FX Flows Weekly: USD and EM flows moderate continued trends

Research evidence excerpt

FX Flows Weekly: USD and EM flows moderate continued trends

onwealth of

(Government),Brazil,Canada,Chile,China,Colombia,Czech Republic,EUROPEAN UNION,Hong

Kong,Hungary,India,Indonesia,Israel,Japan,Malaysia,Mexico,New Zealand,Norway,Peru,Philippines,Poland,Romania,Singapore,South

Korea,Sweden,Switzerland,Taiwan,Thailand,Turkey,United Kingdom of Great Britain and Northern Ireland (Government),United States. (For an

explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be found at

www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon activities and services

intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”). Compensation is not linked to specific transactions

or recommendations. Like all Firm employees, analysts receive compensation that is impacted by overall Firm profitability which includes investment

banking, sales and trading, and principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events

between institutional clients and the management teams of covered companies. Typically, company management is more likely to participate when the

analyst has a positive view of the company.

For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider in such financial

instruments (and any underlying instruments) and may act as principal in connection with transactions in such instruments. The Firm is a regular issuer of

traded financial instruments linked to securities that may have been recommended in the Product.