Citi Alternative Investments Launches Citi Infrastructure Investors.

NEW YORK & LONDON -- With a long history of introducing innovative products, Citi Alternative Investments (CAI) has announced the creation of a new investment center -- Citi Infrastructure Investors (CII). CII will capitalize on both the growing need for infrastructure investment around the world and the increased private sector involvement in the infrastructure sector. CII will manage equity investments in infrastructure assets and will oversee a management company focused on the operation of these investments.

CII will be co-headed by Juan Bejar and Felicity Gates, each of whom has more than 15 years of experience in direct infrastructure investing and in managing infrastructure assets. In addition, Colin Campbell, J.G. Duthie-Jackson and Michael Froman have also joined CII as Managing Directors.

"This new initiative will greatly complement the management of our existing asset classes - private equity, hedge funds, real estate and structured products," said Lew Kaden, interim CEO of Citi Alternative Investments. "Juan, Felicity and the rest of the team bring unmatched capabilities to this sector, including deep experience in making principal investments in this area and in enhancing the operational efficiencies of the underlying infrastructure assets."

Biographical Information:

Juan Bejar: Juan comes to CII from Ferrovial Infrastructure in Spain, where he served as Chief Executive Officer. He most recently was also Executive Vice-Chairman of Cintra, General Manager of Ferrovial Airports and Non-executive Director of BAA. During his 16 years with Group Ferrovial, he also served as CEO of Cintra. Juan, working with Ferrovial's senior management, led the PS16.3B acquisition of BAA. He led numerous other landmark infrastructure transactions, including the 407 ETR toll road concession in Canada, the sale of 40% of Cintra to Macquarie Infrastructure Group in 2001, the EU1.5bn Cintra IPO in 2004 and the award of the first three toll road privatizations in the U.S.A. - the Chicago Skyway, Indiana Toll Road and TTC-35 in Texas. Capitalizing on his significant experience of managing infrastructure assets and extracting operational efficiencies, Juan will head the asset management company, Citi Infrastructure Management Company. Juan will be based in London.

Felicity Gates: Felicity joins CII from Deutsche Bank, where she was Head of RREEF's North America Infrastructure Business. She started her 20-year career in infrastructure in Australia, where she worked for Macquarie Bank and served as Head of Infrastructure for RREEF before being asked to set up RREEF's North America and European infrastructure funds as global Chief Investment Officer. She managed infrastructure portfolios on behalf of pension funds for the last 13 years and has played central roles in several landmark transactions in Australia, including the AUD1.5B United Energy privatization and subsequent IPO and the AUD1.3B Melbourne airport privatization. Felicity will be based in New York.

Colin Campbell: Colin joins CII from Citi Markets and Banking, where he was a founding member of the Global Banking Infrastructure team. He has 14 years of experience in transport infrastructure at Citi and UBS, including advising on the purchase of BAA, the purchase of NATS, Cintra's IPO, the sale of NCP to 3i, the sale of CSX World Terminals to Dubai Ports, Autostrade's take-over by Schemaventotto and the sale of Sydney Airport to Macquarie and its partners. He will be based in London.

J.G. Duthie-Jackson: J.G. comes to CII with 11 years of experience in infrastructure at Citi and at Schroders, most recently within Citi's European Infrastructure and Corporate Securitization group, where he worked on the BAA deal, as well as on Terra Firma's buyout of East Surrey Holdings and the debt restructuring of Land Securities. J.G. is credited with creating the leveraged financing model for UK regulated water companies and was involved in the acquisition of Hyder, the refinancing and sale of Welsh Water, the refinancing of Anglian Water and the acquisition of Southern Water. He will be based in London.

Michael Froman: Michael is currently Chief Operating Officer of CAI, overseeing the business on a day-to-day basis. He has previously served as CEO of CitiInsurance, Citi's international insurance business, Head of Strategy for Emerging Markets and Chief of Staff of the Office of the Chairman. Michael brings to this initiative relevant experience in public policy and in the U.S. Government, including his service at the White House and the U.S. Treasury Department. In addition to being part of the senior team of CII, Mike will oversee this investment center, as well as the recently launched Citi Sustainable Development Investments (CSDI) investment center, on behalf of CAI. He will be based in New York.

Citi Alternative Investments is an alternative investment platform that manages a wide range of products across four asset classes, including private equity, hedge funds, real estate and structured products. CAI manages capital on behalf of Citi, as well as third-party institutional and high net worth investors. As of March 31, 2007, CAI had approximately $53.7 billion of un-levered assets under management, ranking CAI among the world's largest alternative asset managers. CAI's goal is to enable its 14 investment centers to retain the entrepreneurial qualities required to capitalize on evolving opportunities, while benefiting from the intellectual, operational and financial resources of Citi.

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, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.

Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.