Citigroup Inc. (NYSE Symbol: C) s2

For immediate release Citigroup Inc. (NYSE symbol: C) July 7, 2008

CITI’s OPENPRIMESM HEDGE FUND OPERATING PLATFORM WINS THREE NEW MANDATES

Three Recent Mandates Bring Number of Clients Worldwide to over 20

NEW YORK -- Citi announces that OpenPrime, its innovative front-to-back operating platform developed for hedge funds and 130/30 funds, has attracted more than 20 clients worldwide during its first two years of operation. The three recent mandates – from CMTF Asset Management Limited, Galaxy Asset Management (HK) Ltd. and the Montana Board of Investments for its new 130/30 funds -- underscore the marketplace’s recognition of the bottom-line benefits OpenPrime delivers to fund managers around the world.

Nicholas Rowe, Citi’s Global Head of Prime Finance, said “We are focused on delivering quality solutions for all of our clients’ alternative investment services requirements. These three recent mandates are additional evidence that OpenPrime is quickly becoming the solution for hedge funds and institutional funds launching leveraged or multi-asset products.

OpenPrime is a portfolio management and order management system that is prime broker agnostic. It allows funds to manage their positions in one place across multiple asset classes, strategies and prime brokers. Citi hosts the solution for its clients, managing all the technology and disaster recovery services. Fund managers can access the solution anywhere in the world through the Internet. OpenPrime, based on Linedata’s Beauchamp technology, gives funds a comprehensive view across legal vehicles, strategies, sectors and counterparties, with immediate updates for every trade and price change.

Peter Salvage, Citi’s Global Head of OpenPrime and Hedge Fund Middle Office Services, said “These are top-flight hedge funds and 130/30 managers and we are proud they decided to go with OpenPrime. Operations are becoming more complex and investors want to see industrial strength operations from their fund managers. Managers want to focus on what they are best at – making investment decisions, while outsourcing their technology and operations. Global fund managers are increasingly using OpenPrime to reduce operational complexity, risk and costs.”

In recognition of its breakthrough capabilities, OpenPrime was cited for ’Innovation‘ in SourceMedia’s ‘2007 Fund Operations Awards’ Program.

OpenPrime is part of Citi’s Hedge Fund Services suite, which integrates Prime Finance, Hedge Fund Administration and Lava direct market access platforms.

OpenPrime’s recent client mandates include:

 CMTF Asset Management Limited is a joint venture between China Merchants Securities and Tai Fook Asset Management. CMTF Asset Management is a prime brokerage client of Citi that has recently launched an equity long-short fund focusing on the Greater China region. It is also one of Hong Kong’s most visible hedge fund managers, backed by the experience of China Merchants Securities and Tai Fook Asset Management. OpenPrime will enable CMTF to improve investment portfolio management and streamline operations through the use of trade capture, portfolio management, analytics and reporting, and portfolio accounting tools

 Galaxy Asset Management (HK) Ltd, one of the highly regarded hedge fund houses in Hong Kong, is utilizing OpenPrime as the operating platform for its recently launched Galaxy China Deep Value Fund. The fund aims to capitalize on under-valued opportunities in both the listed and non-listed markets in China, Hong Kong and Taiwan. It has the ability to invest up to 30% in unlisted securities including pre-IPOs and private equity deals. Joe Chan and Jacky Wong, the two Managing Directors at the company, decided to deploy OpenPrime to assist their team with operations flow on a daily basis. The system is also utilized to track daily profit and loss, provide automated pricing of the portfolio and deliver reports for all trades both with prime brokers and with administrators.

 Montana Board of Investments is the manager of the public pension funds for the state of Montana. MBOI selected Citi Prime Finance and OpenPrime to help manage a program of investments in 130/30 strategies. OpenPrime allows MBOI to more effectively monitor these investments by providing consolidated metrics across their entire investment program. Using OpenPrime, MBOI can also analyze their 130/30 program by manager and sector. OpenPrime automatically alerts MBOI on screen and by email if their 130/30 investments approach certain risk thresholds specific to the MBOI program. Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 1st quarter of 08, it held on average $283 billion in liability balances and nearly $13 trillion in assets under custody.

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 www.citigroup.com or www.citi.com.

Media Contacts: Nina Das ([email protected]) +1 212 816 9267