Citi Global Wealth DiSCLoSUreS | | 110 Investments Investing in smaller companies involves greater risks not associated Singapore. This communication contains confidential and proprietary The contact number for Citibank N.A., London Branch is +44 (0)20 with investing in more established companies, such as business risk, information and is intended only for recipient in accordance with 7508 8000. significant stock price fluctuations and illiquidity. accredited investors requirements in Singapore (as defined under the Securities and Futures Act (Chapter 289 of Singapore) (the Citibank Europe plc (UK Branch), is a branch of Citibank Europe plc, Factors affecting commodities generally, index components “Act” )) and professional investors requirements in Hong Kong(as which is authorised and regulated by the Central Bank of Ireland and composed of futures contracts on nickel or copper, which are defined under the Hong Kong Securities and Futures Ordinance the European Central Bank. Authorised by the Prudential Regulation industrial metals, may be subject to a number of additional factors and its subsidiary legislation). For regulated asset management Authority. Subject to regulation by the Financial Conduct Authority specific to industrial metals that might cause price volatility. These services, any mandate will be entered into only with Citibank, and limited regulation by the Prudential Regulation Authority. Details include changes in the level of industrial activity using industrial N.A., Hong Kong Branch and/or Citibank, N.A. Singapore Branch, about the extent of our regulation by the Prudential Regulation metals (including the availability of substitutes such as manmade as applicable. Citibank, N.A., Hong Kong Branch or Citibank, N.A., Authority are available from us on request. Citibank Europe plc, UK or synthetic substitutes); disruptions in the supply chain, from Singapore Branch may sub-delegate all or part of its mandate to Branch is registered as a branch in the register of companies for mining to storage to smelting or refining; adjustments to inventory; another Citigroup affiliate or other branch of Citibank, N.A. Any England and Wales with registered branch number BR017844. Its variations in production costs, including storage, labor and energy references to named portfolio managers are for your information registered address is Citigroup Centre, Canada Square, Canary Wharf, costs; costs associated with regulatory compliance, including only, and this communication shall not be construed to be an offer London E14 5LB. VAT No.: GB 429 6256 29. Citibank Europe plc is environmental regulations; and changes in industrial, government to enter into any portfolio management mandate with any other registered in Ireland with number 132781, with its registered office and consumer demand, both in individual consuming nations and Citigroup affiliate or other branch of Citibank, N.A. and, at no time at 1 North Wall Quay, Dublin 1. Citibank Europe plc is regulated by internationally. Index components concentrated in futures contracts will any other Citigroup affiliate or other branch of Citibank, N.A. the Central Bank of Ireland. Ultimately owned by Citigroup Inc., New on agricultural products, including grains, may be subject to a or any other Citigroup affiliate enter into a mandate relating to York, USA. number of additional factors specific to agricultural products that the above portfolio with you. To the extent this communication might cause price volatility. These include weather conditions, is provided to clients who are booked and/or managed in Hong Citibank Europe plc, Luxembourg Branch, registered with the including floods, drought and freezing conditions; changes in Kong: No other statement(s) in this communication shall operate Luxembourg Trade and Companies Register under number B government policies; planting decisions; and changes in demand for to remove, exclude or restrict any of your rights or obligations of 200204, is a branch of Citibank Europe plc. It is subject to the agricultural products, both with end users and as inputs into various Citibank under applicable laws and regulations. Citibank, N.A., Hong joint supervision of the European Central bank and the Central industries. Kong Branch does not intend to rely on any provisions herein which Bank of Ireland. It is furthermore subject to limited regulation by are inconsistent with its obligations under the Code of Conduct for the Commission de Surveillance du Secteur Financier (the CSSF) The information contained herein is not intended to be an exhaustive Persons Licensed by or Registered with the Securities and Futures in its role as host Member State authority and registered with the discussion of the strategies or concepts mentioned herein or tax or Commission, or which mis-describes the actual services to be CSSF under number B00000395. Its business office is at 31, Z.A. legal advice. Readers interested in the strategies or concepts should provided to you. Bourmicht, 8070 Bertrange, Grand Duchy of Luxembourg. Citibank consult their tax, legal, or other advisors, as appropriate. Europe plc is registered in Ireland with company registration number Citibank, N.A. is incorporated in the United States of America and its 132781. It is regulated by the Central Bank of Ireland under the Diversification does not guarantee a profit or protect against loss. principal regulators are the US Office of the Comptroller of Currency reference number C26553 and supervised by the European Central Different asset classes present different risks. and Federal Reserve under US laws, which differ from Australian Bank. Its registered office is at 1 North Wall Quay, Dublin 1, Ireland. Citibank, N.A., Hong Kong / Singapore organized under the laws laws. Citibank, N.A. does not hold an Australian Financial Services This document is communicated by Citibank (Switzerland) AG, of U.S.A. with limited liability. This communication is distributed License under the Corporations Act 2001 as it enjoys the benefit which has its registered address at Hardstrasse 201, 8005 Zurich, in Hong Kong by Citi Private Bank operating through Citibank N.A., of an exemption under ASIC Class Order CO 03/1101 (remade as Citibank N.A., Zurich Branch, which has its registered address at Hong Kong Branch, which is registered in Hong Kong with the ASIC Corporations (Repeal and Transitional) Instrument 2016/396 Hardstrasse 201, 8005 Zurich, or Citibank N.A., Geneva Branch, Securities and Futures Commission for Type 1 (dealing in securities), and extended by ASIC Corporations (Amendment) Instrument which has its registered address at 2, Quai de la Poste, 1204 Type 4 (advising on securities), Type 6 (advising on corporate 2022/623). Geneva. Citibank (Switzerland) AG and Citibank, N.A., Zurich and finance) and Type 9 (asset management) regulated activities with In the United Kingdom, Citibank N.A., London Branch (registered Geneva Branches are authorised and supervised by the Swiss CE No: (AAP937) or in Singapore by Citi Private Bank operating branch number BR001018), Citigroup Centre, Canada Square, Financial Supervisory Authority (FINMA). through Citibank, N.A., Singapore Branch which is regulated by the Canary Wharf, London, E14 5LB, is authorized and regulated by the Monetary Authority of Singapore. Any questions in connection with Office of the Comptroller of the Currency (USA) and authorized by In Jersey, this document is communicated by Citibank N.A., the contents in this communication should be directed to registered the Prudential Regulation Authority. Subject to regulation by the Jersey Branch which has its registered address at PO Box 104, or licensed representatives of the relevant aforementioned entity. Financial Conduct Authority and limited regulation by the Prudential 38 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A., Jersey The contents of this communication have not been reviewed by any Regulation Authority. Details about the extent of our regulation by Branch is regulated by the Jersey Financial Services Commission. regulatory authority in Hong Kong or any regulatory authority in the Prudential Regulation Authority are available from us on request. Citibank N.A. Jersey Branch is a participant in the Jersey Bank