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Citi Perspectives for the Public Sector
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2015 – 2016
51
Hypothetical Results Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is
being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently
sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular
trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In
addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the
impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in
spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors
related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in
the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Disclaimer
This communication has been prepared by individual sales and/or trading personnel of Citigroup Global Markets Limited (
CGML
)
or its subsidiaries or affiliates (collectively
Citi
). CGML is authorised and regulated in the United Kingdom by the Financial Services
Authority (together with its successors, the
UK Regulator
) and has its registered office at Citigroup Centre, Canada Square,
London E14 5LB. This communication is directed at persons (i) who have been or can be classified by Citi as eligible counterparties
or professional clients in line with the rules of the UK Regulator, (ii) who have professional experience in matters relating to
investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and (iii)
other persons to whom it may otherwise lawfully be communicated. No other person should act on the contents or access the
products or transactions discussed in this communication. In particular, this communication is not intended for retail clients and
Citi will not make such products or transactions available to retail clients. The information contained herein may relate to matters
that are (i) not regulated by the UK Regulator and/or (ii) not subject to the protections of the United Kingdom’s Financial Services
and Markets Act 2000 and/or the United Kingdom’s Financial Services Compensation Scheme.
Citi may be the issuer of, or may trade as principal in, the products or transactions referred to in this communication or other
related products or transactions. The sales and/or trading personnel involved in preparing or issuing this communication (the
Author
) may have discussed the information contained in this communication with others within Citi (together with the Author,
the
Relevant Persons
) and the Relevant Persons may have already acted on the basis of this information (including by trading for
Citi’s proprietary accounts or communicating the information contained herein to other customers of Citi). Certain personnel or
business areas of Citi may have access to or have acquired material non-public information that may have an impact (positive or
negative) on the information contained herein, but that is not available to or known by the Author of this communication.
Citi is not acting as your agent, fiduciary or investment adviser and is not managing your account. The provision of information in
this communication is not based on your individual circumstances and should not be relied upon as an assessment of suitability for
you of a particular product or transaction. It does not constitute investment advice and Citi makes no recommendation as to the
suitability of any of the products or transactions mentioned. Even if Citi possesses information as to your objectives in relation to
any transaction, series of transactions or trading strategy, this will not be deemed sufficient for any assessment of suitability for
you of any transaction, series of transactions or trading strategy. Save in those jurisdictions where it is not permissible to make
such a statement, we hereby inform you that this communication should not be considered as a solicitation or offer to sell or
purchase any securities, deal in any product or enter into any transaction. You should make any trading or investment decisions in
reliance on your own analysis and judgment and/or that of your independent advisors and not in reliance on Citi and any decision
whether or not to adopt any strategy or engage in any transaction will not be Citi’s responsibility. Citi does not provide investment,
accounting, tax, financial or legal advice; such matters as well as the suitability of a potential transaction or product or investment
should be discussed with your independent advisors. Prior to dealing in any product or entering into any transaction, you and the
senior management in your organisation should determine, without reliance on Citi, (i) the economic risks or merits, as well as
the legal, tax and accounting characteristics and consequences of dealing with any product or entering into the transaction (ii)
that you are able to assume these risks, (iii) that such product or transaction is appropriate for a person with your experience,
investment goals, financial resources or any other relevant circumstance or consideration. Where you are acting as an adviser
or agent, you should evaluate this communication in light of the circumstances applicable to your principal and the scope of
your authority.
The information in this communication, including any trade or strategy ideas, is provided by individual sales and/or trading
personnel of Citi and not by Citi’s research department and therefore the directives on the independence of research do not
apply. Any view expressed in this communication may represent the current views and interpretations of the markets, products
or events of such individual sales and/or trading personnel and may be different from other sales and/or trading personnel and
may also differ from Citi’s published research — the views in this communication may be more short term in nature and liable to
change more quickly than the views of Citi research department which are generally more long term. On the occasions where
information provided includes extracts or summary material derived from research reports published by Citi’s research
department, you are advised to obtain and review the original piece of research to see the research analyst’s full analysis. Any
prices used herein, unless otherwise specified, are indicative. Although all information has been obtained from, and is based
upon sources believed to be reliable, it may be incomplete or condensed and its accuracy cannot be guaranteed. Citi makes no
representation or warranty, expressed or implied, as to the accuracy of the information, the reasonableness of any assumptions
used in calculating any illustrative performance information or the accuracy (mathematical or otherwise) or validity of such
For Institutional Investors Only — Not for Onward Distribution