For Immediate Release
Citigroup Inc. (NYSE: C)
September 18, 2008

Citi Appoints Mark Shafir Global Head of M&A

New York – Citi today announced the appointment of Mark Shafir as Head of Global Mergers and Acquisitions. Mr. Shafir brings 23 years of Wall Street experience to his new role, leading Citi's No. 2-ranked M&A franchise.

Mr. Shafir joins Citi from Lehman Brothers, where he was Chairman and Co-Head of Mergers and Acquisitions. At Citi, he will report to Raymond J. McGuire and Alberto J. Verme, co-heads of Investment Banking. He fills the role vacated in June when Frank Yeary retired from the firm to become a vice chancellor at the University of California, Berkeley.

"Mark brings a track record of building and leading M&A teams across Wall Street as well as deep client relationships and experience. We are sure his focus on clients and talent will help our M&A franchise maintain and build upon the significant momentum it has displayed this year," said Messrs. McGuire and Verme.

Citi has advised on some of the largest acquisitions announced in 2008, including Anheuser-Busch's $61 billion sale to Inbev Inc., Time Warner Cable's $39 billion separation from Time Warner Inc. and Dow Chemical's $19 billion acquisition of Rohm & Haas.

"Citi's M&A business is among the best on Wall Street, and the firm's global capabilities, strong client relationships and talented team position it for continued success. I'm extremely excited to join and lead this impressive franchise," Mr. Shafir said.

Among his most recent assignments, Mr. Shafir advised Hewlett-Packard on its $13.9 billion acquisition of Electronic Data Systems, CME Group on its $9.5 billion purchase of Nymex Holdings and Teva Pharmaceutical Industries Ltd on its $9 billion acquisition of Barr Pharmaceuticals, Inc. Mr. Shafir began his career in 1985 at Goldman Sachs. He holds a bachelor's degree from Yale University, an MBA from the University of Pennsylvania and was a Marshall Scholar at Cambridge University's Kings College.

Additionally, David Kirshenbaum will become Deputy Head of Global M&A. In this role, Mr. Kirshenbaum will work closely with Mr. Shafir to lead the business. Mr. Kirshenbaum will continue in his current role as Head of Business Selection.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at or