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Last Updated: April 17, 2026

CITI RESEARCH CONTENT

TERMS OF USE

  1. Acceptance of Terms

    2. These Research Terms of Use (the “Terms”) describe the terms on which you may use any research report, content or data (“Citi Research Content”) that we make available to you in any format (e.g., digital rendition, PDF, PowerPoint presentation, email, Excel or other data file) and via any channel (e.g., Citi Velocity or other Citi portal, an approved third-party distributor, Citi emails, or direct content feed).

    Your use of Citi Research Content constitutes your acceptance of these Terms. If you do not agree to these Terms or if we have not entitled or otherwise granted you the right to access Citi Research Content, you must not use Citi Research Content. We may change these Terms from time to time. Please check these Terms from time to time to take notice of such changes as they are binding on you by your continuing access and use of Citi Research Content.

    These Terms are supplemental to all applicable agreements or terms of business between you and us (i.e., any of our businesses, entities or affiliates), including your account agreement(s). In the event of any irreconcilable conflict between these Terms and any such other agreements or terms, these Terms will control with respect to Citi Research Content. These Terms are also subject to any disclaimers and disclosures contained within Citi Research Content, which are incorporated by reference herein. 

    You should also review the Citi Research Privacy Statement which governs our collection and use of information about you.    

  1. Parties

    2. “We” or “us” refer to the legal entities within Citigroup Inc. that produce Citi Research Content.

    If you are accessing Citi Research Content on behalf of your employer or an entity with which you are associated, these Terms also bind such organization and references to “you” refer to you individually and to such organization, and you represent and warrant that you have the ability to bind such organization to these Terms.

  1. Access; Changes; Views

    2. You may only access the Citi Research Content that we make available (directly and/or indirectly) to you in our sole discretion. If we have provided you with access to Citi Research Content using our entitlements systems, you must not share or disclose your access rights (including username, password, any authentication cookies, or any other piece of information as part of our security procedures) with anyone else. We may disable your access to Citi Research Content at any time without notice if in our reasonable opinion you have failed to comply with any of these Terms. If you know or suspect that anyone is using your access rights, you must promptly notify us at researchclientsolutions@citi.com. 

    We do not guarantee that (a) access to Citi Research Content will always be available or uninterrupted, and (b) Citi Research Content will be secure or free from bugs, viruses or any other material which is malicious or technologically harmful (and you should use your own virus and malware protection software). You should enable your firewalls to permit citi.com, citivelocity.com, and investmentresearch.citi.com as trusted domains.

    Citi Research Content is for the exclusive use of our clients (and certain other parties expressly authorized by us) consistent with these Terms. Citi Research Content is not publicly-available material. We may limit disclosure of certain Citi Research Content to persons or geographies as required by law or regulation, including as necessary so as not to be considered a fiduciary or investment advisor under applicable regulations.

    We may change, update, suspend, withdraw or discontinue Citi Research Content at any time without notice. Pursuant to our regulatory obligations, in the event that we withdraw Citi Research Content from circulation and subsequently issue to you a revised version of such Citi Research Content, you agree, as applicable: (a) to only distribute such revised Citi Research Content to your users approved by us (“Users”), (b) to replace the Citi Research Content (and applicable metadata) stored on your systems solely with such revised Citi Research Content (and as applicable, metadata solely related to such revised Citi Research Content), (c) that any data or output created by you in connection with use cases that were permitted by us based on the withdrawn Citi Research Content may need to be recalculated to reflect such revised Citi Research Content, and/or (d) that any internal analyses or calculations performed by you in connection with Citi Research Content (including Third-Party Model Aggregation) based on the withdrawn Citi Research Content may need to be re-performed to reflect such revised Citi Research Content.

    Citi Research Content may contain investment, risk and other ratings and investment views and opinions. Such ratings, views and opinions are subject to change or withdrawal without notice, and do not constitute legal, accounting, tax or investment advice, or a solicitation or recommendation by us for the purchase, sale or holding of any product, or a representation that any investment strategy or product is suitable for you. In preparing such ratings, views and opinions, we do not take into account the investment objectives, financial situation or particular needs of any particular person, and are not otherwise providing personalized investment advice or recommendations. Unless otherwise agreed in writing, we are not acting as fiduciary or investment advisor to you under any applicable laws or regulations, and you waive any fiduciary relationship or duties owed by us to you.

    You agree and acknowledge that we are under no obligation to provide specific Citi Research Content to you unless otherwise expressly agreed. We provide Citi Research Content through various channels, including through distribution vendors. Such Citi Research Content may be delivered at various times after publication of the Citi Research Content on Citi Velocity and our other portals. 

  1. Acceptable Use of Research

    2. For an individual User’s professional use on an occasional basis, you may:

    • Save a link to Citi Research Content
    • Download and archive Citi Research Content where available and permitted by us
    • Print a copy and download extracts from any pages of Citi Research Content

    In addition, you may:

    • Draw the attention of others within your organization who have access to Citi Research Content to the contents of any such Citi Research Content
    • Print Citi Research Content to facilitate the contemporaneous review of such Citi Research Content, solely for your internal purposes and under no circumstances for long-term storage or archival purposes

    You must:

    • Maintain and use the Citi Research Content and metadata solely in aggregated form as received from us
    • Promptly comply with requests from us to supplement, delete or revise portions of Citi Research Content or related metadata to comply with applicable laws, rules and regulations
    • Immediately notify us in writing of any known or suspected inaccuracies in or omissions from any Citi Research Content or related metadata
    • Cooperate with us to promptly investigate and remedy, in a manner satisfactory to us, any claims or concerns that any Citi Research Content or related metadata is being used or disclosed in an unauthorized manner
    • Promptly notify us in writing if any User ceases to be your employee, engaged contractor or agent (as applicable) and destroy all of such User's access codes
    • Promptly provide us, upon our request, additional information related to your use of Citi Research Content or related metadata, including (a) representative copies of materials, advertisements, brochures, applications, and other similar available materials that may disseminate information about, use, or refer to Citi Research Content or related metadata, and (b) access controls to demonstrate to our reasonable satisfaction how you restrict use and dissemination of Citi Research Content and related metadata
    • To the extent we have preapproved your limited use of artificial intelligence systems or models (“AI”), be solely responsible for all disclosures, and for compliance with any applicable laws, rules, regulations or standards (including ethical standards), in connection with your use of approved AI
    • Be solely responsible for obtaining appropriate consent to use any third-party material (including any third-party material incorporated into any Citi Research Content or related metadata) in connection with approved AI. For clarity, any consent by us regarding your use of approved AI does not apply to any third-party material in Citi Research Content or related metadata

    You must not:

    • Redistribute, retransmit, or disclose to others (including, without limitation, individuals, media outlets, newsletters, blogs, government agencies, academic institutions, and third-party vendors for processing) Citi Research Content or any information contained therein (such as ratings, estimates, price targets, view or opinions) for any purpose (including for performing analytics), in any medium, without our prior written consent
    • Facilitate access to or otherwise make available Citi Research Content to any third parties (including by posting online, creating a link to or framing Citi Research Content on a portal or website, whether or not owned by you) without our prior written consent
    • Make any editorial, formatting or other changes to Citi Research Content you have accessed, printed or downloaded
    • Create derivative works, summaries, analysis or commentary on or from Citi Research Content (or any information contained therein, including charts, tables, illustrations, graphics, photographs, or video or audio segments) for any purposes (including commercial) without our prior written consent. Derivative works means any work that incorporates, reflects, arises from, is based on, is derived from, is an adaptation of, is a translation of, or is created by reference to, any part of Citi Research Content.
    • Circumvent, disable or otherwise interfere with any limitations or prohibitions that we may impose on your ability to use or access the Citi Research Content, including security-related features of Citi Research Content, or those described in our Privacy Statement, or any other features that prevent, control or restrict access, use, redistribution or copying of Citi Research Content
    • Knowingly or negligently introduce bugs, viruses, Trojans, worms, logic bombs or any other material which is malicious or technologically harmful into the access or delivery mechanism for Citi Research Content, or the servers on which Citi Research Content is stored or made available from
    • Attempt to gain unauthorized access to or cause damage via a denial-of-service attack on the servers on which Citi Research Content is stored or any server, computer or database connected to Citi Research Content
    • Use or attempt to use any spider, robot, scraper, data miner, offline reader, or any other program, device, algorithm, process, or methodology (including via human action or intervention) to scrape, harvest, access, acquire, copy, monitor, or engage in any other activity on or related to Citi Research Content (and information contained therein) from any channel, including e-mail distributions, or other vendors or customers, without our prior written consent
    • Use, extract, download or retrieve Citi Research Content (or any information contained therein), to develop, train, test or improve any software tool, service, machine learning algorithm or artificial intelligence system or model, or provide or reproduce Citi Research Content, in whole or in part, as a prompt or input to any such system or model
    • Distribute or make available any product or service that (a) was developed, either in whole or in part, through the use of any Citi Research Content (and information contained therein) that was scraped, accessed, acquired, copied, monitored, gathered or aggregated in violation of these Terms or (b) constitutes or incorporates a software tool, service, machine learning algorithm or artificial intelligence system or model that was developed, trained, test, or improved through the use of Citi Research Content (or any information contained therein) in violation of these Terms, without our prior written consent
    • Download and store copies to create a repository database of complete publications or extracted text, charts, tables or other data, without our prior written consent
    • Store Citi Research Content on any infrastructure, except as expressly permitted by Citi
    • Use any means of accessing or connecting back to Citi’s systems, other than through a connection back to Citi’s systems that is provided by Citi to you for such purpose of accessing the Citi Research Content as permitted hereunder
    • Modify or create new (1) original source RIXML files, or (2) tagging provided in RIXML files, without our pre-approval
    • Attempt to disaggregate or reidentify any portion of Citi Research Content or related metadata
    • Modify any metadata made available in connection with Citi Research Content, without our prior written consent
    • Make such printed copies of any Citi Research Content (or extracts thereof) available to any third party
    • Allow or assist any third party to access, view, copy, store, transfer, display, publish, distribute, process, disclose or otherwise use or exploit any Citi Research Content or metadata
    • Advertise or otherwise disclose that Citi provides Citi Research Content to you, or participates on your platform, including to other Citi customers, or to vendors or other third parties
    • "Cut and paste" or copy any excerpts of the Citi Research Content
    • Publish or otherwise disclose any descriptions or analysis of Citi Research Content or metadata or any comparisons between the contents, capabilities or ideas contained in Citi Research Content or metadata, and the contents, capabilities or ideas contained in material made available by you or any third party
    • Use any Citi Research Content or related derivative works or metadata to act as a market maker or to create a new product or service
    • Commingle Citi Research Content or related metadata with research or content from other third parties for any purpose, including summarization, querying, searching, or data or content extraction
    • Provide, sell, transmit, redistribute or otherwise disclose any Citi Research Content or related metadata (including any contents, capabilities or ideas contained therein, or excerpts, headlines or abstracts thereof) to any third party (including to any press or other media, or through any blog, forum or social media)
    • Create any derivates of Citi Research Content for any purpose other than as expressly permitted by us
    • Store or use any Citi Research Content or related metadata in any unencrypted form, or in any third-party or unsecure environment, even where we permitted storage of Citi Research Content

  1. PDF Storage Rights and Restrictions

    2. Only if, and to the extent, we have given you the express rights, in accordance with these Terms, to store Citi Research Content in PDF format, you agree to the following:

    • You may store in PDF format Citi Research Content made available by us to you (a “PDF Copy”) solely to facilitate AI usage to the extent permitted by us in advance of such use (“Permitted GenAI Use”), and solely during the limited duration of such Permitted GenAI Use
    • Each PDF Copy will be stored by you in accordance with your confidentiality, data security, and other obligations under these Terms and as otherwise mutually agreed upon (“PDF Storage”)
    • You will use your best efforts to use those PDF Copies of Citi Research Content provided to you directly by us for Permitted GenAI Use. To the extent that you are unable to use for the Permitted GenAI Use any PDF Copy of any item(s) of Citi Research Content made available by us to you, pursuant to the foregoing, you may create a PDF Copy of such items of Citi Research Content for the sole purpose of PDF Storage
    • You agree that we may, in our sole discretion, omit any or all third-party data from any PDF Copies that we provide to you. In addition, in creating any PDF Copies you will ensure that third-party data is omitted from such PDF Copies in accordance with our directions
    • PDF Copies must be stored solely by you on your own network or on a third-party cloud storage network acceptable to us in our sole discretion. Any such third-party cloud storage must be in connection with an account in your sole possession and control
    • You must store all PDF Copies in a secured environment and in an encrypted format
    • You must limit access to and use of PDF Copies and PDF Storage to those specific Users who are authorized by us to receive Citi Research Content and who are engaged in Permitted GenAI Use for which they need to have access such PDF Copies and PDF Storage to successfully perform such Permitted GenAI Use
    • You must ensure that any watermarks and/or other digital rights management features embedded in the Citi Research Content are preserved and reflected in any PDF Copies
    • You are responsible for monitoring access to and use of PDF Copies to ensure compliance with your obligations to us
    • You must provide, on a monthly basis and in CSV format or other format approved by us, the following readership information requested by us: document_id; headline; ric_ticker; analyst_name; analyst_email; published_date; viewed_date; user_id; user_name; user_business_email; channel_type; and reads
    • At any time upon our request, or upon expiration or termination of the applicable Permitted GenAI Use, you must permanently (a) delete all electronic copies and cease storage of all PDF Copies and (b) destroy all physical PDF Copies in your possession or control, if any, in each case as specified by us. You shall complete all such deletion and destruction within fifteen (15) days following such request, expiration, or termination. Your authorized representative will certify to us in writing, under penalty of perjury, that you have complied with the foregoing obligation

  1. Reporting and Remedies

    2. We may report any breach of Sections 4 or 5 to the relevant law enforcement authorities without notice and we may co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to access Citi Research Content will cease immediately and you must, at our option, return or destroy all copies of Citi Research Content you have made. You must also procure the return of any copies of Citi Research Content that you have made available to any unauthorized third party.

    If you wish to seek permission to use Citi Research Content as stated above in Section 5, you may contact us at researchclientsolutions@citi.com.

  1. Intellectual Property

    1. Exclusive Ownership

      2. We are the owners or the licensee of all intellectual property rights in Citi Research Content. These works are protected by copyright and other intellectual property laws and treaties around the world. All of our rights are reserved. You must not (a) use or disclose Citi Research Content, or any such intellectual property therein, or any other information relating to the Citi Research Content, other than solely as necessary for your use of Citi Research Content as expressly permitted hereunder; or (b) take any action that would infringe, misappropriate, violate, jeopardize or impair such intellectual property rights, or the intellectual property rights of third parties, or the legality and/or enforceability thereof. You shall promptly notify us in writing of any written threat, warning or notice of any claim or action adverse to such intellectual property rights.

      If you are permitted to disclose or distribute Citi Research Content under your applicable agreements or terms of business with us, our status as authors must always be acknowledged.

    2. Market Data

      3. Citi Research Content may display certain real-time and/or delayed news or other financial market information (“Market Data”) that may originate with us or that may have been obtained from financial market information services, financial publishers, financial markets including stock exchanges and their affiliates, and other providers (each a “Content Provider”). Unless otherwise specifically indicated, such Market Data is strictly indicative and for informational purposes only, does not reflect any particular trade effected in a market or the value of any financial instrument, and does not represent an offer or solicitation for the purchase or sale of a financial instrument. Neither we nor any such Content Provider makes any endorsement, recommendation, representation or warranty regarding any such Market Data. 

      Your access to and use of Market Data (because it forms part of Citi Research Content) is subject to the terms of Section 4 (Acceptable Use of Research) above. You acknowledge that notwithstanding any agreement between us and any Content Provider for the provision of Market Data, we will have no liability if any Content Provider discontinues dissemination of Market Data or changes its transmission method, speed or other characteristics, in which event we may cease providing, or limit or change the provision of, Market Data to you.

    3. Copyright Infringement Claims

      4. The Digital Millennium Copyright Act of 1998 (the “DMCA”) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that Citi Research Content infringe your copyright, you (or your agent) may send us a written notice by mail, email or fax, requesting that we remove such material or block access to it. Notices must meet the then-current statutory requirements imposed by the DMCA. See http://www.copyright.gov/ for details. We suggest that you consult your legal advisor before filing a DMCA notice. Notices must be sent in writing to:

      DMCA Agent – Intellectual Property Law Department
      Citigroup Inc.
      3800 Citigroup Center Drive
      G-3
      Tampa, FL 33610
      Phone:               813-472-0393
      Email:                infringementnotice@citi.com

      Note: All email notifications should include "Notice of Alleged Service Provider Infringement" in the subject line of the email.

  1. Legal Matters

    1. No Warranties; Limitations of Liability; Indemnities

      2. Citi Research Content (including underlying information) is provided on an “as is” and “as available” basis, with no guarantee of accuracy, availability, adequacy, suitability, completeness, timeliness or of the results obtained from the use of Citi Research Content. Citi Research Content (and your use thereof) is provided without warranty of any kind, whether express, implied or statutory, including but not limited to warranties of merchantability, fitness for a particular purpose, title or non-infringement of intellectual property or any other violation of third party rights.

      Citi Research Content may provide addresses of or contain hyperlinks to third party websites. We have not reviewed such websites and take no responsibility for and make no representations or warranties whatsoever as to the information contained therein. Such addresses or hyperlinks are provided solely for your convenience and the information on the linked website does not in any way form part of Citi Research Content. Accessing any such website shall be at your own risk and subject to any terms of use and privacy policy of such website, and we have no liability arising out of or in connection with any such referenced website.

      You assume the entire risk of any use made of Citi Research Content. We will not be liable for any indirect, consequential, incidental, special, or punitive loss or damage arising in connection with these Terms or the Citi Research Content,(to the extent permitted by law or if not permitted then limited to the annual amount you or your organization has compensated Citi for Citi Research Content) or for any direct loss or damage arising in connection with the use of, reliance on, or inability to use Citi Research Content or the information contained therein, or any inaccurate or incomplete Citi Research Content, in each case whether arising in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable and even if we were informed of the possibility of such loss or damage.

      We will not be liable for any loss or damage caused by a bug, virus or any other malicious or technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of Citi Research Content or to your downloading of any part of it, or on any website linked to it.

      You agree to indemnify, defend and hold harmless us, our affiliates, officers, employees and agents from any claim, liability, government investigation, damage, loss, cost or expense (including reasonable attorneys' fees) arising directly or indirectly as a result of your violation or alleged violation of these Terms.

    2. Governing Law/Jurisdiction

      3. These Terms are governed by the laws of the United States and the State of New York, USA without regard to its principles of conflicts of law. Any claim, action or proceeding related to these Terms or your use of Citi Research Content is subject to the exclusive jurisdiction of the federal and state courts located in New York County, State of New York and you hereby irrevocably submit to the jurisdiction of such courts for such matters.

      YOU HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY CLAIM, ACTION OR PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THESE TERMS OR YOUR USE OF CITI RESEARCH CONTENT.

    3. Miscellaneous

      4. These Terms do not create any partnership, joint venture or agency relationship between us. If any provision of these Terms is found to be unlawful, void or for any reason unenforceable, that provision will be deemed severed from these Terms and will not affect the validity and enforceability of any remaining provision. You may not assign, transfer or sublicense any or all of your rights or obligations under these Terms without our prior written consent. We may assign, transfer or sublicense any or all of our rights or obligations under these Terms without restriction. No waiver by either party of any breach or default under these Terms will be deemed to be a waiver of any preceding or subsequent breach or default.

  1. Copyright and Trademark Notices for Citi Research Content

    2. © Citigroup Global Markets Inc. All rights reserved. Citi Research is a division of Citigroup Global Markets Inc. Citi, Citi and Arc Design and other marks used in Citi Research Content are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.

     

 

 

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