CITIGROUP GLOBAL MARKETS LIMITED

www.funds.citi.com

TERMS OF USE FOR RETAIL CLIENTS

In order to view the information on this section of the Citigroup funds website (www.funds.citi.com) (the “Website”), you must accept the terms and conditions set out below (these “Terms”) and our terms of use (please go to the link on this webpage for more information). 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 then current version of these Terms. If you do not agree to these Terms, please refrain from using this section of the Website. By clicking “I Accept” below and accessing the information and material available on this section of the Website, you accept these Terms.

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

The Website is located at www.funds.citi.com and is operated by a number of group companies including Citigroup Global Markets Limited (“CGML”, “we”, “us”, “our”), which 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 and which holds a “passport” under the EU Markets in Financial Instruments Directive to provide certain investment services into a number of EEA Member States. CGML is registered with the Spanish Securities Markets Commission or Comisión Nacional del Mercado del Valores (“CNMV”) under number 152 in the official registry. CGML operates in Spain through the establishment of a branch (“CGML, branch in Spain”), registered with the CNMV under number 1 in the official registry. Registry details pertaining to CGML and CGML, branch in Spain may be found on www.cnmv.es (the “CNMV Website”). The information on this section of the Website is issued by CGML both inside and outside the United Kingdom. The information on this section of the Website relates to collective investment schemes (the “Investment 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 Investment Products and neither must it be considered as a base for the taking of investment decisions.

YOUR ACCESS TO THIS SECTION OF THE WEBSITE

In order to access information about Investment Products, you have selected Spain as your country of residence. 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 Spain as your country of residence, and clicking “I Accept” below, you represent, warrant and undertake to us that you are resident in Spain and are neither a U.S. resident nor a U.S. Person. Failure to provide us with accurate information will be treated as a material breach of these Terms. Not all Investment Products in relation to which information is available on this section of the Website are available in all geographical locations and so this section of the Website is not intended to be accessed by users of the Website that are not resident in Spain. You must not attempt to gain access to areas of the Website other than this section of the Website. If your country of residency changes, you must access the section of the Website that relates to your new country of residency. Please note that this may result in you not being able to access (i) information in relation to the same Investment Products as before, or (ii) any information at all (if a restricted jurisdiction).

NO ADVICE

The information on this section of the Website is provided for information only and the fact that CGML has made it available does not constitute investment advice or a recommendation to buy, sell or otherwise transact in any particular Investment Product. The Investment Products featured on this section of the Website may not be suitable for you. In preparing the information on this section of the Website, CGML 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 CGML, nor any of its affiliates, 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 CGML or any of its affiliates agrees to provide you with any information or investment advice. The information on this section of the Website is provided solely on the basis that you will make your own investment decisions.

We strongly recommend that you seek professional investment advice before making any investment decision.

PRICES / HISTORIC PERFORMANCE

All prices or values provided on this section of the Website are indicative only. Such prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Investment Product. CGML accepts no responsibility for updating the price information available on this section of the Website. Information on historic performance of Investment Products and/or underlying investments is no indication of future performance. No representation is made that any Investment Product will, or is likely to, achieve results similar to those shown.

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 made available to investors in Spain and the information on this section of the Website is not aimed or directed at, or made available to, persons outside Spain. The Investment 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.

INVESTMENT PRODUCTS

You are only able to access information about Investment Products that have been registered or otherwise approved for public distribution in Spain. This means that a regulatory body has satisfied itself that the relevant Investment Product meets certain criteria and that interests therein may be offered to the public. However, the fact of an Investment Product’s registration or other approval does not mean that any regulator has determined that such product is suitable for all investors. You should therefore consider the terms of investment in any Investment Product carefully, and seek professional investment advice, before making any decision to invest in a registered Investment Product. You acknowledge that the mere fact of selecting Spain as your country of residence does not mean that any or all Investment Products in relation to which information is made available, have been deemed suitable for you.

OFFERING DOCUMENTS

The terms of investment in any Investment Product are governed by the relevant offering documents. In the event of any inconsistency between the information on this section of the Website regarding a particular Investment Product and the terms of the relevant offering documents, the terms in the offering documents shall prevail. The offering documents relating to each Investment Product will contain risk warnings which are specific to that Investment Product. The relevant offering documents (e.g. prospectus and key investor information document(s), “KIID”) for each Investment Product have been filed with the applicable competent authorities when required and copies of such documents are available on this section of the Website. By clicking “I Accept” below, you are confirming your consent to receive KIIDs through this section of the Website. An investment in any Investment Product must only be made having carefully read the terms and conditions, the relevant prospectus, KIID or other offering documents and any additional or supplementary materials applicable to such Investment Product. It is your responsibility to use such prospectus, KIID or offering document and, by making an application to invest in an Investment Product, you will represent that you have read such prospectus, KIID or offering document and will agree to be bound by its contents. To the extent that any information on this section of the Website, including any offering materials, relates to a third party which is not affiliated with CGML, this information has been provided by that third party and is the sole responsibility of such third party. As such, CGML accepts no liability for such information.

INVESTING IN INVESTMENT PRODUCTS 

Persons interested in acquiring any interest in an Investment 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 Investment Product referred to on this section of the Website under the laws of your country of nationality, residence, ordinary residence or domicile. Your eligibility to invest in any Investment Product, or to use any service, mentioned on this section of the Website may be subject to the discretion of the provider of such Investment Product, or any other person as may be appointed to consider the eligibility of investors to invest from time to time. We strongly recommend that you seek professional investment advice before making any investment decision. 

RISK WARNINGS

Any investment involves risk. 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. In this respect please note that:

• any investment in Investment Products involves substantial risks including, but not limited to, principal risk, interest rate risk, currency risk, political risk, liquidity risk, market risk, counterparty failure risk and credit risk;
• the financial markets fluctuate and thus are subject to price variations, the price and value of interests in the Investment Products can go down as well as up (specially in an illiquid market). You may not get back the original amount invested and may lose all of your original investment;
• past performance is not a guide to future performance. To the extent that this section of the Website contains any indications as to future performance, such forecasts are not a reliable indicator of future performance;
• the value of investments in Investment Products may be affected, directly or indirectly, by the price of underlying investments and changes in any relevant foreign exchange rates;
• tax assumptions may change if the law changes, and the value of tax relief (if any) will depend upon your individual circumstances. You should consult your own tax advisers in order to understand any applicable tax consequences;
• one or more independent credit rating agencies may assign credit ratings to the Investment 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 Investment 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.

 The above list of risk factors is not complete and you must refer to the relevant prospectus, KIID and/or other offering documents with respect to individual Investment Products. We strongly recommend that you 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:

• for any unlawful, improper or illegal purpose or activity;
• to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
• in a manner intended to threaten, harass, or intimidate;
• to violate Citigroup’s, CGML’s or any third party's copyright, trademark, proprietary or other intellectual property rights;
• to damage Citigroup’s or CGML’s name or reputation or that of CGML’s affiliated companies or any third parties;
• tto impersonate any of Citigroup’s or CGML’s employees or other person or use a false name while using this section of the Website or implying an association with Citigroup or CGML;
• to penetrate Citigroup’s or CGML’s security measures or other entities' systems ("hacking");
• to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this section of the Website;
• to generate excessive amounts of internet traffic, to interfere with Citigroup’s or CGML’s network or other’s use of this section of the Website or to engage in activities designed to, or having the effect of, degrading or denying service to other users of this section of the Website or others;
• to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this section of the Website or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from this section of the Website is free from such items;
• to post or transmit information that is defamatory, fraudulent or deceptive including, but not limited to, scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
• to transmit confidential or proprietary information, except solely at your own risk.

When you visit this section of the Website, CGML’s server will record your IP address together with the date, time, page visited and duration of your visit. Please note that CGML uses cookies on this section of the 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 CGML sends 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.

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 exportation of technical or personal data. It may be illegal to download the information contained on this section of the Website in certain countries and CGML and its affiliates disclaim 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 Spain.

LIABILITY FOR USE OF THIS SECTION OF THE WEBSITE

Access to this section of the Website is permitted on a temporary basis and CGML reserves the right to withdraw or amend the service it provides on this section of the Website without notice. CGML does not accept any liability if, for any reason, this section of the Website is unavailable at any time or for any period.

Information and opinions contained on this section of the Website have been compiled or arrived at by CGML from sources believed to be reliable. Any opinions attributed to CGML constitute its judgement as of the date of the relevant material and are subject to change without notice. However, to the extent permitted by law, CGML, its affiliates and other third parties connected to CGML hereby expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity. CGML, its affiliates and other third parties connected to CGML further exclude any liability for any direct or indirect loss or damage of any kind incurred by any user of this section of the Website in connection with this section of the Website or in reliance on the information or opinions contained on it, or in connection with the use, inability to use, or results of the use of this section of the Website or any websites linked to it or materials posted on it. By ‘indirect loss’ we also mean other types of loss known as consequential loss which include, without limitation, losses such as loss of profits and business interruption losses. CGML disclaims all liability and responsibility arising from any reliance placed by any user of this section of the Website, or by anyone who may be informed of any of the information on this section of the Website, on materials and information posted on this section of the Website.

The information on this section of the Website is provided “as is”. No guarantee or representation, express or implied, is made as to the accuracy, validity, timeliness, completeness or continued availability of any information made available. CGML does not warrant the accuracy of the materials provided on this section of the Website and any warranty of any kind is disclaimed to the fullest extent permitted by applicable law or regulation. CGML shall not have any responsibility to maintain the information made available on this section of the Website or to supply any corrections, updates or releases in connection therewith. Availability of information is subject to change without notice.

The internet is not a completely reliable transmission medium and neither CGML nor any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from CGML or any of its affiliates. Any such transmission of information is entirely at your own risk. CGML does not guarantee and CGML accepts no liability for ensuring that this section of the Website or its contents are free of viruses or any other damaging material.

Neither CGML 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 CGML or of any third party providing software or support services.

In no event will CGML 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 CGML 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 CGML has by law and under the regulatory system in the United Kingdom. For example, the above does not exclude the liability of CGML for its own negligence which causes death or injury. 

CONFLICTS OF INTEREST

CGML, its affiliates and their directors, officers, employees or clients may have or have had interests or long or short positions in any Investment Product or other financial instruments referred to on this section of the Website underlying any Investment Product and may at any time make purchases and/or sales in them as principal or agent. In addition, CGML and/or its affiliates may act or have acted as market maker in any Investment Product, or financial instruments underlying such Investment Product or entered into an arrangement to hedge the market risk associated with the Investment Products. CGML 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 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 collective investment schemes – this cannot be treated as any form of intended direct or indirect marketing of such funds in Spain. CGML has no control over the contents of those websites or resources and neither CGML nor any of its affiliates make any representation as to the accuracy or completeness of such websites or resources and have not and will not review or update them. Neither CGML nor any of its affiliates accept any 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

CGML 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 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 CGML. Nothing on this section of the Website should be construed as granting any licence or right in relation to any of CGML’s trademarks or those of its affiliates or any third party.

YOUR PERSONAL DATA

In order to access parts of this section of the Website or services offered by this section of the Website, you may need to become a registered user. On becoming a registered user you will require a password to access certain parts of this section of the Website or services available on this section of the Website. You must safeguard your password at all times to prevent unauthorised access. 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 CGML and its affiliates and carefully selected third parties (a) 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 CGML deems appropriate; (c) may process Personal Information in any manner that CGML deems appropriate in connection with its business, regulatory and legal obligations; and (d) in connection with the foregoing may transmit Personal Information within the Citigroup 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).

CGML respects your privacy. In agreeing to these Terms, you agree to the terms of our Privacy Statement, a link to which is found at the bottom of this page.

AMENDMENTS TO THESE TERMS

CGML 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 CGML 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.

DISTRIBUTION TERMS

By engaging in any activities relating to the marketing and distribution of any of the collective investment schemes featured on this section of the Website, you will be deemed to have agreed and accepted our standard form of distribution terms, which is available at the following website: www.funds.citi.com/distributionterms.

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 CGML 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. 

CGML’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.

In agreeing to these Terms, you also agree to our terms of use, a link to which is found at the bottom of this page.

© Citigroup Inc. 2017. All Rights Reserved. Citi and the Red Arc Device 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.