Fixed Income Investor Review (July 16, 2008): New York - Gary Crittenden, Chief Financial Officer, and Zion Shohet, Treasurer, will conduct Citi’s Fixed Income Investor Review on Wednesday, July 23, 2008, at 8:30 AM (EDT). A replay of the conference call will be available from July 23, 2008 to August 6, 2008. To access the call, please dial:

U.S. & Canada:		1-877-782-9686
International:		1-706-643-7618
Conference ID:		49395939

A live webcast, including presentation materials, will be available at http://www.citigroup.com/citi/fin. A replay of the webcast will be available at http://www.citigroup.com/citi/fin/pres.htm.

First-half 2008 Review (July 18, 2008): Credit market dislocations have been thematic for a year now. Features of our New Age of Credit include: (1) Elevated level of volatility; (2) Increased investor circumspection in the realm of CP, especially ABCP; (3) Melt-down of the MBS and HEL markets; (4) Significantly crimped investor sponsorship of USD Floating Rate; (5) Liquidity generally expected to be “self-contained” and arising from larger transactions; (6) Price discovery has become necessary before announcing a transaction; (7) Emergence of Credit Default Swaps as sometime valuation benchmarks and active hedging and insurance instruments and (8) Boosting target and actual capital ratios. How have we integrated these elements into our term benchmark Borrowing Program?

• Last year we borrowed $37.4 billion at an average transaction size of $700MM; in the first half of 2008 we have borrowed $20.6 billion, where the average transaction size has been $1.5 billion, with one 5-year USD offering tipping the scales at $4.75 billion.
• In 2007, 37.2% ($14 billion) of our borrowings was Floating-rate; in the first-half of this year, a scant 8.5% ($1.75 billion) of our $20.6 billion was raised in Floating form.
• The range of re-offered spreads over LIBOR for 5-year issuance was 8 to 20 basis points in the first half of 2007, running out to 13 to 106 bps in the second half of 2007. In the first half of 2008 the range has been 111 to 306 bps; timing matters more than ever.
• In the 1st half of the year we have issued $20.6 billion with a weighted average maturity of 10.9 years, compared to 8.6 years in 2007.
• We continued to take advantage of our multiplicity of franchises across markets: non-USD borrowings in 2008 accounted for 47.6% across six currencies. Last year 47.8% of total issuance was generated in a dozen currencies other than USD.
• This year we raised $36.7 billion in Tier I Capital through the issuance of convertible preferred ($15.7 billion), DRD Preferred ($11.7 billion) and common stock ($9.3 billion).

What can be anticipated from Citigroup in the 2nd half of the year? Remaining borrowings look to be inside of $20 billion, mainly senior debt. Note that since our borrowings program is integrated with our capital and balance sheet frameworks, as the Company adjusts (lowers) asset levels, issuance will similarly be adjusted. We will exercise our non-USD as well as USD borrowing franchises, relying on investor input and diligent price discovery to target currencies, maturities, and forms appropriate in the New Age of Credit.