For Immediate Release
Citigroup Inc. (NYSE: C)
March 24, 2014

Citi Underwrites Auto Industry's First-Ever Asset-Backed Green Bond for Toyota Financial Services

New York – Citi today announced that it has successfully closed Toyota Financial Services' (TFS) inaugural asset-backed green bond issuance. The $1.75 billion offering, which was upsized from $1.25 billion due to strong investor demand, represents a landmark transaction as the first green bond from an auto finance company in the asset-backed securities (ABS) market.

Green bonds are instruments in which the proceeds are applied exclusively toward projects and activities that promote climate or other environmental sustainability initiatives. Toyota will use the net proceeds to acquire retail installment sale contracts and lease contracts to finance new Toyota and Lexus gas-electric hybrid or alternative fuel powertrain vehicles that meet certain specified criteria.

Through its work in developing the transaction for TFS and serving as the structuring lead underwriter, Citi has pioneered green bonds as a new asset class in the ABS market.

Earlier this year Citi and 12 other banks introduced new Green Bond Principles. With growing demand for investments with environmentally beneficial characteristics, the Green Bond Principles serve as voluntary guidelines that recommend issuers disclose information that is important to investors, including use of proceeds, process for project evaluation and selection, and management of proceeds. This process is intended to promote the development of the green bond market and help investors evaluate the environmental impact of bonds.

"We share Toyota's commitment to sustainability and innovation, and we are proud of our collaboration in bringing this landmark transaction to the market," said Tyler Dickson, Global Head of Capital Markets Origination at Citi. "This transaction, which also clearly shows Citi's commitment to the tenets of the Green Bond Principles, allows Toyota to meet the demand of both consumers and investors for clean transportation and green investment opportunities."

Added Citi's Dickson: "With growing interest among investors and consumers in clean transportation and environmentally beneficial assets, we believe there is a tremendous opportunity to help more investors get the information they need to make green investment decisions."

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.

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