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For Immediate Release Citigroup Inc. (NYSE: C)

Citi Appointed Sole U.S. Custodian by Peru's Central Securities Depository CAVALI for Dual-Listed Securities

August 03, 2020

New York – Citi has been selected to provide custody and tax services by CAVALI S.A. ICLV S.A., the central securities depository (CSD) for the Lima Stock Exchange for $6 billion of dual-listed securities. The dual listing platform of the Lima Stock Exchange (BVL) and CAVALI provides investors with access to international securities and is critical to the development of the local capital markets.

"We are proud to have been selected by CAVALI to provide custody and tax services for dual-listed securities," said Ricardo Hesse, Citi's Latin America Head of Equities and Securities Services. "It's a testament to Citi's commitment to the development of Latin American capital markets and of our unique position as a global bank with local presence and regional expertise."

"We chose Citi as our partner at this pivotal moment for the enhancement of the dual listing program because of their extensive experience working with other central securities depositories in Latin America and our solid relationship with them in Peru," said Claudio Arciniega, Chief Executive Officer at CAVALI. "As the market infrastructure provider, CAVALI is at the center of initiatives to promote the sophistication of the domestic market. Citi's services will help support the growth of our dual listing program seamlessly, which should drive investment activity and improved liquidity in the Peruvian capital markets."

The mandate builds on the long-standing relationship between Citi, CAVALI and BVL, and represents the majority of international assets listed locally.

"We believe our focus on developing tailored solutions for our clients was an important factor in being awarded this mandate." said Sanjiv Sawhney, Citi´s Global Head of Custody and Fund Services. "As our clients increasingly require operational excellence and efficiency, we will continue to invest in our platform to deliver innovative solutions."

Last year Indeval, the CSD for Mexico's stock exchange, announced Citi as the sole U.S. custodian and tax services provider for the U.S. assets of its International Quotation System. Citi plays a similar role for Banco B3, a subsidiary of B3, the largest stock exchange and CSD in Latin America.

In the Americas, Citi is the leading custody provider with a prominent local presence in Argentina, Brazil, Colombia, Mexico, Peru and Panama. Citi has built deep expertise in each country where it is trusted with the safekeeping and servicing its clients' assets. Citi was recently named by Global Finance as the 2020 Best Sub-custodian Bank in Latin America as well as in Argentina, Colombia, Mexico, Peru and the U.S.

With over $21.5 trillion of assets under custody and administration and the industry-leading network spanning over 100 markets including 63 proprietary branches1, Citi Securities Services provides clients with in-depth local market expertise and advanced processing technologies that can be tailored to meet clients' needs.

1 As of Q1 2020

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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CAVALI ICLV is the Central Securities Depository of the Peruvian market. It currently holds more than US $106 billion in assets. CAVALI provides custody, settlement and other services for more than 100 participants, including pension fund administrators, banks, securities brokerage firms and factoring companies.

Media Contacts:

Alex Ravinet
Tel: +1 (305) 205-1006

Fiorella Cueva
Tel (51) 981 701 735

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