INTERNATIONAL PERSONAL BANK U.S.

International Personal Bank U.S. (IPB U.S.), is a business of Citigroup Inc. (Citigroup) which provides its clients access to a broad array of products and services available through Citigroup, its bank and non–bank affiliates worldwide (collectively, Citi). Through IPB U.S. prospects and clients have access to the Citigold^® Private Client International, Citigold^® International, Citi Global Executive Preferred, and Citi Global Executive Account Packages.

Customer Service Center is a service unit of Citibank, N.A. serving clients in the Citi Global Executive Preferred and the Citi Global Executive Account Packages.

Global Executive Banking is a service of Citibank, N.A., providing banking and borrowing products and services.

Banking products and services are provided by Citibank, N.A. Member FDIC.

Purpose and Non–Purpose Loans are provided either by Citibank, N.A. or by Pershing LLC through Citigroup Global Markets Inc.

Subject to Credit approval and certain Anti-Money Lending (AML) requirements, Portfolio-Based Lending can be extended to individuals, Personal Investment Company (PIC) or Personal Investment Legal Vehicle (PILV) with an IPB U.S. checking account or Demand Deposit Account and a diversified portfolio. Some jurisdictions may differ in their requirements for Portfolio-Based Lending products.

Portfolio Based Lending may not be appropriate or in the best interest for every client. An investment strategy tied to the portfolio exposes the investors to additional costs, increased risks, and potential losses in excess of the amount deposited. The risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with the impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable and in your best interest, in light of your own investment profile including, but not limited to, your financial position and investment objectives. You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. Portfolio-Based Lending Regulation U Purpose Loans proceeds cannot be used for taking short positions in the investment account.

The firm can increase its margin requirements at any time and is not required to provide you advance written notice. You are not entitled to an extension of time on a margin call. Citi has the right to demand repayment of a demand facility at any time, for any reason or no reason.

Certain products mentioned may contain provisions that refer to a reference or benchmark rate which may change, cease to be published or be in customary market usage, become unavailable, have its use restricted and/or be calculated in a different way. As a result, those reference or benchmark rates that are the subject of such changes may cease to be appropriate for the products mentioned. We encourage you to keep up to date with the latest industry developments in relation to benchmark transitioning and to consider its impact on your business. You should consider, and continue to keep under review, the potential impact of benchmark transitioning on any existing product you have with International Personal Bank U.S. (IPB U.S.), or any new product you enter into with Citi. Citi does not provide advice or recommendations on the suitability of your product choice including with respect to any benchmark transitioning on any existing product you have with Citi. You should obtain professional independent advice (legal, financial or otherwise) in respect of the suitability of your products in light of benchmark transitioning, as you consider necessary.

Regulation U is the Federal Reserve Board regulation that governs loans extended by banks secured by margin stock.

Credit products available through the Clearing Firm are subject to the requirements of Federal Reserve Regulation T ("Reg. T").

Portfolio Based Lending is also known as Margin & Securities Backed Finance (MSBF). Not all products are available in all jurisdictions or to all customers. Portfolio-Based Lending carry risks and are not suitable or in the best interest for all investors.

Transactions may be executed outside of your country and without any participation from any Citigroup or Citibank subsidiary, branch or affiliate in your country. Some products may not be registered with the Financial Regulatory body of your country governing such financial products, nor may they be governed or protected by the laws and regulations of your country. Products and services offered by Citi and its affiliates are subject to the applicable local laws and regulations of the jurisdiction where they are booked and offered. Not all accounts, products, and services as well as pricing are available in all jurisdictions or to all customers. Your country of citizenship, domicile, or residence may have laws, rules, and regulations that govern or affect your application for and use of our accounts, products, and services, including laws and regulations regarding taxes, exchange and/ or capital controls.

Citigroup Inc. and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Compliance with Tax and Tax Reporting Obligations: You agree to comply with all applicable tax and tax reporting obligations with respect to your business relations and/or account(s) with Citi.

• Disclosure of Information by Citigroup and its affiliates ("Citi"):   
  • Internal to Citi and third–party service providers: You agree that Citi may process your personal information and disclose it to any Citi affiliate and, where applicable, third–party service providers engaged by Citi, both foreign and domestic. You acknowledge that the information that Citi processes, discloses, or transfers in connection with your account(s), and with its business relations with you, may include information relating to other persons to the extent permitted by applicable laws, regulations, legal process, courts, regulatory codes of conduct, and guidance and agreements between any regulator or authority ("applicable law"). In relation to such information, you represent and warrant that the relevant persons are aware of and agree to the processing, disclosure, and transfer of their information.
  • U.S. and Local Booking Center (if outside the U.S.) Regulations as Required by Law: You acknowledge that Citi may disclose your personal information, or transfer information and data with respect to your business relations and/or account(s) in Citi's possession, to regulators and governmental authorities, foreign and domestic, where required by either a United States regulator/ government authority or by the applicable booking center's regulator/government authority (if outside the U.S.), including disclosure of internal bank records that reflect communications regarding your business relations and/or account(s), if and to the extent permitted by applicable law.
  • In respect of the above two acknowledgments, "Internal to Citi and third–party service providers" and "U.S. and Local Booking Center Regulations (if outside the U.S.) as Required by Law", you hereby give your consent to the processing, disclosure, and transfer (electronically or otherwise) by Citi of all information and data with respect to your business relations and/or your account(s). Such consent shall be irrevocable to the extent permitted by applicable law. You expressly release Citi from all applicable statutory or contractual privacy, secrecy, and other confidentiality related obligations of any kind – including, in particular, data protection, financial privacy, and/or banking secrecy – that would prevent Citi from processing, transferring, and disclosing information and data with respect to your business relations and/or your account(s). You expressly waive any rights you may have under privacy, data protection, and bank secrecy laws, as applicable, to the fullest extent possible.

Investment strategies are not appropriate for every investor. Clients should review with their Financial Professional(s) the terms and conditions and risks involved with specific products or services.

Investments in financial instruments carry significant risk, including the following:

• Potential of loss of the principal amount invested. Because of the effect of leverage, a relatively small market movement will have a proportionately large impact of the funds you have deposited. This loss can be equal to, or some instances greater than the full amount of your initial investment.
• Options. Clients should be fully aware of the standardized terms, special vocabulary (such as puts, calls, delta and theta) and the potential high–risk characteristics of option transactions.
• International Investing, may have additional risk, including foreign, economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and differences in financial and accounting standards. These risks may be magnified in emerging markets.
• Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price of an investment in such products.
• Diversification does not ensure against loss.
• Foreign Exchange – Cash or forward positions in Foreign Currencies (Foreign Exchange –"FX") are volatile and involve inherent risks including the effect of leverage. FX transactions are not appropriate for every investor and clients should refrain from investing (or hedging) in FX unless they are knowledgeable, experienced and fully understand the terms and risks. Foreign currency cash positions are segregated but are not FDIC insured, are not bank deposits and have no bank guarantee. Certain FX transactions are only available to Eligible Contract Participants as defined in the Commodity Exchange Act.
• Past performance is no guarantee of future results.

Preferred stocks can be called prior to maturity, which may reduce yield if purchased at a premium. Preferred stocks may be subject to other call features or corporate restrictions that may have an effect similar to a call. Prices may fluctuate reflecting market interest rates and the issuer's credit status. Preferred stocks may include additional risks such as postponement risk, which allows for the issuer of a cumulative preferred stock to defer/postpone dividend payments for up to 10 years before defaulting.

Investing in stocks and ETFs entails the risks of market volatility. The value of all types of stocks and ETFs may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities; you should be aware that there may be additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Small capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. An ETF directly invests in or aims to track the performance of an underlying asset or asset class therefore the performance of an ETF will be affected by the performance of the underlying asset or asset class and the risks associated with investing in that asset or asset class. If the ETF aims to track the performance of an asset or asset class rather than investing in it directly then there is a tracking risk whereby the performance of the ETF doesn't exactly match that of the asset or asset class it is aiming to track. A lack of liquidity could affect the price of the security.

Bonds are affected by a number of risks, including fluctuations in interest rates, credit risk and prepayment risk. In general, as prevailing interest rates rise, fixed income securities prices will fall. Bonds face credit risk if a decline in an issuer's credit rating, or creditworthiness, causes a bond's price to decline. High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality of the issues. Finally, bonds can be subject to prepayment risk. When interest rates fall, an issuer may choose to borrow money at a lower interest rate, while paying off its previously issued bonds. Consequently, underlying bonds will lose the interest payments from the investment and will be forced to reinvest in a market where prevailing interest rates are lower than when the initial investment was made. Yields and market value will fluctuate, so that your investment, if sold prior to maturity, may be worth more or less than its original cost.

Investors should carefully consider the fund(s) investment objectives, risks charges and expenses carefully before investing. The prospectus contains this and other information about the fund(s). To obtain a free prospectus, please call or visit the fund's website or contacting your financial executive. Read the prospectus carefully before you invest or send money. Investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost.

Alternative Investments

An investment in alternative investments (e.g., hedge funds, private equity) can be highly illiquid, are speculative and not suitable for all investors. Investing in alternative investments is for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks may include, loss of all or a substantial portion of the investment due to leveraging, short–selling, or other speculative practices; lack of liquidity in that there may be no secondary market for the fund and none is expected to develop; volatility of returns; restrictions on transferring interests in the Fund; potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; less regulation and higher fees than mutual funds; and manager risk.

Structured Notes can be highly illiquid and are not suitable for all investors. Additional information can be found in the disclosure documents of the issuer for each respective structured product described herein. Investing in structured products is intended only for experienced and sophisticated investors who are willing and able to bear the high economic risks of such an investment. Investors should carefully review and consider potential risks before investing. These risks may include but are not limited to the following:

• Lack of liquidity in that there may be no secondary market for the particular structured product and none is expected to develop
• Principal amount due at maturity is subject to the credit risk of the issuer and/or guarantor
• Issuer or Guarantor default (ratings are at the time of issuance and subject to change during the term of the Note). Ratings represent assessments of credit worthiness of the Issuer or Guarantor (if any) and are not indicative of the market risk associated with the Notes, or the underliers.
• Volatility of returns
• Restrictions on transferring structured products
• Absence of information regarding valuations and pricing
• Risks associated with derivatives embedded in the structure
• Early redemption by an issuer under certain circumstances
• Foreign currency risk
• Complex tax structures and delays in tax reporting

The products and services mentioned in this webpage are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, Isle of Man, San Marino and Vatican. Your eligibility for a particular product and service is subject to a final determination by us. This webpage is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals.

This site (https://online.citi.com/JRS/portal/template.do?ID=international-personal-bank) managed by International Personal Bank U.S. at Citibank, N.A., contains information about financial services provided by the Citigroup family of companies made available through Citigold^® International, Citigold^® Private Client International, and Global Executive Banking.

This website provides links to online access to account information and transaction services for clients of Citibank. N.A

The Contact Us page may collect basic information about you, such as name, e–mail, address, age and income range, that may be forwarded to and addressed by other Citi entities through International Personal Bank U.S. for the purposes of addressing your inquiries.

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This website is not intended for distribution to, or use by, any person in any country where such distribution or use would be subject to or contrary to local law or regulation.

This website is for informational purposes only and does not constitute an offer to sell to any person, or a solicitation of an offer to buy from any person, any security or financial product referenced herein, except where such an offer is explicitly made in conformance with applicable law and any applicable prospectus requirements.

The products and services described in this website may not be available to, or suitable for, all account holders. Account holders may be prohibited in certain jurisdictions from purchasing the products or services described herein. Please ask your relationship officer for additional details.

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