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Alternative Thinking from Citigroup CI100.Citi.Cap.Broch.F9d9 12/19/02 12:32 PM Page 3 CI100.Citi.Cap.Broch.F9d9 12/19/02 12:32 PM Page 1

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Alternative Thinking from Citigroup CI100.Citi.Cap.Broch.F9d9 12/19/02 12:32 PM Page 3 CI100.Citi.Cap.Broch.F9d9 12/19/02 12:32 PM Page 1 CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 2 alternative thinking from Citigroup CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 3 CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 1 Ahmed Fahour CEO, Citigroup Alternative Investments A MESSAGE FROM AHMED FAHOUR separately managed accounts. Each Figure 1* EXPECTED GROWTH Citigroup Alternative Investments category offers a variety of investments. Citigroup Alternative Investments consolidates the long history of alter- They are diversified by style or invest- expects the alternative investment native investment management by ment strategy, and can be tailored to market to exceed $4 trillion in assets Citigroup, dating back to the 1980s when clients’ unique needs and tolerance under management by 2005. the group pioneered some of the first for risk. structured credit products. Alternative We’ve established consistency—in Managed Futures $4.13T investments afford investors unique our investment processes, research, Credit Structures Hedge Funds opportunities to reduce portfolio volatility performance and client service—as the Private Equity through diversification, enhancing their cornerstone of our excellence. Recent Real Estate Equity risk-adjusted returns. As a result, they’re co-investments by Citigroup affiliates especially attractive in economic envi- in new funds attest to the quality and $2.23T ronments in which more traditional stock rigor of our investment management and bond investments are producing abilities. Clients acknowledge that few $1.14T uneven returns. Indeed, we expect the financial organizations can offer our market for alternative investments market access, intellectual leadership $0.50T to nearly double by 2005, exceeding and global reach. $4 trillion in assets under management Our products and services are available 1995 1998 2001 2005(E) (see Figure 1). At Citigroup Alternative directly to our institutional clients and T: trillion Investments, our goal is to build a high net worth individuals through our 1995-2001 2001-2005 research-based suite of products that will strategic relationships with The Citigroup CAGR CAGR (E) enable us to become the premier provider Private Bank, Salomon Smith Barney, Total Market 24% 17% of alternative investments worldwide. Citigroup Asset Management, Citibank Managed Futures 5% 7% We offer a comprehensive suite of and the Global Relationship Bank. alternative investment products. Among We believe our strong relationships Credit Structures 20% 14% them are hedge funds, credit structures, provide opportunities for high net worth Hedge Funds 17% 26% real estate, private equity, managed individuals and institutional clients to Private Equity 27% 16% futures, exchange funds and strategic satisfy a broad range of alternative Real Estate 30% 11% investment portfolios. We also offer investment needs. * See page 20. ≥1 alternative thinking from Citigroup CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 2 ALTERNATIVE INVESTMENTS HAVE BECOME A CRITICAL PART OF MANY WELL- DIVERSIFIED WEALTH MANAGEMENT STRATEGIES. ≥2 CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 3 Why Alternative Investments CREATING STRATEGIES WITH Figure 2** BOOSTING TRADITIONAL PORTFOLIOS’ RISK ADJUSTED RETURNS ALTERNATIVE INVESTMENTS Adding alternatives moves the range of potential risk and reward points up and to Increasingly, alternative investments the left along the efficient frontier of a traditional stock and bond portfolio. are capturing the attention of sophis- ticated investors. 16 Unlike listed stocks and bonds, many 15 alternative investments produced strong returns in 2001, causing demand 14 for these products to increase. Asset 13 flows into alternative investments 12 accelerated throughout the first half of 2002 as investors sought non-traditional 11 ways to address their concerns about 10 performance volatility and the preser- % Annualized Return 9 vation of capital.1 8 Stocks & Bonds with In fact, studies show that among high Alternatives net worth and institutional investors, 7 Stocks & Bonds Only allocations to alternative investments 6 have increased steadily over the last 0 2 4 6 8 10 12 14 16 decade, especially in the last few years.2 ** See page 20. % Standard Deviation (Risk) What benefits do alternative investments bring to the table that traditional portfolio performance over a wide investment strategies that work in investments do not? For one thing, range of conditions by reducing volatility, conjunction with other assets in their returns on alternative investments thereby improving a portfolio’s risk- portfolios to attempt to produce the typically show low correlations to adjusted return. greatest possible return consistent those of traditional equity and fixed At Citigroup Alternative Investments, with prudent management of risk income investments. Low correlations our goal is to provide qualified individual (see Figure 2). can potentially help improve overall and institutional clients with alternative ≥3 alternative thinking from Citigroup CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 4 Why Citigroup Alternative Investments CITIGROUP’S ACCESS THE SPECTRUM due diligence and have met our product Citigroup Alternative Investments approval committee’s demanding MARKET ACCESS, offers research-based alternative standards. investments to suit a broad range DEPTH OF of investment objectives. Products PARTNER WITH EXPERTS RESOURCES, include credit structures, hedge funds, Citigroup Alternative Investments’ real estate, private equity, managed goal is to provide strong investment RESEARCH AND futures and other special investments management, backed by extensive (see Figure 3). Within each category, we research and delivered with profes- GLOBAL FOCUS provide diversified investments as well sionalism. Our team of investment CREATE UNIQUE as style- or strategy-specific products professionals is seasoned, bringing that give clients the flexibility to more years of industry experience to the CLIENT BENEFITS. effectively manage their portfolios. management process. Few financial organizations can offer Our expertise has resulted in sizable the breadth of market access, depth increases in our client base over the of resources, research, economies of years. Citigroup Alternative Investments scale and global reach of Citigroup. now manages almost $60 billion in At Citigroup Alternative Investments, alternative investment assets.3 Our we leverage these strengths to create staff of 300 investment managers, unique benefits for each of our clients. research analysts and other profes- Citigroup Alternative Investments is sionals operates out of our main committed to bringing what we think offices in New York, London, Hong Kong are the best products to our clients. and Tokyo. Since beginning operations, That means clients may choose from we have gained the trust of pension Citigroup’s proprietary and non-pro- funds, endowments, foundations, prietary offerings and know that, governments, insurance companies, whichever they select, the products banks and high net worth families have all been subjected to intense and individuals. ≥4 alternative thinking from Citigroup CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 5 INNOVATE WITH CITIGROUP the preeminent financial services Our history in alternative investment company worldwide, recognized and management is long. Citigroup pioneered respected as a financial services some of the first structured credit market leader with over 200 million products in the late ‘80s, and introduced customer accounts in over 100 countries our funds of hedge funds in the early around the world. ‘90s. As a firm, we have set the goal of We remain committed to our clients, becoming the world’s premier provider the industry and our reputation, and of alternative investment strategies. we back them by co-investing in our Citigroup, the parent company of own products alongside our clients Citigroup Alternative Investments, is when we judge it to be appropriate. Figure 3 OUR BROAD RANGE OF ALTERNATIVE INVESTMENT OFFERINGS As alternative investments increase their importance as a part of a fully diversified investment strategy, Citigroup Alternative Investments is responding with offerings across the full range of alternative asset classes. Private Equity/ Credit Structures Hedge Funds Real Estate Exchange Funds Managed Futures Special Investments Investment Grade Debt Single-Manager Fund Offerings Single-Manager Funds Multi-Advisor Municipal Arbitrage Investment Grade Multi-Manager Direct Equity Concentrated and Single Advisor Funds Arbitrage Vehicles Multi-Strategy Co-Investment Fully Diversified Funds Separately Managed Credit Enhancement of Funds Products/ Market Value Style-Specific Opportunities with Accounts Leveraged Loan Fund Citigroup Principal Protected Repackaging Vehicle Sector-Specific High Yield Debt Investments Synthetic CDOs Strategic Investment Direct Co-Investment High Yield and Portfolios Emerging Market Opportunities with Cash Flow Principal Protected Citigroup Notes Hybrid Products Exchange Funds ≥5 CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 6 DUE DILIGENCE AND RISK MANAGEMENT ARE AT THE FOREFRONT OF OUR DISCIPLINED INVESTMENT PROCESS. ≥6 CI100.citi.cap.broch.f9d9 12/19/02 12:32 PM Page 7 Investment Approach Citigroup Alternative Investments is a investment types. We carefully consider TAILORING leader in both the theory and practice historical returns within varying of alternative investments. Our team economic environments. STRATEGIES TO of seasoned investment professionals brings years of
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