GTS European Client Advisory Board

for Investment Managers

Continuity in an uncertain world

10-11 November 2011 London, United Kingdom

 

Welcome

Thank you for joining our second 2011 European Client Advisory Board for Investment Managers.

At Citi, we value the candid input from our stakeholders on how we can continue shape our strategic direction. As such, we see this meeting as a valuable chance to understand your views on the industry and best practices as well as the initiatives that we have been working on.

In return, we hope you find the discussions informative and meaningful for your business and that we can continue to improve how we work with you in the future.

Thank you.

Andrew Gelb EMEA Head of Securities and Fund Services Global Transaction Services, Citi

Jervis Smith Global Head of Client Executive Global Transaction Services, Citi

Table of Contents

Agenda at a Glance .............................................................................................................................. 1

Map ......................................................................................................................................................... 2

Venue Information and Menus ............................................................................................................ 3

Guest Speaker ...................................................................................................................................... 4

Board Members .................................................................................................................................... 5

Board Members Biographies ............................................................................................................... 6

Citi Attendees...................................................................................................................................... 11

Key Contacts ....................................................................................................................................... 17

1

Agenda at a Glance

Day One — Thursday 10 November 2011

Dinner - Home House (20 Portman Square, London W1H 6LW)

19:30–23:00 Welcome Address and Introductions Andrew Gelb, EMEA Head of Securities and Fund Services

Day Two — Friday 11 November 2011

Investor CAB - Stirling Square (5-7 Carlton Gardens, Mayfair, London)

08.30 Coffee and Registration

09:00 Welcome, Objectives for the Day and Follow-ups to Last Meeting

Andrew Gelb, EMEA Head of Securities and Fund Services

Jervis Smith, Global Head of Client Executive

09.45 The Eurozone Crisis

William (Bill) Lee –Chief Economist, Citi Investment Research and Analysis (CIRA)

10.30 Regulatory Update

Natalie Westerbarkey, Market Manager, Investor Client Executive

11.00 Coffee Break

11.30 Operational Risk Management – Greece and MF Global

Tom Isaac – Global of Intermediaries for Client and Sales Management

12.00 Wrap Product & UK Distribution Challenges

Nick Stebbing – Head of UK Wrap

12.30 Lunch

13.20 Business Development Update

Jose Longree, EMEA Head of Investors for Client and Sales Management

13.45 Innovation

Bernard Hanratty – EMEA Investor Services, Franchise Director

14.15 Network 3.0 and Integrated Custody

Richard Ernesti, Global Head of Investors for Client and Sales Management

Agnelo d’Souza, Director, Integrated Custody Product Manager

15.00 Outsourcing Update

Will Gibson, EMEA Head of Securities & Funds Services Operations

15.30 Coffee / “Behind Closed Doors”

Breakout session for CAB delegates followed by feedback to Citi delegates

16.30 Closing Remarks

Andrew Gelb, EMEA Head of Securities and Fund Services

17.00 Cocktails

2

Map

Home House 20 Portman Square London W1H 6LW

Stirling Square 5-7 Carlton Gardens London SW1Y 5AD

3

Venue Information and Menus

Advisory Board Hours

Friday, 11 November 2011

08.30 Arrivals and Light Breakfast

09.00 Advisory Board Begins

11.00 Break

12.30 Lunch

15.30 Coffee / “Behind Closed Doors” Session

17.00 Close and Cocktails

Please find below the breakfast, lunch and dinner menus for the European Client Advisory Board for Investors.

If you have any special dietary requirements, please contact Carolina Ely at carolina.ely@citi.com or on +44 (0)20 7508 9415 (tel) or +44 (0)77 2568 1017 (mobile).

Thursday 10 November 2011, Home House (20 Portman Square, London W1H 6LW)

Dinner Menu

• Asparagus with Truffles Vinaigrette

• Roast Pollock wrapped in Pancetta with Pea Purée with Pea Shoot & Mint Salad, Jersey Royals

• Cream de Vanilla with strawberries poached in champagne

Friday 11 November 2011, Stirling Square (5-7 Carlton Gardens, London SW1Y 5AD)

Breakfast

• Danish Pastries, Bacon Sandwiches

• Coffee, Tea, Orange Juice, Mineral Water

Lunch

• Aubergine Caviar, Autumn Vegetables and Crisp Flatbread (v)

• Thyme Roasted Chicken, Crushed Turnips, Girolles and Mushroom Sauce

• Dessert to be served in seminar room

Evening Canapes

• Loch Duart Salmon marinate in Limoncello, pickled Cheltenham Beetroot

• Smoked Haddock and Celeriac Rillette, Chive cream

• Ragstone Goats Cheese Mousse, Heritage Apple Caviar

• Juniper Berry Crusted Venison

• Vietnamese Style Chicken Pancake, Coriander, and Spring Onion Salsa

• Cep Mushroom Arancini

• Hazelnut toffee apple

4

Guest Speaker

William (Bill) Lee Managing Director, Chief Economist Citi Investment Research and Analysis

William has become an integral member of Citi's global team of economists, drawing on and contributing to the

team's overall output, but will have a specific focus on issues that are most relevant to the Firm's Global

Transactions Services (GTS) businesses and their clients. He will also have primary responsibility for delivering

the global economics team's insights to GTS clients at conferences and bi-lateral meetings around the globe.

Prior to joining Citi, Bill was an economist with the Federal Reserve System Board of Governors in Washington,

and later moved to the Federal Reserve Bank of New York as Senior Economist and Division Chief of the

Financial Markets Division. For the last 18years, Bill was Deputy Division Chief at the International Monetary

Fund (IMF) where, among other accomplishments, he established its Hong Kong office and was the IMF

Resident Representative from 2000-2003, was Mission Chief for Singapore, and Senior Desk Economist and

Deputy Division Chief covering the United States and Germany. More recently, Bill had been Deputy Division

Chief responsible for analytical chapters of the IMF’s flagship publication on global financial stability (The Global

Financial Stability Report). Some of the key issues he researched and wrote about related to asset allocation,

credit derivatives, hedge funds, pension funds, and global regulatory reforms to strengthen the stability of the

financial system.

Bill holds a BSc in Operations Research and a PhD in Economics, both from Columbia University, NY.

5

Board Members

AEGON N.V.

Cyril Dasmien

Head of Fund Service Management

COMAC

Malcolm Butler

Chief Operating Officer and Partner

Goldman Sachs Asset Management

Mark Heaney

Head of International Product Group

Investec Asset Management

Grant Cameron

Central Management

Irish Life Investment Managers

Simon Hanratty

Chief Operating Officer

Janus Capital Group (London)

Nigel Austin

Legal Counsel and SVP

Kames Capital

Neil Donaldson

UK Head of Operations

Legg Mason & Co (UK) Limited

Terry Yodaiken

Director of Product Management

Man Group

Simon White

Head of Product and Client Operations

Pioneer Investments

David Harte

Global Head of Investment Operations

Standard Life PLC

Mike Tumilty

Head of Investment Operations

6

Board Members Biographies

Nigel Austin Legal Counsel and SVP

Janus Capital Group (London)

Nigel is a Scottish National. He lives in Edinburgh commutes from Edinburgh to London on a weekly basis (he lives in London Monday to Thursday). His wife and young family live in Edinburgh. Nigel's relationship with Citi is largely that in his capacity as General Counsel, he works closely with Citi on the Janus Capital Funds (an Irish domiciled UCITS fund) with European and Asian distribution). Nigel is a graduate of Edinburgh University where he received a Law Degree.

Malcolm Butler Chief Operating Officer and Partner

COMAC

Malcolm joined COMAC in March 2008 as Chief Operating Officer and Partner. In this role, he heads up COMAC’s business functions including Risk, Finance, Operations, Investor Relations, Legal and Technology, covering all non-investment team activity. He was at Citi from 1991 to 2008, starting as a Management Associate in the European Cash Management division (1991-1996). When he left to join COMAC, he was the EMEA Head of Securities and Funds Services (SFS), and Chief Operating Officer (2007-2008). Malcolm was previously Head of Investor Services for SFS (2007), as well as Head of Global Fixed Income Trading and Cash Re-Investment for Securities Finance (2006-2007). In addition, he held positions as Managing Director and Chief Financial Officer for the Global Transaction Services businesses (Cash Management, Trade and Securities Services) in London (2003-2005). He was previously Global Chief Operating Officer for a proprietary trading business (2000-2003).

Grant Cameron

Managing Director

Investec Asset management Guernsey Ltd.

Grant is a Managing Director of Investec Asset Management Guernsey Ltd and a director of Investec Asset Management’s flagship offshore fund range the Luxembourg domiciled Investec Global Strategy Fund. He is also the chairman of the valuation committee and joint chair of the regulatory management committee. He is a director of a number of Investec Asset Management offshore entities and funds domiciled in Luxembourg, Ireland, Guernsey and Mauritius. He is an independent non-executive director of the AIM listed Aurora Russia Ltd.

 

Cyril Dasmien

Head of Fund Service Management

AEGON NV

Cyril joined AEGON Asset Management NL in April 2010 as Manager of the Fund Service Management team which core role is to manage the relationship with suppliers. Prior to AEGON Asset Management, Cyril was managing the securities services department (securities lending and global custody) for RBC Dexia Amsterdam from 2006 until 2010 and held several roles at Societe Generale Investment Banking and CDC IXIS in Paris from 2000 until 2006

7

Board Members Biographies (Cont’d)

Neil Donaldson

UK Head of Operations

Kames Capital

Neil is Scottish, works for Kames Capital, the asset manager of AEGON in the UK which changed its name to Kames effective 1st September 2011 in order to distinguish itself as a third party investment manager. Neil's background is Transfer Agency, has worked for Mellon prior to Kames where up to Feb 2011 he was responsible for the Transfer Agency, OTC and Data Management functions. Effective Feb 2011 he also took on Fund Service Management group which is the oversight group for all of the outsource providers including Citi as their largest third party. He is heavily involved and a key influencer in the UK contractual negotiations. Very pragmatic calm person. He is married, has two sons and is a keen golfer.

David Harte Global Head of Investment Operations Pioneer Investments

David is the Global Head of Investment Operations for Pioneer Investments and the Chief Operating Officer of Pioneer Investment Management Limited and has more than 20 years’ experience in the financial industry. Before this, David was Chief Administrative Officer at Pioneer Investments. In that role, he was responsible for Facilities, Finance, Investment Operations, Fund Operations, Transfer Agency, Organisational Change Management and Risk Management departments. Prior to joining Pioneer Investments in June 2003, he was Chief Operating Officer and a member of the Board of Directors at Bear Stearns Bank plc (BSB), Dublin, where he was responsible for operations, IT, finance, Trustee & Custodial Services and Legal and Compliance of the bank. David was initially recruited by BSB in 1997 as Head of Internal Audit and was promoted to Director of European Internal Audit, the position he held between 1999 and 2001. He holds a BA (Honours) Degree in Economics and Geography from Trinity College Dublin.

8

Board Members Biographies (Cont’d)

Simon Hanratty Chief Operating Officer Irish Life Investment Managers

Simon Hanratty assumed responsibility as COO in June 2009. He took over from Anne Marie Whelehan, who moved within the Group to Head Treasury Operations for Irish Life. Simon joined Irish Life in 1987 from School. He worked there for 9 years until 1996 before leaving to take up a position with a mobile phone company. In 2004 he rejoined Irish Life as Head of IT for the Investment Management Company and then took up a role as Head of Group IT. Simon holds an Advanced Diploma in Management from UCD and is very much involved in his local community sports organisation. He trains a girls’ under-14 hurling team and runs the junior section of his club in a voluntary capacity.

Mark Heaney Head of International Funds Group Goldman Sachs Asset Management

Mark joined Goldman Sachs Asset Management in May 2005 as Head of European Fund Treasury and European Shareholder Services. In December 2008, he took on responsibility for the Asian Fund Services team. The renamed International Funds Group includes the European Fund Services (EFS) team, the Asian Fund Services (AFS) team, and the European Shareholder Services (ESS) team. Mark’s primary responsibilities are to oversee the external fund administrators who provide fund accounting, custody, trustee and transfer agency services for GSAM’s offshore funds range (domiciled in Ireland and Luxembourg) and domestic Fund ranges in Japan, Korea and India, representing over $100bn in assets. In addition, the Fund Services teams are responsible for managing the implementation of all new fund launches, and for coordinating all of the Funds Board meetings. The European Shareholder Services team are responsible for servicing all investors in the offshore funds.

9

Board Members Biographies (Cont’d)

Mike Tumilty Head of Investment Operations Standard Life PLC

Mike is responsible for all aspects of operations across the Investment Company including the Property portfolio. This extends to the management of our two major outsource providers and where Standard Life utilises Citi for fund administration. Mike joined Standard Life as a graduate trainee in 1994 and spent two years in various different parts of the Life and Pensions Company gaining a good understanding of all aspects of the business. After this he moved into the mutual funds arena and spent time between 1996 and 1998 as a Business Consultant with responsibility for the Unit Trusts to OEICS Conversion Programme.

In 1998, Mike was appointed Head of Mutual Funds Operations with responsibility for all aspects of Mutual Funds Administration. At the end of 2001 he was appointed Head of Change Management for Standard Life Investments. In October 2005, Mike took up his current position of Head of Investment Operations where a key responsibility is the continued evolution and management of the SLI Operating Model. In his spare time Mike combines parenting with football refereeing. He regularly officiates at all levels in Scottish Football and has taken charge of 48 Scottish Premier League games.

Simon White Head of Product and Client Operations

Man Group

.

Simon is the Head of Product and Client Operations (PCO) for the Man Group and formerly the COO of GLG and prior to this the CFO of GLG. From 1997 to September 2000, he worked at Lehman Brothers as Executive Director and Branch Manager of the GLG Partners division. From 1995 to 1997, he was Chief Administrative Officer of Lehman Brothers’ European high net worth business. From 1993 to 1995, he was European Controller at Lehman Brothers. Prior to 1993, Simon worked at Credit Suisse First Boston and PaineWebber in a number of senior business and support roles in their London and New York offices. Mr. White is a chartered accountant and a fellow of the Institute of Chartered Accountants and has worked in the financial services business since 1986.  

10

Board Members Biographies (Cont’d)

Terry Yodaiken Director of Product Management Legg Mason & Co (UK) Limited

Terry Yodaiken is the Director of Product Management at Legg Mason & Co (UK) Limited and joined the company in July 2008. Initially Terry’s focus was on management of existing products and development of new product initiatives for the Legg Mason International Distribution businesses in Europe and the UK. More recently Terry’s scope of responsibility has increased to cover the non-US domestic Americas (including Latin America) and Canadian distribution businesses.

Since joining Legg Mason Terry has been responsible for a number of key initiatives including the consolidation and rationalisation of funds both within single jurisdictions and cross-border as well as the development of a number of key new product developments such as the Legg Mason Western Asset Global Blue Chip Bond Fund, the Legg Mason Permal Global Absolute Fund. Terry is currently focused on launching the Legg Mason Western Asset Global Credit Absolute Return Fund – the first “sophisticated” UCITS fund to be offered by Legg Mason - and key tactical and strategic product planning to drive forward the Legg Mason International Distribution and Asset Management businesses.

11

Citi Attendees

The following Citi members will be present during the day and available to speak with:

CAB Leadership Team

Andrew Gelb

EMEA Head of Securities and Fund Services

Jervis Smith

Global Head of Client Executive

Citi Attendees

Catherine Brady

EMEA Head of Fund Services

Richard Ernesti

Global Head of Investors for Client and Sales Management

Will Gibson

EMEA Head of, Securities and Fund Services Operations

Bernard Hanratty

EMEA Investor Services Franchise Director

Jose Longree

EMEA Head of Investors for Client and Sales Management

Marion Mulvey

EMEA Head of Alternative Investment Services

Rajen Shah

Global Head of Collateral Management and EMEA /Head of Securities Lending

Nick Titmuss

EMEA Head of Global Custody

Natalie Westerbarkey

Director, Market Manager, Investor Client Executive

12

Citi Attendees (Cont’d)

Catherine Brady EMEA Head of Fund Services

Catherine is the EMEA Head of the Fund Services and Ireland Head of Securities and Fund Services. In her current position, she is responsible for the management of the SFS Ireland P/L, setting the strategic direction of the business to grow in Ireland and getting the product components of SFS to work together to maximise sales and margin to Citi. Prior to her current position, she headed up the Regulated Funds business of BISYS Fund Services and started her career by qualifying as a Chartered Accountant at PricewaterhouseCoopers. Catherine holds a B Comm and Diploma in Professional Accounting from University College Dublin, and is a Fellow of the Institute of Chartered Accountants of Ireland. Catherine is currently a member of the ICI International Operations Advisory Committee and EFAMA working groups.

Richard M.F. Ernesti Global Head of Investors for Client & Sales Management

Richard has been a Managing Director and Global Head of Investors for Client Sales Management since September 2008. Prior to assuming this role, he was the Managing Director and Global Head of Client Management for Prime Finance, responsible for relationship and client management across Prime Brokerage, Swaps and Stock Loan products, a position he held from June 2007. In October 2003, he assumed the responsibility for International Sales for Alternative Investments, Fund Services and Securities Services. Prior to this position, he was the Asia Pacific Region Head of Securities Services for Citi’s Global Transaction Services business. Richard joined Citi in September of 2001. Previously, he held positions such as Managing Director, Head of Customer Management in the Americas and Global Sales Head for the Global Securities Services Division at Deutsche Bank. Prior to joining Deutsche, Richard worked at State Street Trust and Banking in Tokyo for three years, and Chase Manhattan Bank in New York, where he completed the Management Development Program and worked within Chase Private Banking.

13

Citi Attendees (Cont’d)

Andrew Gelb EMEA Head of Securities and Fund Services

Andrew has been a Managing Director and the Regional Head of Citi’s Securities and Funds Services (SFS) business in Europe, the Middle East and Africa (EMEA) since June 2008. One of the key business lines of Global Transaction Services, SFS provides institutions worldwide — institutional investors, intermediaries and issuers — with a wide range of solutions that enable them to grow, reduce costs and mitigate risks.

In EMEA, SFS is one of the industry’s largest providers, with a local presence in 26 countries. Prior to this, Andrew was located in New York, where he was the Global Head of SFS Intermediary Services (Direct Custody & Clearing), the industry’s leading direct custody business, with a 57-country network. Also in New York, Andrew was the Head of Strategy and Planning for GTS, where he was responsible for business analysis, M&A and financial projects across the business.

Will Gibson EMEA Head of Operations and Client Delivery Securities and Fund Services

Will is the Head of Securities and Funds Services Operations for the EMEA region. Based in Dublin, he has the responsibility for leading the funds businesses, both long-only and hedge funds, the securities processing businesses, asset servicing, and direct custody in the region. This encompasses 57 countries, over six time zones, from Ireland to Pakistan, Scotland to South Africa. With over 2,500 colleagues in SFS EMEA Operations, we have major processing hubs in Dublin, Edinburgh, Warsaw, London, and Luxembourg, with additional centers in Italy, Spain, Russia, and Greece. He also leads our client delivery activities throughout the Region. Will was the Chief Executive Officer of IVY Creek Associates prior to joining Citigroup. He led this international consulting firm in the design and creation of infrastructure for banks, broker/dealers, asset managers, and custodians. He created the operating infrastructure for Al Rajhi Capital (KSA), and acted as expert witness in Madoff-related lawsuits on fund accounting and administration. Prior to that role, he was the Global Chief Operating Officer for ING Investment Management. He was the Chief Financial Officer & SVP – Operations and Technology for New York Life Investment Management, the Head of Global Debt Markets Operations for Merrill Lynch, Director of Operations for Barclays Group, and the Chief Operating and Chief Administrative Officer for Security Pacific National Trust.

14

Citi Attendees (Cont’d)

Bernard Hanratty EMEA Investor Services Franchise Director

Bernard is responsible for the management of Citi’s Investor Services franchise in EMEA. Investor Services delivers leading solutions to the insurance, asset management, mutual fund and pension segments. Investor Services combines a broad, yet modular, set of capabilities, with Citi’s unique global presence, to enable Citi clients to achieve their business goals. The capabilities range from global distribution support, to hedge fund middle office and global custody. Bernard has been with Citi for 25 years, during which time he has worked in sales, client management and operations. He is currently resident in Ireland, and spent six years of his career in London. Bernard is a past Chairman and Council Member of the Irish Funds Industry Association. He represents Citi on several national and European industry committees. He has a degree in computer science from Trinity College, Dublin.

Jose Longree EMEA Head of Investors for Client and Sales Management

Jose began his career as a lawyer, and moved into banking in 1996 at Banque Indosuez Luxembourg. The firm became Credit Agricole Indosuez, and by 2002 he focused on funds servicing and headed up the international sales forces of what was to become Caceis Group. He was promoted to CEO of CACEIS Bank Luxembourg in 2006 and became deputy CEO of the CACEIS Group in 2010. In 2011, he joined Citi as Managing Director, EMEA Head of Investors for Client Sales Management. He is currently an ALFI board Member.

15

Citi Attendees (Cont’d)

Marion Mulvey EMEA Head of Alternative Investment Services

Marion leads the Alternative Investment Services business in EMEA. This business encompasses fund administration services for European based hedge fund and private equity fund managers. The business currently employs approximately 400 staff in Ireland and Luxembourg. Marion has been with the business since July 2000 in various client facing roles and played a large part in building the business from a staff of 45 at that time to where it stands today. Marion moved into her current role in Spring 2009. Prior to joining this business, Marion worked with Salomon Smith Barney in London for three years in their Equity Product Control group and previous to that spent six years in audit and accountancy practice. She is a Fellow of the Institute of Chartered Accountants in Ireland.

Rajen Shah Global Head of Collateral Management and EMEA Head of Securities Lending

Rajen Shah was appointed Global Head of Collateral Management Services at Citi in May 2010 and became EMEA Head of Securities Lending in 2011. Prior to undertaking his current roles he was the Product Executive for Global Custody, Clearance and Collateral Management at J.P. Morgan. Rajen previously held various positions within the J.P. Morgan’s Investment Bank, including European Head of Derivatives Middle Office and Global Head of Derivatives Collateral Management. Before joining J.P. Morgan, in July 1996, he worked as a management consultant at Accenture, specialising in strategic re-engineering for financial institutions. Rajen holds a BSc. Honours degree in Business & Computing and has completed the Executive MBA (TGMP) at Harvard Business School.

Jervis Smith Global Head of Client Executive

Jervis the Global Head of the Investors Client Executive in the Securities and Funds (SFS) Group of Citi’s Global Transaction Services division, based in London. In this capacity, he is responsible for Relationship Management of Securities Services to the investment community across the globe. He assumed his current duties in May 2009. Prior to that, he was the Head of Financial Institutions for Managed Funds and the Middle East. He joined Citi in 1994, and has held a number of roles in Financial Institutions based in London and New York. Jervis is a Senior Credit Officer with 26 years of banking experience. His extensive experience has resulted in frequent invitations to teach risk management within the Bank and to speak on fund management issues to client groups and at conferences. Prior to joining Citi, he served as an Executive Director of the Financial and General Bank PLC in London for eight years, prior to which he was with National Westminster Bank from 1982 to 86.

16

Citi Attendees (Cont’d)

Nick Titmuss EMEA Head of Global Custody

Nick is the EMEA Global Custody Product Head based in London. In his current position, he is responsible for the financial strength, growth and stability of the Global Custody business in EMEA. His focus is to continually develop the product and its market competitiveness by developing and maintaining Citi’s leading industry position, maximising client satisfaction, retention and growth. Prior to his current position, Nick was an Implementation Manager, the Securities and Fund Services Income Processing Department Manager and as the Global Settlements Department Manager.

Natalie Westerbarkey Director, Market Manager, Investor Client Executive

Natalie joined Citi in April 2005 and facilitates the exchange with asset managers and investment banking clients on global regulatory reforms taking place in Europe, the US and Asia. As part of her knowledge role she leads investor client initiatives on socially responsible investing (SRI) including environmental, social and governance (ESG) and on UCITS global fund distribution trends. She also manages Web 2.0 initiatives.

In her prior market strategy role Natalie promoted changes in financial services as a member of the European Commission’s Monitoring Group, the ECB’s T2S Legal Task Force, the EBF, BBA, AGC, EUROFI and AFME. Natalie qualified as a judge in Germany and is licensed as a lawyer in Germany and the UK. She previously worked for Clifford Chance LLP in London and the European Commission in Brussels. She holds an LLM in International Investment, Banking, Trade Law and completed an Executive MBA at Cass Business School. She was born in Peru, has lived and worked in Guatemala, Costa Rica, Mexico, Madrid, Belgium, Germany and the UK.

17

Key Contacts

If you have any questions prior to or during the Advisory Board, please contact:

If you have any questions prior to or during the Advisory Board, please contact:

Jervis Smith Global Head of Client Executive Global Transaction Services, Citi T: +44 (0) 20 7986 3132 M: +44 (0) 7834 569 366 E: jervis.smith@citi.com

Gene Peterson Marketing Manager, Head of Investors and Issuers Global Transaction Services, Citi T: +44 (0) 7540 963 912 M: +44 (0) 78 6655 8318 E: gene.peterson@citi.com

To download previous presentations and materials, please visit:

www.europeanclientadvisoryboard.transactionservices.citi.com

Nourishing the Future: In lieu of physical gifts, Citi has made a donation on behalf of our clients to the UN World Food Programme’s “Fill the Cup” campaign. WFP doesThrough the “Fill the Cup” campaign, WFP now provides school meals to more than 21 million children in some of the most disadvantaged communities around the world.