For Immediate Release Citigroup Inc. (NYSE: C) February 3, 2009

Citi Issues First Quarterly Progress Report on Its Use of TARP Capital

TARP Initiatives of $36.5 Billion Span Mortgage Activities and Other Consumer and Corporate Lending
 
Citi's New U.S. Lending Totaled $75.0 Billion in Fourth Quarter 2008


New York – Citi (NYSE: C) today issued its first quarterly progress report detailing the deployment of the $45 billion of capital the U.S. Treasury invested in the company as part of the federal government's Troubled Asset Relief Program, or TARP. The report, which covers the fourth quarter of 2008, is titled, "What Citi is Doing to Expand the Flow of Credit, Support Homeowners and Help the U.S. Economy."

Citi's goals in deploying TARP capital are threefold: to help expand available credit for consumers and businesses; restore liquidity and stability to the capital markets; and support the recovery of the U.S. economy. The report describes the procedures Citi has established to oversee its deployment of TARP capital, as well as other efforts the company is making to help Americans remain in their homes, assist distressed borrowers and support U.S. businesses and communities. Citi will update the report each quarter. A copy of today's report can be found on Citi's Web site at www.citigroup.com.

Citi Chief Executive Officer Vikram Pandit said, "Americans from all walks of life are facing real economic hardship, and Citi must do whatever we can to help them. Our responsibility is to put TARP capital to work quickly, prudently, and transparently to support U.S. consumers, businesses and our communities during these challenging times.

"To this end, Citi is working in partnership with the Government to increase available lending and liquidity in the U.S financial markets and to help put the U.S. economy back on track," Mr. Pandit added. "We have already approved $36.5 billion in initiatives backed by TARP capital that are consistent with the objectives and spirit of the Treasury program. And, as part of our ongoing business, Citi continues to lend to consumers and businesses in the United States, where we extended approximately $75 billion in new loans during the fourth quarter."

Citi's TARP investments, combined with the wide range of other initiatives detailed in today's report, are central to the company's effort to address the financial and economic pressures on individuals, families and businesses.

Citi continues to focus on supporting the U.S. housing market. Since the start of the housing crisis in 2007, Citi has worked successfully with approximately 440,000 homeowners, whose combined mortgages total approximately $43 billion, to avoid potential foreclosure. Last year, Citi was able to keep approximately four out of five distressed borrowers with mortgages serviced by Citi in their homes.

Additionally, Citi is adopting the streamlined model for post-delinquency loan modification programs developed by the Federal Deposit Insurance Corporation. Through the Citi Homeowner Assistance Program, the company continues to reach out to families and individuals who may be experiencing some form of economic stress despite being current on their payments. Citi is also continuing its foreclosure moratorium for eligible borrowers with Citi-owned mortgages who seek to remain in their primary residence and have sufficient income to make affordable mortgage payments. Citi has worked with investors and owners of more than 90 percent of the 4.3 million mortgages it services – but does not own – to make sure that many more qualified borrowers can also receive the benefits of this moratorium.

Shortly after Citi received the initial TARP investment, the company created a Special TARP Committee of senior executives to approve and track how the company uses these funds. In the fourth quarter of 2008, the Committee authorized $36.5 billion for initiatives across its various businesses.

In the first stage of primary lending and secondary market activities directly linked to the TARP investments, Citi is putting capital to work in five major areas as follows: