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Transformation Landscape in Nigeria Payment Infrastructure Citi’s Online Academy | 30 th April 2014 Citi | Treasury and Trade Solutions Presented by: Foluso Ayo-Olaiya

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Page 1: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Transformation Landscape in Nigeria Payment Infrastructure

Citi’s Online Academy | 30th April 2014

Citi | Treasury and Trade Solutions

Presented by: Foluso Ayo-Olaiya

Page 2: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Outline

1. Nigeria Overview

2. Emerging Trends in the Environment – Trade

3. Emerging Trends in the Environment – Cash

4. Market Response And Impact on Businesses in Nigeria

Page 3: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Nigeria Overview

3

Political Landscape Next general elections due in 2015: close race likely to raise tensions Ruling party (PDP) dominates all tiers of government – however

opposition has formed a unified front

Large Physical Infrastructure Deficit Power: ~4,000MW vs. 40,000MW required; privatization concluded

and could be next success story after telecoms Transportation network: poor state of roads, airports etc. Non-functioning refineries; refined oil products are imported. Dangote

announced plans to invest $9Bn in refineries Gaps to be addressed through privatization, Public Private

Partnerships and increased capital spending

Challenges Security: militancy restricted to remote northern parts; strong

government response launched AML / KYC: increasing collaboration with Financial Action Task Force

(FATF) as well as new regulations enacted to improve regime; Nigeria taken off grey list

Heightened regulatory scrutiny and focus; increased use of penalties and fines

High operating and credit risk environment; however, Citi has appropriate controls in place

Key Statistics

1.1%Fiscal Deficit (2014 Budget)

2.8%Population Growth Rate(175mm by 2015)170mm

Population

$510bn2013 GDP(Largest economy in Africa)

54mmLabour Force

24%Unemployment Rate

7.4%2013 GDP Growth Rate

BB- / Ba3 / StableCredit Rating

24%2014 Capital Expenditure(vs. 33% in 2013)

$38bnFXReserves

11%Debt to GDP

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Nigeria Overview (Cont’d)Well positioned in an African and Global context

Naira has been Mostly Stable with Occasional Volatility

140

145

150

155

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2010

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/201

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3/1/

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7/1/

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11/1

/201

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1/1/

2013

3/1/

2013

5/1/

2013

7/1/

2013

9/1/

2013

4

GDP Growth has Been Relatively Stable vs. Peers

Source: IMF

(6.0)%

(4.0)%

(2.0)%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013EBrazil UAE Nigeria Turkey

Source: Central Bank of Nigeria, World Bank

Nigeria is Attracting Increased Financial Inflows US$ in Billions

3.1 0.8 1.4 1.6 0.8

19.218.4 19.8 20.6 20.6

4.73.4 0.7 1.8 1.4

6.6

2.9 3.95.5 10.4

33.6

25.5 25.829.5

33.2

2008 2009 2010 2011 2012Loans Personal Remittances FDI FPI

Source: DMO

Debt Burden has Remained Within Manageable Levels28.6%

12.4% 11.7% 11.8%13.9%

18.0%19.2%

18.0%

11.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013Total Debt/GDP

Page 5: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Nigeria Overview (Cont’d)Structural shifts are indicative of higher growth trend

Recent Growth Driven by Positive Structural Factors

New Growth Drivers (Telecoms, Retail etc.

Reforms

Building of Democratic Institutions(14+ Yrs)

Waiting for PIB – Oil Production Stuck Around 2mm bpd Since Late 2012

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2009 2010 2011 2012 2013

Mill

ion

Bar

rels

per

Day

Source: International Energy Agency, Citi Research

5

Reform Programs Helping to Instill Investor Confidence

Ambitious Reform Programs

Petroleum

Power

Banking

Capital Markets

Agric.

PensionAmbitious Reform Programs

Pension

Capital Markets

Agric.

Power

PetroleumBanking

Economy Diversifying Away from Oil – 32% of GDP in 2003 vs. 14% in 2013

32.4%

12.0%

10.3%

35.0%

4.1%

6.2%

2003 2013

Oil Wholesale and Retail Services Agriculture Manufacturing Others

22.0%

16.0%

36.0%

14.4%

6.8%4.8%

Note: 2013 sectoral allocation is from rebased GDP data series

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Emerging Trends in the Environment – Cash

Page 7: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Reduction in Cash transactions at bank branches

Cash in circulation dropped from $10.2Bn in 2012 to $9.2Bn in Sep 2013

Lower cost of cash management

Elimination of physical exchange of checks; implemented nationwide

Faster and nationwide harmonisedclearing period (T+2)

Shorter float days

Reducing reliance on bank branches

NIP – instant value platform, and E-Bills introduced

E-Form M / Single Window platform

Reduction in reliance on branches

Form M updated by client remotely on Single Window platform

Release of mobile payment framework by CBN

Few active banks

E-wallet now available

New channel for bills payment in the system

Introduction of limit and charges for cash transactions

Implemented for Lagos, Abuja, Kano, Rivers, Ogun, Abia, Anambra. Plan roll out nationwide in 2014

POS Terminals > 200K (<10K in 2011)

Macro Environment Implications

CashliteInitiatives 

ChequeTruncation

Electronic Channels

Mobile Payment

Reform

Treasury & Trade Solutions – Payments System Transformation and Reforms

7

Ports

Inspection of goods at the ports and issuance of report and tariff assessment to be fully transferred to Nigerian Customs Service

Customs Service now fully in charge of clearing process

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Emerging Trends in the Environment – Cash Management

Key Trend Drivers

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

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

2013– Proposed implementation of Treasury Single Account (TSA) for ministries, departments and agencies of government

NIBSS– Cheque clearing Infrastructure upgrade– The Nigeria Central Switch– Shared Service Infrastructure

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

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

Policy initiatives by regulators is driving diverse changes in the banking environment especially as they relate to the cash management business

• Cheque truncation• NIBSS Instant Pay• Central Mandate Management System• Electronic Bills Payment• Central Terminal Management System• Mobile Operator Aggregation• POS Aggregation

8

Page 9: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

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

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

Processing fees for lodgments above the limit are:– Individuals: 2%– Corporates: 3%

Processing fees for withdrawals above the limit are:– Individuals: 3%– Corporates: 5%

Sanctions on banks for non-compliance– First offender: 5 * fees waived– Second offender: 10 * fees waived

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

10% of check face value or NGN100,000 whichever is higher

Effective 1 January 2012 banks ceased to offer free Cash InTransit (CIT) services to customers. The customers arerequired to engage the services of CBN-approved CITcompanies– Non-compliance by any bank attracts NGN1.0 million per cash

movement

Maximum amount payable per cheque is fixed at NGN 10Million

Available Products for Collections & Payments

Collection/Payment Products Beneficiary Gets Value

EFT – NEFT Within 24 hours

EFT – RTGS Same Day

EFT- NIBSS Instant Pay Same Day

Cheques 2 Days

Cash Same Day

ATM Transfers/Quick Teller Next Day

Mobile Payments Same Day

POS Terminals24 Hours - Nigerian Cards72 Hours – International cards

Web Pay Next Day

Citi Commercial Cards Next Day

9

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Emerging Trends in the Environment – Trade

Page 11: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Nigeria’s Trade EnvironmentCapital Importation

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

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

ImportsPayment for importation of goods into Nigeria is via letters of credit and Bills for Collection (Documents AgainstAcceptance).

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

11

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

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

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

Documentation & Tenor– Insurance for goods in transit must be in local currency– Invisibles (Services) Payment, WHT, NOTAP approval, Demand note– Trade transaction tenor 180 days subject to one rollover

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

Nigerian Trade Environment – Imports, Exports. FX

12

Page 13: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

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

Pre-Arrival Inspection handled by Nigeria Customs Service

Pre-Arrival Risk Assessment Report (PAAR) and Customs Duty Payment.

Documents for Not Valid for Foreign Exchange transactions to be sent directly to the bank that opened the Form Mand applicable returns on non-submission of shipping docs after 90 days to be rendered henceforth on suchtransactions.

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

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

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

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

Emerging Trends in the Environment – Imports

13

Page 14: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Presented by: Yusuf Ali Khan

Sub-Saharan Africa Trade

Citi | Treasury and Trade Solutions

Citi’s Online Academy | 30th April 2014

Page 15: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

Table of Contents

1. Africa Trade Overview and Trends

2. Citi Trade Offering: Overview

3. Trade Finance

4. Trade Working Capital Finance

5. Commodity Trade Finance

6. Export & Agency Finance

7. Case Studies

8. Credentials

9. Contacts

Page 16: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

1. Africa Trade Overview and Trends

Page 17: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

4

Overview of Trade in Africa

AFRICA

LATAM

ASIAEUROPE

USA

Africa - LATAM flows• Africa Imports: $21bn• Africa Exports: $30bn

Africa - US flows• Africa Imports: $38bn• Africa Exports: $74bn

Africa - Europe flows• Africa Imports: $211bn• Africa Exports: $240bn

Africa - Asia flows• Africa Imports: $177bn• Africa Exports: $160bn

Africa - China flows• Africa Imports: $85bn

• Africa Exports: $113bn

CHINA

Africa - Total flows• Total Imports: $580bn• Total Exports: $630bn

**Based on 2012 figures from WTO

Africa has a positive trade balance with the rest of the world, with Europe maintaining it’s position as Africa’s largest regional partner. Growing South-South flows are also evident in Africa’s trade with Latin America and Asia

Intra-Africa Trade• Total Flows: $81bn

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5

Trends in Africa Trade

13% 4%

36%

5%4%

8%

32%

North America

South and Central America

Europe

Commonwealth ofIndependent States (CIS)Africa

Middle East

Asia

Share of Global Trade

• African trade as a share of global trade is still low at 3.5% however, in 2012, Africa

experienced the highest regional growth in merchandise exports in volume terms,

recording 6%.

• At 11.5%, Africa also recorded the highest growth in imports globally.

• Nigeria and South Africa account for almost 30% of total African trade flows

South-South Trade Corridor

• African countries have reoriented the direction of their exports from OECD

countries to emerging markets in the Global South.

• The three fastest-growing trade corridors globally are all South-South and include

Asia. They are Asia-MENA, Asia-SSA and Asia-Latam .

• From an SSA perspective, the SSA-developing Asia corridor has been the fastest

growing regional trade corridor since 1990, followed by SSA-Latam.

Regional Share of Global Trade

70%

9%

16%

5%

Share of African Exports by Product

Fuels andminingAgriculture

Manufacturing

Commodities• Fuels and mining exports accounted for a 70% share of African exports in 2012

as Africa increased its exports of fuels and mining products by 9%.

• Driving this demand for African commodities is China which expanded its imports

of fuels and mining products by 3.4% to US$ 533 billion, overtaking the USA as

the largest importer of fuels and mining products

Growth in SSA exports by Region (1990 = 100)

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6

Trends in Africa TradeLogistics Performance Index

Infrastructure

• $93 billion will be required between 2010 and 2020 to close the infrastructure gap

between Africa and other regions. About two-thirds of this sum will be for construction

and rehabilitation and one-third will be used for maintenance. This number

represents just under 15% of Africa’s GDP.

• Sub-Saharan Africa currently ranks lowest of the world’s developing regions, and

well below its peer regions such as MENA, LATAM and East Asia & Pacific regions.

• South Africa, Senegal and Uganda are notable outliers in terms of quality of logistics,

however there is plenty of opportunity for West, Central and East Africa to perform

significantly better

Trade Agreements/Intra Africa Trade• According to the World Trade Organisation (WTO), the number of Preferential

Trade Agreements (PTA) and Bilateral Investment Treaties (BIT) more than tripled

between 1990 and 2010.

• Approximately 300 PTAs are currently in operation and many more under

negotiation. Around half of these PTAs are bilateral and almost two-thirds are

between developed and developing countries

• Intra-Africa trade has grown from about 10% in 2001 to about 13% of total African

exports in 2012 but remains the 2nd smallest intra-regional trade corridor ahead of

the Middle-East (8.6%). South Africa has the largest share of intra-African trade

• Cost of trade within the various sub-regional trade blocs is still high and prohibitive

and thus, continues to stifle intra-African trade

Country Score InfrastructureLogistics Competence

South Africa 3.46 3.42 3.59Senegal 2.86 2.64 2.73Uganda 2.82 2.35 2.59

Latin America 2.74 2.46 2.62

East Asia & Pacific 2.73 2.46 2.58MENA 2.6 2.36 2.53

Nigeria 2.59 2.43 2.45

Sub-Saharan Africa 2.42 2.05 2.28

Angola 2.25 1.69 2.02

Source: World Bank Logistics Performance Index

Page 20: Transformation Landscape in Nigeria Payment Infrastructurecitibank.com/transactionservices/home/about_us/online_academy/docs… · Transformation Landscape in Nigeria Payment Infrastructure

2. Citi’s Trade Offering: Overview

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8

Citi’s Trade Offering: Overview

TradeWorking Capital Finance

•Supplier Finance•Channel Finance•Distribution or Distributor Finance

Export and

Agency Finance

• Export Credit Agencies

•Multilaterals

TradeServices

• Import LCs and Bills (including bill discount)

• Import Collection• Export Collection• LC

Reimbursement• Open Account

Solutions• LC Reissuance• Export LCs and

Bills• ILOCs

5 PILLARS OF TRADE

Asset Optimization / Distribution

Commodity Finance

•Oil transactional flows

Teno

r

Short Term Short Term Longer TermShort Term Short to Medium Term

Trade Finance

• Pre-Shipment Finance

• Import/ Export Loans

• Global Accounts Receivable Finance

• Credit Insured Accounts Receivable

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3. Trade Finance

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10

Trade Finance – Key Trends

• High domestic interest rates in most SSA countries has contributed to an aversion for LCY trade loans hence, clients prefer FCY loans but are becoming increasingly concerned about FX volatility in SSA.

• The size of the trade finance gap in Sub-Saharan African countries is estimated at approximately $225 billion per year. Key constraints in filling this gap include the availability, cost and tenors of facilities, vulnerability to crisis and the limited institutional capacity of local players.

• To narrow the trade finance gap, the AfDB approved a new Trade Finance Program (TFP) in February 2013. The $1 billion initiative extends credit to African financial institutions and is expected to support over $10 billion in trade volumes over four years.

• Trade is predominantly shifting to open account basis in SSA and thus a need for realignment from traditional LC offering to trade loan solutions.

• With the increasing ability of local banks to execute Trade Finance deals over the last few years, FI clients are requesting for Trade Advances in foreign currency to support their financing of imports

• Exporters abroad are facing liquidity pressures and thus requiring counterparties in SSA to shorten payment cycle.

• Both GSG and TTLC corporates in SSA are also demanding solutions which improve their own liquidity positions while meeting payment terms of exporters abroad.

Trade Loan Trends

• Use of Receivables finance has doubled from about €9.8bn in SSA

• SSA factoring/receivables financing doubled between 2007 and 2013 with South Africa accounting for the highest volumes

• Clients prefer non-recourse financing

• Reluctance of buyers to designate those who will confirm invoices before we discount

• Many local companies continue to have little bargaining leverage with their buyers, both domestic and abroad, who in turn manage their own liquidity by delaying payments

• Local companies are however demanding solutions which help to minimize their own liquidity and funding costs

Account Receivable Trends

9.812.1 13.5

21.5 21.523.9

19.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2007 2008 2009 2010 2011 2012 2013

SSA Factoring/Receivables Finance (€bn)

Total SSA

Source: Factor Chain International

Sub-Saharan Africa’s trade finance gap is estimated at $225bn*. Both mainstream banks and multilateraldevelopment banks are key to unlocking financing for trade in the region

*Source: African Caribbean and Pacific Group of States

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Pre-Shipment Finance

Working capital financing required for the execution of a Sales Order,

covering the purchase, processing, manufacturing or packing of goods

Post-Shipment Finance

Export or Import Finance for the post shipment period, prior to realization of

the sales receivable

• Provides liquidity to meet trade needs• Typically up to 180 days• Both committed and uncommitted structures available

• Potentially additional funding beyond clean lending

• Offers an alternative to selling receivables

• Simplicity and ease of execution

• Domestic and offshore solutions available

• Available in local and foreign currencies

BenefitsStructures

4. Payment on behalf of Buyer

1. Shipment of GoodsBuyer

ImporterSeller

Exporter2. Invoicing

5. Payment @ Maturity

3. Finance Request + Docs

1. Shipment of GoodsBuyer

ImporterSeller

Exporter2. Invoicing

5. Payment @ Maturity

3. Finance Agreement

4. Payment on Behalf of Buyer

Import Financing Export Financing

1. Purchase Order Buyer

ImporterSeller

Exporter

2. Financing Request + docs

3. Pre -Shipment Loan

4. Ships Goods 5. Liquidation of Pre Shipment loan& potential booking of post shipment loan(After presentation of documents)

Pre-Shipment Financing

Trade Finance Overview: Trade Loans Simple and cost effective short term financing solutions for Corporates and Financial Institutions

11

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12

Accounts Receivable Finance Structure

Trade Finance Overview: Accounts Receivable Simple and cost effective short term financing solutions for Corporates and Financial Institutions

• Sales Growth Access liquidity to support sales growth Inject liquidity into distribution channels Scalable, quickly deployable across countries

• Balance Sheet Management Improve working capital and reduce Days Sales Outstanding Manage and improve cash flow precisely and efficiently

• Risk Mitigation and bank limit utilisation Control commercial credit risk on customers Access financing without using existing credit lines

• Outsourcing of receivables management Operational efficiency in the management of Accounts Receivable Reduce overall administration and operating costs Online management and transparency including full reporting on

dilutions, payment activities and history • Reduced Administration Online, web-based solution requiring only an internet connection

and browser

• Enhancement of Liquidity and Working Capital Improves Days Payables Outstanding

• Control over Accounts Payable Receivables not being factored on the open market with corresponding

impact on purchase price

• Facilitates downstream sales Supports onward sales to end user (retailers or consumers)

• Improved information flow Online management and transparency including full reporting on dilutions,

payment activities and history Operational efficiency in managing Accounts Payable Reduce overall administration and operating costs

• Reduced Administration Online, web-based solution requiring only an internet connection and

browser

BENEFITS

Seller Buyer

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4. Trade Working Capital Finance

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14

Supply Chain Finance - Key Trends

Manufacturing Confidence

Risk of Default

Interest Rate

Manufacturing confidence vs. Interest Rate (bps)

SME Cost of Goods

*Bloomberg Oct 2013

Basel III Rise in SSA Sales Working capital management

Radical changes in capital rules, new liquidity and leverage ratios (additional rules for global systemically important banks)

Counterparty Credit Risk and one year floor on tenor

Anticipation of more expensive and constrained bank financing

Uncertainty in financial markets and potentially uneven playing field across countries

More expensive financing for Non-Investment grade counterparties (Suppliers and Buyers)

Shift to cheaper sources of funding: Short tenor loans / Receivables Financing

Counterparty, FX, and credit risk mitigation

Greater need for X-Border risk mitigation as sales to Emerging Market grow

Key markets: Kenya, South Africa and Nigeria

Key Sectors: FMCGs, Healthcare, Industrials and Telcos

Balance Sheet Management– Key strategic priority to improve Cash Conversion Cycle

(CCC) and reduce locked-in capital through WC management

Liquidity as a Driver– Reduced reliance on external funding to counter volatility

(increased importance of diversified liquidity sources) – Freed up liquidity to drive sales initiatives

Financial Forecasting– Improved operational management and planning via

accurate forecasting – Cash Flow / Interest forecasting and certainty continue to

be top priorities of treasurers

While SSA trade is growing, cost of funding is also rising hence a need to efficiently manage working capital

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15

Underlying Commercial

Trade

Supplier’s Bank

Supplier

Supply Chain FinanceSupply Chain Finance

Your supplier’s bank is happy with the arrangement as they

are reducing their DSO

Product Delivery Date

Standardized Payment

Days

Reduce Collection

Days (DSO)

Citi funds the working capital cycle by paying approved

invoices early

Buyer

Buyer

Supplier

Benefits for Buyer

Supply Chain Finance - Overview Extending cheaper credit to suppliers with working capital benefit to buyers

• Support its Supply Chain

By offering suppliers a new credit and liquidity source at a lower cost than

their own, client strengthens and reduces uncertainty in its own supply chain

and thus, improves its supplier relations

• Cost free and easy to implement

There are no fees or costs charged to buyer for Supply Chain Finance and

the program has only limited operational impact on buyer

• Working Capital /Margin Benefits

Buyer can negotiate extended payment terms or cost price discounts based

on the benefits to the supplier through this program thereby improving

Working Capital and/or reducing Cost of Goods Sold

• New Credit & Liquidity Source

Suppliers benefit from this program by getting access to a new credit and

liquidity source at a lower cost than their own

• Positive Balance Sheet Impact

Non recourse sale of Accounts Receivables has positive impact on balance

sheet by accelerating cash flow

• Working Capital Benefit

Accelerate cash flow by reducing Accounts Receivables and shortened

Days Sales Outstanding

• Easy Enrolment and No Upfront or Ongoing Costs

No financial statements required from the supplier to enrol

Benefits for Supplier

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5. Commodity Trade Finance

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Commodity Trade Finance – Key Trends Africa’s exports are dominated by oil and mining products while increased energy demand from the rest of theworld is driving commodity trade activity in the region

Trends

• Fuels and mining exports accounted for a 70% share of African exports in

2012 as Africa increased its exports of fuels and mining products by 9%

• Local content regulation across Sub-Saharan African economies is leading

to an emergence of local commodity traders and an increasing demand for

financing from banks within Africa.

• Traditional trading companies are strategically moving towards the upstream

oil sector in SSA by acquiring assets of international oil companies. An

example is the acquisition of some of Shell’s upstream interests by Vitol

• With increasing SSA oil production and consumption, some mid-tier

commodity traders from Europe and Asia are gradually establishing their

footprint in Africa. Notably, Chinese oil off-takers are establishing their

footprint in SSA as China’s demand for fuels and mining products overtakes

that of the USA

• Banks however continue to find difficulty in funding soft commodities due to

unknown KYC costs for small-scale producers and the absence of

aggregated or structured exporters of soft commodities like coffee.

• Cocoa trading in Africa remains focused on West and Central Africa and is

dominated by 5 commodity traders; Cargill, ADM, Olam, Barry Callebaut and

Armajaro.

• Natural gas discoveries in Africa and plans to invest in LNG infrastructure

are also indicative of new commodity financing opportunities in the medium

to long term.www.uneca.com

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Commodity Trade Finance - Overview Commodity Trade Finance is a broad set of financing solutions covering the commodities supply chain fromproducers through to the commodity traders, processors and end-buyers

• Enhanced working capital solutions that are capital efficient for

banks resulting in competitive pricing

• Structured facilities and transactional security that extend the

available financing beyond traditional lending

• Effective balance sheet management through the reduction of

receivables, monetisation of inventory and mitigation of

counterparty risk

• Performance risk financing allows producers with a successful

production track record to borrow against the value of future

production and has proven to be a stable source of financing even

in times of financial uncertainty and market volatility

Benefits Typical short-term, secured, end-to-end financing structure

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6. Export & Agency Finance

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Export & Agency Financing – Key Trends Export and Agency Financing activity has been critical to financing the growing infrastructure needs of Africa

Trends

• African trade and investment patterns are evolving due to economic development, changes in consumption and production processes, and new global entrants (China,

India and Brazil)

• Much of the long-term financing in Africa is being driven via ECA and multilateral support with strong players such as AfDB, CEXIM, IDC South Africa, Agence Française

de Développement

• Funding demand has been particularly strong for infrastructure projects in Africa: transmission lines, generators and turbines for public sector utilities and expansion of

ports and airports

• China continues to pump money into Africa mainly via infrastructure investments and with the support of Export-Import Bank of China and China Export and Credit

Insurance Corporation

• Given some of the challenging geographies across the region, we expect ECAs and DFIs to continue play a major role supporting medium and long-term debt-

raising efforts

PECM, 25%

Government & Finance, 10%

Aviation,8%

Oil & Gas, 26%

Shipping, 12%

Telecoms, 9%

Other, 10%

Americas26%

Asia Pacific26%

EMEA49%

2013 By Region2013 By Sector

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

7,000.00

8,000.00

Ex‐Im Bank

KSURE COFACE Hermes  NEXI SACE  GIEK EKN KEXIM EKF

Top ECAs by 2013 Loan Guaranteed Volume ($MM)

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Export & Agency Financing - Overview The Official Agency market covers both public and private sector with Export Credit Agencies, Multilateral Agencies and Development Finance Institutions typically guaranteeing public sector capital expenditure. Citi also has a proprietary risk sharing program with OPIC for private sector agency financing solutions.

Sector Agency Mode of FinancingPublic Sector and Sovereigns

Export Credit Agencies “Tied” Financing• Financing directly linked to procurement

of goods• Provided by ECAs, hence bound by OECD Consensus• ECAs guarantee bank finance, supplier finance, and/or provide direct loans

Multilateral Agencies (MLA) “Untied” Financing• Financing linked to development or promoting FDI• NOT related to procurement of goods• Provided by DFIs or Multilaterals• MLAs and DFIs are more flexible in the types of transactions they can participate in• Focus is on national interest as opposed to production• Partial guarantees, with greater flexibility in the structuring of the underlying instrument

Development Finance Institutions (DFIs)

Private Sector

Proprietary Citi-OPIC Risk Sharing Program

“Untied” Financing

• OPIC will guarantee up to 75% of the transaction as long as Citi originates and credit approves a transaction in

accordance with its Core Credit Policies and the transaction meets OPIC Requirements. Citi participation

provides the “US Interest at Risk” necessary for OPIC

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Export & Agency Financing – Overview With Africa’s infrastructure financing needs estimated at $93bn between 2010 and 2020, there is a growing need for ECA and multilateral support to undertake major projects in sectors such as power, transportation and telecommunications in Africa

(3) Insurance policy / Guarantee / Subsidies

(4) Goods and Services

(1) Export Contract (Direct /Indirect through the contractor)

(6) Payment for exports (2) Loan Agreement

(7) Repayment(5) Presentation of documents

Exporter Importer

ECA

Typical ECA Funding Structure

Tranche A

OPIC provides “Full Faith and Credit” guarantee of repayment

Loan (US$)

Administered by Facility Agent

Principal and Interest

US

NY / Local

Branch

Borrower

Offshore

Tranche B

OPIC Risk Sharing Program Structure

Benefits – ECA

• Long availability period

• Tenors up to 15 years

• Capacity for large ticket projects

• Less equity required

• ECA debt is exempt from withholding tax

Benefits - DFI/Multilateral Agency

• Product breadth much wider than that of ECA financing

• Useful addition in large CAPEX strategies with multi-country

sourcing

• Offers a “good story” to future lenders/stakeholders

Benefits – OPIC

• Covers both political and commercial risks

• Structured to fit within Citi’s current operating guidelines and its

standard documentation

• OPIC facilities are “untied” which means that the sourcing of any

capital goods can be from any country

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7. Case Studies

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Trade Loans: Sony Corporation, South Africa (2012) World’s leading company in consumer electronics.

The Challenge

• Sony South Africa used to purchase electronic goods from their Head Office

Sony Corporation (Japan) on credit terms of 180 days.

• Sony wanted to reduce these payment terms and get timely payments earlier

than 180 days. However, the funding costs for such a facility were deemed to

be high.

Citi Solution

• Provide a Trade Loan so that Sony South Africa can pay Head Office on time

and reduce credit terms

• On presentation of invoices and bills of lading Citi to pay Sony Corporation

(Japan) the face value of invoices

• Standing Settlement Instructions set up for Sony South Africa with direct debit

payments to Citi of the principal and interest on due date

Transaction Flow

• Sony South Africa (SA) gives order to Sony Japan

• Sony (SA) shares financing request and documents proving that funding

required is trade related to Citi

• Citi finances the imports by paying directly to the Sony Japan

• Sony Japan ship the goods to Sony (SA)

• Sony (SA) repays principal and interest at time of maturity

Seller(Sony Japan)

Buyer (Sony SA)

Financing Provided by Citi

Day 0 Day 18 Day 180

Citi extends trade loan to Sony (SA)

Liquidation of the Loan by Sony (SA)

Payment DatePurchase goods Deliver goods

Citi Pays Sony (Japan) directly on presentation of invoice and Bill of lading by Sony (SA)

Transaction Highlights

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Supplier Chain Finance: Vodacom, South Africa (2012)

Company • Vodacom - One of South Africa’s Largest Mobile Network

Operator (MNO)

Client Need • Vodacom wanted to support one of their main suppliers; in

extracting early payment from a Supplier Finance

programme. Vodacom were able to negotiate extended

payment terms from the supplier and helping their own

liquidity and working capital targets.

Deal

Structure

• Vodacom provide Citi with an approved payment file. Citi

discounts these payments in advance in favour of

Vodacom’s key suppliers. This structure is supported

through the online Supplier Finance platform. The

programme is extended to key suppliers of Vodacom.

Transaction Highlights

• Leverage existing strong Trade relationships and demonstrate local

capabilities. Citi’s deep knowledge in Telecom’s as well as our superior

product offering leaves us well placed to capture more business in this sector

• Citi and Vodacom worked extensively together to provide a solution to

support Vodacom's unique processing requirements and technology needs

• Provision of a valuable financing program to suppliers

• Successful participation by suppliers and eagerness to join Citi’s program

• Provide an alternative source of attractive financing

• Enable Vodacom to extend payment terms with suppliers, without disrupting

the supply chain

• Provide suppliers additional visibility into Vodacom’s payment status

Citi provided a valuable financing program to the suppliers of Vodacom South Africa. With the Supplier Finance program, suppliers benefit from extended payment terms without disrupting the supply chain.

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Commodity Trade Finance: Key Deals Citi has executed various innovative commodity financing transactions for strategic public sector institutions inSub-Saharan Africa

CompanySociété des hydrocarbures du Tchad (SHT) State oil company of Chad.

SONARA -Sole refinery of crude oil in Cameroon

Ghana Cocobod State cocoa company

Client Need

• The Government of Chad receives its oil royalties in kind from major oil companies operating in the country. Products have been sold on open account to various offtakers

• To ensure that reimbursements of loans and payments to transporters are secured. SHT engaged Citibank to structure and execute a facility that would accommodate their oil export flows under LCs

• SONARA is the sole refinery of crude oil inCameroon. The company has a refinery capacity of 1million barrels of crude oil per month

• 80% of crude oil refined is sourced from Internationaltraders (GLENCORE, TRAFIGURA, SAHARAENERGY, HELL, SOCAP etc.)

• Refine product are sold locally to downstream oilplayers 70% of the production and the balance isexported, using the same international traders.

• Issuance and confirmation of import LC’s to purchase crude oil each from the International Traders

• Funding for the procurement of Cocoa for export to international offtakers

• Refinancing of maturing debt obligations

• General working capital needs.

Deal Structure

• Citi structured a Facility of $30 million that would enable confirmation and issuance of their Oil LCs issued by Citi. The structure entails issuance of several concurrent LCs which are discountable in favour of the beneficiary to facilitate the management of working capital

• The process flow of the transaction has been tailored to ensure convenience for SHT and swift execution. The transaction was structured to enable documentation flows through Citi Cameroon and Citi Europe Plc

• Citi Cameroon structured and executed a Facility which entails:

• LC issuance and discounting to enable timely delivery of crude oil to the refinery.

• Part prepayment obligations on Sonara

• Assignment of receivables.

• The Cocobod transaction is structured as a prepayment facility

• 2011 Facility size $2.0 Billion the largest size for the Cocobod to date

• 2012 Facility size $1.5 Billion was fully subscribed led by 14 banks prior to general syndication and finally attracted 17 other banks including local and regional banks

Roles

• Confirming bank • Issuing and Confirming Bank • 2011 Facility - Mandated Lead Arranger and Bookrunner working with Ghana International Bank, HSBC, Natixis, Nedbank Capital, Rabobank, Standard Chartered

• 2012 Facility – Mandated Lead Arranger and Bookrunner working with Barclays, BTMU, Ghana International Bank, HSBC, ICBC, Natixis, Nedbank Capital, Rabobank, First Rand Bank, Socgen

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Transaction Highlights• The project financed is Phase IV of the Self Help Electrification Programme (SHEP) that was

introduced as a complementary activity to the National Electrification Programme led by theGovernment of Ghana (GOG).

• The financing is in connection with the export contract signed between the Ministry of Energy(MOE), and Thengashep Ghana (Pty) Ltd for the supply and installation of electricalequipment and accessories for 532 towns in the Upper East Region of Ghana.

• This transaction was a 15-year, $101.3 million term facility, 100%-guaranteed by ECIC(Export Credit Insurance Corporation of South Africa).

• The main benefits of SHEP for the Ghanaian rural population are: poverty reduction;increased people’s standard of living; creation of small-to medium-scale industries; jobcreation in the rural areas and thus reducing the rate of rural to urban migration.

• Under the export contract, it is estimated that there will be job creation in both South Africaand Ghana. In South Africa, 46 new jobs will be created in both the manufacturing andservices sectors, while in Ghana, 216 new jobs will be created in the manufacturing sector.

• This deal raised strong appetite for ECA financing in the South African bank market.

Innovation• The transaction is the 1st ECIC-backed financing in the power sector in Ghana and the first

one where Citi is a Sole MLA for an ECIC-backed deal.• The financing package was able to provide an innovative structure that meets the IMF’s

concessionality criteria.• The lender secured a very attractive Interest Make-Up (IMU), which is payable by ECIC

under their 2009 IMU scheme, and enables the lender to provide competitive pricing to theBorrower.

• The project financed will contribute to poverty alleviation through empowerment, job creation,development of small to medium size enterprises and generally uplifting the ruralcommunities.

• A testament to Citi’s support of inter-Africa trade where we supported a South Africanexporter by providing them with access to a key client in Ghana, i.e.. MoF Ghana, and byutilizing ECIC support allowing the Borrower to benefit from a very competitive financingstructure in terms of pricing and tenor. This deal brings to light the benefits of our long-standing relationships with importers, exporters, agencies and all the parties involved.

Borrower • Ministry of Finance, Government of Ghana

Guarantor • Export Credit Insurance Corporation of South Africa (ECIC)

Facility • US$101.3 million 15 year tranche

Deal Size • Total facility: US$101.3 million

Purpose

• To finance the export contract betweenThengashep, South Africa and the Ministry of Energy, Government of Ghana

EPC Contractor

• Procurement, supply and installation of transmission lines in the Eastern Province of Ghana

Closing Date • March 2012

Citi Roles

• Mandated Lead Arranger• Structuring Bank• Facility Agent• Account Bank

Legal Counsel • White & Case, Johannesburg• Oxford & Beaumont, Ghana

EAF (ECA): Government of Ghana, Ministry of Finance – US$101.3 millionCiti, acting as a Sole Mandated Lead Arranger, closed the first ECIC (South Africa) guaranteed transaction in Ghana by arranging a financing of a project related to the rural electrification program lead by the Gov’t of Ghana.

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Transaction Highlights

• CHI is a leading member of the Nigerian food and beverage industry. Operating forover 28 years, it has diversified into different agro-allied products

• In 2010, CHI launched 10 new products which boosted the brand presence.However, the company’s existing capacity can no longer accommodate itsexpansionary plans

• Citi is the MLA of a US$ 40 million term loan facility, 75% guaranteed by OPICunder the Global Framework to enable CHI to expand its manufacturing plants

• The facility provides for a US$ 30 million 100% OPIC-guaranteed and a US$ 10million clean tranche funded by Citi Nigeria

• The financing is for the capital expenditure project envisaged by CHI for theexpansion and modernization of their existing production by acquiring and installing:a new bakery with additional capacity of 10,000 tons; and fruit juice and yogurtplants with an additional capacity of 102 million liters per year

Innovations

• This is the first OPIC transaction in Nigeria in the Food & Beverages space

• The transaction arranged by Citi and structured with an OPIC-guarantee will raisethe presence of CHI in the international marketplace, improving its future access toother Development Finance Institutions, international investors and lenders

• Citi, acting as MLA and direct lender for this facility, provided a highly competitivepricing compared to the prevailing market conditions

Borrower • CHI Limited (“CHI”), Nigeria

Guarantor • Overseas Private Investment Corporation (“OPIC”)

Facility • US$ 40 million

Deal Size • US$ 40 million term loan facility, 75% guaranteed by OPIC under the Global Framework

Tenor • Up to 5 years (1.5 years availability period + 3.5 years repayment period)

Purpose • To finance expansion, installation and commissioning of new machines for bakery, fruit juice and yogurt plants

Closing Date • August 2012

Citi’s Role • Mandated Lead Arranger, Sole Lender and Facility Agent

EAF (OPIC): CHI Limited – US$ 40 million (2012)Citi acted as Mandated Lead Arranger for a US$ 40 million facility in favour of CHI Limited, a leading manufacturer and marketer of food and beverage products in Nigeria.

Credentials

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8. Credentials

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SSA Trade Credentials

Telkom SA South Africa

USD 127 millionSinosure

Mandated Lead Co-Arranger

2010

Ethiopian AirlinesEthiopia

USD 635 millionUS Ex-Im

Sole Mandated Lead Arranger

2010

Exxaro Resources South Africa

ZAR 560 millionDFI-backed Facility

Mandated Lead Arranger

2012

Ministry of FinanceGhana

USD 101.3 millionECIC

Mandated Lead Arrangerand Structuring Bank

2012

Kenya Power & Lighting Corporation Ltd.

KenyaUSD 45 million

World Bank – IDASole Arranger and

Issuing Bank

2012

FCMBNigeria

USD 20 millionOPIC

Mandated Lead Arranger

2012

CHI LimitedNigeria

USD 40 millionOPIC

Mandated Lead Arranger

2012

Ministry of FinanceGhana

USD 192 millionECGD

Co-Mandated Lead Arranger

2012

Government of Cote d’Ivoire

USD 60 millionWorld Bank – IDASole Arranger and

Issuing Bank

2013

Tunis AirTunisia

USD 92 millionCOFACE

Mandated Lead Arranger

2013

Attijariwafa BankMorocco

USD 40 millionOPIC

Mandated Lead Arranger

2013

SIRCote d’Ivoire

USD 50 millionMandated Lead Arranger

Commodity Trade Financing

2014

SHTChad

USD 30 millionMandated Lead

ArrangerCommodity Trade

Financing

2014

SONARACameroon

USD 76 millionMandated Lead

ArrangerCommodity Trade

Financing

2014

Best foreign investment bank in Africa Best bank in Algeria Best foreign investment bank in Ghana Best foreign bank in Nigeria

Best foreign investment bank in Nigeria Best investment bank in Rwanda Best foreign bank in South Africa Best investment bank in Zambia

“Citi’s full service commitment to clients allows the bank to support customers in ways that the majority of banks operating in Africa are simply unable and unprepared to do.”

AFRICA BANKING AWARDS 2013Precision Air

Tanzania

USD 129 millionSACE

Lead Arranger and Bookrunner

2008

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Contacts

Segun Adaramola Nigeria Head, Treasury &Trade SolutionsTel: +234 1 463 8413Email: [email protected]

Emmanuel UmukoroNigeria Head, Cash Management Tel: +234 1 463 8567Email: [email protected]

Foluso Ayo-OlaiyaNigeria Head, Client Sales ManagementTel: +234 1 463 8563Email: [email protected]

Chidinma OdibeliNigeria Head, Client DeliveryTel: +234 1 463 8543Email: [email protected]

Yusuf Ali KhanTTS Trade Head, SSATel: +27 (11) 944-0422 Email: [email protected]

Carl Kachale ChriwaTTS Trade FinanceTel: +254 20 275 4120Email: [email protected]

Stewart MakuraTTS Commodity Trade FinanceTel:+27 (11) 944-0697Email: [email protected]

Desi RadevaTTS Export and Agency FinanceTel: +254 20 275 4042Email: [email protected]

Nnenna AguTTS Export and Agency FinanceTel: +234 127 98744Email: [email protected]

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Citi believes that sustainability is good business practice. We work closely with our clients, peer financial institutions, NGOs and other partners to finance solutions to climate change, develop industry standards, reduce ourown environmental footprint, and engage with stakeholders to advance shared learning and solutions. Highlights of Citi’s unique role in promoting sustainability include: (a) releasing in 2007 a Climate Change PositionStatement, the first US financial institution to do so; (b) targeting $50 billion over 10 years to address global climate change: includes significant increases in investment and financing of renewable energy, clean technology,and other carbon-emission reduction activities; (c) committing to an absolute reduction in GHG emissions of all Citi owned and leased properties around the world by 10% by 2011; (d) purchasing more than 234,000 MWh ofcarbon neutral power for our operations over the last three years; (e) establishing in 2008 the Carbon Principles; a framework for banks and their U.S. power clients to evaluate and address carbon risks in the financing ofelectric power projects; (f) producing equity research related to climate issues that helps to inform investors on risks and opportunities associated with the issue; and (g) engaging with a broad range of stakeholders on theissue of climate change to help advance understanding and solutions.

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

efficiency, renewable energy and mitigation

[TRADEMARK SIGNOFF: add the appropriate signoff for the relevant legal vehicle]

© 2014 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

© 2014 Citigroup Global Markets Limited. Authorized and regulated by the Financial Services Authority. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates andare used and registered throughout the world.

© 2014 Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

© 2014 Citigroup Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

© 2014 [Name of Legal Vehicle] [Name of regulatory body.] All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

IRS Circular 230 Disclosure: Citigroup Inc. and its affiliates do not provide tax or legal advice. Any discussion of tax matters in these materials (i) is not intended or written to be used, and cannot be used or relied upon, by you for the purpose of avoiding any tax penalties and (ii) may have been written in connection with the "promotion or marketing" of any transaction contemplated hereby ("Transaction"). Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.

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Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements. This presentation is not a commitment to lend, syndicate a financing, underwrite or purchase securities, or commit capital nor does it obligate us to enter into such a commitment, nor are we acting as a fiduciary to you. By accepting this presentation, subject to applicable law or regulation, you agree to keep confidential the information contained herein and the existence of and proposed terms for any Transaction.

Prior to entering into any Transaction, you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters. By acceptance of these materials, you and we hereby agree that from the commencement of discussions with respect to any Transaction, and notwithstanding any other provision in this presentation, we hereby confirm that no participant in any Transaction shall be limited from disclosing the U.S. tax treatment or U.S. tax structure of such Transaction.

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