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Citi - Supplier Diversity Program

Third Annual Equity Capital Markets and Supplier Diversity Breakfast sets Stage for Deal Participation. Is Hollywood next?

For the third year in a row, Equity Capital Markets (ECM) paired with Citi Supplier Diversity and major women and minority-owned Broker Dealers. This event was formed in 2002, when Citigroup spun off Travelers in an historic $4B IPO. The diverse broker dealer population was largely unknown at that time to the Managing Directors and staff of ECM. Both ECM and Fixed income Business worked with Supplier Diversity to host a Networking Breakfast meeting, where the diverse broker dealers could make contact with the Dealmakers. The Travelers initial public offering (IPO) was completed with 4 minority junior co- managers, and over 20 diverse firms in the Underwriting syndicate- a record in 2002! This was the beginning of a relationship that has grown over the past few years into a key strategic partnership between two business areas, in an innovative initiative to increase the use of minority and women-owned companies on Citi deals.

Once again, Diane Ashley, Director of Supplier Diversity welcomed broker dealers from 16 firms, the deal and desk captains of ECM and introduced Jim O’Donnell, Managing Director and Head of Equity Capital Markets. He affirmed how working with the broker dealer population continues to be mutually beneficial, and counseled the broker dealers to seek out Citi to partner with them when they have deal opportunities that go beyond what these firms can underwrite. The following day, one of the firms brought a deal to Citi, and Jim assigned his team to assist in making it happen.

Phil Drury, ECM Managing Director, provided this year’s ECM Breakfast briefing on performance in 2006, market trends, and forecast for IPO growth, which Phil stated, “…has evolved to offer growth and total return.” A lively question and answer session followed his presentation.

Tim Tynan, CBS Business Head, closed the breakfast by stating that Citi is committed to diversity within CPS and throughout all businesses of the company. Mike Valentini, CPS Head, also attended to lend his support to the event.

One new diverse broker dealer gained a lot of attention. Chris Gardner, whose life story was the basis of Sony’s hit movie, "The Pursuit of Happyness" was there to join the team. He shared a bit of his own story of moving from homelessness to creation of his own broker dealer firm, GardnerRich. More than just a networking event the ECM Supplier Diversity partnership has produced increasing diversity spending year over year through commissions paid. This is a terrific model of a successful business alliance!

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