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        North America Private investor
        Terms of Use
        Use of this Website is subject to the terms and conditions below. Please read them carefully before using the Site.

        By accessing this Web site and any of its pages, you are indicating that you have read, acknowledge and assent to be bound by these Terms and Conditions. If you do not agree to these Terms and Conditions, do not access this Web site.

        Registered Clients or Registered Guests/Registered Visitors must agree to be bound by all of the Web site’s Terms and Conditions at the end of the registration process and until you indicate your acceptance as instructed on the Site, you have no right to access any restricted area of the Web site. Unregistered visitors or others will be deemed to accept the Terms and Conditions by using or accessing the Web site.

        You acknowledge that the Web site is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced in the Web site, except through the availability of a prospectus. Offers can only be made where lawful under applicable law. Although the information on the Web site may include material about the investment process generally, as well as research commentary relating to specific securities, we are not providing personalized investment advice through the Web site and do not represent that any such securities are suitable for you.

        This Web site comprises various Web site(s) and pages operated by us. Certain sections of or pages on this Web site may contain separate Terms and Conditions, which are in addition to these Terms and Conditions. You should read those additional terms and conditions carefully. By accessing such sections or pages, you agree to be bound by those additional Terms and Conditions. In the event of a conflict, those additional Terms and Conditions will govern for your use of those sections or pages.

        AMERICAS.CITIFIRST.COM CLIENT SERVICES AGREEMENT

        Citigroup Inc. (“Citi”) and applicable affiliates (“we,” “us,” “our”) through americas.citifirst.com shall arrange for you to have electronic access to certain electronic services (“Services”) through americas.citifirst.com and selected other URLs, including any linked pages owned and operated by Citi, or any successors thereof (“Site”) as described in this Client Services Agreement (“Agreement”). Before you activate your account(s) and to receive the Services provided only to registered users described here you must complete the americas.citifirst.com online registration form (“Form”), agree to these terms and conditions and be accepted for such Services. You may be permitted to activate your account and consent to the terms and conditions of this Agreement by means of an electronic signature or other form of online consent (“Online Consent”). By accessing and using the Site at any time, you acknowledge, accept and agree to be bound by all of our terms, conditions and privacy policies, including those set out in this Agreement. If you do not agree to be so bound, you are not authorized to access and use the Site or the Services and should exit immediately.

        THE SERVICES AND INFORMATION ON THE SITE DO NOT CONSTITUTE AN OFFER OR SOLICITATION.
        You acknowledge that the Services provided on the Site are for informational and/or educational purposes only without regard to any particular user’s investment objectives, financial situation or means, and the Services do not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on the Site, except where an offer is explicitly made through the availability of a prospectus on the Site. Such offers can only be made where lawful under applicable law.

        Although the information on the Site may include material about the investment process generally, as well as information relating to specific securities, you are not being provided personalized investment advice through the Services and the Site does not represent that any such securities are suitable for you. Your particular needs, investment objectives and financial situation were not taken into account in the preparation of the Site and the materials contained herein. You must make your own independent decisions regarding any securities or financial instruments mentioned herein. You should consider whether the purchase or sale of any product is appropriate for you in light of your particular investment needs, objectives and financial circumstances. If you wish to learn more about information on the Site, you may contact your Financial Advisor.

        ALL INVESTMENT PRODUCTS HAVE RISKS.
        You acknowledge and understand that, except as otherwise provided below, all investment products referenced on the Site and purchased or sold through us are subject to investment risks, including the possible loss of the principal amount invested. Investors should carefully review Certain Risk Considerations and the applicable risks associated with a particular product prior to making any investment decision.

        1) DESCRIPTION OF OUR SERVICES

        a) Through americas.citifirst.com, we shall arrange for you to have electronic access to, and to download to your computer or other electronic device (collectively, “Computer”), the Services, including but not limited to the provision of information generated by us or any of our affiliates or containing third-party content (“Information”) through the Site by means of an unaffiliated Internet service provider (the “Internet Service Provider”). The Services and Information may include access to securities quotations and other Information prepared by third party vendors. We may cancel or change the Services or level of Services or activation instructions at any time by written or online notice. By using the Services, or, if applicable, properly executing the Form (Including providing Online Consent if permitted by us), you will evidence your acceptance of this Agreement and your agreement to comply with all rules or restrictions applicable to the Service.

        2) THE SERVICES MAY NOT BE AVAILABLE TO CERTAIN PERSONS OR AT CERTAIN TIMES
        a) We are not required to make available or to continue to make available the Information and Services to residents of any non-U.S. jurisdiction where we determine, in our sole judgment, that furnishing them to such persons might be unlawful under the laws of such non-U.S. jurisdiction or the laws of the U.S., or compliance with either of such laws is impractical or commercially unreasonable.
        b) You acknowledge that the Services may not be continuously available.
        c) Your access to certain Services provided on the Site will depend upon your user category (“user”). Not all sections of this Agreement will apply depending on your user category and in what capacity you register or the sections of the Site used or accessed by you.
        i) Non-registered Private Clients (United States): users in this category will be provided with limited samples of Services offered on the Site but need not register to obtain access to the Site.
        ii) Registered Private Clients (United States): users in this category will be provided with access at the Firm’s discretion to the Services provided by us on the Site that are available to retail investors including the ability to monitor the performance of a limited number of securities of the user’s choice. Registration on the Site is required for this user category.
        iii) Distributor: users in this category will receive all the Services received by Registered Private Clients (United States) and more. Registration on the Site is required for this user category and the approval will be at the discretion of Citi and its affiliates and subject to verification of the status of the Distributor.

        You agree that we may rely on the information that you will provide to us as part of the user registration process and that such information shall be deemed to be accurate every time you access the Site.

        3) HARDWARE AND SOFTWARE NECESSARY TO ACCESS THE SITE
        You agree to be solely responsible for the installation, operation and maintenance of the equipment (“Hardware”) and software (“Software”) necessary to access the Site. You also agree to use the level of encryption security required by us.

        4) USER CODES NECESSARY TO USE THE SERVICES AND YOUR RESPONSIBILITY FOR USER CODE CONFIDENTIALITY
        a) If you access the Site as a Non-registered Private Client (United States) user and consent to this Agreement by means of Online Consent, you will not receive a temporary or permanent user name or password. If you complete and execute the Form as a Registered Private Clients (United States) we will provide you with a temporary user name and, under separate cover, a temporary password, which you will be required to use the first time you access the Site and use the Services. After you receive your temporary user name and password, you agree to promptly convert them to a permanent user name and password. If you complete and execute the Form as either Distributor or Financial Advisor we will provide you, after we verify your status as a Distributor or Financial Advisor, with a temporary user name and, under separate cover, a temporary password, which you will be required to use the first time you access the Site and use the Services. After you receive your temporary user name and password, you agree to promptly convert them to a permanent user name and password. You understand that you will be unable to use any of the additional Services available only to Registered Private Clients (United States) and Distributors or Financial Advisors without a permanent user name and password. All user names and passwords will be designated collectively as “User Codes” for the remainder of this Agreement.
        b) You agree to be responsible for the confidentiality of your User Codes and not to provide them to any third party. You understand and agree that your User Codes may be used only by you and may not be disclosed or provided by you to any other person.
        c) You agree to be responsible for all statements made and acts or omissions that occur if and while your User Codes are being used by you and/or other persons, whether or not you have authorized such use so long as the access is gained through the use of your User Codes. We are not responsible for any breach of security caused by your failure and/or the failure of other persons to maintain the confidentiality of your User Codes. You agree to notify us immediately in the event of loss or theft of any or all of your User Codes, or if you believe the confidentiality of any or all of your User Codes has been compromised in any way, or in the event you learn about a possible or actual unauthorized use of the Services. You agree that we will not be liable for any claims or losses incurred if you fail to notify us of the occurrence of any of these events. In the event your User Codes are lost or stolen, you agree to obtain promptly temporary User Codes from us and to convert them promptly to permanent User Codes. If any third party gains access to the Site through you or using your User Codes, with or without your knowledge, such access and any subsequent conduct will be considered unauthorized access and is in no way permitted under this Agreement or otherwise. Your User Codes belong to us and we may, at our sole discretion, terminate your registration, remove or modify any content you have contributed or take any other action that we deem appropriate, if you violate this Agreement.

        5) YOUR COMMUNICATIONS MAY BE RECORDED ELECTRONICALLY
        In connection with your use of the Services, you acknowledge and consent to the taping or any form of electronic recording of any communication, electronic or verbal, between you and us or our representatives or agents to the extent permitted by law, but we are under no obligation to do so and we assume no responsibility or liability arising from doing so or omitting to do so. You acknowledge and consent to the recording, retention, monitoring and use by us (and our employees, representatives, affiliates and agents) of all instructions you give to us, all e-mail messages you send to us or receive from us, and all information and data that you input or provide during your use of the Services, including without limitation, all selections and uses of any of the tools included therein. The foregoing information may be used by us pursuant to the confidentiality provisions set forth in this Agreement.

        6) PROPERTY RIGHTS IN THE SITE, INFORMATION AND THE SERVICES
        a) Unless you access the Site as a Distributor or Financial Advisor, the Services and any Information provided through the Services, are being provided by us only for your personal, non-commercial use. You may download the Information to the Computer and print out a hard copy for your personal reference, provided that you agree not to remove any copyright or other notices contained therein. You agree that by submitting any ideas, concepts, comments, suggestions, techniques or know-how (collectively, “Submissions”) to us on or about the Site, you hereby irrevocably transfer and assign to us any copyright or other rights you may have in the Submissions and represent and warrant that none of your Submissions is subject to a confidentiality obligation. You also agree that we may use, copy, publicly perform, digitally perform, publicly display and distribute such Submissions and to sell, modify, create derivative works from and/or to incorporate such Submission into other works in any form, medium or technology, whether now known or hereafter developed, in each case, for our own commercial benefit, without being required to compensate you in any way.
        b) The Services and the Information are our property or that of other persons or entities that allow us to distribute their information or data (“Information Providers”), and are protected by applicable copyright, patent, trademark or other intellectual property laws. We do not control the information, data, text, sound, photographs, graphics, video, messages and other materials available through the Site (“Content”) owned or generated by third parties and available through the Site (“Third Party Content”) and do not guarantee the accuracy, integrity or quality of such Third Party Content. You understand that by using the Site you may be exposed to Third Party Content that is false, misleading, fraudulent, offensive, indecent and/or objectionable. Under no circumstances will we be liable in any way for any Third Party Content, including any errors or omissions in any Third Party Content, or any loss or damage of any kind incurred as a result of your use of any Third Party Content. You are responsible for complying with all laws applicable to the Content you submit to the Site. You should not, and you agree that you will not, construe, treat or rely on Content as (i) advice from us or the Site as to the value of securities, the selection of an investment adviser or the advisability of investing in, purchasing or selling securities or (ii) analyses or reports from us or the Site concerning securities. We make no representations, warranties or guarantees whatsoever as to the accuracy, integrity or quality of such Third Party Content and under no circumstances will we be liable in any way for any Third Party Content posted by us on the Site, including any errors or omissions in any such Third Party Content, or any loss or damage of any kind incurred as a result of your use of any such Third Party Content. You agree that you must evaluate and bear all risks associated with the use of any Third Party Content, including any reliance on the content, integrity, and accuracy of such Third Party Content. You agree and acknowledge that we are neither your investment adviser nor you fiduciary. You should not rely on any Third Party Content in any way when making investment decisions. Your use of any and all Third Party Content on or through the Site is subject to Section 11 of this Agreement. We strongly recommend you read that limitation on our liability.
        c) Nothing in this Agreement grants you a license to develop, create or offer any products or services based on any of the Content, Third Party Content, Information or the Services.
        Except as expressly authorized herein, you may not use, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, edit, translate, disseminate, or commercially exploit such Content, Third Party Content, Information or any of the Services provided in any manner (including electronic, print or other media now known or hereafter developed) without our written consent. You are not authorized to sell access to or to distribute, directly or indirectly, any such materials to others regardless of the method of distribution and in any manner whatsoever, including by posting such materials to forums, list services, newsgroups, mailing lists or electronic bulletin boards. You also agree not to use the Content, Third Party Content, Information or Services for any unlawful purpose, and you shall comply with any request by us or any of the Information Providers to protect their respective rights in the Content, Third Party Content, Information or the Services. The provisions of this section will survive termination of this Agreement. Except as expressly and unambiguously provided herein, neither we nor our licensors, suppliers or Information Providers grant you any express or implied rights and all rights not expressly provided by use are retained by us for our benefit.
        d) You may not develop or create any product that uses, is based on, or is developed in connection with any of the proprietary material (including proprietary indices) available on this site without our prior written consent. Any product developed by a party other than Citi that uses, is based on, or is developed in connection with any Citi proprietary index (each, a "Product") is not sponsored, endorsed, sold or promoted by Citi and Citi makes no representation regarding the advisability of investing in any Product. Citi makes no representation or warranty, express or implied, to the owners of any Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of any index to track general stock market performance. Citi is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of any Products to be issued or in the determination or calculation of the equation by which any Products are to be converted into cash. Citi has no obligation or liability in connection with the administration, marketing or trading of any Product.

        7) INFORMATION ON THE SITE IS SUBJECT TO CHANGE
        The accuracy, completeness, sequencing or timeliness of Information is not guaranteed by us or any Information Provider and is subject to change. The information and materials on the Site might contain typographical errors or inaccuracies. We reserve the right, in our sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on this Site and to suspend and/or deny access to this Site for scheduled or unscheduled maintenance, upgrades, improvements or corrections. We may discontinue or change any product or service described in or offered on the Site at any time. Dated Information or other dated material contained on the Site reflects the Information as of the published date. Neither we nor any Information Provider are under an obligation to update the Information or other material or to reflect circumstances that may occur after the earlier of the date first appearing on the Site or the date contained in the Information or other materials.

        8) LINKING FROM THE SITE TO OTHER WEB-SITES
        In the event you use the Services or the links included on the Site to gain access to a site or Internet location or source of information of any company, organization or person other than us, you acknowledge that such other sites or locations are not under our control and agree that we shall not be responsible for any information or other links found at any such site or Internet location or source of information, or for your use of such information. We provide such links only as a convenience to you, and have not tested any software or verified any information found at such sites, including the content of any prospectus or sales literature contained on such sites (except with respect to a prospectus or sales literature prepared by us). The fact that we have provided a link to another site does not signify a recommendation, endorsement or sponsorship of any aspect of those sites, including the transmission of software, downloading or uploading of content, or any goods, services or securities available thereon. We make no guarantees, representations or warranties as to, and shall have no liability for, any Third Party Content delivered through linked sites, including, without limitation, the non-infringement, validity, accuracy, subject matter, quality or timeliness of any content, or the use of any personal information you provide to any such sites. We reserve the right in its sole discretion to discontinue links to any other sites at any time and for any reason.

        9) THE SITE MAY NOT BE USED FOR CERTAIN PURPOSES
        a) Transmission or use of any material or Information in violation of this Agreement, or any applicable law, rule or regulation (whether of the United States or other countries or of any self regulatory organization that the user is a member of), or the rights of any third party, is prohibited. This includes, but is not limited to, copyrighted material, material that is defamatory, libelous, threatening, obscene or material protected by trademark, trade secret, or patent laws, or material that results in an invasion of privacy or publicity right.
        b) We do not provide tax or legal advice. You understand and agree that materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matters(s) addressed by such materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
        c) Unauthorized use of the Site and systems, including, but not limited to, unauthorized entry into our systems, misuse of passwords or misuse of any other information, is strictly prohibited. You may not: (i) transmit any viruses, worms, defects, Trojan horses or other items of a destructive nature; (ii) access, retrieve or index any portion of the Site for purposes of constructing or populating a database or compilation of information; (iii) collect or store personal data or any other information about other users the Site (including User Codes and/or email addresses) in connection with the prohibited activities described in this paragraph, or for any other purpose other than for your own personal, non-commercial use; (iv) reformat, frame or place pop-up windows over any portion of the Site, or otherwise affect the way that Site is displayed; (v) add or use ActiveX, Java, Javascript, cookies, web beacons or other tracking technologies on the Site; (vi) create user accounts by automated means or under false or fraudulent pretenses; (vi) create or transmit unwanted electronic communications such as “spam” to us or to other users of the Site or otherwise interfere with other users’ or members’ enjoyment of Site; (vii) forge headers or manipulate identifiers or other data in order to disguise the origin of any Content or Third Party Content transmitted through the Site or to manipulate your presence on the Site; (viii) use the Site to violate the security of any computer network, crack passwords or security encryption codes, transfer or store illegal material including that are deemed threatening or obscene; (ix) copy or store any Content or Third Party Content offered on the Site for other than your own personal use; (x) use any device, software or routine that interferes with the proper working of the Site or otherwise attempt to interfere with the proper working of the Site; (xi) take any action that imposes, or may impose in our sole discretion, an unreasonable or disproportionately large load on our IT infrastructure; or (xii) use the Site, intentionally or unintentionally, to violate any applicable local, state, national or international law.
        d) The provisions of this Paragraph will survive termination of this Agreement.

        10) NO WARRANTIES OR PROMISES TO YOU REGARDING THE FOLLOWING:
        a) Completeness, Accuracy and Timeliness of Information: The Information, Content and Third Party Content provided to you through the Site is provides “as is” with no warranties of any kind. We do not guarantee the accuracy, completeness, sequence or timeliness of the Information, nor will we have any responsibility for indirect, consequential, or special damages you may incur (i) for any reliance by you on Information or for the reliability, accuracy, completeness, sequence or timeliness thereof, (ii) for any delays or errors in the transmission or delivery of any part of the Information or Services, or (iii) for any use of Site E-mail or non-Site E-mail.
        b) Timeliness of Price Quotations on the Site: If you use the Services, any quotations or prices provided as part of the Services may be delayed and may not reflect the prices at which the applicable securities may be bought or sold. You should not make any decisions to buy or sell securities based on such quotations or prices.
        c) Continuation of the Services: We do not guarantee that we will continue to make the Information, the Services available to you, whether by the same methods currently used or otherwise. You agree not to hold us liable for any damages arising from a discontinuation or modification of all or part of the Services or the Information.
        d) Computer Viruses: We shall not be liable for any harm caused by the transmission through the Services or Information, of a computer virus, or other computer code or programming device that might be used to access, modify, delete, damage, corrupt, deactivate, disable, disrupt, or otherwise impede in any manner the operation of the Services or any of your Software, Hardware, data or property.
        e) Information and Software of Third Parties: We make no representation and assume no liability regarding the quality, accuracy, or suitability of any information or software found on any other site not under our control, or software or hardware developed by any third party that we distribute to you.
        f) The provisions of this Paragraph will survive termination of this Agreement.

        11) LIMITATIONS OF LIABILITY
        a) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE, AND OUR AGENTS, AS WELL AS THE INFORMATION PROVIDERS, HEREBY EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION, WARRANTIES OF TIMELINESS, COMPLETENESS, CURRENTNESS, RELIABILITY, STABILITY, READINESS, NON-INFRINGEMENT, VALIDITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND ERROR-FREE AND UNINTERRUPTED SERVICES AND DISCLAIM ANY LIABILITY PREDICATED UPON SUCH WARRANTIES. WE AND OUR INFORMATION PROVIDERS DO NOT GUARANTY OR MAKE ANY REPRESENTATIONS OR WARRANTIES OR ASSUME ANY LIABILITY TO YOU REGARDING (i) THE USE OR THE RESULTS OF THE USE OF THE SERVICES OR THE INFORMATION, INCLUDING WITHOUT LIMITATION ANY FINANCIAL RESULTS BASED ON USE OF THE SERVICES OR INFORMATION OR ANY DELAY OR LOSS OF USE OF THE SERVICES, OR (ii) EFFECTS ON OR DAMAGES TO SOFTWARE AND HARDWARE IN CONNECTION WITH ANY USE OF THE SITE OR SERVICES.

        b) NEITHER WE NOR OUR AFFILIATES AND AGENTS, AS WELL AS THE INFORMATION PROVIDERS, SHALL BE LIABLE FOR (i) ANY LOSSES OR DAMAGES INCURRED BY YOU [OR BY ANY PERSON TO WHOM A SUB-USER ID HAS BEEN ASSIGNED]15, OR BY ANY OF YOUR AGENTS, RELATED IN ANY WAY TO YOUR USE (OR THEIR USE) OF THE SERVICES OR INFORMATION, (ii) ANY CLAIM ARISING OUT OF ANY DELAYS, ERRORS, OMISSIONS OR INTERRUPTIONS IN THE DELIVERY OR TRANSMISSION OF CONTENT, THIRD PARTY CONTENT, INFORMATION AND SERVICES AVAILABLE ON THE SITE OR ANY SITE OF A THIRD PARTY PROVIDER.

        c) ANY MATERIAL, INFORMATION OR CONTENT DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THE SITE IS ACCESSED AT YOUR OWN RISK AND DISCRETION AND YOU ALONE WILL BE RESPONSIBLE FOR ANY DAMAGE OR LOSS TO YOU, INCLUDING AND NOT LIMITED TO YOUR COMPUTER SYSTEM, LOSS OF DATA OR LOSS OR DAMAGE TO ANY PROPERTY OR LOSS OF DATA OR LOSS OF REVENUE THAT RESULTS FROM THE DOWNLOAD OR USE OF SUCH MATERIAL. IN ANY CASE OUR LIABILITY TO YOU SHALL NOT EXCEED THE FEES AND COMMISSIONS YOU PAY TO UTILIZE THEM.

        d) EXCEPT AS OTHERWISE PROVIDED BY LAW, WE WILL HAVE NO LIABILITY FOR LOSSES CAUSED BY THE NEGLIGENCE, ACTIONS OR FAILURE TO ACT OF THE INTERNET SERVICE PROVIDER OR ANY INFORMATION PROVIDER, AND TO THE EXTENT PERMITTED BY LAW, WE WILL NOT BE LIABLE TO YOU FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (REGARDLESS OF WHETHER SUCH DAMAGES WERE REASONABLY FORESEEABLE), OR FOR ANY LOSS THAT RESULTS FROM A CAUSE OVER WHICH WE OR ANY OTHER SUCH ENTITY DO NOT HAVE CONTROL, INCLUDING BUT NOT LIMITED TO FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT, UNAUTHORIZED ACCESS, STRIKES, FAILURES OF COMMON CARRIER OR UTILITY SYSTEMS, SEVERE WEATHER, OR OTHER CAUSES COMMONLY KNOWN AS “ACTS OF GOD”, WHETHER OR NOT SUCH CAUSE WAS REASONABLY FORESEEABLE.

        e) The provisions of this Paragraph will survive termination of this Agreement.

        12) CONFIDENTIALITY OF PERSONAL INFORMATION
        We will use reasonable precautions to maintain the confidentiality of Information you receive and material and/or data (“Data”) you provide, create, input or develop in connection with your use of the Services. Nonetheless, you hereby acknowledge and agree that there can be no guarantee that such Information and Data will continue to be confidential, including for example because Data you send and Information you receive are provided through the Internet. You hereby acknowledge and agree that there can be no assurance that such transmissions, or any communication through e-mail, will continue to be confidential. In addition, you acknowledge and agree that we may disclose your name and other personal and financial information about you to our employees, representatives, officers, agents, and affiliates, as well as a governmental entity or self-regulatory authority, an Internet Service Provider or any other third party agent or service provider: (a) for any purpose related to offering, providing, administering or maintaining the Services, (b) to comply with applicable rules, orders, subpoenas or other legal process, or (c) for any other purpose described in our privacy notices, online privacy statements, disclosures and documents regarding your privacy and the confidentiality of personal Information as applicable to you as amended from time to time. You acknowledge receiving at least one of these documents. The provisions of this Paragraph will survive termination of this Agreement.

        13) NEW YORK LAW GOVERNS THIS AGREEMENT
        Except for statutes of limitation applicable to claims, this Agreement and all the terms herein shall be governed by and construed in accordance with the laws of the State of New York without giving effect to such State’s conflicts of law rules. The statute of limitation applicable to any claim shall be that which would be applied by the courts of the state in which you reside. The provisions of this Paragraph will survive termination of this Agreement.

        14) THIS AGREEMENT, AND THE SERVICES, MAY BE TERMINATED AT ANY TIME
        a) This Agreement, and the Services, may be terminated without penalty by us at any time and for any reason without prior notice to you.
        b) Certain Paragraphs or sections thereof in this Agreement will survive termination of this Agreement as noted in such Paragraph or section.

        15) WHEN THIS AGREEMENT CAN BE ASSIGNED
        a) This Agreement and your rights and obligations hereunder may not be assigned by you without our written permission, shall inure to the benefit of our successors and assigns whether by merger, consolidation or otherwise, and shall be binding upon your executors, administrators, heirs, successors and permitted assigns. We may assign this Agreement or any of its rights or obligations under this Agreement to a company affiliated with us or to any successor company (whether by merger, consolidation or otherwise), or to any other person or entity at any time without your consent.
        b) You may not sell or distribute commercially the Information or the Services.

        16) AMENDMENT, MODIFICATION AND WAIVER OF THIS AGREEMENT
        a) This Agreement is in addition to, and does not nullify, any other agreement, including amendments to any such agreement (collectively, “Client Agreement”), that you have signed or otherwise agreed to governing your relationship with us. This Agreement is the entire understanding of the parties and supersedes all previous agreements and understandings, whether written or oral, between you and us concerning your use of the Information and Services. Termination of this Agreement will not result in the termination of the Client Agreement, the terms of which will continue to be in full force and effect.
        b) Except as herein provided, no waiver, modification or amendment of any provision of this Agreement will be effective against us unless the same is in writing and signed by an authorized official of ours. We may modify these terms and conditions at any time, including upon prior written notice or by notice through the Site. You agree to review this Agreement each time you access the Site so that you are aware of any and all modifications made to this Agreement since your last visit. At the time of such modification, you will have the opportunity to reject such modification by e-mail or written notice to us, which rejection shall constitute a termination of this Agreement and of your rights to access and use the Site, the Services, and the Information. You agree that your use of the Site or the Services after the date on which such modifications are posted to the Site will constitute your acceptance of such modifications. Should any term or provision of this Agreement be held to be invalid or unenforceable by any court of competent jurisdiction or by a governmental agency or self-regulatory authority, or subsequently become invalid and unenforceable as a result of a change in applicable law, the remaining terms and provisions shall continue in full force and effect.
        c) Our failure to insist at any time upon strict compliance with any term of this Agreement, or any delay or failure on our part to exercise any power or right given to us in this Agreement, or a continued course of such conduct on our part shall at no time operate as a waiver of such power or right, nor shall any single or partial exercise preclude any other future exercise. All rights and remedies given to us in this Agreement are cumulative and not exclusive of any other rights or remedies which we otherwise have at law or equity.

        17) INDEMNIFICATION
        You hereby agree to indemnify and us hold harmless (and our directors, officers, employees, control persons, vendors, licensors and agents), and any Internet Service Provider and Information Provider, from and against any and all claims, losses, liabilities, damages, costs and expenses (including reasonable attorney’s fees and costs) arising out of or related to your breach of your agreements, representations and warranties contained in this Agreement, or the use of the Site, the Services, and the Information by you or by other persons who have used your User Codes. This indemnification shall be binding upon you and your executors, administrators, heirs, successors and permitted assigns. The provisions of this Paragraph will survive termination of this Agreement.

        18) CERTAIN ENTITIES HAVE RIGHTS UNDER THIS AGREEMENT EVEN THOUGH THEY ARE NOT PARTIES
        Permission is required from each of the national securities exchanges and the national securities association for the over-the-counter securities markets (“Securities Markets”) to make available to you market data relating to securities (“Affected Securities”) that are listed on such Securities Markets. In connection with obtaining such permission, you understand and agree that this Agreement confers third-party beneficiary status on each of the Securities Markets that make available market data relating to Affected Securities. In authorizing us to take any action, or to receive any communication, this Agreement authorizes us to act on our own behalf and on behalf of the Securities Markets. Each Securities Market may enforce this Agreement as to market data that it makes available, by legal proceeding or otherwise, against you or any person that obtains and uses market data improperly, unlawfully, or in any other way that this Agreement does not permit. No act or omission on our part and no other defense that might defeat recovery by us against you shall affect the rights of the Securities Markets as third-party beneficiaries under this Agreement. The provisions of this Paragraph will survive termination of this Agreement.

        19) CITI POSITIONS
        Citi or any of its affiliates may have its own specific interest in relation to the issuers or any affiliates of the issuers, the financial instruments or the transactions that are mentioned on the Site. Citi or any of its affiliates may have long or short positions in or act as a market maker in securities or financial instruments mentioned in the Site (or options with respect thereto). In addition, Citi or any of its affiliates employees and employee benefit programs may have positions or effect transactions in securities or financial instruments (or options with respect thereto) mentioned on the Site or serve as directors of issuers or affiliates mentioned on the Site. Fees may be shared with third parties and/ or affiliates. Investors should carefully review Certain Risk Considerations.

        20) TRADEMARK NOTICES
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    • Distributor / FA
        North America Distributor / FA

        NOTICE:
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        By clicking "Accept" below and accessing the information and material available on this website, you accept the Terms of Use set out below.

        This website is not directed at or accessible by U.S. persons (U.S. persons), as defined in Regulation S under the United States Securities Act of 1933 (the "Securities Act"), or persons otherwise located in the United States. If you are a U.S. person or otherwise located in the United States you must exit this website. Any securities described on this website have not been and will not be registered under the Securities Act or the securities laws of any state of United States, and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any US person, except in certain transactions exempt from the registration requirements of the Securities act and applicable state securities laws and otherwise permitted by U.S. tax regulations.

        Terms of Use
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        No Offer:
        This website and its contents are provided for information and discussion purposes only and nothing on this website constitutes, forms part of or should be considered as a recommendation or an offer to sell or a solicitation to deal in any product or to enter into any transaction.

        Availability of the Website and its Contents:
        The availability of this website, its content and services or any aspect of the website may be changed, discontinued or suspended wholly or partially at any time. Citi does not accept any liability for any loss or damage caused to you or any third party as a result of any such changes or suspension.

        Citi may block your access to this website at any time, with or without reason and/or notice.

        Suitability:
        The products described on this website are high risk investments and are not necessarily suitable for everyone. The information contained on this website is descriptive and general and any decision to purchase financial products referred to on this website should be based upon the information contained in any associated offering document. The information contained herein is therefore qualified in its entirety by such offering documents. In the case of offering documents with a section headed “Investment Considerations” or equivalent, please refer to that section for a discussion of certain factors to be considered in connection with an investment in the products described therein.

        Citi makes no recommendation as to the suitability of any of the products described on this website and any trading or investment decision you take are in reliance on your own analysis and judgment and/or that of your advisors and not in reliance on us. Therefore before dealing in any financial product or entering into any transaction, you should ensure you have identified and understood fully any risks (direct or indirect) associated with such products or transactions as well as any legal, tax, accounting or other material considerations to help ensure that it is appropriate for a person with your experience, investment goals, financial resources or any other relevant circumstance or consideration. Where you are acting as an adviser or agent, you should evaluate this communication in light of the circumstances applicable to your principal and the scope of your authority.

        Provision of Information:
        No liability whatsoever is accepted for any loss arising (such as loss of profit, business, data, damage to goodwill, trading losses and any direct or consequential loss) from any use of (or inability to use or access) the information contained in this website.

        The provision of information may cease at any time without reason or notice being given and any opinions or valuations may change at any time without notice.

        Although all information has been obtained from, and is based upon sources believed to be reliable, it may be incomplete or condensed and its timeliness, accuracy and completeness cannot be guaranteed.

        Any product/strategy ideas are provided by our sales and trading department. Such material is therefore not a direct recommendation from our research department and the directives on the independence of research do not apply. On the occasions where information provided includes extracts or summary material derived from research reports published by our research department, you are advised to obtain and review the original piece of research to see the research analyst’s full analysis.

        Any opinions attributed to us constitute our judgment as of the date of the relevant material and are subject to change without notice.

        Any prices used herein, unless otherwise specified, are indicative. Commissions and other costs relating to any dealing in the financial products referred to in this website may not have been taken into consideration. Any scenario analysis is for illustrative purposes only and does not represent actual termination or unwind prices, neither does it present all possible outcomes or describe all factors that may affect the value of your investment.

        Risks:
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        The products described on this website are high risk investments whose value may fluctuate.

        Past performance is not indicative of future performance. Neither the issuers nor Citi (including any affiliate) provides any assurances or guarantee as to the performance of any of the products on this website.

        The products described on this website may be subject to the risk of loss meaning that you may lose some or all of your investment particularly where the effect of market movements are accentuated by leverage.

        You should have such knowledge and expertise in financial and business matters and expertise in assessing credit risk so that you are capable of evaluating the merits, risks and suitability of investing in any product, including any credit risk associated with the issuers, swap counterparty (if any) and guarantor (if any). Even where the product is principal protected there is a risk that any failure by a counterparty to perform obligations when due may result in the loss of all or part of your investment. Principal protection is only available if the product is held to the stipulated maturity date.

        Products that are denominated in a foreign currency are subject to exchange fluctuations, which may have an adverse effect on the price or value of an investment in such products.

        The secondary market for the products described in this website may be limited due to a lack of liquidity or low trading volume. This means there may be difficulty in selling them and therefore as a result there are no assurances that you will receive an amount equal to or greater than the original amount invested or that you will be able to sell them at all. Investors should not rely on selling the product at a particular time or for a particular amount. Neither the issuers nor Citi (including any affiliate) are under any obligation to make a market in or to repurchase any of the products.

        One or more independent credit rating agencies may assign credit ratings to products. The ratings may not reflect the potential impact of all risks related to structure, market and other factors that may affect the value of the products. A credit rating is not a recommendation to buy, sell or hold products and may be revised or withdrawn by the rating agency at any time.

        None of the products contained in this website (unless expressly stated otherwise) are insured by the Federal Deposit Insurance Corporation

        Forward Looking Information:
        The contents of this website may contain "forward-looking" information. Such information may include, but is not limited to, projections, forecasts or estimates of cashflows, yields or return, scenario analyses and proposed or expected portfolio composition. Any forward-looking information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein or can be ascertained at this time). It does not represent actual termination or unwind prices that may be available to you. Actual events or conditions are unlikely to be consistent with, and may differ significantly from, those assumed. Illustrative performance results may be based on mathematical models that calculate those results by using inputs that are based on assumptions about a variety of future conditions and events and not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results may vary and the variations may be substantial. The products or securities identified in any of the illustrative calculations contained in this website may therefore not perform as described and actual performance may differ, and may differ substantially, from that illustrated. When evaluating any forward looking information you should understand the assumptions used and, together with your independent advisors, consider whether they are appropriate for your purposes.

        Conflicts of Interest:
        Citi (including affiliates) may from time to time have long or short principal positions and/or actively trade, by making markets to our clients, in financial products identical to or economically related to the financial products or transactions referred to in this communication. We may also undertake hedging transactions related to the initiation or termination of a financial product or transaction, that may adversely affect the market price, rate, index or other market factor(s) underlying the financial product or transaction and consequently its value. We may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, financial products, or other interests underlying a financial product or transaction.

        Email and Internet Communications
        Communications sent over the internet cannot be guaranteed as secure. Citi does not accept any liability to you or any third person for any damages or loss in connection with any communication sent by you to us over the internet.

        Use of this website and the downloading of any information contained on this website is at your own risk. We do not guarantee and we do not assume any responsibility for ensuring that this website or its contents are free of viruses or any other damaging material.

        We also reserve the right to monitor and record all communications (including email and telephone communications) between you and us and such records will be our sole property.

        When you visit the website our server will record your IP address together with the date, time and duration of your visit. Please note that we use cookies on this website. A cookie is a small data file. Such cookies do not retrieve information about you stored on your hard drive and do not corrupt or damage your computer or computer files. You are not obliged to accept a cookie that we send to you, and you can in fact modify your browser so that it will not accept cookies. For more information about cookies including how to set your internet browser to reject cookies please go to www.allaboutcookies.org

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        When you provide personal data or sensitive personal data while accessing the website and/or while using the website’s functionality (“Personal Information”), you agree that we and our affiliates (a) and carefully selected third parties may use Personal Information to inform you about products and services which may be of interest to you; (b) may collect and store Personal Information in any manner that we deem appropriate; (c) may process Personal Information in any manner that we deem appropriate in connection with our business, regulatory and legal obligations; and (d) in connection with the foregoing, may transmit Personal Information within our group of companies worldwide, or to a third party - such companies or parties may be located outside the European Union (such countries may not have data protection safeguards that would be deemed adequate under European Union standards).

        Links
        This site may contain links to web sites controlled or offered by third parties. They are provided merely as a convenience and without liability and you use them solely at your own risk. Citi does not endorse, accept any liability for, or guarantee any linked site, the site sponsor or the site contents.

        Governing Law
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        Proprietary Information
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  • Latin America
      Latin America Distributor / FA

      NOTICE:
      By clicking "Accept" below and selecting a country from this list, you confirm that you are legally resident in that country at the time this website is accessed. Citi does not accept any responsibility whatsoever for the distribution of the information and material available to individuals or entities which provide false certification regarding their country of legal residence/location.

      By clicking "Accept" below and accessing the information and material available on this website, you accept the Terms of Use set out below.

      This website is not directed at or accessible by U.S. persons (U.S. persons), as defined in Regulation S under the United States Securities Act of 1933 (the "Securities Act"), or persons otherwise located in the United States. If you are a U.S. person or otherwise located in the United States you must exit this website. Any securities described on this website have not been and will not be registered under the Securities Act or the securities laws of any state of United States, and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any US person, except in certain transactions exempt from the registration requirements of the Securities act and applicable state securities laws and otherwise permitted by U.S. tax regulations.

      Terms of Use
      These Terms of Use may change at any time. We will notify you of any changes, and you will be required to accept such changes by clicking "Accept" before you are permitted further access to this website.

      No Offer:
      This website and its contents are provided for information and discussion purposes only and nothing on this website constitutes, forms part of or should be considered as a recommendation or an offer to sell or a solicitation to deal in any product or to enter into any transaction.

      Availability of the Website and its Contents:
      The availability of this website, its content and services or any aspect of the website may be changed, discontinued or suspended wholly or partially at any time. Citi does not accept any liability for any loss or damage caused to you or any third party as a result of any such changes or suspension.

      Citi may block your access to this website at any time, with or without reason and/or notice.

      Suitability:
      The products described on this website are high risk investments and are not necessarily suitable for everyone. The information contained on this website is descriptive and general and any decision to purchase financial products referred to on this website should be based upon the information contained in any associated offering document. The information contained herein is therefore qualified in its entirety by such offering documents. In the case of offering documents with a section headed “Investment Considerations” or equivalent, please refer to that section for a discussion of certain factors to be considered in connection with an investment in the products described therein.

      Citi makes no recommendation as to the suitability of any of the products described on this website and any trading or investment decision you take are in reliance on your own analysis and judgment and/or that of your advisors and not in reliance on us. Therefore before dealing in any financial product or entering into any transaction, you should ensure you have identified and understood fully any risks (direct or indirect) associated with such products or transactions as well as any legal, tax, accounting or other material considerations to help ensure that it is appropriate for a person with your experience, investment goals, financial resources or any other relevant circumstance or consideration. Where you are acting as an adviser or agent, you should evaluate this communication in light of the circumstances applicable to your principal and the scope of your authority.

      Provision of Information:
      No liability whatsoever is accepted for any loss arising (such as loss of profit, business, data, damage to goodwill, trading losses and any direct or consequential loss) from any use of (or inability to use or access) the information contained in this website.

      The provision of information may cease at any time without reason or notice being given and any opinions or valuations may change at any time without notice.

      Although all information has been obtained from, and is based upon sources believed to be reliable, it may be incomplete or condensed and its timeliness, accuracy and completeness cannot be guaranteed.

      Any product/strategy ideas are provided by our sales and trading department. Such material is therefore not a direct recommendation from our research department and the directives on the independence of research do not apply. On the occasions where information provided includes extracts or summary material derived from research reports published by our research department, you are advised to obtain and review the original piece of research to see the research analyst’s full analysis.

      Any opinions attributed to us constitute our judgment as of the date of the relevant material and are subject to change without notice.

      Any prices used herein, unless otherwise specified, are indicative. Commissions and other costs relating to any dealing in the financial products referred to in this website may not have been taken into consideration. Any scenario analysis is for illustrative purposes only and does not represent actual termination or unwind prices, neither does it present all possible outcomes or describe all factors that may affect the value of your investment.

      Risks:
      A more complete explanation of some of the risks associated with an investment in any product will be set out in any associated offering document in respect of such product which you should read before investing.

      The products described on this website are high risk investments whose value may fluctuate.

      Past performance is not indicative of future performance. Neither the issuers nor Citi (including any affiliate) provides any assurances or guarantee as to the performance of any of the products on this website.

      The products described on this website may be subject to the risk of loss meaning that you may lose some or all of your investment particularly where the effect of market movements are accentuated by leverage.

      You should have such knowledge and expertise in financial and business matters and expertise in assessing credit risk so that you are capable of evaluating the merits, risks and suitability of investing in any product, including any credit risk associated with the issuers, swap counterparty (if any) and guarantor (if any). Even where the product is principal protected there is a risk that any failure by a counterparty to perform obligations when due may result in the loss of all or part of your investment. Principal protection is only available if the product is held to the stipulated maturity date.

      Products that are denominated in a foreign currency are subject to exchange fluctuations, which may have an adverse effect on the price or value of an investment in such products.

      The secondary market for the products described in this website may be limited due to a lack of liquidity or low trading volume. This means there may be difficulty in selling them and therefore as a result there are no assurances that you will receive an amount equal to or greater than the original amount invested or that you will be able to sell them at all. Investors should not rely on selling the product at a particular time or for a particular amount. Neither the issuers nor Citi (including any affiliate) are under any obligation to make a market in or to repurchase any of the products.

      One or more independent credit rating agencies may assign credit ratings to products. The ratings may not reflect the potential impact of all risks related to structure, market and other factors that may affect the value of the products. A credit rating is not a recommendation to buy, sell or hold products and may be revised or withdrawn by the rating agency at any time.

      None of the products contained in this website (unless expressly stated otherwise) are insured by the Federal Deposit Insurance Corporation

      Forward Looking Information:
      The contents of this website may contain "forward-looking" information. Such information may include, but is not limited to, projections, forecasts or estimates of cashflows, yields or return, scenario analyses and proposed or expected portfolio composition. Any forward-looking information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein or can be ascertained at this time). It does not represent actual termination or unwind prices that may be available to you. Actual events or conditions are unlikely to be consistent with, and may differ significantly from, those assumed. Illustrative performance results may be based on mathematical models that calculate those results by using inputs that are based on assumptions about a variety of future conditions and events and not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results may vary and the variations may be substantial. The products or securities identified in any of the illustrative calculations contained in this website may therefore not perform as described and actual performance may differ, and may differ substantially, from that illustrated. When evaluating any forward looking information you should understand the assumptions used and, together with your independent advisors, consider whether they are appropriate for your purposes.

      Conflicts of Interest:
      Citi (including affiliates) may from time to time have long or short principal positions and/or actively trade, by making markets to our clients, in financial products identical to or economically related to the financial products or transactions referred to in this communication. We may also undertake hedging transactions related to the initiation or termination of a financial product or transaction, that may adversely affect the market price, rate, index or other market factor(s) underlying the financial product or transaction and consequently its value. We may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, financial products, or other interests underlying a financial product or transaction.

      Email and Internet Communications
      Communications sent over the internet cannot be guaranteed as secure. Citi does not accept any liability to you or any third person for any damages or loss in connection with any communication sent by you to us over the internet.

      Use of this website and the downloading of any information contained on this website is at your own risk. We do not guarantee and we do not assume any responsibility for ensuring that this website or its contents are free of viruses or any other damaging material.

      We also reserve the right to monitor and record all communications (including email and telephone communications) between you and us and such records will be our sole property.

      When you visit the website our server will record your IP address together with the date, time and duration of your visit. Please note that we use cookies on this website. A cookie is a small data file. Such cookies do not retrieve information about you stored on your hard drive and do not corrupt or damage your computer or computer files. You are not obliged to accept a cookie that we send to you, and you can in fact modify your browser so that it will not accept cookies. For more information about cookies including how to set your internet browser to reject cookies please go to www.allaboutcookies.org

      Data Protection
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      When you provide personal data or sensitive personal data while accessing the website and/or while using the website’s functionality (“Personal Information”), you agree that we and our affiliates (a) and carefully selected third parties may use Personal Information to inform you about products and services which may be of interest to you; (b) may collect and store Personal Information in any manner that we deem appropriate; (c) may process Personal Information in any manner that we deem appropriate in connection with our business, regulatory and legal obligations; and (d) in connection with the foregoing, may transmit Personal Information within our group of companies worldwide, or to a third party - such companies or parties may be located outside the European Union (such countries may not have data protection safeguards that would be deemed adequate under European Union standards).

      Links
      This site may contain links to web sites controlled or offered by third parties. They are provided merely as a convenience and without liability and you use them solely at your own risk. Citi does not endorse, accept any liability for, or guarantee any linked site, the site sponsor or the site contents.

      Governing Law
      These Terms of Use are governed by, and shall be construed in accordance with, the laws of England.

      Proprietary Information
      This website, documents and the contents thereof are Citi’s proprietary and confidential information. The copyright in such material is owned by Citi and/or its licensors. Accordingly, such material may not be reproduced, published, disclosed or otherwise disseminated to any third party in whole or in part without Citi’s prior written consent.

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    • Warrants & Certificates
        Switzerland Warrants & Certificates
        NOTICE:
        By clicking "Accept" below, you confirm that you agree to be redirected to the German website of CitiFirst. Citigroup does not accept any responsibility whatsoever for the distribution of the information and material available to individuals or entities which provide false certification regarding their country of legal residence/location. By clicking "Accept" below and accessing the information and material available on this website, you accept the terms and conditions set out in the disclaimer.
        For legal reasons the contents of these webpages cannot be made available to US residents. These materials and any products described herein are not being offered or targeted to US persons or to US residents and access by them is not permitted.
        CitiFirst is a service mark of Citigroup Capital Markets Inc.

        DISCLAIMER/RISK NOTICE

        Restrictions on sales
        Investment products as described on the present website are not available to individuals or organisations resident in areas where marketing, offering and/or selling such investment products would be contrary to current laws in force or other regulations in law, nor are these investment products offered to such persons, nor will any prospectuses or other documentation produced for marketing or competitive purposes be issued to them. In particular, the investment products as described here are not registered under the United States Securities Act 1933 and as such may not be offered or sold in the United States of America. The contents of the present website are not directed at persons resident in the United Kingdom. Investment products and services described on this website are not available in the United Kingdom.

        Certain investment products described here may be structured products. The attention of the investors is drawn to the fact that such structured products are not subject to the supervision of the Swiss Financial Market Supervisory Authority. Accordingly, investors cannot invoke the protection conferred under the Federal Collective Investments Schemes Act.
        As to the nature of the offer, type of investment products, particular details, offers and restrictions on sales, please see the prospectus concerned in each case.

        Suitability / no advice
        The investment products as presented here typically involve high risks, and are not necessarily suited to all investors. The information given on this website is of a general, descriptive nature, and the investment products may not be suitable for or available to you.
        The investment products as described on this website should only be sold to experienced investors who are capable of understanding and accepting the risks involved.

        The contents of this website do not constitute any investment, legal or tax advice or recommendation of any kind in respect of buying or selling the investment products described or their base value. Potential investors should obtain independent advice and assessment in respect of legal, financial and tax matters and as to the suitability, lawfulness and risks involved in acquiring the investment products described on this site.

        Risk factors
        The investment products presented here are largely high-risk investments, which are subject to general market risks such as interest rate risks, exchange rate risks, political risks, social risks and spot value at any time.
        Fluctuations in the prices of the base values will affect the value of the investment products.
        Share prices are volatile. Should the base value move contrary to the direction expected, the losses in respect of stock may be greater proportionally than the losses in respect of the base value.
        The investment products presented here generally have a limited life span, and may lapse without value. Investors should therefore allow for losses equal to the value of the original purchase price (plus transaction costs incurred).
        Exchange rate fluctuations in currencies concerned will affect the value of investment products.

        Not an offer, for information purposes only
        The contents of this website are for information purposes only.
        The content of this website does not constitute an offer or invitation to buy or sell the investment products as described on this website or their base values or to participate in any of the investment strategies as stated, nor does it constitute part of any such offer or invitation, nor should it be seen as such an offer or invitation.
        The information provided on the present website as to past performance of investment products or their base values is no guide to future performance, and does not provide any guidance or guarantee as to future performance.
        The opinions and assessments on the present website may be varied at any time without notice.

        Trading and hedging
        The market for the investment products presented here may be limited in some cases, which could affect their value and/or ability to dispose of them adversely.
        Investors should not count on being able to sell the investment products at any given time or for any given amount.
        Investors may not be able to hedge the risks involved in investments of this kind in some cases. Investors may lose both on any hedging transactions and in respect of the investment products.
        Neither the issuer nor any enterprise associated with it can give any assurances or assume any warranties as to the performance of the investment products, nor do they undertake to make any market or repurchase the investment products.

        Borrowing for acquisition purposes
        Potential investors should be aware of the risks involved in borrowing to acquire investment products, and more particularly of possible losses due to interest and loan charges. Investors should review their financial situation to see whether they can bear losses on the investment products acquired and can repay loans secured.

        Issuer, major holdings, disclosure of holdings
        Please bear in mind that not all investment products presented here are issued by Citibank International plc. or enterprises associated with it, and recourse against the issuers may be limited. Please see the prospectus concerned for more details.
        We must point out that Citigroup Global Markets Ltd. or other subsidiaries of Citigroup Inc. (referred to collectively as ′Citigroup′) may act as market maker in investment products investors acquire or in similar or associated investment products, and/or may trade in them on its own account. Citigroup may have business dealings with issuers of investment products that investors acquire, or issuers of similar and/or associated investment products, and may as such receive confidential information concerning those investment products. We must also point out that Citigroup may adopt positions on its own account in connection with such investment products, such as hedging transactions, which may affect the market price, price, index or other factors concerning the stocks investors acquire, and hence the value of those stocks adversely.

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        Switzerland Structured products
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        To view the information contained in this section of the website https://www.citifirst.com (the “Website”), you must accept the terms and conditions set out below (these “Terms”). These Terms create a binding legal agreement between us. For your own protection and benefit, please read these Terms carefully before starting to use this section of the Website. During each visit to this section of the Website, you are responsible for being familiar with, and are bound by, the current version of these Terms. If you do not agree to these Terms, you are not authorised to access or use this section of the Website. By clicking “I am a non-US investor or authorised distributor and I Accept these Terms” below and accessing the information and material available on this section of the Website, you accept these Terms. If you do not agree to these Terms, do not access this section of the Website.
        Important Notice: For legal reasons the contents of this section of the Website cannot be made available to U.S. residents. These materials and any products described herein are not being offered or targeted to U.S. persons or to U.S. residents and access by them is prohibited.
        ABOUT THIS SECTION OF THE WEBSITE
        This section of the Website is located at www.ch.citifirst.com. The information contained in this section of the website is provided by Citigroup Global Markets Limited (“CGML”, “we”, “us”, “our”, and together with its affiliates, including all entities within the Citigroup Inc. corporate group, being "Citi"), both inside and outside the United Kingdom. In the United Kingdom, CGML is authorised by the Prudential Regulation Authority (the “PRA”) and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and the PRA.
        The Website comprises various pages operated by Citi. Certain sections of, or pages on, the Website may contain separate terms and conditions, which are in addition to these Terms.
        The information on this section of the Website relates to structured products (the “Structured Products”) and certain related offering documentation in relation to such Structured Products, and is provided for your private use only. Information available on this section of the Website may constitute a financial promotion for the purposes of the rules and guidance issued by the FCA and the PRA. This section of the Website, and the information on it, are provided for informational purposes only and do not constitute an invitation, offer or solicitation to engage in any investment activity including to sell or purchase any financial instruments including, but not limited to, an interest in any Structured Products. The content in this section of the Website is advertising within the meaning of Article 68 of the Swiss Federal Financial Services Act (“FinSA“).
        YOUR ACCESS TO THIS SECTION OF THE WEBSITE
        In order to access information about Structured Products, you have selected Switzerland as your country of residence and location. Your selection will be used by us to determine the information that you will be able to access on this section of the Website. By selecting Switzerland as your country of residence and location, and clicking “Accept,” you are confirming that you accept these Terms below, and that you represent, warrant and undertake to us that, at the time this Website is accessed that you are legally resident in, and currently accessing this website from, Switzerland and neither a U.S. resident nor a U.S. Person, have confirmed by your selection that you are a non-US investor, meaning that you are resident or located in a country outside the US, or you are a non-US distributor authorised by Citi to distribute Structured Products outside the US who is not a U.S. resident or a U.S. Person. Failure to provide us with accurate information will be treated as a material breach of these Terms. If your country of residency changes such that you become either a U.S. resident or a U.S. Person, you will no longer be permitted access to this Website. Please note that this may result in you not being able to access any information at all.
        SELLING RESTRICTIONS
        The distribution of the information contained on this section of the Website may be restricted by law. This section of the Website, and the information on it, are not addressed to any person to whom it is unlawful to make such information available. The information on this section of the Website is only intended to be made available to non-US investors and non-US distributors and the information on this section of the Website is not aimed or directed at, or made available to US investors or US distributors. The Structured Products are not available, and prospectuses and other offering materials in respect of them will not be distributed, to any person resident in any country where such distribution would be contrary to local law or regulation or would subject Citi to any additional registration requirement.
        NO ADVICE
        The information on this section of the Website is provided for information purpose only and the fact that Citi has made it available does not constitute investment advice or a recommendation to buy, sell or otherwise transact in any particular Structured Product. Structured Products typically involve a high degree of risk and are not necessarily suitable for everyone. The Structured Products featured on this section of the Website are only intended for sale to investors who are capable of understanding and assuming the risks involved and may not be suitable for you.
        In preparing the information on this section of the Website, Citi has not taken account of your particular investment objectives, financial situation or investment needs. Nothing on this section of the Website shall, or is intended to, constitute financial, legal, accounting or tax advice and neither Citi will, and do not purport to, provide you with investment advice as a result of your use of this section of the Website. By accessing this section of the Website, no contract is created under which Citi agrees to provide you with any information or investment advice and Citi are not acting as your agent. The information on this section of the Website is provided solely on the basis that you will make your own investment decisions.
        Any product/strategy ideas are provided by our sales and trading department. Such material is therefore not a direct recommendation from our research department and hence not subject to the “Directives on the Independence of Financial Research” issued by the Swiss Banking Association (“SBA”). On the occasions where information provided includes extracts or summary material derived from research reports published by our research department, you are advised to obtain and review the original piece of research to see the research analyst’s full analysis.
        No offer is being made and the offer period for Structured Products may have passed.  Nothing in this section of the Website constitutes, forms part of or should be considered as an offer, solicitation or invitation to buy or sell any Structured Products on this section of the Website or to engage in any investment activity mentioned.
        We strongly recommend that you seek professional investment advice before making any investment decision.
        STRUCTURED PRODUCTS
        The Structured Products contained in this section of the Website may not be suitable for all retail investors or distributors. You should therefore consider the terms of investment in any Structured Product carefully, and seek professional investment advice, before making any decision to invest in a Structured Product. Your ability to access the information in this Website does not mean that any or all Structured Products in relation to which information is made available, have been deemed suitable for you.
        OFFERING DOCUMENTS
        The conditions of the Structured Products are contained in offering documents prepared by the relevant issuer. The offering documents comprise either a base prospectus (which may be supplemented from time to time) and final terms or an offering circular and a pricing supplement (the “Offering Documents”). The terms of the Offering Documents relating to each Structured Product will contain risk warnings that are specific to that Structured Product. To the extent you intend on acquiring an interest in a Structured Product, you should read the Offering Documents carefully. In the event of any inconsistency between the information on this section of the Website regarding a particular Structured Product and the terms of the Offering Documents, the Offering Documents shall prevail.
        INVESTING IN STRUCTURED PRODUCTS
        Persons interested in acquiring any interest in a Structured Product referred to on this section of the Website should inform themselves as to (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange control requirement which they might encounter; and (iii) the income tax and other tax consequences which might be relevant to the acquisition, holding or disposal of such investment.  You must make your own independent assessment as to your eligibility to invest in any Structured Product referred to on this section of the Website under the laws of your country of nationality, residence, ordinary residence or domicile.
        DISTRIBUTION TERMS
        By engaging in any activities relating to the marketing and distribution of any of the Structured Products featured on this section of the Website, except where you have entered into a distribution agreement (in which case, the terms of such distribution agreement shall apply), you will be deemed to have agreed and accepted our standard form of distribution terms and you will carry out such distribution activities in compliance with Citi’s “Distribution Terms In Relation To Structured Products” (www.citifirst.com/distributionterms). These terms set out the basis on which we are trading with you and include, amongst other things, representations, warranties and indemnities.
        RISK WARNINGS
        Any investment involves risk.  Structured Products can be high risk investments which are also subject to general market risks and the credit risk of the issuer. You should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you.  
        You may be subject to considerable risk when holding the Structured Product. You must refer to the relevant Offering Documents with respect to individual Structured Products for a full list of risk factors. For further risk disclosure related to financial instruments in general, please consult the risk disclosure brochure “Risks involved in Trading Financial Instruments” of the SBA, which is available on the SBA’s website: www.swiss banking.org You should seek professional investment advice before making any investment decision.
        YOUR USE OF THIS SECTION OF THE WEBSITE
        You must not use this section of the Website (or permit or procure others to use it) as follows:
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        • to transmit confidential or proprietary information, except solely at your own risk.
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        When using this section of the Website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and export of technical or personal data. It may be illegal to download the information contained on this section of the Website in certain countries and Citi disclaims all responsibility if any user of this section of the Website downloads any information from this section of the Website in breach of any law or regulation of the United Kingdom or any other applicable law.
        LIABILITY FOR USE OF THIS SECTION OF THE WEBSITE
        Access to this section of the Website is permitted on a temporary basis and Citi reserves the right to withdraw, suspend or amend the service it provides on this section of the Website without notice. Citi does not accept any liability if, for any reason, this section of the Website or any part of it is unavailable at any time or for any period.
        Availability of information is subject to change without notice.
        The internet is not a completely reliable transmission medium and neither Citi accept any liability for any data transmission errors such as data corruption, loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from Citi. Any such transmission of information is entirely at your own risk. Citi does not guarantee and Citi accepts no liability for ensuring that this section of the Website or its contents are free of viruses or any other damaging material.
        Neither Citi nor any of its directors, officers or employees, nor any other person will be liable or have any responsibility of any kind for any loss or damage that any user of this section of the Website incurs in the event of any failure or interruption of this section of the Website or resulting from the act or omission of any other party involved in making this section of the Website or the information contained on it available to you, or from any other cause relating to a user of this section of the Website’s access to, inability to access, or use this section of the Website or this information, whether or not the circumstances giving rise to such cause may have been within the control of Citi or of any third party providing software or support services.
        In no event will Citi or any such parties be liable to a user of this section of the Website for any direct, special, indirect, incidental damages or any other damages of any kind even if Citi or any other party has been advised of the possibility thereof (by indirect damages we also mean consequential damages which have the same explanation as set out above). The above does not exclude or restrict any duty or liability that Citi has by law and under the regulatory system in the United Kingdom.
        CONFLICTS OF INTEREST
        Citi, and its directors, officers, employees or clients (a “Citi Entity”) may have other commercial relationships with and access to information from the issuer(s) of securities, financial instruments or other interests identical or related to transactions entered into with investors.
        A Citi Entity may perform various roles in relation to the Structured Products and, as such, may have a conflict of interest which arises as a consequence of the role it performs in relation to the Structured Products or as a consequence of its activities more generally. A Citi Entity may owe professional and fiduciary obligations to persons other than the holders of the Structured Product. The interests of these other persons may differ from the interests of the holders of a Structured Product and in such situations, the Citi Entity may take decisions which adversely affect such holders.
        A Citi Entity may have or have had interests or long or short positions in any financial instruments underlying the Structured Product or other financial instruments referred to on this section of the Website and may at any time make purchases and/or sales in them as principal or agent. In addition, Citi and/or its affiliates may act or have acted as market maker in respect of an underlying financial instrument or entered into an arrangement to hedge the market risk associated with such financial instrument.
        Citi has a conflicts of interest policy which specifies the procedures that it follows and the measures that it has adopted in order to avoid such conflicts or to manage such conflicts in a way that ensures fair treatment for its clients. 
        LINKED SECTION OF THE WEBSITES
        Where this section of the Website contains links to other sites and resources provided by third parties, these links are provided for your information only and do not constitute any form of advice or recommendation and – to the extent that links to other websites and sources provided by third parties link to information on other investment products – this cannot be treated as any form of intended direct or indirect marketing of such products in the United Kingdom. Citi has no control over the contents of those websites or resources and Citi does not make any representation as to the accuracy or completeness of such websites or resources and has not and will not review or update them. Citi accepts no responsibility for websites and resources provided by third parties or for any loss or damage that may arise from your use of them.
        INTELLECTUAL PROPERTY RIGHTS
        Citi is the owner or the licensee of all intellectual property rights in this section of the Website, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on this section of the Website and download and reproduce them in hard copy for your own reference only provided you retain and you do not alter all copyright and other proprietary notices. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system, linked to, modified or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written consent of Citi. Nothing on this section of the Website may be construed as granting any licence or right in relation to any of Citi’s proprietary rights such as trademarks or those of its affiliates or any third party.
        AMENDMENTS TO THESE TERMS
        Citi may change these Terms at any time by amending this page. You are expected to check this page from time to time to take notice of any changes Citi makes, as these are binding on you.
        If any provision of these Terms is held by any court or competent authority to be illegal, void, invalid or unenforceable under the laws of any jurisdiction, the legality, validity and enforceability of the remainder of these Terms in that jurisdiction shall not be affected, and the legality, validity and enforceability of the whole of these Terms in any other jurisdiction shall not be affected.
        ADDITIONAL TERMS
        These Terms set out the terms on which you may make use of this section of the Website and apply to every page of this section of the Website, whether or not these Terms appear on each individual page. Your use of certain sections of this section of the Website may be subject to separate or additional terms and conditions. By accessing such pages, you agree to be bound by those separate or additional terms and conditions. In the event of any conflict, those separate or additional terms and conditions will govern your use of those sections or pages of this section of the Website.
        LAW AND VARIATION
        These Terms and any non-contractual obligations arising from or connected with them are governed by English law and these Terms shall be construed in accordance with English law. English courts will have non-exclusive jurisdiction over any dispute arising from, or related to, use of this section of the Website and it is a condition of using this section of the Website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although Citi retains the right to bring proceedings against any user of this section of the Website for breach of these Terms in their country of residence or any other relevant country. 
        Citi’s affiliates shall have the benefit of rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.
        ABOUT CITIGROUP GLOBAL MARKETS LIMITED
        CGML is registered in England with registration number 01763297 and has its registered office at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. CGML’s VAT number is GB429625629. CGML is entered in the Financial Services Register of the PRA and the FCA (Register Number 124384), access to which can be gained via the following link: www.fca.gov.uk/register.
        © 2020 Citigroup Global Markets Limited. 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.  Any unauthorized use, duplication, redistribution or disclosure is prohibited by law and will result in prosecution.
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