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ADX and Citi sign custody agreement

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					News Release – Business/Finance


ADX and Citi sign custody agreement


Agreement will encourage and facilitate further international investment in Abu Dhabi


(Abu Dhabi, 11 November 2008) – Abu Dhabi Securities Exchange (ADX) and Citi have signed
a custody agreement whereby Citi will provide custody of ADX-listed shares to institutional
investor clients. This will encourage and facilitate further international investment in Abu Dhabi
which will lead to a broadening of the Exchange’s investor base.


Tom Healy, Chief Executive of ADX, welcomed the agreement and explained the benefits to the
exchange of having more long-term international institutional investors, saying:


“Abu Dhabi is a dynamic and growing economy and ADX is responding to investor demands to
diversify the services on offer. This custody agreement is a further step in providing high quality
custodial services and easier access to Abu Dhabi’s capital market.


“Currently only 9% of investors are from outside the UAE, and only 32% of trading is done by
institutional investors. Increasing foreign investment in Abu Dhabi’s capital market is an integral
part of our strategy.   Foreign, particularly institutional, investment is vital for its long term
sustainability hence we welcome Citi as one of the leading custodians globally to assist with the
continued globalisation of the investor base of the ADX market”


Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for
Citi in the UAE, emphasised the significance of this agreement for the Bank and specifically its
Global Transaction Banking business in the Gulf region, saying:
"Providing Direct Custody and Clearing (DCC) services to the investors at Abu Dhabi Securities
Exchange is an integral part of Citi's ambitious regional expansion plan. We have recently
embarked on a strategy to deliver locally our Securities and Funds Services capabilities within
the region, while we continue to offer clients in the Middle East our full suite of global financial
services and customise financial solutions that meet their growing needs."


Citi has been present in the Arab World for nearly fifty years and continues to view the region as
critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE,
Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait


Citi's Global Transaction Services supports more than 65,000 clients across its global network.
As of the third quarter of 2008, it held on average $273 billion in liability balances under
administration, and approaching $11.9 trillion in assets under custody and trust. Citi's Treasury
and Trade Solutions division of Global Transaction Services offers integrated cash management
and trade solutions to meet the evolving needs of corporate, public sector and financial
institution clients in over 140 countries.


                                                - Ends -


Notes to Editors

A custodian is an integral part of the chain of intermediaries that administers the investment of foreign
institutional investors. While the execution of trade takes place through brokers, a custodian performs
key functions such as opening cash and securities accounts, settlement of trades, collection of dividends
and safeguarding clients’ assets, as well as management reporting and reconciliations.


About ADX
ADX serves the domestic cash equity market and has 65 listed companies with a market capitalisation of
USD136 billion as at the end of July 2008. In 2007, the average daily trading volume increased by more
than 400%, with a substantial increase in foreign net investments.

ADX has also signed custody agreements with HSBC, National Bank of Abu Dhabi, Standard Chartered
Bank and Deutsche Bank.

About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does
business in more than 100 countries, providing 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, and wealth management. Citi's major brands include
Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or www.citi.com
The above information is being provided solely for information purposes by Citi. At the time of publication,
this information was believed to be accurate, but Citi makes no representation or warranty as to the
correctness of the information set forth above. The above information does not constitute a
recommendation, solicitation or offer by Citi for the purchase or sale of any securities, nor shall this
material be construed in any way as investment or legal advice or a recommendation, reference or
endorsement by Citi.

For further information please contact:

ADX
Annabel Tuck
Media Relations Manager
Tel: +971 26128774
Mob: +971 508130547
annabelt@adx.ae

Citi
LONDON          Jean Dumas                +442079865603           jean.dumas@citi.com
DUBAI           Karim Seifeddine          +91746044392            karim.seifeddine@citi.com

				
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