Citigroup Property Investors Closes US$1.29 Billion CPI Capital Partners Asia Pacific, L.P. Fund.

HONG KONG -- Citigroup Property Investors (CPI) today announced the final close of CPI Capital Partners Asia Pacific, L.P. The $1.29 billion Fund invests in real estate and real estate-related assets throughout the Asia Pacific region, with a primary focus on Greater China and India. Citigroup and the investment team are committing $200 million of capital to the Fund.

Managing Director David Schaefer, head of CPI Asia Pacific, leads an experienced and growing Hong Kong-based team of more than 25 professionals, who have invested or committed to invest approximately 40% of the Fund's capital to date. The Fund's Investment Committee includes senior investment professionals from CPI and the broader Citigroup organization, bringing a multidisciplinary and global perspective to valuation and investment decisions.

Joseph Azrack, President and Chief Executive Officer of Citigroup Property Investors, stated, "We are very pleased with the closing of CPI Capital Partners Asia Pacific. We received strong investor interest for the Fund. Asia is a compelling market for private equity real estate investments, and the CPI Asia Pacific team is well positioned to find appropriate opportunities in the region. Our experienced investment team, unique approach to investing and extensive relationships throughout the Asia Pacific real estate markets all contributed to making this fundraising a success."

Citigroup Property Investors is a global investment manager with offices in New York, London, Los Angeles, Shanghai and Hong Kong, and a presence in Mumbai. With more than $9.8 billion in assets under management, CPI invests across both private and public markets. CPI has dedicated teams in North America, Europe and Asia that invest across office, industrial, multifamily, retail and hotel property types. CPI's strength is defined by its research-driven investment strategies, capital market sensitivity and exceptional investment sourcing and execution capabilities. CPI is the real estate investment center of Citi Alternative Investments, which brings together Citigroup's broad expertise to create a single platform for the management, development and marketing of alternative investments to institutional and high net worth investors. Citigroup's capital is used to seed and co-invest with investors in CPI's real estate investment funds.

About Citi Alternative Investments:

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 December 31, 2006, CAI had approximately $49.2 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.

About 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. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.