Citi Supplier Finance
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1 Treasury & Trade Solutions North America Trade Finance Citi Supplier Finance Supplier Finance Program for UTC Suppliers
2 The Solution UTC and Citi have entered into a partnership that enables preferred suppliers to sell their UTC receivables to Citi at a favorable rate commensurate with UTC s credit strength Once receivables are accepted by UTC, suppliers have the ability to access cash on their receivables Suppliers gets short term funding: Without recourse (i.e. no clawback) At attractive rates, based on UTC s credit strength Without using the Supplier s own credit lines, and Without paying the high discount costs associated with typical factoring arrangements The program equips Suppliers with an off-balance sheet funding solution Citi takes on the payment risk of UTC Not mandatory for Suppliers to be customers of Citi or open any Citi accounts
3 Citi Supplier Finance - Process Flow Suppliers benefit from early visibility, certainty of payment and financial flexibility UTC approves supplier s invoice for payment UTC generates instructions for Citi to pay Supplier on future due date Supplier is notified of future payment through Citi Supplier may immediately convert future payment to cash 5 On due date, UTC funds disbursement account for the full amount due Steps: 1. UTC approves Supplier s invoice for payment using existing process. 2. Once an invoice has been approved for payment, UTC instructs Citi to pay the Supplier on the future due date. UTC s ERP / AP environment will be integrated with Citi for processing of payment instructions. 3. Supplier is notified via Internet ( & website) of payment on a future due date and can see payment instruction: UTC s name, the amount, the due date and associated remittance details. No implementation required by Supplier. 4. Supplier may immediately and electronically discount the underlying receivables to cash without recourse, at an attractive discount rate. 5. Citi debits UTC s Disbursement Account for the full amount of payment due on the future due date.
4 Early Payment Options Supplier Payment Options Automated Early Payment Option Funds are automatically deposited into the Supplier s bank account typically one day after UTC uploads accepted invoices into Citi s system Funds are sent to the Supplier electronically via ACH either CCD+ or CTX remittance available No need to request early payment manually Manual Early Payment Option Manual suppliers can discount individual payment instructions, instructions due on a specific date OR all payment instructions Funds are electronically deposited into your bank account generally one day after you request early payment OR Automatically Discount Receivables Manually Request Early Payment Hold Receivable to Maturity
5 Charge to Suppliers Formula Illustration Citibank s program has been designed to provide you with a cost-effective source of alternative financing Annual Payment Amount X Discount Days Left in Term X Rate 360 = Discount Charge (LIBOR + Citibank Spread) London Inter-Bank Offered Rate Rate at which banks lend to each other Citibank Fee for the program
6 Supplier Pricing Example Citibank s program has been designed to provide you with a cost-effective source of alternative financing Actual Invoice approval time may vary based upon approval process with UTC $100 X 1.50% X = 0.39% or $0.39 ( 0.25% %) London Inter-Bank Offered Rate Rate at which banks lend to each other 90-Day USD LIBOR = 0.25% Citibank Spread = 1.50% On $100 invoice due in 90 Days, you can receive $ in 10 days. This is equivalent to discounted terms of 0.39% 10 Net 90.
7 Supplier Cash Flow and Savings - Example Without the Citi Program With the Citi Program Annual Spend (Sales to UTC) $ 10,000,000 $ 10,000,000 Days Carrying Days Financing 0 80 Carrying Cost - (WACC Estimates) 6.00% 6.00% LIBOR + Citibank Spread N/A 1.75% Carrying Cost $ 150,000 $ 16,667 Citi Discount Fee $ - $ 38,889 Total Cost $ 150,000 $ 55,556 TOTAL SAVINGS $ - $ 94,444 CASHFLOW ACCELERATION $ - $ 2,222,222 CARRYING COST = Receivables X Days Carrying X DISCOUNT = Receivables X Discount Rate X WACC 360 Days Financing 360 CASHFLOW = Reduction in Days Carrying Receivables X ACCELERATION 360
8 Joining the Program Supplier Agreement Shows basic terms & conditions Addresses protection of licensed materials Covers security information Clearly covers all confidentiality issues Specifies fees and charges (pricing schedule) Have the agreement signed by an authorized signatory who can execute agreements on behalf of your organization Citibank will perform a search to ensure that your UTC receivables are free and clear of all security interests, liens or claims of any kind Supplier Setup Form Asks for principal contact information and user data Determines account requirements Have the form signed by the same authorized representative who signed the Supplier Agreement Bank Supporting Documentation Provides verification of account by supplier Assists with verification process Send to Citibank along with agreement and setup form
9 Benefits for UTC Suppliers Cost-Saving Tool Reduce your financing and cash applications costs Non-Recourse Payment - Payment to supplier is non-recourse so it is theirs to keep once paid, unlike for factoring arrangements Easy enrollment and No Ongoing Costs - Easy to complete documentation and no implementation or monthly fees Access to faster and cheaper cash - Suppliers are able to generate cash at any time during the payment term Payment Tool Convert approved payments to cash automatically, accelerating receivables Working Capital Benefit - Accelerate cash flow by reducing Accounts Receivables and shortened DSO No Balance Sheet Impact - It is a True Sale so has no impact on Balance sheet, as it is not debt, and thus frees up existing credit lines for the supplier Flexible supplier financing - Suppliers do not have to take early payment but choose only the payments they want to take Information Tool Receive early notification of approved confirmed payments from UTC Provides remittance/financing information for each payment - Either on an invoice by invoice basis or by using the reporting functionality Allows better cash flow planning - Various functionalities to cater for reporting needsreport format (Text or Excel or PDF) Offers visibility of approved payments and their timing - On-demand web access to future cash flows, improving cash forecasting Time Saving - Reduce time spent chasing payments; notification when payments are approved
10 Citibank Contacts For questions regarding the Citi Supplier Finance Program for UTC, please contact: Kris Charan Program Manager, Supplier Onboarding Citi Supplier Finance Direct: Citi Supplier Finance Toll Free: For questions regarding the CSF web portal & transactional queries, please contact: Citi Supplier Finance Customer Support Team Phone: (Toll Free)
11 IRS Circular 230 Disclosure: Citigroup Inc. and its affiliates do not provide tax or legal advice. Any discussion of tax matters in these materials (i) is not intended or written to be used, and cannot be used or relied upon, by you for the purpose of avoiding any tax penalties and (ii) may have been written in connection with the "promotion or marketing" of any transaction contemplated hereby ("Transaction"). Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor. In any instance where distribution of this communication is subject to the rules of the US Commodity Futures Trading Commission ( CFTC ), this communication constitutes an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations 1.71 and , where applicable, but is not a binding offer to buy/sell any financial instrument. However, this is not a recommendation to enter into any swap with any counterparty or a recommendation of a trading strategy involving a swap. Prior to recommending a swap or a trading strategy involving a swap to you, Citigroup would need to undertake diligence in order to have a reasonable basis to believe that the recommended swap or swap trading strategy is suitable for you, obtain written representations from you that you are exercising independent judgment in evaluating any such recommendation, and make certain disclosures to you. Furthermore, nothing in this pitch book is, or should be construed to be, an offer to enter into a swap. Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements. This presentation is not a commitment to lend, syndicate a financing, underwrite or purchase securities, or commit capital nor does it obligate us to enter into such a commitment, nor are we acting as a fiduciary to you. By accepting this presentation, subject to applicable law or regulation, you agree to keep confidential the information contained herein and the existence of and proposed terms for any Transaction. Prior to entering into any Transaction, you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters. By acceptance of these materials, you and we hereby agree that from the commencement of discussions with respect to any Transaction, and notwithstanding any other provision in this presentation, we hereby confirm that no participant in any Transaction shall be limited from disclosing the U.S. tax treatment or U.S. tax structure of such Transaction. We are required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with us. We will ask for your complete name, street address, and taxpayer ID number. We may also request corporate formation documents, or other forms of identification, to verify information provided. Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers. These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at any time. Although this material may contain publicly available information about Citi corporate bond research, fixed income strategy or economic and market analysis, Citi policy (i) prohibits employees from offering, directly or indirectly, a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation; and (ii) prohibits analysts from being compensated for specific recommendations or views contained in research reports. So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citi has enacted policies and procedures designed to limit communications between its investment banking and research personnel to specifically prescribed circumstances Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. Citi believes that sustainability is good business practice. We work closely with our clients, peer financial institutions, NGOs and other partners to finance solutions to climate change, develop industry standards, reduce our own environmental footprint, and engage with stakeholders to advance shared learning and solutions. Highlights of Citi s unique role in promoting sustainability include: (a) releasing in 2007 a Climate Change Position Statement, the first US financial institution to do so; (b) targeting $50 billion over 10 years to address global climate change: includes significant increases in investment and financing of renewable energy, clean technology, and other carbon-emission reduction activities; (c) committing to an absolute reduction in GHG emissions of all Citi owned and leased properties around the world by 10% by 2011; (d) purchasing more than 234,000 MWh of carbon neutral power for our operations over the last three years; (e) establishing in 2008 the Carbon Principles; a framework for banks and their U.S. power clients to evaluate and address carbon risks in the financing of electric power projects; (f) producing equity research related to climate issues that helps to inform investors on risks and opportunities associated with the issue; and (g) engaging with a broad range of stakeholders on the issue of climate change to help advance understanding and solutions. Citi works with its clients in greenhouse gas intensive industries to evaluate emerging risks from climate change and, where appropriate, to mitigate those risks. efficiency, renewable energy and mitigation
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