fund transfer (within 5 minutes)

Highly Secure

21

Customer/Agent/DealerCustomer/Agent/Dealer TransferTransfer

g y

Beneficiary account validation

Transaction Alert provides visibility3

CorporateCorporate

5

Benefits

Streamlined collection process – eliminates inefficient collection instruments and processes

4

NIP Switch

3

Instant Credit – immediate value into account just like cash

Enhanced Reconciliation – Credits are posted individually for easy reconciliation

Description1. Client’s customer/agent/dealer receives bill /invoice

2. Customer effects instant transfer to Client’s account in Citi. This can be

Real time access – accounts via CitiDirect and monitor credits

Eliminates manual processing, reduced errors

Eliminates queues at teller implants and crowd at corporate

at bank branch, electronic banking channel or mobile channel

3. Transaction is processed via the NIBSS NIP engine

4. Citi receives transaction, credits Client on an STP basis and sendsnotification via e-mailEliminates queues at teller implants and crowd at corporate

premises. 5. Client provides service to its customer on confirmation of payment

Definition

Direct Debits

Direct debit is a cash-less form of financial settlement, which facilitates settlement of "regular in nature" payments.

Key Features

• Payments are regular in nature

• Amounts could be fixed or variable

• It normally involves three parties (agreements will be executed)

• The creditor initiates the transaction (preferably on CitiDirect®)

• Three days clearing period (runs on the existing clearing infrastructure)

• Cost - NEFT fees (Pricing – Max. N1,000; Min. N50)( g , ; )

Collect authorizations and bank information from customers

Send instructions to Citi Citi Debits your client’s account

Direct Debit – Key BenefitsBenefits To You Benefits To Your Clients

• No need to operate multiple accounts for invoicecollections

• Faster collections of receivables

• No need to visit your offices or the banks to pay theirbills

• An easy and convenient payment methodFaster collections of receivables

• Improved working capital management due topredictability of payments

• An easy and convenient payment method

• No need for tracking when invoices are due. Paymentsmade on time as long as account is funded

• Faster information on unpaid invoices

• Reduced administration costs on receivable collections

• Productivity gains through automation

• Can enjoy discounts and incentives for promptpayments

• Reduced direct costs like cheque stationary costs andwear & tear from going to the point of paymentProductivity gains through automation

• Improved service quality through efficient collections

• Reduced paperwork through reduction in stationery for

wear & tear from going to the point of payment.

statement rendition and administration.

Citi® provides a convenient reliable way to collect receivables from your customers and an efficient method of managing your accounts receivable portfolio

SpeedCollect

Deposits within Citi branches Network of 13 branches, 10 in key commercial centres

O li i f ti b t d it il bl i CitiDi t ithi t h f th d it b i d

your accounts receivable portfolio.

On-line information about deposits available via CitiDirect within two hours of the deposit being made

Nationwide coverage from alliance with correspondent banks 800+ correspondent bank branches nationwide. Funds credited to customer’s account with Citi® same day

i.e. day of deposit (Clearing period apply for cheques)i.e. day of deposit (Clearing period apply for cheques)

Customized Deposit Slips (where necessary) and Data Capture Sequential Numbering of Deposit Slip for transactions Pertinent details (unique reference numbers etc) available online via CitiDirect or hardcopy statements

delivered monthly

Benefits Resource Optimization: Time and resources allocated to the deposit of collections can now be used in other, more

productive activities

Convenience: Citibank SpeedCollect reduces the amount of valuable time personnel invest in the collection process

A i C ll i i f i b i d i Ci iDi O li B ki Thi i f i l b d l d d Automation: Collection information can be monitored via CitiDirect Online Banking. This information can also be downloaded to yourreceivables system, to facilitate the reconciliation and posting process

We have mandates for collection of taxes and revenues for FIRS, MTN, Nigeria Customs, Nigeria Ports Authority, Zain, DSTV,Lagos, Client and Rivers State Governments

Payment Capabilities

Payment Method Description

Payment Capabilities – Overview

Payment Method Description Cash Cash

Account to Account Transfer

Funds Transfer between two accounts held in Citi (on-line). Client can use this to pay beneficiaries with accounts in CitibankTransfer pay beneficiaries with accounts in Citibank

Cheques Paper-based, can be returned unpaid, amount payable must not be greater than 10 million Naira. There is a N150,000 cap on paying cash for third-party cheques.

D ft (P li k) P b d d b k l i t it i dDrafts (Paylink) Paper-based, drawn on bank, clearing transit period

Electronically issued through CitiDirect for Paylink. Amount paid must not be above Ten Million Naira

Domestic Electronic Funds Transfer

Allows the Client to make Naira payments to any account within Nigeria including their offices, suppliers, staff, etc

Via the local Clearing System e.g. NEFT, NIBSS Instant Pay, RTGS

Can be used for payroll, vendor/supplier payments, etc

Cross Border Funds Transfer

Cross Border movement of funds in any currency, or in-country movement of a foreign currency – subject to exchange control regulationsg y j g g

Cards Local currency and Foreign currency credit cards (MasterCard / Visa).

Worldlink® Cross-border payments in multiple currencies from a single accountWorldlink Cross-border payments in multiple currencies from a single account

Citibank PayLink provides your business with a convenient, fast, reliable and secure way to make disbursements to your suppliers vendors shareholders employees other companies and individuals via the Paylink cheques initiated from

Paylink

Flexibility Variety of PayLink payment instruments

suppliers, vendors, shareholders, employees, other companies and individuals via the Paylink cheques initiated from CitiDirect®.

1. 4.

Cost Reduction Reduced internal processing and administrative costs

Security Restricted access to authorized personnelp

User profiles - define the functions operators are allowed to perform

Encryption

Automation Increase in productivity

How it works1. Client inputs payment file from ERP into CitiDirect®2. Transmit Payment File to Citi

Automation Increase in productivity Simplification of payment processing

allows you to concentrate on your core business activities

Customer Dedicated electronic banking Help Desk

3. Citi Debits Client’s Account and Prints Bank Guaranteed Cheques

4. Cheques delivered to Client offices for collection by the beneficiaries

Customer Service

Dedicated electronic banking Help Desk

Reconciliation Reports provided for full lifecycle tracking of cheques – issued, paid, stopped, staled and outstanding cheque report3 staled and outstanding cheque report

Risk Management

Post-issuance risks transferred to Citi Automated, stringent validation process No successful fraud since inception

of this product

2.3.

of this product

All payments can be initiated through CitiDirect, which can be integrated with Client’s Accounting Package.

Domestic Funds Transfer

Book Transfer Account to Account transfers for beneficiaries who have Citi accounts

Cash pick-up across the counter. Solution works well for beneficiaries who do not maintain accounts with Citiwith Citi

Funds Transfer – NEFT 24 hr (Next Day) payment system

For Large volume – Salaries, Suppliers, Pension etc payments

No amount limits for transactions

Leverages Nigerian Automated Clearing System infrastructure (Cheque clearing)

No return payments (Except beneficiary details are wrong)

All banks in the country are members

Funds Transfer – RTGS Real-time (Same day) payment system. Credit within max of two hours

For Large value, time critical payments

No return payments (Except beneficiary details are wrong)

Managed by the Central Bank of Nigeria (CBN)

NIBBS Instant Pay – NIP Rides on the Instant Payment Engine hosted by NIBSS.

Account-number based

Online real-time inter-bank fund transfer

Currently supports “Single” item transaction. Bulk processing expected in the future

Secure and irrevocable transfer to all commercial banks in Nigeria

Payment status available on supported channels

Account name validation as part of the payment process

Use of Citi’s global network in over 100 countries results in low lifting/correspondent bank fees.

Foreign Currency/Cross Border Payments

Your Concern Citi's SolutionSpeed Global network to expedite delivery at

minimal cost

Overview Foreign currency payments done through CBFT module

f CitiDi tminimal cost Electronic payments in 137 currencies

Cost Lower Lifting Fees Increased process and service efficiencies

of CitiDirect

Reduction in transactional fees – use of Citi’s global network results in low lifting/correspondent bank fees

Foreign Currency drafts Improved Foreign Exchange

Implementation Dedicated and experienced resources to ensure effective implementation

g y– Drafts are delivered to the Client’s office

Foreign Currency Funds Transfers– Transactions done out of the Client’s domiciliary accounts

Subject to Local foreign exchange regulationsElectronic Banking

CitiDirect® – Citi’s award winning system For payments, reports, online investigation

and servicing

Customer Service Commitment to quality processes at

– Subject to Local foreign exchange regulations

Customer Service Commitment to quality processes at ISO standards

Presence in 103 countries and network in an additional 90, for seamless delivery and service resolution

Dedicated Citiservice team

Business Continuity

Best practice through extensive planning and frequent testingy q g

CitiDirect Online Banking

CitiDirect® Online BankingCitiDirect® is a sophisticated, user-centered interface offering customers global access, uniform client software, enhanced, customized reporting capabilities and online technical and customer services support

CitiDirect® Online Banking is Citigroup’s online banking platform, web-enabling our Cash Management and Trade products. It provides a single, consistent electronic channel for our customers to interact with us. Currently, CitiDirect® is used by over 50,000 clients in 160 countries around the world, with monthly transaction volumes of $100 billion, and it is available in 24 languages.

customized reporting capabilities and online technical and customer services support.

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CitiDirect® utilizes highly sophisticated and proven technologies to guard the financial data of its customers. Our multilayered security approach enables the management of banking transactions with confidence.

Benefits include: Enabling users to make payments wherever you have access to the web

Enhancing the clients’ ability to assess daily cash positions to better manage working capital

Consolidation of real-time reporting processes in over 160 countries

Automation of day-to-day activities

Simplifying management of complex trade activities

Allowing users to control workflows for a higher degree of efficiency

What can CitiDirect® do for you?

Single source of information to set cash position, provide information reporting, receive notifications

Efficiency benefits automation, integration and workflow capabilities to help you better manage your working capital

Single Platform for payments (160 countries and 100+ currencies), trade and receivables, account information and liquidity management

Centralized Tool allowing for greater control of subsidiaries especially for Shared Service Centers and in-house banking solutionsCentralized Tool allowing for greater control of subsidiaries, especially for Shared Service Centers and in house banking solutions

Trade Finance & Services Capabilities

Our Trade Products offerings are structured towards Trade Services and Finance.

Trade Products Capabilities

Trade Services

Export Services

Bills For Collection

Unconfirmed & Cash Collateralized Import Letters of Credit

Invisibles Remittances – Dividend, Management, Technical Support Fees etcInvisibles Remittances Dividend, Management, Technical Support Fees etc

Trade-centered electronic banking platform- CitiDirect For Trade

Platinum Trade Services & Dedicated Trade Products Manager

E il tifi ti f t ti t t E-mail notification of transaction status

Bonds/Guarantee Issuance / Amendments

Trade Services time lines:Trade Services time-lines:

Form M acceptance – 24hours -48 hours

LC establishment – within 24 hours of receipt of form M acceptance notification. p p

Remittances – Within 24 hours of receipt of request

Customs Duty - Same day

RAR issuance – 48 hours – 5 business days

Trade Finance

Bills For Collection Financing – Local and Foreign Foreign Currency Letters of Credit financing (ITFF)Bills For Collection Financing Local and Foreign Currency

Guaranteed Bills For Collection

g y g ( ) Local Currency Letters of Credit financing (IFP) Export pre-shipment/post shipment Finance

USD Denominated(ITFF)

Floating Rate(Tied to LIBOR)

Trade Finance(Sight/Usance)

Payment extension provided by Citi®

NGN Denominated Fixed Rate

Features

To issue a confirmed LC, Citi® will provide financing to the client for both sight and usance LCs

Issuance is subject to credit analysis of the client’s financials and meeting the conditions precedents to draw down

Facility may be denominated in Naira (NGN) or US Dollar (USD) for Import Trade Finance Facilities (ITFF)

Pricing for ITFF benchmarked to LIBOR

Payment extension for LCs (sight and usance) can be provided by Citi® Payment extension for LCs (sight and usance) can be provided by Citi®– Citi® pays on behalf of the client and the client repays on an agreed repayment date

We are able to effect seamless and timely payments of your invisible trade transactions in foreign currency.

Invisible Trade - Invisibles (Form A) Remittances

Conference, Seminars and Training Courses (Organized Abroad)

Technical Services Fees

License (Patent, Trade Mark, Know-How)

Management Service Feeg

Consultancy Fees

Dividend Remittances

Service charge for repair of Machinery and Equipment Overseas

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Supplier Finance

Our ProposalThe Supplier Finance Concept

Partnership between the buyer (Client) and the Bank (CITI) to allow pre-agreed Suppliers (Client vendors) to enter a program to sell receivables to the Bank

FeaturesFeatures

Suppliers do not need to be customers of the bank or open any account with Citi and are under no obligation to enter program

Th t i t f i bl / d “ t d” b b The program operates in respect of receivables/goods “accepted” by buyer

Benefits to Buyer

1. Support its Supply Chainpp pp yBy offering suppliers a new credit and liquidity source at a lower cost than their own, the buyer strengthens and reduces uncertainty in its own supply chain and improves its supplier relations

2. Working Capital /Margin BenefitsBuyer can negotiate extended payment terms or cost price discounts based on the benefits to the supplier thru this programme thereby improving Working Capital and/or reducing Cost of Goods Sold

3. Create a New Profit CentreBuyer can create a new profit centre for itself by sharing in the benefit of lower cost of credit enjoyed by the supplier

4. Cost free and easy to implement

There are no fees or costs charged to the buyer for Supply Chain Finance and the programme has only limited operational impact on the buyer

Supplier Finance Basic Mechanics

Example: Day 1* Day 6* Day 30*

S liApprovesBuyer Buyer BuyerSupplierApproves Invoice

Sells Receivables

Remits

Disbursement of payment;

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SupplierSupplierBuyer Buyer Buyer

After receipt of goods,

sends

Supplier Finance

Remits Funds

Supplier Finance

settlement of invoice

Supplier Finance

sends Invoice/ Payment

Instructions

Client approves supplier’s invoice and instructs Citi to pay supplier on a future date

Supplier may immediately choose to discount the underlying receivables for cash without recourse and at an

Bank debits Client disbursement account for the full amount of the

t th d d t

Program Program Program

date Supplier is notified of payment to be

received from buyer on a future due date (e.g. Day 30)

cash without recourse and at an attractive discount rate

Bank remits funds to supplier

payment on the due date

* Actual timing will be determined based on Client’s processes and objectives

Benefits – Cost SavingsSupplier optimizes cost benefit– Example

Payment Terms is 45 Days

Assume Supplier’s existing cost of Working Capital Finance is 20% p.a.

Assume Supplier’s cost of Working Capital Finance under CITI Supplier Finance Solution is 17% p.a.

Win – Win Partnership

Assume Supplier s cost of Working Capital Finance under CITI Supplier Finance Solution is 17% p.a. (3% p.a. savings)

Loan

Total Cost of WC Financing: N200 million, 45 days, at 20% N 4,931,507

Delivery,Invoice to Client

45 Days After Delivery(Maturity Date)

Supplier Finance

Total Cost of WC Financing: N200 million, 45 Days, at 17% N 4,191,781

Saving for the Supplier Over 45 Days N 739,726

It’s a win-win for both the Client and seller

*******invoice amounts and rates used are indicative******

Benefits – Longer Payable DaysClient Negotiates Extended Payment Terms – Example

Payment Terms is 45 Days

Assume Supplier’s existing cost of Working Capital Finance is 20% p.a.

Assume Supplier’s cost of Working Capital Finance under CITI Supplier Finance Solution is 17% p.a. (3% p.a. savings)

Win – Win Partnership

pp g p pp p ( p g )

Loan

Total Cost of WC Financing: N200 million, 45 days, at 20% N 4,931,507

Supplier Finance

Delivery,Invoice to Client

54 Days After Delivery(Maturity Date)

45 Days After Delivery(Original Maturity Date)

Total Cost of WC Financing: N200 million, 53 Days, at 17% N 4,931,507

Client achieves Extension of Payment Terms by 8 Days (Without Increasing Costs for the Supplier)

Commercial Cards

Commercial CardsIntroduction of a credit card product suite in 3 currencies of Naira, USD and EUR to serve alternative payment needs of corporate and commercial customers

Product Range

The Commercial card shall be launched under 5 product lines:

corporate and commercial customers.

p• Corporate Card – to address Travel & Entertainment needs

• Purchasing Card – to address company purchasing needs

• One Card – to address single card need

• Central Travel Card – to address Travel account need

• Meeting Card – to address expense control needs for meetings, conferences and projects

• Virtual Card – to address needs where a physical card is not required or where there are concerns with use of a high limit card

Product Features

The features include:• Issuance on both Visa and MasterCard International Association Platforms

• Issuance in 3 currencies of Naira, USD and EUR

• All cards can be used both locally and Internationally subject to exchange control requirements

• Online platform for cardholder and program administrators for statements

• Custom reporting platform for customers to customize reporting requirement

• Card Transaction Integration using File Delivery Services

• Enhanced expense control using MCC and SIN Codes

• 24*7 Customer Service Support from London

Corporate CardPayment mechanism for corporate T&E expenses

Commercial Cards (Contd.)

– Payment mechanism for corporate T&E expenses– Typically Air, Rail, Hotel, Restaurant, Taxi etc.

Purchasing Card– Low value purchases, to address transactions under a certain value– Usage of spending restrictions to control buying (single transaction limits, merchant category code blocks)– Faster payment to suppliers, as guaranteed payment usually within

2 days

O C d One Card– Designed to combine the functions of the Corporate & Purchasing Card– Relies on adoption of Central Billing across spend types

Central Travel Card/Account Central Travel Card/Account– Central Travel Account “lodged” with clients Travel Management Company– Most commonly used for Air Fares– Centralised Statements and Reporting for reconciliation

Meeting Card– Meeting events costs– Conference costs– Project costsProject costs

Virtual Card Accounts– Used instead of a real card account for card-not-present transactions – System designed for greater reconciliation to a single use card number that is generated

Awards

World's Best BanksGlobal Winner Cash Management Bank

Awards for Excellence 2009World’s Best Cash Management House • #1 Online Corporate and Commercial 

E B ki Pl tf f L C t B t E B kGlobal Winner ‐ Cash Management Bank 

World’s Best Treasury and Cash Management Providers

Best Overall Bank for Cash Management

Best Cash Management House forAfrica

Best Transaction Services House in Africa

E‐Banking Platform for Large Corporates • #1 Online Corporate and Commercial E‐Banking Platform for Middle Markets

Best E‐commerce Bank 

Technology Awards

Winner: Enterprise–wide Information Security – Secure Authorization Services

Best Bank for Risk Management in Africa

World’s Best Internet BankCiti in: Nigeria, Algeria, Cameroon, Congo, Cote‐D’Ivoire, Gabon, Morocco, Senegal, South Africa, Tanzania, Tunisia, Uganda, Zambia

Best Global Cash Management Banks (as voted by Corporates and FIs)

Best Regional Cash Management Bank in Africa

Innovation of the Year: CitiDirect® BE

Authorization Services 

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Best Online Cash Management in Africa

Best Corporate/Institutional Internet Banks 2011: Nigeria, Algeria, Cameroon, Congo, Cote D’Ivoire, Egypt, Gabon, Israel, Jordan, Kenya, Kuwait, 

Best Domestic Cash Management Bank: Citi in Nigeria, South Africa, Kenya, Zambia, Cote d’Ivoire, Tanzania, Uganda

Lebanon, Morocco, Senegal, South Africa, Tanzania, Tunisia, Uganda, Zambia

Citi® is recognized by clients and the world’s leading financial services publications for its leadership, expertise innovative solutions and superior client

Bank of the Year AwardsCashManagement House of the Year

expertise, innovative solutions and superior client service

Best Foreign Bank in Nigeria 2010 Award

Cash Management House of the Year 

IRS Circular 230 Disclosure: Citigroup Inc. and its affiliates do not provide tax or legal advice. Any discussion of tax matters in these materials (i) is not intended or written to be used, and cannot be used or relied upon, by you for the purpose of avoiding any tax penalties and (ii) may have been written in connection with the "promotion or marketing" of any transaction contemplated hereby ("Transaction") Accordingly you should seek advicefor the purpose of avoiding any tax penalties and (ii) may have been written in connection with the promotion or marketing of any transaction contemplated hereby ( Transaction ). Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements. This presentation is not a commitment to lend, syndicate a financing, underwrite or purchase securities, or commit capital nor does it obligate us to enter into such a commitment. Nor are we acting in any other capacity as a fiduciary to you. By accepting this presentation, subject to applicable law or regulation, you agree to keep confidential the existence of and proposed terms for any Transaction.

Prior to entering into any Transaction, you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to

h l l t d ti d i ( d i k i t d ith T ti ) d di l i t th tt B t f th t i l d h b th t f th t f di i ithsuch legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters. By acceptance of these materials, you and we hereby agree that from the commencement of discussions with respect to any Transaction, and notwithstanding any other provision in this presentation, we hereby confirm that no participant in any Transaction shall be limited from disclosing the U.S. tax treatment or U.S. tax structure of such Transaction.

We are required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with us. We will ask for your complete name, street address, and taxpayer ID number. We may also request corporate formation documents, or other forms of identification, to verify information provided.

Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers. These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at any time.

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© 2013 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

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Although this material may contain publicly available information about Citi corporate bond research, fixed income strategy or economic and market analysis, Citi policy (i) prohibits employees from offering, directly or indirectly, a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation and (ii) prohibits analysts from being compensated for specific recommendations or views contained in research reports. So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citi has enacted policies and procedures designed to limit communications between its investment banking and research personnel to specifically prescribed circumstances.

© 2013 Citigroup Global Markets Limited. Authorized and regulated by the Financial Services Authority. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are usedand registered throughout the world.

© 2013 Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

© 2013 Citigroup Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

© 2013 [Name of Legal Vehicle] [Name of regulatory body.] All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

In January 2007, Citi released a Climate Change Position Statement, the first US financial institution to do so. As a sustainability leader in the financial sector, Citi has taken concrete steps to address this important issue of climatechange by: (a) targeting $50 billion over 10 years to address global climate change: includes significant increases in investment and financing of alternative energy, clean technology, and other carbon-emission reduction activities;(b) committing to reduce GHG emissions of all Citi owned and leased properties around the world by 10% by 2011; (c) purchasing more than 52,000 MWh of green (carbon neutral) power for our operations in 2006; (d) creatingSustainable Development Investments (SDI) that makes private equity investments in renewable energy and clean technologies; (e) providing lending and investing services to clients for renewable energy development and projects;(f) producing equity research related to climate issues that helps to inform investors on risks and opportunities associated with the issue; and (g) engaging with a broad range of stakeholders on the issue of climate change to helpadvance understanding and solutions.

Citi works with its clients in greenhouse gas intensive industries to evaluate emerging risks from climate change and, where appropriate, to mitigate those risks.Citi works with its clients in greenhouse gas intensive industries to evaluate emerging risks from climate change and, where appropriate, to mitigate those risks.

efficiency, renewable energy & mitigation