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Citi Executes Conversion of Victory’s $22.7 Billion Assets to Its Middle Office Platform

New York, NY - August 15, 2012 – Citi has successfully implemented a mandate to convert Victory Capital Management assets to a fullrange of middle office outsourcing services, including Trade Processing, Portfolio Accounting and Reconciliation, Performance Measurement, Investor Billing, Voluntary Corporate Actions, and Investor Statements for its institutional portfolios.

The agreement is in addition to Citi’s existing relationship with Victory where it has provided fund accounting, administration and transfer agency services to the Victory Funds since 1986, as well as serving as its global custodian since 2009. Implementation of the additional modules has been completed and Victory is live with the new solution set.

“Our selection of Citi is a testament to the strength of our partnership and their deep knowledge of our business,” said David Brown, Co-Chief Executive Officer of Victory Capital Management. “After a thorough evaluation of service providers, we felt that Citi offered the best combination of investment operations expertise and industry-leading technology that will leave us more resources to focus on delivering superior investment performance and service to our clients.”

“Building out our relationship with Victory to the middle-office is a natural progression of our modular architecture across the investment process,” said Chandresh Iyer, Global Head of Investment Services and Global Custody, Securities and Fund Services, Citi. “We are pleased to deliver a solution that allows Victory to focus on their core competencies while gaining operating efficiencies and scale to support future growth.”

Citi OpenInvestor® is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help its clients meet their performance objectives across asset classes, strategies and geographies. Citi OpenInvestor provides complete investment services for institutional, alternative and wealth managers, delivering middle office, fund services, custody, and investing and financing solutions that are focused on its clients’ specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com.

Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.

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About Victory Capital Management
Victory Capital Management is a diversified investment advisory firm offering equity, fixed-income, convertible and structured cash strategies, among others. The firm serves institutions and individuals around the world via institutional portfolios, separately managed accounts and mutual funds and is backed by the resources of KeyCorp, a Fortune 500 financial services firm.

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $86.5 billion at June 30, 2012. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

Additional information may be found at www.victoryconnect.com.

About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi