Member SIPC. CGMI and Citibank, NA Are Affiliated

Investments are offered through Citigroup Global Markets Inc. (“CGMI”), member SIPC. CGMI and Citibank, N.A. are afﬁliated companies wholly owned by Citigroup Inc. Morgan Stanley Smith Barney LLC is a separate investment advisor and broker/dealer registered with the Securities and Exchange Commission, and is afﬁliated with but distinct from Citibank and CGMI. References to “Citi Smith Barney” or “Smith Barney” should be read as referring to CGMI. Please contact us if you have any questions about this notice.

PS04045 us capital markets

Capital Markets at Citi Private Bank offers clients access to risk- management solutions, strategic investment opportunities and tactical trading ideas across various asset classes. The US Capital Markets group offers private investors a wide range of products including foreign exchange, over-the-counter derivatives and an open-architecture platform for structured notes and warrants.

Our Capital Markets Team and Capital Markets’ Strategies and Solutions Our Presence Working in tandem with your Citi Private Banker At Citi Private Bank, our Capital Markets and personal tax and legal advisors, we offer desk is exclusively dedicated to our private tactical, strategic and hybrid solutions such clients’ needs. as hedging, opportunistic, risk-management Seated directly on Citi’s institutional and yield-enhancement transactions. Whether As part of Citi Global trading floor, our team of capital-markets delivered from Citi Private Bank or Smith Barney capital-markets experts, these strategies are geared Wealth Management— experts is well positioned to facilitate timely and efficiently priced transactions. Our toward today’s complex markets and tailored to voted Private Asset professionals include: the client’s risk tolerance, investment horizon and personal financial goals. Management’s 2007 • 9 specialists in foreign exchange, commodity derivatives, and interest-rate Platform Provider of the Citi Private Bank Strategies and credit products Year—the US Capital • FX, rate products and commodities • 4 structured-product specialists derivatives: FX and fixed income caps, Markets group provides In addition, Citi Private Bank clients collars, options, forwards, swaps, swaptions, a gateway to Citi and the benefit from the expertise of Smith Barney cross-currency swaps, market-linked financial advisors who exclusively serve instruments, dual currency deposits and power to leverage superior our private investors: energy and precious-metals derivatives market knowledge and • 9 financial advisors for OTC and listed • Credit derivatives: Collateralized-debt transaction capabilities. equity derivatives, exchange-traded funds obligations and single- and multi-tranche and listed securities, including structured credit-linked notes investments • Structured products: Tactical and portfolio- Our New York Capital Markets desks serve enhancing warrants and notes in a wide clients such as entrepreneurs, affluent private range of underlyings (equities, fixed income, investors, financial sponsors, families and commodities, credit, FX and hybrids) as well foundations across the Private Bank’s high as customized one-off solutions net worth and law firm group platforms. As a market leader, Citi commands 10.39% of the Smith Barney Strategies global FX market share (Euromoney, 2007). • ETFs, OTC and listed equity derivatives Together with our partners at Smith Barney, and securities: Equity and equity-index our team of investment professionals boasts options, collars, forwards, private-exchange an impressive global presence, communicating funds, prepaid forwards, covered calls, on a 24-hour basis with trading desks located contingent forward sales, total-return swaps, in five key money centers around the world: trigger swaps, equity- or index-linked Hong Kong, London, New York, Singapore solutions and hedge fund derivatives and Zurich. Why Select Citi Private Bank • #1 Currency Options (Risk, 2007; Capital Markets? FX Week, 2007) Citi Private Bank clients benefit from Citi’s • Best Range of Execution Tools preeminence in capital markets overall, with (Global Finance, 2007) access to top-ranked customized products and resources of the Private Bank, Smith Barney • #1 Best Overall Provider for Credit Linked and Citi Investment Research. Below are just Structured Products, Interest Rate Linked a few of the citations where Citi Private Bank Structured Products, Structured Commodity and our affiliates across Citi are commended and Currency Products and Local Currency for unparalleled quality: Products (Asiamoney, 2007) • #1 Global FX Bank (Euromoney, 2007; • Best Bank for FX Structured Products FXWeek, 2007; The Banker, 2006) (FX Week, 2007) • #1 Fixed Income Portfolio Management— • Best Commodities Derivatives Provider North America (Euromoney, 2007) (Global Finance, 2006) • Best Bank; Best Investment Bank; Best Debt • #1 Overall for FX Services (Asiamoney, 2006) Bank; Best FX Bank (Global Finance, 2007) • Best Strategic Risk Management • Best Foreign Exchange Bank—North (Euromoney, 2006) America (Global Finance, 2007) • Best Bond House (Euromoney, 2006; • Best Ideas and Most Innovative Products; The Asset, 2006) Best Research and Market Coverage (Asiamoney, 2007) • World’s Best Foreign Exchange Bank (The Asset, 2006) • #1 Research and Strategy Flow Analysis; Behavioral and Technical Analysis • Best Equity House (Euromoney, 2006) (Euromoney, 2007)

How Can You Contact Our Team?

Peter Robert, Head of US Capital Markets (212) 559-4117 Kevin Morrison, Head of FX, Commodity Derivatives, Interest Rate and Credit Products (212) 723-1261 Ty Tessitore, Head of Structured Products (212) 559-1297 Jim Dean, Smith Barney Private Branch Manager, ETFs, OTC and listed equities and derivatives (212) 559-3611

Citi Private Bank is a business of Citigroup which provides clients with an array of financial products and services through both bank and non-bank affiliates. Not all products and services are available at all locations. In the US Market Region, Citi Private Bankers are registered representatives of Citigroup Global Markets, Inc. (“CGMI”), Member SIPC. General securities are offered through Smith Barney, Inc., a business of CGMI.

Investment products: NOT FDIC INSURED • NO BANK/GOVERNMENT GUARANTEE • MAY LOSE VALUE