Securitized Products Roundtable

Research evidence excerpt

Securitized Products Roundtable

Citi Research

some foreign companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. In addition, exchange rate

movements may have an adverse effect on the value of an investment in a foreign stock and its corresponding dividend payment for U.S. investors. Net

dividends to ADR investors are estimated, using withholding tax rates conventions, deemed accurate, but investors are urged to consult their tax advisor

for exact dividend computations. Investors who have received the Product from the Firm may be prohibited in certain states or other jurisdictions from

purchasing securities mentioned in the Product from the Firm. Please ask your Financial Consultant for additional details. Citigroup Global Markets Inc.

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The Citigroup legal entity that takes responsibility for the production of the Product is the legal entity which the first named author is employed by.

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