David S. Penn to Join Smith Barney as Head of Investment Products.

NEW YORK -- Smith Barney today announced that David S. Penn will join Smith Barney's Global Private Client Group as Director of Investment Products, effective November 1. Mr. Penn will join Smith Barney as part of the agreement announced in June by Smith Barney and Legg Mason to combine their Private Client businesses. In his new role, Mr. Penn will be responsible for the oversight of all Smith Barney investment products, ensuring clients an industry leading product line-up on Smith Barney's signature open architecture platform.

Mr. Penn will lead the firm's efforts to create enhanced synergies and expand best practices across its product line, including mutual funds, annuities, insurance, 401(k) plans, 529 plans and alternative investments.

"David brings immense industry expertise, as well as great leadership talent, to Smith Barney and its investment platform," said Charles Johnston, President and CEO of Smith Barney's Global Private Client Group. "He will play a leadership role in due diligence and management of all products, as well as oversee their distribution and marketing support. David will also work to ensure that our Financial Consultants and clients continue to have access to a robust, quality platform from which to select those investments that will best meet clients' needs."

Mr. Penn will also lead an important initiative for Citigroup's Global Wealth Management (GWM) sector. Global Wealth Management's Chief Investment Officer, Paul Guidone, announced last month the formation of the Global Wealth Management Investment Organization, which brings together all the global investment business structures from across the GWM sector, including both Smith Barney and the Citigroup Private Bank.

"This group seeks to create an industry leading wealth management and investment platform. David will play a very important role for the organization, overseeing all traditional investments for the GWM sector," said Paul Guidone, GWM Chief Investment Officer. "He will be responsible for managing the effective and timely development, coordination and sales support for all traditional investment products for both Smith Barney and the Citigroup Private Bank. He will also ensure that day-to-day product management stays closely aligned with clients' business needs."

Mr. Penn will join Smith Barney following a distinguished 21-year career with Legg Mason. Through November of this year, he will continue to serve in his current role as Director of Investor Services, responsible for many of the product areas including investment management services, wealth management, Legg Mason portfolio management, non-proprietary mutual funds, insurance, alternative investments and annuities. Previously, he was the Director of Investment Management Services. Mr. Penn earned his bachelor's degree from Drexel University and his master's in business administration from the Wharton School at the University of Pennsylvania. He is a member of the CFA Institute and the Baltimore Securities Analysts Society. He is also a member of several charitable boards, including the Board of Visitors at the University of Maryland Medical School, where he is chairman.

Smith Barney is the global private wealth management and equity research unit of Citigroup. It is a leading provider of comprehensive financial planning and advisory services to high net worth investors, institutions, corporations and private businesses, governments and foundations. With nearly 300 research analysts around the globe and 12,200 financial consultants in some 500 offices, Smith Barney offers a full suite of investment services, including asset allocation, private investments and lending services, hedge funds, cash and portfolio management, as well as retirement, education and estate planning. A division of Citigroup Global Markets Inc., (Member SIPC), the firm currently has more than 7.8 million client accounts, representing nearly $990 billion in client assets. Additional information may be found at: www.smithbarney.com.

Citigroup (NYSE: C), 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, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at www.citigroup.com.